Marketing Essentials of TK Max
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Added on 2020-12-10
Marketing Essentials of TK Max
Added on 2020-12-10
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A key roles and responsibilities of marketing functions ............................................................1C Roles and responsibilities of marketing in the context of marketing environment.................3D Significance of interrelationship between marketing and other functional units....................4E Marketing function and interrelation with other functional units............................................5TASK 2............................................................................................................................................81 Comparison between different application of marketing mix .................................................82 tactics applied to demonstrate objectives .............................................................................10TASK 3..........................................................................................................................................111 marketing plan .......................................................................................................................112 Produce detailed coherent evidence based on marketing plan ..............................................113 7Ps to achieve overall marketing objectives..........................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing is a management function which helps an organisation in managing theirbusiness in a successful manner. As per the current competitive scenario, every enterprise isadopting various marketing tools and techniques to help them in promoting their business. Inmarket, there is a cut-throat competition and so it is important for the company to adopt allaspects and improve performance of their working (Bowie, Paraskevas and Mariussen, 2014). In simple term, it can be said that marketing is essential for every scale business whichincludes advertisement, building brand image, promotion, buying and selling of goods andservices, customer satisfaction. Along with this, it play important role in creating position inmarket and also support in accomplishing growth and sustainability of the firm so effectualimage can be build in market place. Marketing essentials are mainly used in organisation forsupporting new product and to bring this in market. Along with this, it also plays a vital role inproviding information to customers about new launching or innovation. The same includesmarketing mix, promotion mix, SWOT Analysis and PESTEL which is important for identifyingexternal and internal factors (Brassington and Pettitt,2013). This assignment is based on TK Maxwhich is a retail industry company founded in 1994 by Bernard Cammarata. The Productsoffered by them are bedding and domestics, clothing, footwear, furniture and giftware. Thisreport explain the roles and responsibilities of marketing essentials in relation to an enterprise.The given company is using several marketing strategies so that customers can be easily attractedand they retained with firm for long time. TASK 1A key roles and responsibilities of marketing functions Marketing is set of several functions which help organisation in many ways. Such aslaunching new product in market, building relation with customers, delivering goods on time,attracting more and more customers along with this it also help company in several other ways
also. If marketing done by enterprise in better manner then it assist in generating more and morerevenue and also in profit maximisation (Cleverley,2017). There are various roles and responsibilities of marketing function related to TK Max and are asgiven below:Research and development division – This department work on identifying severalmarket conditions, customers needs and wants, and competition. Research anddevelopment division of TK Max is working for building collaboration between marketand organisation so that they can serve better quality of goods to customers. With theassistance of specific research, an enterprise can easily apply cost effective methods forparticular product (Clow and James 2013).Marketing division- This is related to bring new products and services in the market.For this entire process given company can use several marketing tools and techniquessuch as advertisement, online promotion, door to door marketing for identifyingknowledge of customers related to particular product. TK Max has to use effective marketing strategy so that they can provide properknowledge about goods and services to customers. Production and operational division – This department start their work after doingresearch and development program. Because R&D provide proper knowledge aboutneeds and wants of customers and their perception about existing products. Majorobjective of this division is to produce such products which provide high level ofsatisfaction to customers (Desai, 2013). With the help of such activities, the companycan easily grow in market, generate more revenues and increase market share of TKMax. In this process, the firm can use advanced technology so their will no no overutilisation of resources, reduce wastage, production of goods done on time and manyother benefits also. Finance division- This department is working for providing better services to financedepartment by managing their accounts and financial statements also. All such activity indepartment done with the motive of managing funds and resources in proper manner.This will help in getting proper information about profit and loss of company in aparticular year. It can be only done when each and every transaction of company shouldbe analysed along with this finance manager of company manage their funds and
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