Marketing Strategy Analysis and Plan Development

The assignment provided is a comprehensive analysis of marketing strategies for a company called TK-Max. It covers the role of marketing in the company, its link with other operational functions, and the responsibilities of each function in meeting marketing strategies. The report also discusses the application of the 7 P's model to develop a marketing plan, providing a conceptual perspective on marketing. This assignment is suitable for students studying marketing or business administration, and it requires them to analyze and apply theoretical concepts to a real-world scenario.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
a) Key roles and responsibilities of marketing function relates to the organisational context ..3
b) Key roles and responsibilities of marketing relates to the organisational context..................4
c) Roles and relationship of marketing with regard to marketing environment. .......................4
d) Significance of interrelationships between marketing and other units...................................5
e) Analysis of Key elements of marketing functions..................................................................5
TASK 2............................................................................................................................................6
a) Comparing ways for applying marketing mix........................................................................6
b) Different tactics applied by companies...................................................................................7
TASK 3............................................................................................................................................8
3.1 Marketing plan for an organization.......................................................................................8
3.2 Produce a evidence based on marketing plan for an organization .......................................8
3.3 Strategic marketing plan to applies & 7P’s to overall marketing objectives. .....................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing essentials is the essential components of the business objectives which makes
better decision making. Marketing mix is helpful to make better environmental and to understand
the basic needs of the business. Present report based on marketing essentials of TK-Max. It is the
basically subsidiary of the American apparel and home goods' company. Further study will cover
the part in which role of marketing and how it interrelates with other functional units of
organizations will be discuss. Further, it will also covering the part in which study covers
marketing mix of the company which helps company to fulfill the marketing essentials and
company objectives. Roles and responsibilities of marketing in the context of marketing
environment will also cover by the assignment as well.
TASK 1
a) Key roles and responsibilities of marketing function relates to the organisational context
Marketing function is basically used as a vital tool for a smooth functioning of modern
business organisations. It is largely responsible for improving the position of a firm in terms of
earning huge amount of profits and revenues. It is thereby important for such entities like TK
Max to adopt some strategic policies of marketing that is apparent to increase their sales to a
great extent (Miles and et.al., 2015). Herein, on discoursing upon the roles and responsibilities of
marketing function, it is specified to be a universal operation that consists of a collective set of
various interlinked operations. This proves marketing to be an essential task that involves the
entire organisation and its related operational roles that determines the growth and development
of the company. Marketing function is thus known to involve a wide range of responsibilities of
TK- Max, such as strategic management of resources, marketing research, development of new
product, sales support system, financial considerations, department of human resources and
distribution system, etc.
All of these functions are in turn known to have some specific roles that are being
performed with a significant concern of promoting the business in a positive manner.
Communication, planning certain strategic measures to promote and sell both new and already
existing products is referred to be some common role of marketing with a crucial role of
improving the business. This proves a direct link between marketing and other related functions
of organizations like TK Max (Charter, 2017). Such interrelated concept of marketing consists of
total 8 common elements named buying, selling, market data, risk taking, finance,
standardization & grading, storing and transportation, etc. All of these functions are directly
related to one other in terms of marketing. This is for instance to consider the existence of human
resources in marketing, this operational department is responsible to hire a significant number of
marketing personnel who can effectively perform the functions of marketing and possess

specialized skills. Likewise, the financial department is together accountable for fixing adequate
budget for the purpose of advertising and promoting goods, etc.
b) Key roles and responsibilities of marketing relates to the organisational context
This is to discuss upon the concept of marketing where it comprises with total 4 distinct
elements and forms to be an effective notion of marketing. It together depicts a core procedure of
marketing that also determines the current and future trends of TK-Max. All these 4 concepts
along with an inseparable notion of marketing is known to build effective strategies of marketing
and by which, TK- Max can develop some vital plans to advertise their goods and services in the
market with support of efficient promotional strategies. Below are the concepts with their
detailed explanation-
Production- This idea is created on considering the changing perception of customers by
depicting a vital fact of customer’s preference towards the offered products and services of TK-
Max. It is however more inclined towards those products that can be easily availed by the buyers
at very affordable price (Hapsari, Clemes and Dean, 2015). This states that the cited enterprise
and its functioning capability must concentrate upon enhancing the rate of production.
Selling- This helps in determining the modern mind-sets of today’s customers to attract
them via effective promotional strategies that are specifically focussed on fulfilling their exact
need and demands. Herein, the customers are evident to focus more upon the aggressively
promoted goods in the marketplace.
Product- This is referred to be yet another useful concept which states that customers can
be easily retained by providing such products that are beneficial for them (Homburg, Jozić and
Kuehnl, 2017). Herein, quality products having some inventive approach and value for money
can be incorporated in this concept.
Societal- In accordance to this particular concept, some consumers are known to choose a
brand over other contemporaries in the marketplace. As a result to which, TK- Max should
hereby focus on adopting some branding strategies to attract such consumers in huge number.
c) Roles and relationship of marketing with regard to marketing environment.
This section is to demonstrate the process of marketing management which is referred to
be a course of planning and execution of distinct marketing concepts that involves pricing,
distribution, promotion, sales and distribution, etc. It also necessitates to target a large set of
consumers to further apply the below roles of marketing-
Market strategies- This is the initial role of marketing that in turn necessitates the
quoted establishment to develop effective strategies of marketing with a clear understanding of
target audience’s requirements (Ral-Trebacz, Eckert and Dittfeld, 2018). The framed strategies
should also meet the undertaken aims and objectives of the organisation.

