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P3 Application of marketing mix to achieve business objectives

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Added on  2021-01-03

P3 Application of marketing mix to achieve business objectives

   Added on 2021-01-03

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Marketing Essentials
P3 Application of marketing mix to achieve business objectives_1
Table of ContentsMarketing Essentials...................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Roles and responsibilities of marketing function...................................................................1M1 Analyse roles and responsibilities of marketing...................................................................3P2 Roles and responsibilities of marketing relate to organisational context..............................3M2 Analyse interrelationship of marketing with other functional units.....................................5TASK 2............................................................................................................................................5P3 Application of marketing mix to achieve business objectives...............................................5M3 Different tactics used by organisation to accomplish objectives..........................................8TASK 3............................................................................................................................................8COVERED IN PPT.....................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONMarketing plays essential role in each and every organisation which includes activitiesexecuted by management for success and growth of company. It is essential that appropriatetools and techniques are implemented in system which benefits executive to accomplish goalsand objectives within defined time. Advertisement and various promotion tools such as personalselling, online marketing and social media are used by marketing unit to inform public aboutproducts, its features and benefits. This benefits company to increase enhance customer base andmarket reach from domestic to international market. Present report is based on TK MAX whichis famous clothing firm established in United Kingdom (Babin and Zikmund, 2015) Thisassignment specifies information about role and responsibilities that are performed by marketingdepartment to improve market image and reputation. Along this, this segment helps other unitsthat is human resource, finance, operation, sales, research and development to execute businessoperations adequately. Marketing plan is formulated by management which defines informationabout goal, objectives, vision and marketing mix. Besides this, SWOT analysis and budgetconstituted by management to have accurate and complete information about market situations. TASK 1P1 Roles and responsibilities of marketing functionEach organisation require to have adequate funds and manpower to execute businessoperations to deliver appropriate items and services in market. It is essential that employer takecare that marketing unit have competent and skilled people which design system and executeactivities effectively. TK MAX which is clothing enterprise needed that adequate pricing andpromotional techniques are used by marketing unit to enhance goodwill in market. This helpsfirm to attract people by informing them about different variety of things and modifications thatare made by management (Baker and Magnini, 2016) Thus, these are various responsibilities thatare performed by marketing unit are stated below (Role of marketing department, 2018): Product: This concept specifies that companies provide items and services to consumersto fulfil their needs and wants. Management require to design system and produce things inaccording to taste and preference of people which help them to grab attention of large number ofindividuals. TK MAX provide different variety of clothes in respect to demands of consumers. Inthis marketing team duties include executing market survey to acknowledge market trends. This1
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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 toacknowledge needs and wants of people. It is essential that organisation provide items andservices in according to demands of consumers which benefit superior to improve image andgoodwill of firm in market. In TK MAX, marketing team uses adequate pricing and promotionstrategies which help company to attract people and increase market reach to global market. Financing: Marketing department require to have adequate funds to organise businessoperations and use modern technologies. They require to use appropriate tools and techniquesand make modifications in system to make attractive message. This helps TK MAX to grabattention of large number of people by using different promotional techniques. Pricing: This is another responsibility of marketing department to provide items andservices at reasonable rates (Dessain, 2016) It is necessary that management uses appropriatestrategies such as penetration and skimming in according to market conditions. TK MAX whichis clothing firm require to set adequate prices for items which help firm to grab attention of largenumber of people. This benefits company to position themselves higher than rival organisationsand attract consumers by giving them quality clothes at adequate rates. Promotion: This concept define that marketing team prime responsibility is to useappropriate tools and techniques to inform public about items and services. Print media, personalselling, publicity, sales promotion, social media and online marketing are various tactics whichare used by marketing unit of TK MAX. This helps company to attract people by providing themdata about products, its features and benefits. Besides this, management is able to enhancemarket position and reputation in respect to competitors. Distribution: This tactic specifies information about different techniques that are used bymanagement to provide appropriate items and services to people. Retailers, wholesalers, agentand brokers are various forms of channel that are used by organisation to deliver things toconsumers in according to their needs and wants (González-Pridaand et. al., 2015). Marketingdepartment responsibility is to use adequate promotional techniques to inform public about itemsand stores. Internet is best tool which benefit TK MAX to construct appropriate website whichhave complete information about outlets. This advantage executive to increase customer base byusing online marketing which enhances firm reach from domestic to international market. 2
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