They require the verbal information, and written information of all the sales figures. The decisions made by the finance function are the decisions relating to the money. Tesco looks at what sort of product is being made and then they spend money on making it. They even look if the information they got about the money their business has and the sort of profit this product will make. Then they take a decision if they are capable of making this product or not.
The information they use to make decisions is appropriate because they have public search. They have internal and external resources like they have research, database company performance.
Businesses produce three sort of financial records income statement, balance sheet and statement of cash flows. The income statement shows all items of income and expense of the business. Balance sheet shows assets= Liabilities +Equity. Tesco uses information from the bar graphs, pie charts and spreadsheets. They are the correct figures given by businesses.
Marketing function is responsible for identifying, anticipating and satisfying customer requirements. Marketing involves carrying out market research to find out which types of customer make up a particular market, what they want, where they want it, how they like it and what price. Marketers have an important say in deciding the products that the company produces, the prices charged, the promotions designed to encourage customers, the place where goods are sold.
In Tesco the marketing function identifies and satisfies its customer requirements. Tesco has to look out at the demands of the customers as well. Marketing function of Tesco finds out what do the customers want? Where they want it? How they will like it? And at what price will the customers prefer? The marketing function of Tesco looks at the 4ps, Products, prices, promotions, and place. The marketing function of Tesco looks at all this.
The products are produced. The prices are set up according to the demand and supply of the product. The promotion is done in different forms. It is done in the form of leaflets, video clips and even advertisements in the market places. The place is decided where the product will earn more profit if it is sold. Like,
Own brand labellingthe promotion of the products in Tesco.
The products of Tesco are sold in the Tesco stores or online on Tesco’s website. The products sold on the internet can be delivered to the store and the customer can collect them from there and they can be delivered to the person’s house but that will have tax charges. In the stores the person can see the material but on the website the person can’t see the material. The products on internet are mainly the latest products.
The marketing function requires internal information and external information. It can give information about the results of research undertaken by the company, the success of previous marketing campaigns and promotional activities, as well as information about the market the organisation currently operates within.
The marketing function uses written and web based information. They use the information like the researches about how other organisations are producing the product. Tesco will also use government sources. Tesco has to decide what sort of product they need to introduce to the market and the information used is accurate. The information used is appropriate.