7021MHR Individual Research Proposal Assignment Sample
7021MHR Individual Research Proposal Assignment Sample
1. Introduction
1.1 Background and Purpose of the Study
Figure 1.1: Changing demand for retail items of customers in the post and pre-pandemic situation (Source: OECD, 2020)
Compared to 1989, the U.K. retail industry doubled by 451%, with a growth rate of 3.4% in the British market share in 2007 which increased to 27.9% by 2020 (Croudace, 2021). According to PHAM (2020), the factors affecting retail businesses’ market share include speaking, sizzling, serving, selling, and saving. This article explores the implementation of technology in different areas of retail business, such as production, employee engagement, and marketing can provide the security of the transaction, and adding internet marketing to retail business can improve customer needs by virtual interactions of maximum clients that help to overcome the issue of display and create product awareness.
Consequently, it helps in increasing market share and competitiveness against competitors. Figure 1.1 explores customers’ demand regarding different products; in 2020, the demand for grocery items will increase by 13.2%, whereas the demand for clothing will be reduced by 89.3%, along with non-food product sales dropping by 23.8%. In the U.K., online retail expenses increase from 19.1% to 30.7% between 2019 and 2020, which will also help increase market share by 5.2% along with the employment of 9.3% of the total population (OECD, 2020). That signifies that promotion of the retail sector’s market share depends on clarifying and identifying customer demands through effective selling, market research, and enhanced product quality.
1.2 Justification of the chosen topic
According to Hecht et al. (2020), the retail business must promote organic food habits while understanding customer behaviour helps increase market share and maintain financial interest. Also, this article outlines the customer purchase decision correlated to enhancing market value for retailers, including Tesco, by implementing technology and e-marketing because it prevails interaction point through multi-channel platforms. Moreover, it helps create product value by involving multilayered competition and different purchase situations (Reinartz et al., 2019).
The significance of research on this topic helps to understand how Tesco’s retail business effectively overcomes its barriers of high competition with increasing numbers of sales by applying new and innovative strategies to generate a brand-loyal customer base. According to Skeldon (2022), between 2021 to 2022, the British retail brand Tesco increased its sales by 35.8% from its 2.6 billion pounds, along with a 34.8% increase in online share after the Clubcard app promotion with 9 million users. Overall, in the U.K. market, Tesco enhanced its market share by 27.7% after it launched the “Aldi price match scheme” on 1600 retail products and 650 offline products at a low price.
1.3 Contributions of this research
The contribution in this paper will evaluate to mitigate challenges faced by Tesco, such as educating and motivating customers to consume sustainable products due to a lack of inspiring marketing tactics and reducing plastic use from its packaging. Regarding selling and buying responsibility, Tesco faces problems with nutritional labelling and common standards reflected in high competition, technological advancement, and accounting scandals from Sainsbury, Morrison, and Amazon.
The contribution of this paper is evaluated to develop a future strategy regarding relationship marketing and automation implementation by hiring skilled employees to build customer loyalty and financial stability (La and Yi, 2015). Mezgobo (2017) stated that the U.K. retail market is competitive because of changing demands of customers and e-commerce transformation.
Compared to Tesco and Sainsbury, Sainsbury launched reactive strategies, whereas Tesco does not obtain them. The findings of this paper will be helpful for Tesco to identify strategies that help in recession time and maintain social responsibility to address the purchase decisions of the customers as well as increase its economic value.
2. Research Question and Research Objectives
2.1 Aim
The aim of this paper is to examine the ways of promoting Tesco products to increase its market value in the U.K.
2.2 Research objectives
- To evaluate the challenges Tesco faced in its local market of the U.K. that negatively impacted its market share.
- To evaluate the ways of increasing the market share of Tesco with marketing.
- To identify the impact of strategies as innovative approaches that increase the market share of Tesco.
2.3 Research questions
Q1: What are the challenges faced by the British retail industry, including Tesco, that dropped market value?
Q2: What are the approaches that use the increasing market value of Tesco?
Q3: What is the impact of the uses identified for the retail business of Tesco to enhance its market valuation in the U.K.?
3. Literature Review
3.1 The challenges or causes of promoting a market share of Tesco.
Figure 2.1: Tesco’s dropped market share (Source: Butler and Farrell, 2014)
According to Corbet and McMullan (2018), the retail industry lost its market valuation due to currency fluctuations, customer purchase intention changes, and entry of competition. Tesco’s market share renaissance started after its accounting scandal reported in 2014. In 2014, Tesco’s profit expectations after the delay of cost recognition and early measures to measure its income reflected 250 million pounds as losses. That is considered the most considerable pre-tax loss that resulted in dropped market share throughout 2015 (Warner, 2018).
