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Marketing Essential For TK-MAX

   

Added on  2020-10-23

9 Pages2956 Words383 Views
MARKETING ESSENTIAL

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

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