Marketing Mix Analysis of XYZ Company

The assignment requires analyzing the marketing mix strategy of XYZ company, which includes various aspects such as product, price, place, promotion, process, people, and physical evidence. The company has implemented a well-structured marketing plan to achieve its goals, including expanding stores across different countries, promoting in colleges and corporate houses, and using divisions within their store for different customer segments.

MARKETING ESSENTIAL
OF TK-MAX

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
a. Role and responsibilities of marketing functions Of TK-MAX company........................1
b.Roles &Responsibility of Marketing in Organisational Sector...........................................2
c. Roles & Responsibility of Marketing in Marketing Sectors..............................................2
d. Significance of interrelationship between marketing and other functional units..............3
e. Evaluation of key elements of marketing functions...........................................................4
LO2..................................................................................................................................................5
1. Comparison of application of marketing mix to the marketing process for achievement of
the objectives..........................................................................................................................5
2. Evaluation of different tactics for achievement of business objectives of TK-MAX........6
LO3..................................................................................................................................................7
1.Marketing plan.....................................................................................................................7
2.Detailed coherent evidence based -marketing plan ..........................................................10
3.Strategic marketing plan that applies 7P's.........................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
This report describes about the various marketing essentials of TK-MAXX which is an
American apparel and home good companies which adopts lots of marketing plans for their
successful sustenance in the local as well as new market. The report depicts about role of
marketing in the organisation and its significance with the other departments of Tk-Maxx.
Importance of various marketing mix has been discussed. Also evaluation of key concepts of
process of marketing has been done to know the key role of these concepts for facilitating the
process of sales of their product. Several tactics has also been discussed which are adopted to
accomplish the goals. (Babin and Zikmund, 2015).
LO1
a. Role and responsibilities of marketing functions Of TK-MAX company
The marketing department of TK-MAX company play essential role in promoting the
store which provides different products and services across the world. Cited firm sells its
products and services through distribution channel , it is refer to the deciding the goods or
services sells to the people who want to buy them. Distribution can be easy as setting up small
shops, malls in the party of a city where its targets customer. Through marketing company
becomes able to enhances its sales volume and raising its profitability. Marketing function of
TK-MAX takes responsibilities for managing their store's brand and conducting campaign.
They promote their product through their brand name, attractive packaging, create the material
that describe and upgrade core products or services. TK-MAX responsible for not only earn
profit while they providing customer satisfactions also and their employees need to understand
the company values, its goal and its priorities. They increase their sale and expand their business
through effective advertising and maintaining the relationships with target customers. TK-MAX
main objective is to increase their productivity. For that cited firm's marketing function conducts
market research and understand needs of consumers. This helps in transferring, exchange
movement of goods with the clients (Baker, 2016.).
Marketing is helpful in raising and maintaining the stranded of living in their
community. They responsible major marketing functions are buying , selling, financing,
transport, warehousing, risk bearing and maintaining the standardisations in different activities
which is performed by a large numbers individuals. This company performed all the marketing
functions is all important because it is only the way which is related to the generate revenue and
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income and bring in profit. They take a risk for high return and making a better decision for long
term run their business.
b.Roles &Responsibility of Marketing in Organisational Sector
Targets and opportunities can be achieve only by marketing research and helps to
understand how the product of TK Max products and services are perceived. It helps in
Promotion of core products and services of company product and keeping theme up to date. TK
Max company create a material which promote the product of company.
Increase in sales revenue of company is only be increased if the marketing management
is efficient, continuous marketing is there in the organisation. Advertising of product is only be
done by efficient marketing strategies. Proper introduction is given to customers with the help of
media, that is on television, on internet, etc. Overlook on vendors and outsiders is another role of
marketing, the marketing materials and marketing support provided by agencies for example web
providers,agencies,expert etc.
Internal communication is also be completed only with the help of marketing, as
employees ned to know the Company,its background, its values, polices ,rules which is only be
done by efficient marking management.
