Market Objectives and Strategies

Topics: Strategy, Economics terminology, Customer Pages: 1 (262 words) Published: November 28, 2011
There are various strategic frameworks and market structuring tools which help to obtaininformation regarding the risks involved in doing business and the value trade-off. This analysis provides the basis on which strategic planning is developed. In case of Tesco it is employing twostrategic plans as its primary market objectives. The first one is to focus on the development of market through effective partnerships with the other suppliers, companies and customers whilethe second one is related to the diversification of products and services by offering new andinnovative products to the customers (Tesco PLC, 2011).

The market development strategy involves joint ventures and strategic alliances with theother companies operating in the similar industry to excel in the markets (Hitt et al, 2009).Tesco¶s entry in the Chinese and Japanese markets has served as a key growth driver to thecompany¶s revenues and its expansion strategies. The company¶s interest in the Asian markets isincreasing due to growth in these markets and increasing trend of consumer shopping.The product diversification strategy involves the development of unique and high quality products with innovation to attract large number of existing and potential customers (Hitt et al,2009). The ever changing business and consumer environments propel the companies to developnew and innovative products and services. If the company follows the customer requirementsand wants, then it can offer new product lines in the markets (Johnson and Scholes, 2003).Tesco, if complies with the customer needs and requirements, will require to pay more attentionto its R&D processes which will help it in retention of its customers.
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