P3 Application of marketing mix to achieve business objectives

Marketing Essentials

Table of Contents
Marketing Essentials...................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Roles and responsibilities of marketing function...................................................................1
M1 Analyse roles and responsibilities of marketing...................................................................3
P2 Roles and responsibilities of marketing relate to organisational context..............................3
M2 Analyse interrelationship of marketing with other functional units.....................................5
TASK 2............................................................................................................................................5
P3 Application of marketing mix to achieve business objectives...............................................5
M3 Different tactics used by organisation to accomplish objectives..........................................8
TASK 3............................................................................................................................................8
COVERED IN PPT.....................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing plays essential role in each and every organisation which includes activities
executed by management for success and growth of company. It is essential that appropriate
tools and techniques are implemented in system which benefits executive to accomplish goals
and objectives within defined time. Advertisement and various promotion tools such as personal
selling, online marketing and social media are used by marketing unit to inform public about
products, its features and benefits. This benefits company to increase enhance customer base and
market reach from domestic to international market. Present report is based on TK MAX which
is famous clothing firm established in United Kingdom (Babin and Zikmund, 2015) This
assignment specifies information about role and responsibilities that are performed by marketing
department to improve market image and reputation. Along this, this segment helps other units
that is human resource, finance, operation, sales, research and development to execute business
operations adequately. Marketing plan is formulated by management which defines information
about goal, objectives, vision and marketing mix. Besides this, SWOT analysis and budget
constituted by management to have accurate and complete information about market situations.
TASK 1
P1 Roles and responsibilities of marketing function
Each organisation require to have adequate funds and manpower to execute business
operations to deliver appropriate items and services in market. It is essential that employer take
care that marketing unit have competent and skilled people which design system and execute
activities effectively. TK MAX which is clothing enterprise needed that adequate pricing and
promotional techniques are used by marketing unit to enhance goodwill in market. This helps
firm to attract people by informing them about different variety of things and modifications that
are made by management (Baker and Magnini, 2016) Thus, these are various responsibilities that
are performed by marketing unit are stated below (Role of marketing department, 2018):
Product: This concept specifies that companies provide items and services to consumers
to fulfil their needs and wants. Management require to design system and produce things in
according to taste and preference of people which help them to grab attention of large number of
individuals. TK MAX provide different variety of clothes in respect to demands of consumers. In
this marketing team duties include executing market survey to acknowledge market trends. This
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benefits management to make changes in system and produce innovative items for people. Thus,
company is able to enhance market image and sales.
Marketing information system: This tactic define that management execute research to
acknowledge needs and wants of people. It is essential that organisation provide items and
services in according to demands of consumers which benefit superior to improve image and
goodwill of firm in market. In TK MAX, marketing team uses adequate pricing and promotion
strategies which help company to attract people and increase market reach to global market.
Financing: Marketing department require to have adequate funds to organise business
operations and use modern technologies. They require to use appropriate tools and techniques
and make modifications in system to make attractive message. This helps TK MAX to grab
attention of large number of people by using different promotional techniques.
Pricing: This is another responsibility of marketing department to provide items and
services at reasonable rates (Dessain, 2016) It is necessary that management uses appropriate
strategies such as penetration and skimming in according to market conditions. TK MAX which
is clothing firm require to set adequate prices for items which help firm to grab attention of large
number of people. This benefits company to position themselves higher than rival organisations
and attract consumers by giving them quality clothes at adequate rates.
Promotion: This concept define that marketing team prime responsibility is to use
appropriate tools and techniques to inform public about items and services. Print media, personal
selling, publicity, sales promotion, social media and online marketing are various tactics which
are used by marketing unit of TK MAX. This helps company to attract people by providing them
data about products, its features and benefits. Besides this, management is able to enhance
market position and reputation in respect to competitors.
Distribution: This tactic specifies information about different techniques that are used by
management to provide appropriate items and services to people. Retailers, wholesalers, agent
and brokers are various forms of channel that are used by organisation to deliver things to
consumers in according to their needs and wants (González-Pridaand et. al., 2015). Marketing
department responsibility is to use adequate promotional techniques to inform public about items
and stores. Internet is best tool which benefit TK MAX to construct appropriate website which
have complete information about outlets. This advantage executive to increase customer base by
using online marketing which enhances firm reach from domestic to international market.
