(solved) Marketing Essentials TK-Max
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Added on 2020-11-23
(solved) Marketing Essentials TK-Max
Added on 2020-11-23
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MARKETINGESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Key roles and responsibilities of marketing functions...........................................................1P2 Roles and responsibilities of marketing with organisational context....................................3TASK 2............................................................................................................................................5P3 Marketing Mix of TK-Max....................................................................................................5TASK 3............................................................................................................................................6P4 Produce marketing plan for TK MAX...................................................................................6CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing is an essential function that is performed by business organisation in order tomarket their products and services in market place. It involve number of interrelated activitiesthat has to be carried out by marketing manager in order to accomplish final goals and objectivesin set time period. Every business have to operate in dynamic environment which keeps onchanging with time and therefore, company have to work in order to keep in pace with thesemodifications (Bowie, Paraskevas and Mariussen, 2014). The company included in this report isTK Maxx, retail industry and operating in number of section that include footwear, furniture andclothing. It operates in several areas across the world and have 500 approx stores of it. The reporthighlights the key roles and responsibilities of the marketing function and its relation with otherorganisational context. Apart from it, importance of marketing mix and plan is also focused. TASK 1P1 Key roles and responsibilities of marketing functions.Marketing is a complex function that is performed by the TK MAX company in order topromote their products and services to the ultimate consumers to satisfy their needs and wants.Its basic aim is to enhance the overall sales of the company and establish sustainable image forlonger period of time. It is essential to produce products while considering the requirements andneeds of customers that are present in market place (Silver and et. al., 2012). Some roles and responsibilities of marketing functions are described below: Branding Process: It is a important process that is included in marketing function, inwhich efforts are made to create brand image of the company so that customers can easilyrecognize the products of that organisation (Brassington and Pettitt, 2013). Similarly, TKMAX have well known name and identity among customers which help them to earnhigh profits and outcomes. Planning for product and its development: every company is known by its productsthat are present in market place. It is the responsibility of marketing manager to regularlyupdate the products by applying effective tools and techniques of innovation andcreation. TK MAX have proper system of product development in order to develop theproduct at significance level. 1
Promotional functions: Promotional is a effectual function that involve promoting theproduct and services of the company in adequate way. There are number of ways throughwhich promotional function can be performed like sales promotion activity, advertising,personal selling etc. TK MAX have well formulated promotional function in order toinduce consumers to purchase their goods. Pricing of Goods: Price refers to the cost of products that has to be paid by the customer(Cleverley, 2017). It is a essential function of marketing process and is set by consideringnumber of factors like government rules and regulations, profit rate and many more.Apart from it, it must always be focused on setting reasonable price of the products sothat customers can purchase it easily and also involve earning of huge revenue for thecompany. Grading And standardisation: It involve increasing the quality of products that hasbeen manufactured by the company as most of the consumers wants standardised andgraded goods. They do not want to compromise in this aspect, therefore it is necessary toadd several features and characteristics to the existing product of the TK MAX. Recentlythey have find the potential and growth in student sector, it is required to developstandardised products for them. Transportation Function: Marketing involve transportation facility that is carried out bythe business organisation in order to supply the final products from manufacturer's end tofinal customers in market place. TK MAX sell their products through retail stores that arelocated in accessible place in market area so that customers can easily visit there andpurchase goods according to their needs and wants. Purpose of Marketing Function: Marketing is a important procedure that involve expansion and enhancement of theeconomy in which it is performing marketing function.It also involve performing the marketing function with creativeness and innovation sothat large mount of customers get attracts towards them and results in increasing of highsales and revenues (Clow and James, 2013). TK MAX have decided to grow theirbusiness in student sector, therefore decided to work with something new and innovativeconcept. 2
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