Principles of Marketing is a part of my programme this semester. It is well known how everything around us and in our lives, is affected by marketing. It was useful and interesting to get closer and understand this subject and the module better. My expectations were met: the information given us during lectures and practice in class was very fruitful and informative. I became aspired by this subject, and I wanted to know more about it. The process of learning was performed in such way, that students were willing to interact and learn with fun. From the beginning it was anxious, it was not clear what was expected from me and the group, the assignment seemed to be impossible to do. But with every lecture throughout the four weeks, the level of confidence with subject was rising.
We chose Tesco Stores Malaysia as our business choice and went on handling our presentation based on the given topic, ‘Impact of technology on the marketing mix based on a business of your choice'. In this assignment, we worked on the overview of Tesco Stores Malaysia, the company's purpose and value in serving the Malaysian market, the 7P's of marketing mix and how technology has impacted its business from the time of establishment in Malaysia till date standing strong being one of the most renowned brands in the Malaysian market. Tesco Stores Malaysia was chosen due to its reputation and stability among all the hypermarkets and supermarkets throughout Malaysia and also having a stable business satisfying the 7P's of the marketing mix. Everything I learnt so far in the past four weeks during lectures, was applied in this particular group assignment. It was helpful to understand how could an approach of 7P's be applied in real business environment. I found it very interesting and difficult at the same time. I've got to know most of the inside out of the company with this assignment.
The task we were involved in was very challenging. I learned how to determine the strengths and weaknesses of Tesco Stores Malaysia, its opportunities and strategies in serving its customers and how technology had played a vital role in developing the business, progressing the overall business structure and how it changes the perception of shopping and also giving customers the ease on obtaining the items they need without even having to leave their homes. I also learnt how important it is to take in consideration the competitors, know their objectives and strategies, their strengths and weaknesses. It is important to know about possible substitutes, current and future ones.
Looking on the Marketing mix, I learned that a product is offered to customers, for example households accessories, food, clothing and toiletries. As Tesco is a large organisation they sell everything under one roof, this is beneficial as customers could do all their shopping at once. Tesco's main business activity is retailing. This is of a huge benefit for Tesco because this way they can offer their customers a range of products and attract all types of customers. This will increase Tesco's business activity and help to increase their sales revenue. Tesco is a large organisation and have diversified into variety of products, such as food and drinks, clothing, kitchen accessories and electronic goods. By doing this Tesco has attracted many different customers throughout Malaysia and therefore sales and profits have increased.
I also learned that price is important for Tesco to review its competitor's prices as they could see how much they charge for certain products and therefore would price their own. By doing this Tesco would attract more customers as they would offer competitive prices. For a product to sell successfully the price is an important factor. If the price is too high, customers wouldn't purchase the product as they can't afford it. For Tesco to make sure they sell their products they would have to price them right. By offering lower prices it would attract more customers, as they would purchase more goods knowing that they are at a cheaper price. By doing this, customers are satisfied, therefore Tesco are happy as their sales are increasing and gaining loyal customers.
Tesco is surrounded by many well-known businesses such as Aeon, Giant Hypermarket, Jaya Grocers and Econsave Supermarket; these businesses attract hundreds of customers daily and the customers pass by Tesco and may be tempted to shop in Tesco. Tesco are given an advantage over there competitors such as Jaya Grocers by being located in a busy area where there is a lot of business activity. It is also convenient for the surrounding workers to be working next to Tesco; this is because they are able to do their weekly shopping at Tesco promptly. The surrounding workers may also be tempted to have their lunch break at Tesco and it is convenient for them to do this because Tesco is very close by. It clearly portrays how place plays an important role in the marketing mix.
Following, I learned the importance to promote a product for it to sell well. If a product is not promoted well it won't sell as much and therefore the business would have to introduce new products to increase on sales and profits. To attract customers Tesco would have to promote products well in order to sell. Also, Tesco could offer special deals and discounts to attract all sorts of customers. The deals Tesco could offer to customers are, “Buy 1 Free 1” and “Harga Runtuh”.
I understood and learned that by implementing new and updated technology Tesco could attract new customers and also stay ahead of their competition. Tesco has introduced new technology to customers such as; online-shopping, which took Tesco's shopping experience to a whole new level, gaining more customer satisfaction fulfilling their needs at ease. Self-service checkout counters also keep customers happy by having t to avoid long queue's as well as minimising the stress on employees. NFC Payment such as Visa PayWave and Mobile Wallet Payment like Samsung Pay and Apple Pay are also introduced in Tesco in recent years. By doing this Tesco has increased sales and services because customers are satisfied therefore Tesco would gain loyal customers. It is crucial to know how the other 3P's of the Marketing Mix, such as People, Physical Evidence and Process could influence the organisation in developing sales while increasing and gaining loyal customers.
To make an assumption, I can say that studying this module and handling this assignment has helped me to define my own strengths and weaknesses. Reflecting on my errors and achievements, and thanks to my performance during group assignments, I discovered traits, such as the desire to complete the task well and the tend to be efficient in assignment handling and preparation. I am a hardworking, ambitious, cooperative, creative and friendly person. Working in a group was a great experience. I found to be appreciating, good listener and fear leader. I worked on overcoming my downsides through this assignment in conclusion, I just want to say that I found this assignment very interesting, and I am excited to apply marketing concepts for my degree and career in the future.
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