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Thus, marketing department plays important part to enhance market reputation and image
of TK MAX by informing public about offerings. Online advertising, e-marketing, social media,
sales promotion and personal selling are various techniques which are used by management to
attract people. This benefits company to grab attention of consumers and position system higher
than rival firms. Marketing team helps operation unit design things in according to demands of
people. Along this, they even require to get support from other units that are finance, IT, research
and development. This benefits sales members to influence decision of people by informing them
about different items and services (Griffitts, 2016). Therefore, management is able to accomplish
goals and objectives within specified time.
M1 Analyse roles and responsibilities of marketing
Marketing department duties include using appropriate pricing and promotion strategies
used in respect to make system function in according to needs and wants of people. It is essential
that items and services are provided by firms in respect to demands of consumers. Along this,
management require to enhance image and reputation of TK MAX in market which help
company to attract people and increase customer base. Marketing team responsibilities is to grab
attention of people by informing them about variety of clothes and store details. This also
benefits company to improve goodwill and attract people. Thus, management is able to position
firm higher than rival brands; thereby enhance sales and generate adequate profit from business.
P2 Roles and responsibilities of marketing relate to organisational context
Marketing has played vital role with in an organisation and its related to all other
department. With in the company several division are work together in order to achieve common
goals and objectives in limited period of time. Each one department has separate role and
responsibilities so that they are work accordingly (Hair Jr and et. al., 2015). But marketing is a
centre department of all section, because of selling is only activity to generate revenue for an
organisation and each one has depend on them for fund to operate business activities effectively.
There are explain different department and its relationship with market division as below:
Human resources department: Human resources manager has play important role for an
organisation like recruitment, selection, training & development, appraisal, compensation,
transfer and many more. But it is influenced by marketing department of the TK MAXX because
marketing department want specialist employees for selling product, identify market trends,
forecasting future needs, get profitability, develop strategies to compete competitors and many
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more. So that, it is a human resources executive responsibilities to hire candidates according to
marketing department needs. For example, when enterprise find out the need of change at work
place then they develop innovative product as well as process of completing work, for this HR
manager has hire workers applicants those are able to provide new ideas to work.
Operational and production division: Marketing department has provide information
related to product size, quality, colour, packaging, shape and many more to operational
department. So that, production manager has produce goods accordingly in order to get higher
market position and profitability. Management of TK MAXX has develop strategies in order to
operate business activities appropriately thus help to achieve goals in specific period of time.
Both marketing as well as manufacturing division has interrelated to each other. For example,
TK MAXX is a retail organisation and it operational department has purchasing those product
which are describe by merchandising management in which they includes market trends, future
needs, clients demand, competitor strategies and many others. Through this, they are able to
achieve economic of scale in production process and produce low cost product which help to
gain higher market share and position in long period of time (Hoeffler, Herzenstein and
Ginzburg, 2015).
Research and development section: It is most important department but can not be
available in small business because they are not financial established. Thus effected organisation
performance as well as productivity in long period of time. Both research & development
department and marketing division has work together in order to achieve common goals and
objectives in limited period of time. For example, marketing manager has identify opportunities
at market place and in this they are find out social needs which are can not be full fill before. So
that, this problem should be communicated to research & develop division and they are find out
effective solution of issues by developing new ideas to solving problem. For this, they are
develop new goods and services in order to fulfilling client's needs as well as wants and get
higher profitability, long run sustainability.
Finance division: This section of the company has provide fund to each one division of
an organisation in order to completing their task effectively. Financial manager has develop
budget for each section and make record of all inputs as well as outputs of cash flows thus help
them to make financial statements which provide information related to profits, income,
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expenses, revenue, cash flows and many more. Marketing department has want money for
several activities like promotions, advertisement, market research and many more.
IT division: Information technology has help organisation to established strong
communication at work place it reduce conflicts, manager work, spread information among all
staff members, social media marketing, internet marketing and many more. Through IT
department, marketing manager has find out activities done on online channel thus help to
develop effective strategies and plan in order to compete competitors at market place.
M2 Analyse interrelationship of marketing with other functional units
Marketing manager has organising market research for identify needs, perception,
attitude, behaviour, learning style and many more accordingly they are produce goods and
services. Through this action, enterprise department has get several information that help one of
them like research and development department know what is the main issues and find out
innovative solution, this information help operations division what to produce and how many and
many more (Illingand Anders, 2016Kladouand et. al., 2016). So that, company has develop
strategies in order to operate business activities effectively and achieve goals as well as
objectives in given time frame. Thus, marketing department have inter-connection with other
unit that is human resource, production, finance, sales, research and development. This benefits
firm to enhance market position and accomplish goals and objectives within defined time.
