Strategic Marketing Plan for TK Max

This assignment provides a comprehensive guide on creating a strategic marketing plan for TK Max. It includes an in-depth analysis of the market and environment, identification of the target audience, development of a marketing strategy, and application of the 7Ps of marketing mix. The report also highlights the importance of evidence-based marketing plans and basic marketing plans for business success.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A. Key Roles and Responsibilities of the Marketing Functions related to wider organisational
context.........................................................................................................................................1
B. Key Roles and Responsibilities of the Marketing related to wider organizational context. . .2
C. Analysing the Roles and Responsibilities of marketing in the context of the marketing
environment.................................................................................................................................2
D. Analyse the significance of interrelationship between marketing and other functional units
of an organisation........................................................................................................................3
E. Critically analyse and evaluate the key elements of the marketing functions and how they
interrelate with other functions units of an organisation.............................................................4
TASK 2 ..........................................................................................................................................5
1. Compare the ways in which different organisations apply the marketing mix to the
marketing planning process to achieve business objectives.......................................................5
2. Evaluate different tactics applied by TK Max firm to demonstrate how business objectives
can be achieved...........................................................................................................................6
TASK 3............................................................................................................................................7
1. Basic marketing plan...............................................................................................................7
2. Detailed coherent evidence based on marketing plan.............................................................8
3. Strategic marketing plan.........................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
It can be said that marketing requirements and essential elements are important as well as
necessary for businesses in order to manage and control different strategy the helps to enhance
production and profitability. The report will analyse responsibilities and roles of a marketing
function manager and environment along with the interrelationship between functional units and
market effectively. The 7ps of marketing mix model will be described I this report associated
with various tactics and strategies to accomplish desired goals and objectives efficient. Finally,
the report will demonstrate basic marketing plan, strategic marketing plan and coherent evidence
based marketing plan.
TASK 1
A. Key Roles and Responsibilities of the Marketing Functions related to wider organisational
context
It can be said that marketing functions plays an important role in order to promote
business that helps to reach desired goals and objectives effectively. Marketing functions
includes factors such as product development, marketing plan to produce, performing market
research etc. This will also consider promotional activities, distribution, sales, public relations,
advertising and customer services in the market. There are so many duties and responsibilities of
a marketing development department which may include following factors:
This will help to conduct management campaign for marketing initiatives in order to
promote business products and services in the market towards customers effectively. Monitoring
and managing marketing functions will also help to contribute accounts on internet which will be
managed controlled well by TK Max business effectively and efficiently. Conducting marketing
research that helps to determine target markets and customers in order to make opportunities
which helps to increase production and profitability. Strategic marketing is one of the most
crucial part in order to make marketing function strategies in order to promote business goodwill
and image positively in the market towards customers.
It can be said that each of the business function operates separately in order to meet
requirements and demand of business customers in the market. Marketing functions towards
effective management can be achieved by different new and innovative ideas I the market that
helps to promote name collecting and analysing different market data and information related to
the current trend and also marketing functions which is completed by business.
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B. Key Roles and Responsibilities of the Marketing related to wider organizational context
It can be analysed that it is the role of marketer to develop strategies and plans that helps
to achieve business objectives and goals effectively. The firm should determine customer needs
and requirements that helps to add value in products and services to communicate with superior
values which is the major role of marketer in the market. It is concluded that strategic planning
takes place at four levels such as division, corporate, business units and products and services.
Marketing information system MIS helps to provide information which is useful for business and
distributes in a timely and effective manner to the marketing manager of TK max needed for
planning purpose, product and service analysis, implementation of plans and controlling
responsibilities effectively. It can be said that a large firm is not able to connect with business
and all the customers in the market with a diverse market. The firm should work on specific
group or community of consumers in order to deliver quality and better services to customers in
the market hat also help to increase competitive advantage effectively. In order to take such types
of decisions within business, a deep and effective knowledge as well as skills are required
towards behaviour of customers. Good balance of customer in terms of behaviour and
satisfaction should be maintained by managers to monitor competitors. It is beneficial for the
firm to have a good and effective knowledge of customers behaviour in the market according to
the present trends and culture to increase production and profitability for business. This will also
help to gain effective competitive advantage in order to enhance strength and profits.
