Marketing Essentials: A Comprehensive Analysis of TK-MAX's Marketing Strategies

This report delves into the critical role of marketing in the success of TK-MAX, an Australian fashion retailer. It examines the roles and responsibilities of the marketing function within the organization and its broader environment. The report analyzes the application of the marketing mix to the marketing planning process, comparing TK-MAX's strategies with those of its competitor, Matalan. It also evaluates different tactics applied by both organizations to achieve their business objectives. The study concludes by highlighting the significance of effective marketing practices in driving growth and profitability for TK-MAX.

Marketing Essentials
1

INTRODUCTION.........................................................................................................................3
LO1..................................................................................................................................................4
A) Roles and responsibility of marketing function.................................................................4
B) Roles and responsibilities of marketing..............................................................................5
C) Roles and responsibilities of marketing in context of marketing environment..............6
D) Significance of interrelationships between marketing and other functional units.........7
E) Analysis and evaluation of key elements of marketing.....................................................8
Lo 2..................................................................................................................................................9
1) Application of the marketing mix to the marketing planning process.............................9
2) Evaluating different tactics applied by organisations......................................................11
LO3................................................................................................................................................12
CONCLUSION............................................................................................................................19
REFERENCES............................................................................................................................20
2

INTRODUCTION
In today’s corporate era, effective marketing practices are considered as vital for success and
growth of a company. Marketing is defined as the act of promoting and advertising products and
services to create awareness and demand of the same within people in the target market
(Malhotra, 2015). The present study is based on TK-MAX which has carried out market research
and has identified that potential opportunities for growth and development are present in the
student sector. The current research report outlines the roles and responsibilities of marketing
with broader organisation and marketing environment. The significance of interrelation between
marketing and other functional units of TK-MAX are also highlighted in the present report.
3

LO1
A) Roles and responsibility of marketing function
In the modern era, marketing function plays a critical role in overall growth and success of a
company. Pricing is considered as a key and essential function of marketing and this function is
responsible for setting and communicating the overall value of services and products offered by
TK-MAX. The pricing function of marketing also plays a critical role in establishing right and
most suitable prices for the products and service (Purvis, 2016).
Management of services and products is also an important function of marketing within TK-
MAX. The role of this function is to carry out effective designing and development of products.
Furthermore, this function is also responsible for carrying out continuous improvement in
products and services to attain a high degree of customer satisfaction in the long-run.
Distribution is also a vital function of marketing, and the role of this function is to define the best
and most convenient way for customer locating, obtaining and using the products and services
offered by TK-MAX. The responsibility of this function is to make sure that right and the
required product is available to customers at the right time and right place. On the other hand,
financing is also a key function which plays a critical role in providing adequate finance and
budget available for marketing activities and plans (Grimmer, 2018). Market research is also a
function of marketing which is responsible for providing TK-MAX with information about the
changing need and demand of people in the market. Selling function of marketing is responsible
for communicating with the target audience and increase the sale of products and services.
4

B) Roles and responsibilities of marketing
The role of marketing in success and sustainability of a business enterprise cannot be neglected
or ignored in any case. Over the past few years, the competition within industries has become
highly intense, and it is not long easy for a brand to attract new customers and retain old
customers. Here, brands such as TK-MAX are required to carry out effective marketing practices
to create demand for its products and services among people in the target market.
The central and most important role played by marketing in the context of TK-MAX is that it
helps the selected organisation in developing strong bond and relationship with customers
(Spiteri, Olstad and Woods, 2018). The functions of marketing support in identifying changing
need, demand and trends in the market and offers product and services according to the same. In
the context of a broader organisation, the responsibility of marketing is to shape the overall brand
image of TK-MAX. Here, marketing practices are carried out by the company to develop and
enhance its brand image in the marketplace. Marketing function within TK-MAX is also
responsible for improving the overall sales and profitability of the organisation in the long-run.
Here, different types of tools and techniques of marketing and promotion are used by the brand
to attract customers and enhance the volume of sales (Littlechild, 2017). On the other hand, in
marketing function in the context of a more comprehensive organisation is also responsible for
increasing the overall client base of the selected business enterprise. TK-MAX is an Australian
Fashion retailer, and the use of marketing strategies and practices supports the company in
enhancing its client base.
5

C) Roles and responsibilities of marketing in context of marketing environment
The key roles and responsibilities of marketing in the marketing environment are as follows-
Market research- The key duties of marketing is to engage in conducting the overall market
research that would support the manager of TK-MAX in gaining insight understanding regarding
the target customers as well as their demand so that company may engage in serving required
products to the customers. The research will also focus on gaining insight knowledge regarding
product and their specification so that it results in satisfying their needs (Chimhundu et al. 2015).
Monitoring of marketing environment- Another role of marketing include monitoring and
supervising the environment in which TK-MAX is operating their services and activities. With
the help of monitoring company may easily engage in modifying and developing the new
products so that it may easily involve in changing market trends.
Brand equity- Another role and responsibilities of marketing in the context of marketing
environment include that it provides reputation and build strong value among the consumers that
directly results in increasing the sales volume of TK-MAX.
6