From 2014 to 2015, Tesco admitted to facing high losses of 6.4 billion pounds because of overstated profits of 327 million USD that reflected in professional and unethical practices of the Tesco work environment. Figure 2.1 shows that the sales of Tesco dropped by 3.8%, and the prices of bread, bacon, and eggs jumped by 28%, which resulted in a financial crisis at Tesco (BIRD and SPECTOR, 2015). Unethical tactics of Tesco regarding “fire and rehire” reflected in Tesco’s lack of strategic decisions, which resulted in a lousy market impression of Tesco.
For example, in 2022, “the union of shop distributive and allied workers” alleged this British retail brand of its “fire and rehire tactics” under the “employment and trade union rights” (BREESE, 2022). After 18 months, Tesco lost this case, where 16000 colleagues in Tesco’s distribution centre resigned from their position. Due to the growth of retail market competition, Aldi and Lidl captured 200 billion pounds of market share across the U.K., which created a high competition for Tesco that reflected in a 1.2% fall market share that lower records by 1.9%, 1.5%, and 1.8% compared to Sainsbury, Asda, and Morrison (Beard, 2022).
Ken Murphy, the C.E.O. of Tesco, claimed that due to external Business environments changes, like the increased price of fuel by 6.7% and high inflation rate, this retail brand reported a drop in operating profit by 9.8%, which is almost 1.3 billion pounds, which is lower than his expectations.
2.2 The approaches that use the increasing market value of Tesco
Tesco’s distribution and placing strategy
Tesco owned approximately 4,752 stores, including franchises. The organisational headquarter is located in Hertfordshire, in the U.K., and employs more than 354,000 individuals globally (Bedford, 2022).
Figure 2.2: Number of Tesco outlets and stores around the globe (Source: Bedford, 2022)
These strokes are categorised as Tesco Express, Tesco Extra, Tesco Superstores, and Tesco Metro. Tesco Plc introduced its first check-out free stores in High Hilborn, UK, which has been modified to a new format including GetGo and already has more than 6.6 million customers using this new format of shopping, resulting in a rose of 5.9 per cent to £30.4bn within 6 months of opening (bbc.com, 2021).
Tesco’s pricing strategy
As stated by Azan and Karimah (2022), Tesco has a major supply chain network which allows economic advantages and offers services and products at minimum prices. With an expanded investment platform, Tesco handled supply chain crises better than other companies. Tesco’s group revenue jumped by 2.6 per cent to £27.3bn, while overall, the U.K. sales rose by 1.2 per cent (bbc.com, 2021b).
Figure 2.3: Annual revenues of Tesco Plc in the U.K. in 2015-2022 (Source: Bedford, 2022a)
Tesco’s annual revenue measured approximately 56 million British pounds at the end of the financial year 2021, which gradually increased to 2,191 million in 2022 (Bedford, 2022a).
Tesco’s promotional strategy
The main strength of Tesco is its extensive attraction towards different promotional strategies, such as print and media advertising with a tested channel and other digital platforms for sending promotional messages to potential consumers.
Figure 2.4: Tesco’s profit surge as per online sales (Source: Simpson, 2020)
Tesco announced its pre-tax profit by 28.7 per cent to £551m at the end of 2019 but with an increasing number of online purchasing profits doubled. The company’s supermarkets deliver to 1.5 million slots in one week, including 674,000 satisfied customers.
2.3 The impact of the uses identified for the retail business of Tesco to enhance its market valuation in the U.K.
Tesco Plc has evaluated several critical success factors to enhance its sustainable retail trading globally, which include policies, values, and set goals that help operational business management. The management of Tesco focused on relationships between employees, customer attraction, individual integrity, team management, and personal growth. These critical success factors are categorised as :
Value for Money
According to reports, Tesco believes in customer satisfaction, serving communities, and the planet’s well-being purposes. In the current economic environment, several competitive companies of Tesco are financially struggling and face customer crises online and from stores. For example, online grocery company “Ocado”, stepped up the marketing rivalry by announcing a “price-match” 10,000 of Tesco goods, which is more than £500m than last year. As per records, the prices of common essential goods within small markets rose from £5.34 -£15.79 in 2021 to £21.13 in 2023. At the same time, household items’ costs rose by £811, which is 43% more than in the past 2 years (Nick Edser, 2023).