Company's Website should be maintain as in today's era,most of the work, information is
collected by internet, so marketing management should maintain and update all the information
timely on company website (Cant and Wiid, 2016). Supports in Modifying the product for TK
Max company according to customers expectation, any loopholes in the product which is not
satisfying customers wants should be remove. With the changes in the products timely the
market share is maintain. It helps in maintain customers relationship for TK MAX by organising
campaigns and loyalty programmes by which customers feedback can be taken and determining
the best potential need of customers. Measuring the Competitor strength prevailing in market,
what degree of substitute of product is available in competition with our company's product.
c. Roles & Responsibility of Marketing in Marketing Sectors
First of all the future existence, profit,image,strength of TK Max company is wholly or
partially depend on internal and external factors of environment. Marketing management first
analysis all the factors affecting the marketing environment. Customers need is the key factor of
marketing environment , marketing manager firstly analysis the customer wants that what
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customer need after analysing, design the product according the needs. Introducing Innovation
techniques should be develop by marketing manager, by which the product of TK Max company
should not be outdated. Prompt decision should be their to face any challenges comes in the
marketing environment,as market scenario is both changing and challenging, so constantly
monitoring and studying the factors the decision is taken as fast as possible by TK Max
Company (Hughes, 2017).Anticipation of threats is also a important role of marketing manager,
by which TK Max can scan the threats which can be come in future. Company should posses the
powers to fight and solve the threats.
Internal factors which can be control by the organisation itself, should always be screen and
problems of employees, workers should be known and solve. By monitoring the internal factors
timely, TK Max company can up-skill the staff of the organisation.
Creating customers satisfaction and feedback is very necessary for organisation as customers are
given utmost importance so customers value,satisfaction to the product is a key factor in the TK
Max Company.
d. Significance of interrelationship between marketing and other functional units
Marketing is an important activity for every business which helps in the identification of
products which are potentially successful and helps to promote these as well. There are different
functional units in TK-MAX as well that are inter related with the marketing department.
Marketing functional unit is a part of this organisation which is also connected with other
departments. It can be explained as functions of marketing are backed up by various operational
departments for effective performance.
Inter relation with financial department can be defined as TK-MAX always require to
plot a plan and implement that marketing plan which requires a lot of funding, it is decided by
the financial department where different finance employees prepare a budget plan and to identify
sources for funding and how to distribute in it different activities of marketing plan so that each
works effectively and provide the best result (Kapferer, 2017).
When marketing department decides the sales and promotional plan for implementation it
requires employees, size of the plan decides the number of employees where human resource
departments comes in a role. It decides the number of employees to be hired for the project or
particular activity and put the right kind of candidate at appropriate place on best suitable time. It
also make sure of optimum utilisation of resources.
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Also production department plays an important role where it facilitates marketing
department by providing a communication process with logistics which would help them in their
fulfilment of demand and supply of their products and services (Singh, 2018).
e. Evaluation of key elements of marketing functions
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solution)
Concept of Production
This concept is basically dependent on the consumer's perception, which describes that
consumers are attracted towards products which are in abundant quantities and are available in
low prices. Thus, TK-MAX should increase the rate of production (Lusch and Vargo, S.L,2014).
Concept of product
Consumers prefer those products which follows an innovative approach, have value for
money and is good in quality aspects. This concept shows that retaining of customers can be
done through providing that kind of services and products which are beneficial for them.
Concept of Selling
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Modern customers have that kind of mindset which are attracted to product by
promotions. Consumers focuses on those products or services which have great promotion in
markets.
Marketing concept
This concepts depicts the need of focus on the target consumers for the deliver of
products and services. Also for facing the competitive market ,TK-MAX has to deliver a
product of better value and quality in their stores. There is a need to enhance the brand value of
organisational needs that is needed to be better so that it can create a good connection with
customers who are targeted. When brand value becomes better it makes customer to use that
particular brand over other competitors in the market. It also includes that various promotional
activities should be kept in focus that plays an in immense role in different areas and helps to
promote the product (Malhotra and et.al. 2015).
Societal Marketing Concept
Different societies has different beliefs which affects the marketing process. These belief
creates a difference in needs, wants and desires of the consumers. So, various marketing plans
are adopted according to societies for making it a successful concept in that particular market for
opening up of stores.
LO2
1. Comparison of application of marketing mix to the marketing process for achievement of the
objectives
Marketing mix has an important process in the procedure of marketing planning for
achieving organisational goals and objectives. TK-MAX uses different methods for applying
marketing mix in their organisation. It is mostly based on the demographics of marketing aspects
of products and services of their company which includes its and market size basically. Market
mix is considered as a tool which is helps marketer for better understanding of the products.
Marketing mix involves the concept of 4 P's which includes product, price, place, and promotion
and it was further extended to 7 P's which includes product, price,place, promotion,people,
process and physical evidence.