C. Analysing the Roles and Responsibilities of marketing in the context of the marketing
environment
Marketing manager is someone whose task is primarily to stimulate demand effectively.
The manager should understand and evaluate all the micro and macro environmental factors in
order to assess surrounding environment of business effectively. There are some internal and
external factors which has a impact on business operational activities in terms of positive and
negative. The Internal factors (employees, customers, shareholders, retailers & distributors, etc.)
and the External factors (political, legal, social, technological, and economic) which influence
business operations and activities. The business should aware of such internal and external
changes in order to manage and control production and profitability. The negative environment
of factors covering external environment will decrease business profits that the firm should make
strategies and plans to overcome with these factors. Certain changes and rules managed by
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government should be addressed by firm that it helps to run business smoothly and effectively.
This will also help to produce opportunities that helps towards business expansion. With the
changing global scenario, marketers must monitor six major environmental forces. Thee can
include demographic, economic, sociology-cultural, natural, technological, political and legal
forces. This will include economic, social, economical, technological, cultural, political and legal
factors which has an impact on business operational activities. In addition to this, specific
knowledge of marketing environment is essential to make changes in products and services
according to the customer needs and requirements in the market. This will help to create loyal
and satisfied customers which create value for them and contribute to profitability. Brand equity,
dealing with competitive market, pricing strategies, management and designing of integrated
marketing activities, communication process and operational activities strategies will help to to
increase business production and also a role of marketing manager. Thus, the role and
responsibilities of marketing manager is crucial for business development and growth.
D. Analyse the significance of interrelationship between marketing and other functional units of
an organisation
In the case of retail sector, the role of marketing essential and business functionality is
effective to promote and develop different products and services at large and effective level. It
can be said that TK Max is one of the biggest firms in retail sector in US that retail services and
products are delivered by business in countries like, Ireland, Germany, Poland, Austria and
Australia and United Kingdom as well. Marketing is not much effective for TK Max that some
potential plans and strategies are required to increase production and sales. This will help to
encompasses entire business in an effective manner. Marketing activities are also related with
some other activities of firm such as functional units and operations that helps to analyse
competition level and strategies in a respective and effective manner. It can be said that it will
also work as an essential strategy in businesses in order to attain essential engagement with
corporate business strategies and plans. This will also help to enhance business production and
profitability.
Operations and production management: Marketing department plays an important role in
business operations and production management. The marketing department manager should
make some strategies and plans that helps to produce effective production with quality services
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in order to manage operational activities with profitability. Promotional, distribution, finance
department, research and other activities involved in production management process.
Financial department: Financial department also plays an important role in business that all the
cash incoming and outgoing activities are managed and controlled by financial department.
Management of various business resources, adequate budget for all the activities and distribution
activities are involved in financial department. Marketing exercise will help to manage cost of
resources which will help to enhance profitability and production. This will also help to increase
business capital which helps towards expansion activities.
Human resource management: Human resource management in TK Max business are
responsible for managing and controlling human activities and management in order to prepare
an effective plan that manages operational activities. New idea of product development, research
and development activities and implementation strategies are made by human resource
department to assist proper marketing activities effectively.
E. Critically analyse and evaluate the key elements of the marketing functions and how they
interrelate with other functions units of an organisation
There are some key elements of marketing activities which are described below in the
context of TK Max business.
Research: Research is a key element of business and marketing functional activities that
professionals should make research that it helps to create a new idea regarding business products
and services. The market should be analysed well in order to assess competitors, strengths,
weaknesses, market position, current trends and customer behaviour effectively in order to
determine scope of retail business in current market situation effectively. In order to
accomplishment of proper targeting of their desired audience, it needs to having funds, which
can be furnished by finance department of the firm.
Strategy: Strategy is a crucial part of management activities that it helps to manage changes as
well as increase production and profitability. The managers should implement various strategies
and plans in different operational activities in order to enhance their effectiveness to produce
effective growth and development in business effectively and efficiently. This will also help to
focus on increasing and enhancing competitive advantage. Planning and strategies help human
resource management to lead activities related to the business profits and corporate strategic
planning efficiently.
