Marketing Plan and Strategy of TK-MAX

This report provides a comprehensive analysis of the marketing plan and strategy of TK-MAX, highlighting its emphasis on people as an asset. It also discusses the importance of marketing in a company's success, including product branding, advertising, sales promotion, and public relations. The assignment utilizes various references from books and journals to support its findings, providing a detailed understanding of TK-MAX's approach to marketing.

MARKETING ESSENTIAL

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
P1 Different roles and responsibilities of marketing function..................................................................3
P2 How marketing is linked with other departmental function of the company......................................4
TASK 3.......................................................................................................................................................5
P3 Marketing Mix of two different organization.....................................................................................5
TASK 4.......................................................................................................................................................7
P4 Marketing Plan of TK-MAX..............................................................................................................7
CONCLUSION..........................................................................................................................................7
REFERENCES................................................................................................................................................8

INTRODUCTION
Marketing can be termed as a social process through which business entity create and
exchange value with potential buyers. It can also define as an ongoing exchange process of
communication that educate, aware and develop strong relationship with customers over a period
of time (Malhotra, Birks and Wills, 2013). The concept of marketing include all activities
related with packaging, selling or advertising etc. that is essential in transferring product or
services to ultimate consumer or the one who actually needs it. The report is based on TK-MAX,
which is an US-based retail store that mainly deals in selling clothes, footwear, domestic,
furniture and giftware. The report covers various roles and responsibilities of marketing function,
how different organizational function linked with marketing, marketing mix of two organization
and marketing plan that enable respective firm to achieve both long and short term objectives in
an effective and efficient manner.
TASK 1
P1 Different roles and responsibilities of marketing function
The concept of marketing can be termed as set of activities mainly related with
advertising various product or services among potential customers. It help in attracting the
interest of buyer and enables them to purchase such product or services that satisfy their needs
and wants in an effective manner. The main objective of any organization is to earn maximum
profit and this can only be possible if they sell their goods to ultimate consumer who actually
needs it. It serve as a bridge between buyer and company as it emphasize on meeting the
requirement of both parties. Following are the different role that TK-MAX is performing towards
different marketing function which are discussed below:
Marketing information system: In today's era, where nothing is constant. Almost every day a
new invention or innovation takes place. Similarly the needs and wants of customer are changing
rapidly with the passage of time. Therefore it primarily important for all companies to identify
what are the current likes and dislikes of potential buyer. Marketing information system refers to
the system that collect, evaluate and distribute information concerned with diverse choices of
customers to firm's manager that further help them in formulating effective decision and
strategies. For smooth running of an organization, important to manage their future well and for
managing future in a structured and thorough manner, it is essential to handle the information
related with customer effectively. Thus, it is important for every company to collect information
related with customers likes and dislikes on regular basis. For example: TK-MAX has figured
out customer prefer to purchase product that are available on low cost.
Product or service management: It refers to retaining and enhancing the good or service mix
that is linked with different marketing opportunities that are available in marketplace for
particular goods or service. TK-MAX deals in providing different variants of goods and services
to customer that instantly seize their attention and stimulate them to buy products (Lane, 2014).
Financing: For smooth running of business and for sustaining longer in the market, company
required adequate amount of fund that help them managing their business activities or operation
in an effective manner. Normally, there are two sources of funding through which firm can
generate sufficient amount of fund namely Internal and External.

Internal means when funds are available inside the company only such as profits, retained
earnings, long term assets that are no longer in use. On the other hand, external means when
funds are collected by company from some external sources such as banking, creditor, individual
donor, angel investors etc.
Promotion: It refers to the technique that help company in effectively advertising thier product
or services in the market place (Dibb and Simkin, 2013). With the help of promotion, entity can
create of awareness among potential buyer that further stimulate them to buy respective product
or services. Along with this, firm can easily render all information concerned with particular
goods among customer. Some of the common tool of promotion include personal selling, direct
marketing, sales promotion and advertising. Nowadays companies are also using social media
platform for promoting their goods or services.
Pricing: It is necessity for every organization to set such price for their product or services that
creates value for customer or for which they are willing to pay. If in case company charge high
price from buyers then there might be chances that they may shift to some other local brand who
provide same product but at low rate and if in case they charge low price then it may adversely
affect their overall profitability and sales ratio. TK-MAX is offering their product or services to
customer at an economical rate.
Selling: Selling is closely inter-related with marketing function. This is mainly become after
identifying what are the actual needs and wants to of customers, the role of company is to deliver
right product at right time that satisfy diverse choices of target customer in an appropriate
manner. It mainly deals with positioning of company in the market place that help them earning
maximum profit and revenue within stipulated time-frame. It is the only possible way to through
which firm can deliver their products among potential buyer when they actually needs it.
P2 How marketing is linked with other departmental function of the company
Companies are mainly using marketing tool in order to identify the distinctive needs and
wants of customer that aid them in formulating effective decision and strategies. Marketing
enable business entity to achieve both long and short term objective in an effective and efficient
manner. The heart of every company lies in their marketing function as it not only help in
advertising various products or services but also assist in gaining high competitive advantage in
the marketplace over rivals. In addition to that, it also help in managing and controlling the
functionality of different organizational department as well such as human resource, research and
development, information technology etc.
Marketing and human resource department: The HR department of every company deals
with finding and hiring most talented candidate for the company who with their effective skill,
knowledge and competency achieve business objectives and goals in an effective manner. The
main objective of any company is to attract profitable customer that help them in achieving
decent sales figures, thus in order to attain such sales figure company must have skilled and
competent personnel. With the help of marketing tool, HR Manager of TK-MAX in attract large
number of candidate and stimulate them to apply for job in the company. Since the company is
having limited number of employees, it become important for them to choose effective
marketing technique that help them in hiring right candidate for the right place (Campbell and
Martin, 2015). There are two ways through which company can hire people one is Internal and
other is External. Internal means selecting employee within the only and on the other hand,
external means selecting personnel from outside the company. With the help of marketing
function, referred firm can properly advertise about new opening in the company.