The application of marketing mix has concern over these concepts which includes having
focus on the dimensions of products which includes every aspects related to product such as its
appearance,innovation, consumer base,production and all other factors that builds up a product
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as overall; place of selling products also act as a crucial factor because there is always a
difference in sales among regions due to many reasons therefore one has to seek all the factors
which influences their sales at particular area;pricing structure also plays an important role
because TK-MAX uses different pricing strategy for their products like for entering in new
market where they can implement low pricing and skimming pricing according to consumers;
promotional practices plays an important role for every store as they may be new to market and
need a good recognition for sustenance; people includes those customers which are being
targeted for their stores; process may involves the working structure of the store how it has been
structured and what is the processing and physical evidence includes making their services into a
kind of appearance to the customers which can comprise of looks of a store, uniforms of
employees, etc (McDonald and Wilson, 2016)
The marketing mix of the company has made to successfully established their marketing
plan in the particular area with the effective promotional techniques. The marketing mix has lead
the organisation to focus on the product and also its features that should satisfy the need of every
customers while providing unique attributes which differentiation it from other rival. The
product should be made with respect to the particular geographical area of the market because
their are many aspects which are associated with concept as markets which are very distant
requires a lot of transportation cost which affects the price of the product and customers are
unfortunately price sensitive.
2. Evaluation of different tactics for achievement of business objectives of TK-MAX
Being a business organisation TK-MAX has a different culture and they apply different
tactics for achieving their business goals. They utilises market segmentation process for the same
vision. Firstly they prefer to define a market which is apparel market, secondly it involves
creating segments of market where they decide to target every gender and age group which is
further followed by the evaluation of each segments and process for segments are constructed.
Then 7 P's are implemented which includes:
Product
They sell apparels and home ware products in their store and also provides delivery of
their products. their product has very differentiated features which makes them different from
rivals
Price
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Price of their products have been confined into a range from lowest to highest that targets
every type of customers. Pricing strategy is very appropriate according to various segments of
the customers as they are very sensitive related tp pricing aspects of the products.
Place
They have covered every areas of city and has opened different chains of their store
brand across the country.
Promotion
They have promoted their stores through advertisement and different promotional mix
which helps them to promote their brand in a new market (Pooler, 2018).
Process
It includes the way of service which their stores delivers. It can include process or
structure of working and also. How their stores have been organised for customers of different
gender and age groups.
Physical evidence
It includes the delivering of services to customers in their stores. How their stores are
managed and what is the feature that creates a difference among their competitors.
People
People includes the employees of the store , how they tackle customers and provides
services.
LO3
1.Marketing plan
Current market situation analysis
It includes structure analysis of current market and company's function for
acknowledgement of shortcomings which can further be overcome by them. For this purpose one
uses PESTEL and SWOT analysis
Creating objectives and strategies
It includes the company concern which includes maintaining market and brand value for
a good growth, implementation of plans for redressing customers. Strategies are planned
structure for the processes which are followed to accomplish the objectives.
STRENGTH
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Tk Max company has some strong powers which keep it ahead from other
competitors in the market. Stable economic growth is the first point of Tk Max. Company has
recorded remarkable figure-Sales revenue In 2011 is $1.9billion. In 2014 the fiscal year company
recorded $2.4billion, which represent 6% from 2013. TK Max is a strong brand in fashion world
which achieve dominance in the market, is the very strong points of TK Max.
WEAKNESS
The global presence is not enough compared to competitors. The brand name is not use
by the company, and the image of market outside and penetration in many countries is not there
in TK Max products. The unauthorised intrusion in computer system is the main problem of TK
Max in past times.
OPPORTUNITIES
Chance of increasing the number of product by companies excellence portfolio.
Home bases products should be increase.
Small branches should be develop in US.
Customer oriented services.
Elaborate the business
THREATS
Strict government policies.
New entrance of competitors.
Increase in transportation expense.
Stock issue.
PESTLE ANALYSIS OF TK MAX
To analysis of company's trends critically, various techniques has been used, PESTLE
ANALYSIS is among them. In global market the goods are extremely challenging.
Political,economic technical, ecological and legal environmental challenges that TK Max has to
overcome.
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Scanning of organisational external micro environment is PESTLE Analysis. Economic
rates, inflation rates growth rates, exchange rates are the main factors which has major impact on
the decision making of TK Max Company.
Political
Tk Max is largely affected by political factors which are strict government policies, Tk max is
following laws, and company faces the upcoming legislations. Political factor add risk factor and
lead to major loss.
Economic
Tk Max is also following economic factor like labour cost,interest rates, government
policy, taxes, Recession, Inflation, Demand/Supply, Management. Tk Max is taking in
consideration various factors in account to determine the current and expected value of
investment portfolio of company.
Technical
Management of technology(MOT) is such a approach which control the technical
changes and Tk Max is following this technique. Implementing advanced technology to improve
the product timely is a technical factor. Tk Max is controlling the technical factor to its great
extent. Without taking these factor into consideration, Tk Max cannot survive in the market.