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Planning: Planning is also a crucial part of business that it helps to manage and control various
business resources in order to manage profitability. This will also help employees to achieve
their individual goals and targets which lead towards effective production and quality services.
Planning in an appropriate manner will help TK Max business as an approach that helps to reach
target markets and potential customers effectively. Planning approach should be considered by
business operational department in order to implement strategies and plans to produce innovative
products and services.
TASK 2
1. Compare the ways in which different organisations apply the marketing mix to the marketing
planning process to achieve business objectives
The 7ps of marketing mix model should be analysed and used by business in order to take
care of marketing activities to achieve desired goals and objectives in an respective manner. It
should be defined about planning and putting right product on right place in order to increase
marketing activities. Here are 7 elements of marketing mix model in order to increase
profitability and effectiveness of operational activities described below:
Product: Products and services are the main element of business that managers should ensure
quality and effectiveness of products and services as per the demand of customers in the market
effectively. Right product and services will help to increase profitability and production and also
enhance customer loyalty and satisfaction which is profitable for TK Max.
Price: Price of products and services should be according to the quality and affordable for
customers in the market. Pricing strategy will help business and managers to to maintain
production of resources. Effective pricing strategy will help to attract customers in the market
which also help to increase sales and profitability. This will help to achieve pricing goals and
objectives.
Place: As per the marketing strategy of TK Max business marketing managers should place their
products and services on right place for the proper distribution. Place should be reachable for
customers in order to introduce effective target markets for business. This will also help to
increase gathering near business that helps to deliver services effectively and efficiently.
Promotion: Promotional activities will help business to to make effective use of advertisement
and other sales activities that helps to increase production and profitability. This will also help to
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advertise products and services offered by firm in the market towards customers from which they
are able to provide information regarding business effectively. This will help to enhance
productivity which lead to accomplish desired goals and objectives.
People: People are the most important element of business in order to run firm smoothly and
effectively. Peoples are using several type of retail product, so its professional need to set up a
target market where is demand of certain type of product and service can be gained by company
in defined form effectively.
Process: The business should have tailored method in order to manage the process of producing
products and services effectively. This will help to reduce cost of different activities involved in
production process which lead to increase profitability. The entire process of sales such as
funnel, pay system, distribution system should be applied by firm in a respective manner to
produce better and quality outcomes.
Physical evidence: Physical evidence is also important for TK Max in order to create an
effective brand image in the market towards customers. This will help to attract new consumers
as well as provide information regarding products and services offered by firm. It can be said
that loyal customers will always think about retail products whenever, they think about
organisation efficiently.
2. Evaluate different tactics applied by TK Max firm to demonstrate how business objectives can
be achieved
Product strategy: This is one of the most effective strategy that helps to utilise business of TK
Max in terms of effective production. This will also help to keep products and services according
to the customer requirements and needs. Right product and services will help to increase
profitability and production and also enhance customer loyalty and satisfaction which is
profitable for TK Max. different strategies related to the products should be managed and
controlled by managers in order to attract new and potential consumers in the market. The
approach will help managers to achieve desired goals and objectives which will also help to
enhance production and profitability efficiently.
Pricing strategy: Pricing strategy is one of the most effective and best option for business in
order to achieve goals and objectives related to price of products and services. There are different
types of product and service offered by firm in the market towards customers which should be
effective enough to attract customers. Effective pricing strategy will help to attract customers in
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the market which also help to increase sales and profitability. This will help to achieve pricing
goals and objectives. Thus, it can be said that Planning and strategies will help human resource
management to lead activities related to the business profits and corporate strategic planning
efficiently.
TASK 3
1. Basic marketing plan
Basic marketing plan is crucial for business in order to deliver quality and better services
to customers in the market that helps to enhance production as well as profitability. A effective
basic marketing plan will help to enhance sales and also used by various businesses to increase
their market share as well as competitive advantage. Here are some elements of basic marketing
plan described below:
Executive summary: Executive summary will help managers in business in order to summarise
different crucial and important things as well as factors which should be considered while
making a basic marketing plan effectively. This will help business to provide strengthen and
effectiveness towards operational activities. The executive summary should include overview of
customers, advisors and employees working in the firm.
Target customers: Target customers are those people who are connected with business in form
of a loyal customer. The firm should determine its target customers that it helps to pinpoint
advertisement which enhance production and profitability effectively.