Marketing and information technology department: In order to capture large market share
over rivals, firms are taking the advantage of high end technology. With the help of latest
technology, company can frame better plans and policies that help them in achieving its both
short and long term objective in an effective manner (Al-Ekam and et. al., 2012). Information
technology can give single viewpoint of the customer that mainly signify their purchasing pattern
and also en list all transaction that takes place between company and customer. It normally
consist of deep analysis of customer buying behaviour, digital media interaction and all relevant
information that help company in fulfilling the different needs and wants of customer in an
effective manner. TK-MAX is using social media website for promoting their product such as
Facebook, Instagram, YouTube etc.
Marketing and sales department: Sales and marketing department are both inter-liked with
each other. Customer discuss about their requirement or any issue they are facing with sales
manager of the company so that they can transfer their information to the concerned department
which enables them to modify product as per the needs and wants of customer. With the help of
sales and marketing department, organization can easily translate the demand into particular
product specification that fulfil their needs and want in an effective manner. TK-MAX deals in
providing large variants of clothes to customers therefore, it is important for them to identify
current likes and dislikes of customer that keeps on changing constantly.
Marketing and finance department: Finance and marketing are considered as the two main
pillar of the company on which the entire profitability ratio of the company depends. The term
marketing deals with sales data, sales mining, publicity, advertising etc. On the other hand
finance include viability of cost, project or profit. With the help of marketing tool, company can
easily pitch investors so that they can spend sufficient amount in their company. Without proper
advertisement, sale of particular product cannot not increases and as a result firm is not able to
generate sufficient amount of profit and revenues.
TASK 3
P3 Marketing Mix of two different organization
Elements of Marketing Mix TK-MAX Ross Store
Product TK-MAX is a leading US-
based retail store that mainly
deals in selling bedding and
domestic, clothing, footwear,
furniture and giftware to
target customer. It is a
subsidiary of TJX companies
that is one of the biggest
retailer of U.S.
Since it is a multi-brand retail
store that has combination of
all department. Different kind
of department include home
furniture, clothing, shoes,
jewelry, electronic product
etc.

Price In order to gain high
competitive edge in the
market, the company is
selling their product at
discounted rate. Since it is a
subsidiary of leading retail
store, they are offering their
product to target customer at
little higher rate. For lower
income group of people, they
do have low priced product as
well.
It is a market leader and thus,
serving their product at
competitive price. They
normally sell their product at
15% lower amount as
compared to its competitors
which help the firm in
gaining high competitive
edge in the market.
Promotion The company is using most
effective tools of promotion
such as social media network,
direct promotion, and print
media promotion. With the
help of all these tool they are
able to advertise their product
in the market place in an
effective and efficient
manner. They are using social
networking website such as
Facebook, instagram,
YouTube for advertising its
products.
The company is using
plethora of promotional
strategies such as social
networking websites, digital
media, print media,
advertisement, sales
promotion that attract
customer effectively. In
addition to that its e-
commerce attracts customer
by provide various gifts to
them and as a result, such
customer retain with the
company for longer period.
Place The company operates in
other international country as
well such as UK, Netherland,
Australia. In-fact they are the
market leader of Europe with
515 stores and also trying to
attain high competitive edge
in the market of Australia
with 38 stores.
The company is mainly
operating in 28 countries with
more than 11000 stores
spread all across the globe.
Their distribution strategy
involve direct delivery of
goods from suppliers to its
stores without involving any
third party or intermediary.
Process They also gained popularity
for its store layout which
makes easier for consumer to
find product as per their
requirement. In addition to
that they mainly deal in
providing large number of
goods and services to
potential buyers that fulfil
their needs and wants in an
effective and efficient
Process of Ross store is very
efficient and it help buyers to
shop with comfort. Their
stores include availability of
trolleys, multiple payment
counter, different modes of
payment, systematic product
placement and categorization
etc.

manner.
Physical Evidence People recognize their store
through their red bold letters.
Also they prefer to locate
their store at such point which
easily feasible for people to
visit their store. In fact most
of their store are located in
the centre of the city which
instantly attract large number
of customer.
The company has more than
11000 stores all across the
globe. Each store is having its
own different layout which
help customer in finding
product as per their
requirement in an effective
manner. Also the company is
having several offices that are
spread all across the globe.
People They hire skilled and
competent personnel that help
them in attaining both long
and short term goals and
objectives in an effective and
efficient manner.
Since it is a global company
that emphasize much on
people. They consider their
employees as an asset of the
company and provide
adequate training to them that
help in developing their skills
and efficiency.
TASK 4
P4 Marketing Plan of TK-MAX
Covered in PPT
CONCLUSION
According to the above mentioned report it can be concluded that success and of any
company depend upon how they market their product in the market place that effectively fulfil
customer needs and wants in an appropriate manner. The heart of any firm lies in its marketing
process. Other organizational department such as human resource, information technology,
research and development running and operating smoothly with the help of marketing function.
With the help of marketing plan, company can effectively formulate better strategies and plans
that help in gaining high competitive edge in the market place over its rivals. Marketing function
act as an umbrella that holds different tools related with product and marketing advertisement
such as public relation, sales promotion, and publicity that help company in earning high
profitability ratio.

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