Marketing Essentials Report: Marketing Plan and Mix of TK-MAX

This report provides a comprehensive analysis of the marketing strategies employed by TK-MAX, a subsidiary of TJ-MAX. It begins with an introduction to marketing, defining its core principles and relevance. The first task explores the roles and responsibilities within various marketing functions, detailing the marketing information system, product or service management, financing, promotion, and pricing strategies. It then examines the interconnectedness of marketing with other organizational functions such as human resources, research and development, information technology, sales, and finance. The second task compares the marketing mix of TK-MAX with Walmart, focusing on product, price, place, promotion, and physical evidence strategies. The final task focuses on the marketing plan of TK-MAX. The report concludes with a summary of the key findings and references used.

MARKETING ESSENTIAL

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Roles and responsibilities of various marketing function...................................................................3
P2 Explain how marketing function is linked with other organizational function...................................4
TASK 2.......................................................................................................................................................6
P3 Marketing mix of two organization....................................................................................................6
TASK 3.......................................................................................................................................................8
P4 Marketing Plan of TK-MAX..............................................................................................................8
CONCLUSION..........................................................................................................................................8
REFERENCES..........................................................................................................................................9

INTRODUCTION
Marketing refers to the action or business of selling and promoting goods and services
involving marketing research and advertising. According to American Marketing Association “It
can be defined as a set of activities, processes or institution for communicating, creating,
delivering and exchanging offering that have value for clients, customers, partners and society at
large (Desselle and et. al., 2016). With the help of this tool, company can easily determine
unfulfilled needs and wants of potential buyers and then tries to fulfill them in an effective and
efficient manner. This report is based on TK-MAX which is subsidiary brand of leading US-
based retail store TJ-MAX. It include different roles and responsibilities of marketing function,
how function is inter-linked with other organizational department, marketing mix and marketing
plan.
TASK 1
P1 Roles and responsibilities of various marketing function
The idea of marketing can be named as set of exercises essentially related with
publicizing different item or administrations among potential clients. It help in pulling in light of
a legitimate concern for purchaser and empowers them to buy such item or administrations that
fulfill their necessities and needs in a viable way. The primary goal of any association is to gain
most extreme benefit and this must be conceivable in the event that they pitch their products to
extreme buyer who entirely it. It fill in as an extension amongst purchaser and friends as it stress
on meeting the necessity of the two gatherings. Following are the distinctive part that TK-MAX
is performing towards various advertising capacity which are examined beneath:
Marketing Information system: In the present time, where nothing is steady. Relatively
consistently another development or advancement happens. Essentially the requirements and
needs of client are changing quickly with the progression of time. In this way it principally
essential for all organizations to distinguish what are the present preferences of potential
purchaser. Promoting data framework alludes to the framework that gather, assess and disperse
data worried about various selections of clients to association's supervisor that further help them
in defining compelling choice and techniques. For smooth running of an association, vital to deal
with their future well and for overseeing future in an organized and exhaustive way, it is basic to
deal with the data related with client successfully. In this way, it is critical for each organization
to gather data related with clients different preferences on consistent premise. For instance: TK-
MAX has made sense of client want to buy item that are accessible on minimal effort.
Product or service management: It refers to maintaining and upgrading the great or
administration blend that is connected with various promoting openings that are accessible in
commercial center for specific products or administration. TK-MAX bargains in giving
distinctive variations of merchandise and ventures to client that in a flash grab their consideration
and empower them to purchase items (Baker and Saren, 2016).
Financing: For smooth running of business and for maintaining longer in the market,
organization required satisfactory measure of funds that assistance them dealing with their
business exercises or task in a successful way. Regularly, there are two wellsprings of financing
through which firm can create adequate measure of store to be specific Internal and External.