Unique selling propositions: Unique selling proposition refers to the unique path of selling
products and services which helps to differentiate products from another business selling similar
products and services in the market towards customers. The hallmark of several great companies
is their USP. For example, FedEx’s USP of “When it absolutely, positively has to be there
overnight” is well-known.
Pricing and positioning strategy: Pricing and promotional plans and strategies will help TK
Max to make a premium brand from others that helps to attract new customers and also provide
products and services at low prices. The section consider detail positioning of business desired
goals and objectives in order to support pricing.
Distribution plan: it can be said that distribution strategy and plan includes strategy and process
in which customer purchase products and services offered by firm in the market. Thinking in
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different ways will help to reach consumers and documents involved in this section of marketing
plan effectively.
Promotions Strategy: Promotional strategies are crucial for business in order to promote
information regarding products and services offered by firm in the market effectively. This will
also help to advertise products and services offered by firm in the market towards customers
from which they are able to provide information regarding business effectively. This will help
TK Max to achieve its desired goals and objectives.
2. Detailed coherent evidence based on marketing plan
The business should create marketing of its products and services in order to increase
exposure that helps to become a strong competitor in the market and will enhance production and
profitability. It can be said that evidence marketing is one of the useful marketing system that
helps to prove promises delivered by firm according to the research, practices, trends and
statistics effectively.
Finding information: The plan is based on information that relevant and useful information is
required for TK Max in order to make an effective evidence based marketing plan effectively.
Research and solid facts to collect and compose important information will help to increase
production and profitability.
Realistic timeline: Realistic expectations of customers in a specific time frame, ales and income
should able to reach marketing of products and services. Simply telling customers that the
products and services offered by business has more than 90% satisfied customers that does not
mean people be lining up at the door looking to but services.
Expert insights: The evidence-based marketing plan involved experts insight and quotes.
Statements, statistics, opinions and expertise will help business to provide strengthen to enhance
effectiveness of marketing plan effectively.
Warning: It can be said that simple use of evidence-based marketing plan in a respective
marketing campaign doest not mean that the firm will experience an increase in production or
sales to become achieve success effectively. Thus, it can be said that TK Max should use
effective evidence-based marketing plan in order to enhance profitability and production.
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3. Strategic marketing plan
Market and environment analysis: Environment and market analysis is crucial for business in
order to determine actual position of firm in the market towards customers that helps to make
strategies and plans effectively.
Marketing target: Marketing target is important for business in order to achieve business
requirement and need that helps to achieve sales and profitability targets effectively. This will
also help to manage target related to the products and services.
Marketing strategy: Strategy and plans formulated by management helps to achieve profitability
and sales in order to achieve desired goals and objectives. Marketing strategy will also help to
produce maximum growth and development which increase market share and image effectively.
Marketing mix: Marketing mix such as price, product, promotion, placement, people, physical
evidence, environment and process related to different objectives.
Price- The amount of money needed to buy product
Product- The actual products
Promotion (advertising)- Getting the product known
Placement- Where the products are located
People- Represents the business
Physical environment- The ambiance, mood, or tone of the environment
Process- How do people obtain your product and service
Thus, it can be said that a basic marketing plan is important for business in order to
manage and control products and services according to the customer needs and requirements in
order to achieve success and profitability. This will also help to achieve business desired goals
and objectives related to the customer satisfaction and loyalty which helps to enhance market
share and also increases competitive advantage.
Rest covered in PPT
CONCLUSION
It can be concluded and analysed from the above report that marketing functions plays an
important role in order to promote business that helps to reach desired goals and objectives
effectively. The firm should work on specific group or community of consumers in order to
deliver quality and better services to customers in the market hat also help to increase
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competitive advantage effectively. There are some key elements of marketing activities to
accomplishment of proper targeting of their desired audience, it needs to having funds. Planning
approach should be considered by business operational department in order to implement
strategies. The 7ps of marketing mix model should be analysed and used by business in order to
take care of marketing activities to achieve desired goals and objectives. Basic marketing plan is
crucial for business in order to deliver quality and better services to customers in the market that
helps to enhance production as well as profitability.
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REFERENCES
Books and Journals
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