Figure 2.5: Shares of the current grocery market in the U.K. (Source: bbc.com, 2022a)
Tesco is the only retail organisation to increase its market value, developing by 0.3 % points to 27.3 per cent of total U.K. grocery sales (bbc.com, 2022a).
Branding and reputation
This world’s largest retail company depends on the recognition that branding maintains its optimal reputation. Their brand imitates the corporate culture of conversion of traditional grocery with high-quality goods. Tesco is building club cards to boost customer and company relationships in an additional dimension by generating different schemes and discount offers at supermarkets.
For example, Tesco launched its own delivery services and teamed up with Uber to deliver goods from 20 different stores (bbc.com, 2022b). Tesco Clubcard members, after several years of customising, are priced at £3. It is for any drink deal, and it will go from £3.50 to £3.90 and drive grocery inflation to 14.6% (tescoplc.com, 2023b).
Figure 2.6: Annual statutory operating profit or loss of Tesco in the United Kingdom (U.K.) and Ireland from 2014/15 to 2021/22 (Source: Bedford, 2022c)
As per reports, Tesco announced its statutory operating profit of nearly 2.19 billion U.K. pounds within the 2021/22 financial year ending. Currently, Tesco launched approximately 2000 offers and Loyalty cards for customers (Bedford, 2022c).
Integrating Digital Technologies into trade management and organisational operations
As mentioned by Zhao (2021), Tesco implemented several I.T. solutions such as processing systems, enterprise systems, decision support systems, and transaction systems. The most used system in Tesco plc was introduced as Management Information System. For example, Tesco developed warehouses to operate “grocery dotcom centres” and their investing £1.5-3.5M per year for its digital implementations around stores such as web cameras, manual check-outs, scanning systems for customers and staff, electronic shelf-edges labels, data driving consumer loyalty cards, and Tesco App.
As per reports, nearly 30,000 regular people are searching for Tesco mobile app within 70 minutes, with 1,635 payment interactions (bbc.com, 2020a). The total number of mobile app users is nearly 22,878, with 22 new users daily.
2.4 Theoretical underpinning
4p’s promotional theory
Figure 2.7: 4P’s promotional theory (Source: Badi, 2018)
According to Khanta and Srinuan (2019), Tesco Plc initiates a transformed operational and trading through a marketing mix, determining product marketing and future business plans. This marketing mix strategy includes the “4 Ps of retailing”, encountering Promotion, Pricing Place, and Production.
Tesco Plc’s product strategy
This retail merchant expanded with its inventions and, in recent years, delivered a wide range of outcomes in different categories such as electronics, food, books, beauty, jewellery, baby care ranges, sports and fitness, apparel, home, and decor.
As per Foley (2022), Tesco introduced a colourful, 7-inch tablet computer with several digital services called Huld. In recent times, Tesco Plc introduced plasters with different skin tones; it got promoted on Twitter with 100,000 retweets and is available in 74 U.K. stores (bbc.com, 2020). This UK-based multinational supermarket chain reported before deduction profit of nearly £2.03bn, upgraded from £636m in the last year. Group sales, excluding fuels, rose by 2.5 per cent to £54.8bn, while in the United Kingdom, retail sales rose by 2.3 per cent in decades.
Tesco accepted 20 per cent of increased costs in dairy products from suppliers within 2 weeks. Tesco employees seeing payment rose approximately 68 per cent in this period (bbc.com, 2022). This retailing company caters to different customer needs from market segmentation and also has its owned brands such as Tesco Kipa, Tesco Loves Baby, Tesco Value, and Tesco Lotus.
Market Approach to Valuation Model
Figure 2.8: Market Approach to Valuation Model (Source: Corporatefinanceinstitute.com, 2022)
According to Mellen and Evans (2018), “the market approach to valuation model” helps in measuring the appraisal value of a firm by assuming the prices of the market of comparable assets that were sold recently are still available. The “Public company comparables” component of this model entails market valuation metrics from the business they traded publicly. The “Precedent transaction” element of this model includes a deriving value the business utilises through pricing.
According to this model, Tesco will eliminate the risk of error in financial records, increasing its market value because it allows buyer transactions that are publicly dealt with and maintain security not to reveal financial information to avoid fraud. As per Coulon (2021), the significance of using “the market approach to valuation” regarding comparable transactions based on publicly available data will be helpful to engage each income group of customers along with simply calculating the supply and demand ratio as per the company’s abilities.
