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However, research shows that participating in non-market activities with competitors is a good way to implement certain strategies for mutual benefit. Industrywide initiatives are a good example of competitors working together for a common goal. The fashion industry could collaborate on eco-friendly activities for a cleaner planet, for instance. Some are already working with recycled materials to keep items out of landfills.
As for Tesco's latest marketing plan, the UK retailer's strategy currently focuses on four key areas:
- value and sustainability (marketing goal)
- reducing food waste (societal goal)
- healthy living (societal goal)
- local communities (societal goal)