Marketing information system: It is yet another vital role to attain significant data
about relative factors of marketing such as product, planning, implementation and controlling of
framed strategies.
Monitoring market environment- It is another crucial phase in which the marketing
personnel are responsible to identify the scope of any new product development so as to attract a
large set of consumers (Yang, 2015).
Researching the market- It is important for TK- Max to properly investigate the market
to gain some insight knowledge about their offered products to acknowledge its performance in
terms of satisfying the customers.
Market segmentation: It is one of the most effective stages that assists the business in
targeting right audiences and suitably meet their requirements. It is also one of the most required
strategies to identify right set of consumers and meet their varied needs and demands (Saad,
Hassan and Shya, 2015). It together helps the firm to choose right strategies to promote the
goods and services offered by TK- Max.
d) Significance of interrelationships between marketing and other units
As there are enormous number of functions included in the marketing function. So, there is a
sort of relationship between them and some other units of the organisation as well. As there are various
departments and some well known and common examples of it can be considered as the finance
department, marketing department, sales department etc. Now the relationship between any two of
them can be depicted by the fact that as TK- Max must be having a marketing and sales department.
Therefore, for sales of the product, the sales department of TK- Max must be involved in various types
of activities so that they can make a better number of sales so that TK- Max can be able enough to gain a
higher productivity and popularity rate. Therefore, the number of sales will help in improving the
financial status of the company, thus benefitting the finance department as well in getting huge benefits
in accounts. This can help in representing the relationship between the different units of marketing with
others.
e) Analysis of Key elements of marketing functions
There are various number of function that are associated as important enough in the marketing of
various operations and services. Some of the key elements are discussed as under :
Research of the market
Doing research of the market is considered as one of the essential features because it is very
important that it should be clear that what is the basic requirement of the customers. For this,
TK- Max can take proper feedbacks from the customers that what is their basic requirement. This
process seems to be very beneficial because when the company will be aware of what customers
want, they can keep their focus on that only. So, as it has been made with the choice of
customers, obviously it will satisfy a huge number of customers. Therefore, doing a market
research can be considered as one of the effective roles that can be involved by TK- Max for a
better rate of popularity as well as productivity.

Involving strategies
Involving strategies is also considered as another important factor because there are some
time when it can be observed that the competitors are achieving their targets at higher rates etc.
So, at such time, it is very important that TK- Max should also make use of some strategies and
methods that can help them to compete easily. Therefore, it is very important that TK- Max can
keep some strategies already made with them so that they can make involvement of them when
required and this will also help them to compete with the current complexities and issues. These
strategies will help TK- Max to achieve a higher rate of popularity as well as productivity.
Planning
A pre planning can help TK- Max to achieve higher goals and objectives. It is because if
TK- Max will decide and clarify their structure in an efficient way that the roles and
responsibilities of every person seems clear enough, the it can prove beneficial as everyone will
be aware of their role (Homburg, Jozić and Kuehnl, 2017). This will help in avoiding any sort of
confusion etc. Therefore, the person can be able to focus on achieving the objectives and targets
at a much higher rate.
Involving tactics
Tactics can be considered as the short term planning’s that TK- Max can use at the time
of targeting the customers. Although the offers and discounts in it are for a limited period of time
but these can provide much benefits to the people. So, even if these are for a smaller period, but
it can help TK- Max in bringing enormous number of benefit such as happy and satisfied
customers, a great rate of productivity etc.
TASK 2
a) Comparing ways for applying marketing mix
Involvement of marketing mix can help in TK- Max can help them in making a better
planning and structure of all the functions etc. so that it can on an overall basis, can help the
company to achieve a higher rate of popularity as well as productivity. There are some factors on
which the marketing mix for an organisation can be decided. One of the well known and a
common example is considered as the demographics of the market, size etc. It is because the
requirements of the particular market are being investigated along with the financial status
needed in order to establish the specified product in that market (Saad, Hassan and Shya, 2015).
So as the financial condition of every company is different, so it is very important to check all
the demographics etc. in order to the fact that on the basis of the requirements, TK- Max can be
able to gain a higher and better rate of productivity. So it can help in ensuring every single factor
of marketing mix such as price, promotion, product, place etc. in an efficient and appropriate
way.

