Tesco - Warren Buffet Lab Report Example | Topics and Well Written Essays - 1500 words

Tesco - Warren Buffet - Lab Report Example In an organization the culture plays a vital role and henceforth the report also aims to discuss about the organizational culture that exists in Tesco. Tesco is known for its variety of culture that it holds with it and is one of the best examples to talk about when it comes to organizational culture. Along with organizational culture the report talk about motivation and the types of motivational theory that is adopted by organization to motivate its employees. Motivation is high crucial and Tesco has been a leader in doing that. It motivates its employees to a very high extend which helps it to retain the employees for a long period of time. 1.0 Findings 2.1 Entrepreneur and Skills The term entrepreneur is derived from French word, â€Å"entreprendre† which means â€Å"to undertake.† The entrepreneur is one who undertakes to manage, organize as well as assume the risk of the business. In recent past the entrepreneurs have been doing more than the above mentioned task a nd hence the need to broaden the definition. In today’s world, the entrepreneur is an innovator, developer who seems to recognize and seize the opportunities and convert into workable or marketable ideas. They add value through their effort, time, money and skills and assume the risk of the competitors and implement the ideas and thereby realize the reward from the given efforts Kuratko & Hodgetts (2008:4). A generally accepted definition of entrepreneurship which was provided by Shane & Vnkataraman (1997) states, â€Å"A process that involves the discovery, evaluation, and exploitation of opportunities to introduce new products, services, processes, ways or organizing, or markets† Baum, Frese & Baron (2007:6) Profile about Warren Buffett Business man and investor Warren Buffett was born on 30 August, 1930 in Nebraska. He is an American business investor, philanthropist and magnate and is considered to be the most successful business man in the 20 century. Buffett is t he chairman, CEO and the primary shareholders of Berkshire Hathaway and has been consistently ranked as the wealthiest people in the world. In the year 2012, Time magazine had ranked Buffett to be the most influential person globally (Forbes 2013). Warren Buffett is an entrepreneur by occupation also known as â€Å"Oracle of Omaha† and regarded as investment guru (Bio 2013). Warren possessed the skill of investing money at the right place and at the right time. It is very much important for an entrepreneur to analyse the situations carefully and invest. Warren had invested in Tesco and has given a boost to the embattled chief executive of Tesco, Phil Clarke and thus increased his stake in the supermarket chain (Fletcher 2012). When the share price of Tesco fell in 2012, nearly after 20 years, Berkshire Hathaway took advantage of this and thus increased its stake to 5.08% (Fernon 2012). 2.2 Marketing and Marketing Mix Marketing can be defined as the process which is involved i n communicating the value of the product or services to the customers. Marketing encompasses integrating, merging and controlling supervision of organisations effort which have a bearing on sales (Reid & Bojanic 2009:8). Marketing mix constituted of 4Ps which are product, place, price and promotion and plays a vital role in setting up strategy for the organisation and is a key tool in marketing. Following is the marketing mix of Tesco, retailers which deals in grocery product and

How can a product be repositioned Essay Example | Topics and Well Written Essays - 2500 words

How can a product be repositioned - Essay Example The vitality of the factors and elements such as Segmenting, targeting and positioning can be analyzed form the fact that these can either make or break the future of your product or service that you intend to provide to your consumers. The concept of re positioning of a product or service in the similar way is not a new one. organizations large or small , are faced with the option of repositioning their products , mostly when the market for their current products has matured , the high flux of changing consumer demands , and also the fact that some organizations are faced with severe losses and in some cases end of the life cycle of their products . Thus by re positioning is meant that the organization decided to fabricate basically upon the core product or service. The basic re positioning idea is applied by organizations both to retain the present market share and customers, as well as bag a high number of future customers of the product or service. It is basically a long term plan, which requires detailed market research, product life cycle analysis, market research, competitor analysis etc. Also this provides the organization to renew the marketing mi and change how they deal wit the four P's of the product or the service i.e. Product, Place, Promotion and price. It is an important aspect for you to know also as to how your organization, product and service are perceived in the market place. This helps organizations build positively. Further more, the concepts of Buyer behaviour and marketing communication also come in. The basic buyer behaviour varies from time to time. And marketing communication on the other hand varies but needs the most attention. Here we also need to mull over an imperative reality that re positioning in point of fact also means there is a calamitous need to apportion resources, which in turn means that you need to augment the quantity as well as the quality of communications. Lucid appearance of ideas and policies lend a hand in establishing the brand. Along with this tag along the incurring of extra new costs like in those of: training the employees, Renewing or merely revising a website, purchase of new sales materials, Publicity campaigning, advertising. There is an assortment of ways to re position a brand. The secret to enhanced communication is deemed as high-quality internal communication .It should be a run through to discuss with the staff of the organization and specific departments involved to make them understand why this 'Re Positioning' is taking place , what does the organization aim to achieve with this re positioning etc . Once this internal sharing of ideas is done with. The organization can now focus on external communication. (Pellow, 1) Main Body: Relationship between the three Concepts : Product Re - positioning , Communications , Buyer Behaviour The relationship between consumer buying behaviour and communications, and product repositioning is very straight and quite comprehensible. The fact that he marketing mix is a very vital attribute of a product. The four P's need to be based first, then the consumer buyer behaviour and communication needs to be settled. In regards o communication, is specific external communic