Marketing Principles and Practice Assessment 3 Sample 2023-24

Introduction

The purpose of the report is to evaluate the market performance of ASDA and its strategic environment in the grocery sector of the UK. Moreover, this report aims to offer valuable information into the company’s strengths, weaknesses, opportunities, and threats regarding the internal information of the company. This supports the future marketing strategies and the decision-making processes. The company was acquired by Issa Brothers in the year 2021, the company expanded its operations by the EG Group of the UK. The product development of the company by premiumization is selected for capitalizing on its strengths and identifying its weaknesses. Moreover, with its strong market presence and its digital incorporation, the company can utilize its existing customer base and technological abilities to develop the higher price, premium products (Shetty et al. 2021). Moreover, the company can fulfill this by concentrating on creativity, innovation, and consumer insights for addressing the market opportunities for development and differentiation. Further, by investing in innovative product design, sourcing premium resourcing and cultivating effective quality control measures, where the ASDA company can raise its product offering to cover the dynamic preferences of the large customer base (Chintalapati, 2020). The target audience of the objective of increasing customer loyalty by product development through premiumization consists mainly of rich millennials living in urban and suburban areas. Moreover, the target market needs to be segmented according to the demographics like the age group of 25-40, psychographics include rich consumers, health conscious, and value-oriented consumers (Tashyan & Suvaryan, 2023).

UPTO55%

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