(Source: Different Function of Marketing, 2017)
Promotion: It alludes to the system that assistance organization in adequately publicizing their
item or administrations in the commercial center. With the assistance of advancement, element
can make of mindfulness among potential purchaser that further empower them to purchase
separate item or services (Brassington and Pettitt, 2013). Alongside this, firm can undoubtedly
render all data worried about specific products among client. A portion of the normal device of
advancement incorporate individual offering, coordinate showcasing, deals advancement and
publicizing. These days organizations are additionally utilizing online networking stage for
advancing their products or services.
Pricing: It is need for each association to set such cost for their product or services that makes an
incentive for client or for which they will pay. In the event that in the event that organization
charge high cost from purchasers at that point there may be chances that they may move to some
other nearby brand who give same item yet at low rate and if in the event that they charge low
value then it might unfavorably influence their general productivity and deals proportion. TK-
MAX is putting forth their item or administrations to client at a conservative rate.
P2 Explain how marketing function is linked with other organizational function
Organizations are for the most part utilizing marketing instrument keeping in mind the
end goal to distinguish the distinctive needs and needs of client that guide them in detailing
viable choice and strategies (Dibb and Simkin., 2013). Marketing function empower business
substance to accomplish both long and short objective in a powerful and productive way. The
core of each organization lies in their showcasing capacity as it not just help in promoting
Illustration 1: Function of Marketing

different items or administrations yet in addition help with increasing high upper hand in the
commercial center over opponents (Jones and Rowle., 2011). Notwithstanding that, it likewise help
in overseeing and controlling the usefulness of various authoritative office too, for example,
human asset, innovative work, data innovation and so forth.
Marketing and human resource development: The HR bureau of each organization manages
finding and enlisting most gifted possibility for the organization who with their compelling
expertise, information and competency accomplish business destinations and objectives in a
viable way. The fundamental goal of any organization is to draw in productive client that
assistance them in accomplishing better than average deals figures, along these lines with a
specific end goal to achieve such deals figure organization must have gifted and skillful staff
(Desai, 2013). With the assistance of advertising apparatus, HR Manager of TK-MAX in draw in
vast number of applicant and empower them to apply for work in the organization. Since the
organization is having set number of representatives, it wind up critical for them to pick powerful
promoting method that assistance them in procuring right contender for the correct place. There
are two courses through which organization can contract individuals one is Internal and other is
External. Inner means choosing representative inside the main and then again, outer means
choosing work force from outside the organization. With the assistance of showcasing capacity,
alluded firm can appropriately publicize about new opening in the organization.
Marketing and Research & Development Department: As indicated by Google's Chief
Economist, promoting is the new R&D as showcasing is having a quick way to deal with
purchaser’s response and conduct over different media which exchange the organization's
message as far as item that fulfills the request of the end customer. Prior, decisions of customer
was ordinarily controlled by different advertising too, for example, overview, center gathering
Be that as it may, in present day situation, organizations generally utilize online networking stage
keeping in mind the end goal to break down changing the requirements and inclinations of target
purchaser (Desselle and Alston, 2016). It has been trusted that very nearly 80% of the populace is
having just about one web-based social networking profile, where they are sufficiently dynamic
to set up their dynamic needs or needs. Buyer's tastes and inclinations are changing on visit
premise and in this manner, makes a desire for doing statistical surveying so as to comprehend
the changing conduct of human needs.
Marketing and information technology department: In order to catch huge piece of the
overall industry over opponents, firms are taking the advantage of using high end technology.
With the assistance of most recent innovation, organization can outline better designs and
arrangements that assistance them in accomplishing its both short and long haul objective in a
powerful way (Al-Ekam and et. al., 2012). Advance Information technology can give single
perspective of the client that include their buying pattern and furthermore also include all
exchange that happens amongst organization and customer. It ordinarily comprise of deep
investigation of client regarding their purchasing pattern, social media interaction and all
important data that assistance organization in satisfying the diverse needs and needs of client in
an effective way. TK-MAX is utilizing online networking site for advancing their products such
as Facebook, Instagram, YouTube and so on.
Marketing and Sales Department: Both Sales and marketing function are both inter-related
with each other. Customer talk about their necessity or any issue they are looking with sales
manager of respective organization so they can exchange their data to the concerned division
which empowers them to change item according to the requirements and needs of client. With
the assistance of offers and promoting division, association can without much of a stretch make

