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Marketing Essentials Assignment: Assignment Marketing

   

Added on  2020-06-06

16 Pages5558 Words52 Views
MARKETINGESSENTIAL

Table of ContentsINTRODUCTION...........................................................................................................................1TASK1.............................................................................................................................................1P1 Key role and responsibilities of marketing function..............................................................1P2 How role and responsibilities of marketing related with others organisation department....3TASK2.............................................................................................................................................5P3 Compare how differently organisation may apply marketing mix .......................................5TASK3.............................................................................................................................................8P4 Make marketing plan for TK MAXX....................................................................................8CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONMarketing define as promoting, delivering, creating and managing all business activitiesin an effective manner in order to gain high profitability. Through this, firm are able to achievegoals and objectives in specific time frame. Management of an organisation has developstrategies and plan to produce high quality product as well as differentiate goods which are helpsto gain competitive advantages at market place. In this assignment TK MAXX firm is select toanalysis impact of marketing task in an organisation profitability. It is a subsidiary of Americanapparel and home goods enterprises (Babin and Zikmund, 2015). It has around 570 store in theyear of 2017 in all over the world.. Some product like clothing, furniture, footwear, bedding,giftware and many more have selling by TK MAXX. In this report covers key role andresponsibilities of commercialism function or its relationship with other department of anorganisation. Its also covers marketing mix as well as basic marketing plan.TASK1P1 Key role and responsibilities of marketing functionMarketing is a function which helps to increase market share as well as customer'ssatisfaction. Its helps to promote product and services in order to create awareness which helps toinfluence buyers purchasing behaviour. With in company, marketing have various kind of worklike fix goods price, package style, colour, size, advertisement and many more. Role of themarketing manager is coordinating with all others organisation department which helps tomanage all function in an effective manner. Its influence person to engage them with enterprise'sgood in order to full fill their needs and wants in an effective ways. TK MAXX is selling variouskind of product to their potential clients. Some important function of marketing are explain asfollows: Development of Product: Management of the company conducting research to analysiscustomer's needs and wants accordingly develop product and services. It is a one of theyimportant function of marketing. Through this, they are capable to produce goods which arefulfilling demand of all potential clients in an effective manner. Marketing manager pay role toprovide direction to research and development department of an organisation about productmodifications (Baker, 2014) (Batt, 2013). It helps to improve quality of goods that increasecustomer's satisfaction as well as productivity. 1

Price: It is a one of the important factor which affect profitability of the company. Clientsare always price sensitive in nature, so that management pay role to fix price according to marketenvironment as well as clients disposable income. Function of marketing manager of firm mayfind competitors pricing strategies in order to offer good in an affordable and easy rate. Throughthis, they are able to achieve competitive advantage as compare to their competitors at marketplace. Administration of TK MAXX use advanced pricing strategies to sell their product higherclass customers in order to gain high profitability. Selling: It is a most important for marketing function of management which helps toenhance clients satisfaction. Selling is a only activity that provide or generate revenue as well asprofitability for company. Both managers and leaders has manage, control or organise allemployees in efficient ways to rise productivity in work (Chinn, 2017). Marketing manager paysimportant role in developing strategies to selling goods like advertisement, promotions, discountoffers, attractive packaging, colour and size or many more. Through this, TK MAXX are able toachieve their set goals and objectives in given time frame. Promotions: Various kind of promotional activities like personal selling, salespromotion, direct marketing, public relationship, advertisement and advertisement etc. Throughthis, they have create awareness about product information. It is a important function ofmarketing in which they have make plan in order to enhance market share as well as highprofitability. Manager of TK MAXX pays important role to select best method of promotinggoods. For this, they has use social media network and internet for promote product offers. Theyfocus on teen age children those have influencing power of buyers behaviours. Finance: Fund is a important element to run business activities effectively. Function offinance manager of an organisation construct budget for all department like human resource,marketing, research and development, operations and production etc. It is pay role of blood within all company to operate all task in an effective manner. They out sources fund in order to fullfill needs and wants. Some important sources of finance are bank, angle investors, capitalventure, debentures, share equity etc. Management of TK MAXX has make plan to find out mostappropriate way to gain finance by external sources. Most of time, they rise funds form theirparent company (Desai, 2011). It is helps to provide fund in low interest as well as long timeperiod. 2

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