Moreover, this model implementation at Tesco involves straightforward calculations that are not dependent or subjective on forecasts, providing financial flexibility to adapt new necessary technologies to pursue effective results in addressing external business environment issues.
2.5 Literature gap
According to Gerpott and Berends (2022), the literature gap is measured because of the competitive pricing problems that are disproportionately high in the changing market demand. Adopting e-marketing for retail business sometimes faces rarely offered, generating high substitute competition. As per Paquette (2013), measuring the literature gap on this topic research, different marketing tactics has positive and negative effects that can tighter the constraints of the budget as well as affect the consumers’ behaviours and reinforce the negative aspects of the chosen wrong medium of promotion.
4. Methodology
4.1 Introduction
The chapter is essential for the research paper because it provides a specific overview of techniques and methods of data collection, interpretation, and analysis. Also, it will concentrate on different techniques that will help this study because it ensures better information validity and quality.
4.2 Research philosophy
This paper will include the “interpretivism philosophy” that outlines the importance of briefing the promotion of the market share of Tesco in the U.K. According to Bairagi and Munot (2019), qualitative research outlines the significance of non-numerical data, like interviews, observations, and narratives, in understanding social phenomena.
But, the Interpretivism philosophy includes the reality that it is not independent and objective of promotion to increase Tesco’s market share. Instead, it is constructed by their interactions and individuals with their cultural and social environment. This paper will explore methods and effects of enhancing market share through promotion as the marketing of Tesco in the U.K. Interpretivism is effective for the search because it emphasises the essentiality of knowing subjective meanings and experiences.
Griffith et al. (2018) explore the retailer’s advertising and pricing importance of retail brands across the U.K. because evidence proves downstream and bargaining competition through price discrimination. As per Žukauskas et al. (2018), the importance of interpretivism philosophy in research is that it allows knowledge-based description.
It gives contextual orientation on common philosophical paradigms that value research plans that help generate data validity. Using interpretivism philosophy will support seeking and exploratory new understandings and insights because it allows easy adaptability and flexibility in research methods. However, positivist philosophy will not be included because it is based on prediction in determining objective reality, which may be measured by empirical methods more suitable for statistical analysis. Interpretive methods will involve reflexivity for researchers that concern themselves with reflecting researchers’ assumptions and biases.
4.3 Research Design and Approach
The research will include an “exploratory design” to lead the research process consistently. According to Olubayo et al. (2020), the uses of experimental design help enhance the understanding that will improve the researcher’s knowledge because it checks the existing concepts; testing is usually costly. Identifying promotion factors and their corresponding impacts on the increasing market value of Tesco, exploratory design for secondary data collection assists market researchers in pointing out potential reasons for the symptoms or signs conveyed decision because it involves informal discussions among published literature.
Hammersley (2021) stated that inductive research allows specific observations and measures to develop approaches or conceptions depending on those compliances. However, the deductive process involves formulating the testing and theory through data collection. This current research includes data collection to measure relationships, patterns, and themes, so an inductive method will be selected for this paper. Moreover, the advantage of using the “inductive approach” in qualitative research because it allows researchers to seek to build new concepts or theories.
El Sayad (2022) reveals that data collection with an inductive approach to the U.K. retail market is influenced by automatic supply chains, market concentration, and globalisation by a network to enhance market position. The inductive approach may be helpful in its allowance to measure trends, themes, and patterns. Additionally, researchers can improve concepts or theories of the connection between product development, sustainable marketing, ethical production, and technology adaptation in Tesco.
The “deductive approach” is another research approach that includes general hypothesis and theory and conducts tests against particular data points or observations as well as utilising them to create more general concepts, explanations, or theories; then, the inductive approach will be selected for this study.
4.4 Research Strategy
“Archival research strategy” was selected for this research because it allows analysis and examination of present historic sources, documents, and information records. “Archival research strategy” that includes different fields, like political science, history, anthropology, and sociology, includes analysing and reviewing secondary sources, namely photographs, diaries, newspapers, and letters that were previously studied. Rosa et al. (2020) use this strategy because it helps researchers to develop questions with new insights into existing theories and information.
It is more accurate than any other data source because it allows primary sources to cut the chances of biases which can occur in secondary data sources. Moreover, the “archival research strategy” includes discussing and evaluating pre-existing records and data to outline research questions (Ventresca and Mohr, 2017). Also, this strategy is chosen because it is used for cross-sectional, historical, and longitudinal data analysis.
