Action Plan for Tesco

Business Strategy Action Plan for Tesco Planning assumptions With respect to Tesco it could be stated that the Tesco has good financial stability and other aspect is that they have their operations in the developed economy. The country still untouched the south Asian market which is one of the lucrative areas for retail sector. The Tesco needs to enter into the developing economy as well. China, India etc. these are highly growing economies where the company can commence their business future. It is one of the major factors which are required to be prioritized (D'Esopo and Almquist, 2007). The Tesco already operated into the countries which are highly economically stabilized and have potential to grow in near future. Thus the economic factors are in favor of Tesco. Forecasts and sales It is another factor which is highly effective on the ground of strengthening the internal activities and maintaining the relationship with suppliers. It is clear that the sales forecasting is completely dependent upon the game of demand and supply in the market. The demand and supply both are interrelated concepts and Tesco has managed well in already existing international market. Sales forecasting is one of the most significant planning technique which is highly relevant to the operational activities. The Tesco has good sales ratio there profitability and revenue generation capacity is also quiet appreciable. The past sales trend could take under surveillance to understand the future forecasting of sales (Donnelly andHarrison, 2009). The Tesco can procure the raw material accordingly and most importantly the resources could be managed. The inventory management of Tesco could be managed in international network along with the development of huge suppliers’ network. Marketing implementation and control Action plan The action plan with respect to marketing mix strategies implementation includes understanding the market or economy in which the company is entering. Gaining the proper knowledge about oversees marketing condition can help in taking the appropriate decision. The products should be compatible to the needs and demand of customers (Hamilton and Webster, 2012). The product should not be highly expensive or of low quality, the economic condition of host country is required to be taken into special consideration. The pricing could also easily determine through assessing the right kind of product. At starting phase the help of offer and discount strategies could be taken just to create interest among local people. It can also lead towards the effective pricing strategy. The action plan also includes the place or distribution strategy. The location of outlets and store could be accessible and within the reach of segmented market. With a view of strengthening the brand awareness and educati ng the customers there is huge requirement of focusing upon promotional mix. The online media and television could be the main source to disseminate the information about the availability of Tesco (Chikweche and Fletcher, 2012). Thus in this way the entire plan could be implemented. Budgets The allocation of budget is extremely responsible job which must be done in painstaking manner. If the budget allocation activity has been done in an appropriate manner then it affects the entire process or task at great level. The Tesco has huge cash reserves so it is clear that they can handle the activities or implementation phase in effective manner. The revenue and profits for the Tesco is continuously increasing which improve their capacity to invest into the international market (Schaefer, 2011). The Tesco could implement 50 % of their total profits or revenue in implementing the above plan. Monitoring and control mechanisms The stage of monitoring is very significant with a view of identifying the loop holes and errors into the existing plan. The success of monitoring and controlling mechanism could be ensured only if this activity has undertaken by Tesco management on the regular basis. For the purpose of monitoring the marketing plan there is huge requirement of recording the various aspects which are required to be prioritized. It is clear that Tesco can record the expected positive outcomes and have to compare them with the actual results. It can make Tesco familiar with the current performance and appropriateness of their strategies for international marketing. Ahead the recording should be done for the challenges and risks that have been identified during the particular course of time. After identifying the risks the Tesco can take the required actions and can definitely control the implementation of whole plan. Other than recording or comparing the events, the Tesco can show their reliability upo n the benchmarking technique (Vieceli And Valos, 2000). It could also show its huge expediency in monitoring the activities and progress in an appropriate way. In benchmarking technique the company can set the particular target or some achievement to be achieved in particular period of time. Thus it can also treat as significant technique to strengthen the monitoring and controlling mechanisms in effective way. References: D'Esopo, M. and Almquist, E., 2007. An approach to mastering the marketing mix. Business Strategy Series. 8 (2). pp.122 – 131. Donnelly, R. andHarrison, G., 2009. The Marketing Planning Process. Routledge. Vieceli, J. And Valos, M., 2000. Marketing Management. Atlantic Publishers & Distri. Schaefer, A., 2011. Introduction to Marketing in Business. The Open University. Hamilton, L and Webster, P., 2012. The International Business Environment. Oxford University Press. Chikweche, T. and Fletcher, R., 2012. Revisiting the marketing mix at the bottom of pyramid (BOP): from theoretical considerations to practical realities. Journal of Consumer Marketing, 29(7). pp.507 – 520.