Legal Environment
Tk Max is working legally in the market, following all the rules of social,political and
many other factors. All the rules regarding working conditions impose by government is taking a
serious matter without ignoring. The attitude of government towards the business, business
trends etc. all are the factors which Tk Max is taking in consideration.
Segmentation, targeting and positioning
In segmentation one segments customers into different groups which have homogeneous features
and the segment which is selected is known to be targeted on which full concentration is done,
where positioning is define as creating the image of the products in the minds of customers.
Control
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It involves the practical implementation of the theoretical plan which includes eliminating all
flaws which occurs and restricts its implementation. It helps to decide a standard required for the
plan and to work accordingly.
2.Detailed coherent evidence based -marketing plan
Marketing tactics
The main marketing tactics that can be used are:
 Entity promotion in colleges, corporate houses etc. through various campaigns such as
sponsoring events, organising conferences and roadshows that promote their stores in the
city.
 Opting for advertising through posters and banners which can be placed on moving
vehicles or at highways such that it reaches to mass.
 Providing 5% discount on the services for first time customers which is used as a sales
promotion techniques to increase their sales.
 Opting for Television ads that can be shown on prime time, this broadcasting technique
has an approach towards mass of people. Involving with the customers through direct mails.
FINACIAL BUDGET
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Marketing Objectives and Planned Strategies
Increasing the revenue as compared to the last year by 5%.
Providing education and training to employees
Developing marketing strategies to attract maximum number of customers.
Increasing the profits by 10% year by year
Increasing customer base by 10% every year by adopting effective strategies for promotion.
3.Strategic marketing plan that applies 7P's
The 7P's are product, price, place, promotions, process, people and physical evidences.
Product
Here, TK-MAX provides product like apparels and home goods to the customer along with home
delivery services. They are providing highly fashioned clothing line to the customers.
Price
Pricing strategy of company varies as they have range of prices from high to low that targets
customers of different economic status and is affordable by every customer.
Place
This company has expanded its stores across different countries and has decided to cover more in
future.
Promotion
Their are certain promotional activities which are chosen by organisation to promote their brand
which includes promoting in colleges and certain corporate houses along with promoting on TV
and radios.
People
People includes various employees which are engaged in the store and how their duties are being
distributed and what is the direction of command.
Processing
Here the organisation uses divisions in their store for different segments of customers which save
their time and makes shopping easier.
Physical Evidence
They have decided a particular structure and ambience of the store for every branch and informs
and the way of delivering the services are similar.
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CONCLUSION
It has been concluded that this company uses 7P's which are product, price, place,
promotions, process, people and physical evidences for an effective marketing plan. Along with
the great inter relationship of marketing department with others has made its working very
efficient. Application of marketing mix played an important role to increase their sale in the
particular area and also to compete with other competitors to sustain in the market.
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REFERENCES
Books and Journal
Babin, B.J. and Zikmund, W.G., 2015.Exploring marketing research. Cengage Learning.
Baker, M.J., 2016. What is marketing?. InThe Marketing Book(pp. 25-42). Routledge.
Cant, M.C. and Wiid, J.A., 2016. The use of traditional marketing tools by SMEs in an emerging
economy: a South African perspective.Problems and perspective Management.14(1).
pp.64-70.
Hughes, A.M., 2017. The 24 Essential Database Marketing Techniques.Database Marketing
Institute.
Kapferer, J.N., 2017. Managing luxury brands. In Advances in Luxury Brand Management.(pp.
235-249). Palgrave Macmillan, Cham.
Lusch, R.F. and Vargo, S.L., 2014.The service-dominant logic of marketing: Dialog, debate, and
directions. Routledge.
Malhotra, N.K. and et.al. 2015. International Services Marketing: A Comparative Evaluation of
the Dimensions of Service Quality between Developed and Developing Countries. In
Proceedings of the 1993 World Marketing Congress(pp. 105-105). Springer, Cham.
McDonald, M. and Wilson, H., 2016.Marketing Plans: How to prepare them, how to profit from
them. John Wiley & Sons.
Pooler, J.A., 2018.Demographic targeting: the essential role of population groups in retail
marketing. Routledge.
Singh, S.K., 2018. Relationship Marketing In Competitive World an Essential Strategy. GST
Simplified Tax System: Challenges and Remedies.1(1). pp.390-349.
Online
Marketing Essentials Assignment Solution.2018.[Online].Available
Through<https://www.locusassignments.com/solution/unit-2-marketing-essentials-
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