In this case, outlining the reasons for increasing market share highlights the challenges faced by Tesco, ways and the impacts to improve market share through promotion has a long history, hence the chances of investigation of archived records, like Tesco reports, Tesco’s financial statements, and personnel records. That is why researchers may obtain relevant information and data from those records along with an “archival research strategy” that may provide access to a large amount of information and available data.
Again, this study does not include any survey or primary data collection; however, using an “archival research strategy” may increase the statistical power and sample size of this paper, which makes an energy and cost-effective data collection process.
4.5 Data collection
This research will include “the secondary data collection method”, which denotes the procedure of gathering information from existing data or previously gathered by an organisation or someone. The data that will use for this paper mainly focuses on academic articles, Tesco’s website, commercial site, book, government statistics, and online journals. According to Martins et al. (2018), using a secondary method for data collection is beneficial for researchers because it provides validity and reliability that make up-to-date research information about the topic.
Again, Saha et al. (2019) analyse the factors that influence retail store preferences and their market share by using secondary and primary data collection from 117 samples. That measures the result of a less expensive conducting process for data collection compared to the primary data gathering method because it does not invest time and cost for paying candidates, surveys, or experiments.
In contrast, it is easy to collect data because of the availability of databases, along with it provides researchers an opportunity to compare previous and current findings. According to Zhang (2021), the determination of data collection in the second method may provide practical and valuable information with time efficiently to develop a longitudinal analysis.
4.6 Data analysis
“Thematic analysis” will be selected for this paper because the “secondary qualitative research method” will identify to analyse or observe existing data. As per Kiger and Varpio (2020), by interpreting and analysing data in a structured manner, researchers will get help to explore employees’ experiences in Tesco and how to convert the ethical growth of the company to increase financial stability or market valuation. Researchers will outline further recommendations based on their grounded experience by measuring common patterns and themes and the importance of using thematic analysis.
Whereas “the narrative analysis” is not to be selected because it concentrates on the content and structure of narratives or stories that include the construction of individual stories by identifying how the narrative and language will convey meaning. Thematic analysis is well-suited to analyse and identify data that may shed insights into the underlying participant’s values, attitudes, and beliefs.
4.7 Ethical consideration
The study will maintain various rules and regulations while establishing this paper, like “the copyright act”, “the patent act (1988)”, and “GDPR act”, which will ensure researchers follow the quality of the paper. The current paper will include the secondary method of its data collection, where researchers will not use it to obtain consent from the individual data that will concern confidentiality and privacy (Legislation.gov.uk, 2010).
Researchers will maintain ethical data quality, accuracy, validity, and reliability standards. If the collected data does not meet high quality, this research will be compromised. Again, the ethical considerations for the “secondary data collection” is also based on confidentiality, which will maintain in this paper.
5. Timeline and Resourcing of the Research Project
Figure 5.1: Timeplan (Self-created)
The above figure explains that it takes 5 days for the identification of a research topic. The next stage will outline research objectives and aims, taking 10 days from 10 April 2023 to 21 April 2023. Searching literature review requires 25 days that will be optimised from 24 April to 26 May 2023. On the other hand, the selection of methodology chapters or data collection is expected to complete within 5 days, from 29 May 2023 to 2 June 2023.
The completion of data collection process is predicted to complete within 20 days, an estimated date from 5 June to 30 June 2023. Analysis of the gathered data needs 20 days to briefly analyse and interpret, which will assume to complete between 3 July to 28 July 2024. The submission of this research is expected by 32 July 2023 within 5 days.
6. Conclusion
This proposal concluded that the promotional strategies of Tesco in order to increase its market share have dual penetration to attract consumers and use cost leadership to help in retaining cost-conscious and price-sensitive customers. The L.R. portion summarises the marketing mix, pricing strategy, and product development approaches that need to be modified to outline the causes of the reduced market share of Tesco.
Moreover, the uses of the 4Ps and the “market approach to valuation model” suggested notable actions for Tesco regarding offering diverse product categories as per customer demands, alignment communication, relative pricing, and marketing message to enhance brand loyalty. The methodology section outline timezone of completion of this paper along with choosing the secondary data collection method and appropriate research design, strategy, philosophy, and approach because it is the cost-effective and easy process of data gathering to justify the proposed research questions.
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