TASK 2
P3 Application of marketing mix to achieve business objectives
Marketing department responsibilities include executing activities to enhance image and
goodwill of firm to grab attention of large number of people. This benefits company to enhance
market goodwill and position firm higher than rival brands. H&M is competitor of TK MAX, so
it is essential that marketing mix is frame by management and adequate strategies are used which
help company function effectively. Therefore, this is comparison of marketing mix of both firms
which is designed by team in according to market conditions are defined below:
Basis TK MAX H&M
Product TK MAX provide different
variants of clothes to consumers
in according to their taste and
Company give variety of clothes
and consists different range items
to have large customer base;
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preferences. It is a US based firm
which gives quality things to
people. This benefits company to
retain customers for longer period
and make them purchase items
again.
thereby enhance sales. H&M
provide quality things to attract
people by giving them variety of
products.
Price Penetration pricing strategy is
used by TK MAX. This benefits
firm to provide items at adequate
prices to grab attention of large
number of people. Management
have set appropriate rates for
items and services which benefits
firm to attract people and make
them purchase things in according
to their needs and wants (Lane,
2016).
In H&M, administration uses
skimming pricing strategy which
helps company to generate
adequate profit from business.
Items are determined appropriate
rates as management provide
quality things to consumers which
benefit firm to enhance market
goodwill.
Place TK MAX is famous in US and
have outlets in UK, India, Poland
and many other nations. This
benefits executive to have large
customer base; thereby enhance
sales and revenue. Along this,
various distribution channel are
used by firm to provide things to
people in respect to their
demands.
H&M have branches established
in more than one country which
benefits management to enhance
sales and generate adequate
revenue from business. Besides
this, company uses adequate
transportation techniques to
deliver things to people in
according to fulfilling their
requirements.
Promotion Online advertising, e-marketing
and social media are various
techniques used by TK MAX to
Sales promotion, publicity, online
marketing and personal selling are
various devices used by marketing
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inform people about different
items and services. These are
tools which help marketing team
to enhance market image and
reputation. Along this, company
is able to position firm higher
than rival firms.
team of H&M. This benefits firm
to provide information to people
about products and services;
thereby attract them to purchase
things in according to their needs
and wants.
People In TK MAX human resource
have skilled and competent
members which help them to
deliver quality items and services
to people. This advantage
company to satisfy consumers and
retain them for longer period.
Thus, firm is able to enhance
sales and generate adequate
revenue from business (Malhotra,
2015.
Administration of H&M provide
duties and tasks to members on
basis of their skills and abilities.
This help firm provide items and
services in respect to needs and
wants of people. This helps
enterprise to attract individuals
and make them purchase things to
fulfil their demands.
Process Modern tools and techniques are
used by management of TK MAX
which helps firm deliver quality
products and services to people.
Along this, marketing department
uses online marketing to increase
market reach and customer base.
In H&M, administration uses
appropriate techniques which
benefit firm to provide appropriate
items to consumers.
Physical evidence TK MAX have good
infrastructure which makes
experience of consumers efficient
and satisfy them. This helps
company retain members and
H&M provide appropriate outlet
and have branches in different
nations which help firm to attract
people and make them purchase
things in according to their need
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consumers for longer period. and wants.
M3 Different tactics used by organisation to accomplish objectives
Management design system and use appropriate tools and techniques. This help
organisation deliver adequate items and services in respect to needs and wants of consumers.
Along this, marketing mix is formulated by superior which specifies information about product,
price, promotion, distribution, people, process and physical evidence. These are various tactics
which marketing team of TK MAX uses to design system and implement tools and techniques in
according to market situations.
TASK 3
COVERED IN PPT.
CONCLUSION
From the above report, it can be concluded that marketing concept helps organisation to
accomplish objectives and make success with time. Human resource, production, finance, sales,
research and development are various departments which are benefited by marketing team to
execute activities in according to market conditions. Market survey and research is appropriate
technique used by management to acknowledge needs and wants of people; thereby design
things accordingly. Pricing and promotion strategies are formulated and used by superiors to
attract people by providing them items at appropriate prices. Marketing plan which defines
information about marketing mix that is product, price, place, promotion, people, process and
physical evidence which require to be designed by management in respect to position system
higher than competitors. Along this, adequate marketing budget, objectives, mission and vision
statement are designed by marketing unit to attract people and make staff perform activities
effectively. This benefits company to provide quality things to consumers and satisfy them;
thereby accomplish goals and enhance market position.
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<https://www.thehartford.com/business-playbook/in-depth/marketing-department-role>.
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