an interpretation of the request into specific item determination that satisfy their requirements
and need in a powerful way. TK-MAX bargains in giving huge variations of garments to clients
thusly, it is vital for them to recognize current preferences of client that continues evolving
always.
Marketing and Finance Department: Finance and marketing are considered as the two main
principle of the organization on which the whole gainfulness proportion of the company depends.
The term marketing manages deals with information, deals mining, reputation, promoting and so
forth (Zgarrick, 2015). On the other hand funding include feasibility of cost, venture or benefit.
With the assistance of showcasing device, organization can without much of a stretch pitch
financial specialists so they can spend adequate sum in their organization. Without legitimate ad,
offer of specific item can't not increments and thus firm can't create adequate measure of benefit
and incomes.
TASK 2
P3 Marketing mix of two organization
P’s of marketing mix TF-MAX WALMART
Product It is subsidiary company of
TJ-MAX that is US leading
retail organization. The
company mainly deals in
selling clothing, furniture,
bedding and domestic and
footwear. Since it is a
subsidiary of already reputed
brand it become easier for
them to hold strong market
share in the market.
It is multi-brand retail store
that mainly deals in providing
products like furniture,
clothes, shoes, jewelry,
electronic goods, household
items etc. It provide almost
everything that a person
require in his/her day to day
life i.e. all basic necessities
and luxurious items.
Price The company is offering their
product at an economical cost
which gives them high
competitiveness level in the
market over its rivals. Also
they are using price bundling
strategies that instantly attract
clients.
The company is having
strong market base because
they are selling their product
at 15% lower price from its
rivalry firm. Also they
everyday low price strategy is
same all across the globe.

Place Since it is a subsidiary part of
already renowned brand, they
are mainly operating in
various other countries like
Australia, United Kingdom,
Germany, Poland, Ireland,
Netherland and Austria. The
company has strong market
base in Europe with having
store more than 515 stores
and In Australia they have
store more than 38.
They are practicing their
business operation in more
than 29 countries with over
12000 stores all across the
world. They have strong
market and customer base in
United States.
Promotion Some of the common
promotional tool that the
company is using is social
media websites such as
facebook, instagram that are
highly in demand now a days.
Other than that, company is
effectively using print media,
digital media, and
advertisement for advertising
its product in the market
place.
They are mainly promoting
their product through social
media network and also using
other effective promotional
technique as well such as
print media, digital media etc.
Physical Evidence The company must ensure
that the location of their store
must be convenient to
customers so that they can
easily reach their stores.
Almost all of its stores are
located at the centre of the
city that attracts large number
of customer.
The organization has in
excess of 12000 stores the
whole way across the globe.
Each store is having its own
particular distinctive format
which help client in
discovering item according to
their necessity in a
compelling way. Likewise the
organization is having a few
workplaces that are spread all
over the globe.
People Since it is a subsidiary of
already renowned brand they
laid stress on hiring most
talented and skilled personnel
who with their skills,
knowledge and competency
achieve organizational
objectives in an effective and
efficient manner.
Since it is a worldwide
organization that underline
much on skilled employees.
They consider their
representatives as a benefit of
the organization and give
sufficient preparing to them
that assistance in building up
their aptitudes and
proficiency.

Process With their effective store
layout, it become easier for
customer to find product
within short span of time that
effectively fulfil their needs
and wants.
With its efficient process, it
aid customer to buy products
with ease. Different modes of
payment option are there
which saves time and energy
of both client and employee.
TASK 3
P4 Marketing Plan of TK-MAX
Covered in PPT
CONCLUSION
According to the above mentioned report it can be concluded that the success of any
company depend upon how they aware customer about their product or services. The concept of
marketing deals with creating and exchange value for goods and services that are made by
company with an aim of satisfying diverse needs and wants of customer. The marketing function
not only help firm in gaining high competitive advantage but also assist other departmental
function as well such as human resource, information technology, research and development etc.
In addition to that with the help of marketing plan company can formulate better marketing and
promotional activities for the upcoming time period.

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