D) Significance of interrelationships between marketing and other functional units
Marketing and other functional units such as operations, human resource etc of TK-MAX has
direct linked with each other. Further, in case if the market operation of the firm is carried out in
proper manner then it directly brings favorable results for the business in the form of rise in
market share and the profitability level. Marketing has direct link with the human resource unit
as in case if the employees within the TK-MAX are highly skilled then in this case the marketing
activities of the business will be carried out in the most effective manner like new and unique
form of marketing activities will be designed for attracting customers towards the products and
services (Hair Jr et al. 2015).
The sales of one of the unit has relationship with the marketing for instance the marketing of TK-
MAX products is carried out in proper manner then in such case the sales volume of the products
and service will surely enhance with the help of this. Marketing and interrelationship with the
research and development for instance while designing any form of marketing channel the
company has to invest a lot in the research and development related activities.
7

E) Analysis and evaluation of key elements of marketing
Different crucial elements of marketing are present that can contribute a lot in the success of TK-
MAX and can provide favorable results in the best possible manner. Further, research is one of
the most crucial elements in the marketing like TK-MAX as the time of launching any new
product or service in the market has to conduct market research (Huang and Sarigöllü, 2014).
This assists a lot in understanding the actual need and requirement of the target market.
Second main element is strategy where the company has to decide well in advance like what
strategies are required for beating competitors in the market so that long term performance can
be enhanced easily. Planning is another element of marketing where proper plans are prepared
like through which platforms marketing will be carried out, budget, setting benchmarks and the
overall actions that company needs to take for enhancing its market performance.
Without effective planning it is next to impossible to conduct marketing practice and sometime it
leads to decline in the level of overall performance in the market. Therefore, above mentioned
are some of the key elements of marketing that are quite crucial and beneficial for TK-MAX
(Pavlou and Stewart, 2015).
8

LO 2
1) Application of the marketing mix to the marketing planning process
The concept of the marketing mix is functional in the process of marketing planning that
positively assists the company in attaining goals and objectives. However, the businesses often
engage in different techniques for the application of marketing mix elements within the
organisation. Marketing mix elements within TK-MAX are applied to enhance the overall sales
and profitability of the organisation in the long-run (Hanssens et al. 2014). While its competitor
Matalan also focuses on the application of different marketing mix elements so that they may
easily sell their products in the market. Comparisons of applying marketing mix within both the
organisations are as follows-
Figure 1: Marketing Mix Elements
 Product- For achieving business objectives, TK-MAX engages in providing a range of
products that include clothing, footwear as well as home goods to the customers. On the
other hand, Matalan participates in providing products related to clothing and homeware
to the customers that result in accomplishing the key objective of attaining higher profits.
 Price- For selling products among the mass of the audiences TK-MAX focuses on
affordable pricing strategy so that it meets the demand and requirement of customers
along with attaining their objectives of increasing sales and earning a profit (Helm and
9
Marketin
g Mix
elements
Product
Price
Place
Promotio
n
People
Physical
evidence
Process

Gritsch, 2014). On the other hand, Matalan focuses on the premium pricing of their
products that result in attracting premium customers towards their products.
 Promotion- TK-MAX focuses big advertisement and promotional activities which is
mainly through the online ad as well as creating Public Relation for their range of
products. In comparison to TK-MAX, Matalan focuses on endorsing as well as building
their brands for promoting their products.
 Place- TK-MAK focuses on selling their products through their authorised stores so that
customers may conveniently purchase the required products. On the other hand, its
competitor Matalan focuses on both that is an online website and authorised stores to sell
their products to the audiences that result in accomplishing their objective of meeting the
demand of customers (Festa et al. 2016).
 Process- TK-MAX focuses on providing quality products and services to their customers.
In comparison, Matalan focuses on delivering timely online services to their customers
that result in increasing their goodwill in the market.
 People- TK-MAX focuses on hiring competent and qualified personnel for their stores so
that they may easily influence the customers towards purchasing their products and
services. On the other hand, Matalan mainly relies on their management activities that
support in delivering products to the customers.
 Physical evidence- This marketing element includes facilities as well as comfort provided
by the organisation to the customers that result in purchasing more and products of the
clothing retailer TK-MAX and Matalan. Therefore, it occurs in accomplishing the overall
goals and objectives of both the organisations (Barrett and Weinstein, 2015).
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2) Evaluating different tactics applied by organisations
With the help of assessing above application of marketing mix elements, it has been evaluated
that different tactics are applied by the organisations that directly support in achieving the
business objectives. It mainly includes-
Figure 2: Different tactics applied by organisations
Promotional tactics- With the increasing level of rivalry it has become mandatory for the
business organisation to promote their products in the market with the precise promotional
strategy and tools. TK-MAX and Matalan both the retail organisations focus on big
advertisement and promotional events for marketing their range of products. Thus, it supports the
organisations in enhancing their reach and building brand image within the retail industry (Patil
and Bach, 2017).
Pricing tactics- Other tactics that are being applied by both the organisations for achieving the
business objective is pricing tactics. Effective pricing strategy would support the business
organisation in attracting the customers that further results in increasing its sales volume.
11
Tactics
applied by
the
organisation
s
Promotional Pricing

LO3
12

13

14

15

16

17

18

CONCLUSION
Through carrying out their entire study, it has been concluded that marketing function plays the
significant role within the organisation as it supports the business organisation in accomplishing
their stated marketing goals and objectives. The report has also summarised the key roles of
marketing in the organisation as it supports the managing director in devising the adequate
marketing activities that result in providing the range of products and services to their customers.
In addition to this, the report has also engaged in developing and evaluating the marketing plan
of the organisation in order to ensure accomplishment of the stated marketing objectives.
19

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