Also, TK- Max can ensure that understanding the customers is very important because it helps in
analysing their requirements and needs better so that TK- Max can keep their focus on that so
that they can be successful enough in gaining the trust of the customers. Thus it will help the
company in achieving some permanent customers and having permanent customers is very
important for a company. It helps in a situation when there is an entry of some new brand in the
market who also deals with the same products and services, often people want to try their
products and services as well, which can be considered as a threat to the existing customers. So,
in such cases, permanent customers play a huge role in maintaining the productivity rate of the
company. These customers rather than preferring to the new ones, stick to the one from where
they usually take the supplies of. Therefore, it can be classified as one of the major and
beneficial features that can actually help TK- Max to achieve all their objectives and targets at a
much faster rate.
b) Different tactics applied by companies
There are various ways and tactics that TK- Max can involve in order to gain the
attention of people. These are required to be applied when the firm can seem less interesting and
favourable to people or in case, TK- Max is going throw short of the productivity or popularity,
then in that case, tactics and these ways help TK- Max to gain the attention of people again. A
well known example of this can be considered as the fact that if TK- Max makes implementation
of some offers or discounts on their products, it can be successful enough in gaining the
attraction of people (Yang, 2015). Also, if they for a smaller period of time only, takes part in
some exhibition etc. for the marketing and sales of their products, it can also classified as an
efficient way. They can investigate about various markets where there is a requirement of these
products and services. It is because they can make involvement of their functions there. By such
means the people there will also be able to purchase the same, thus increasing the productivity
rate of the company as well. Also, taking feedbacks from the customers is another important
factor that TK- Max can involve. After the production of a specified number of products and
services, TK- Max can make sure to take proper feedbacks from the people because this is an
efficient way to get aware of the factors that are not liked by the customers or are troublesome
for them. By such means TK- Max can ensure to replace those factors as soon as possible so that
it cannot dissatisfy the customers anymore. Also, by such means, the customers also consider the
fact that they are important enough for the company, so it helps in maintaining their focus on the
operations and processes of the company. Also, if in case, if there have been some factor because
of which the customers are not satisfied, v can make further modifications and replacements as
soon as possible in order to avoid any sort of disappointment to the customers. It is very
important to maintain the importance of customers for a continuous productivity as customers
are considered as one of the effective parts of the company has helps in managing and
maintaining of various processes and procedures. Thus, these can be considered as some was and
tactics that TK- Max can involve in order to achieve all their targets and objectives at a much
faster rate, thus increasing the productivity of the company.

TASK 3
3.1 Marketing plan for an organization
Covered in PPT
3.2 Produce a evidence based on marketing plan for an organization
On the basis of above discussion of various factors which helps to make full proof
marketing plan (Ahmed, Rifat, and Uddin, 2015). It helps to make the powerful and productive
strategies through company accomplish their goals and objectives. Moreover, marketing plan is
the most required and best effective process to gain the market attention. Marketing plan is the
most essential and required function to make sure about the fact. Besides, as discussed above the
different requirements has to be required to make proper marketing plan ideas. Moreover,
another essential organization needs to be challenged by analyzing the facts and requirement for
making proper marketing plan. Internal and external factors are highly influenced by the
organization in better manner (Armstrong, Kotler and Brennan, 2015). Besides, that above
discussion helps to make the proper strategic planning and advanced growth factor.
3.3 Strategic marketing plan to applies & 7P’s to overall marketing objectives.
Overall business planning and fulfillment of business strategies has to be fulfilled by the
marketing plan. It helps to develop marketing strategies to implement the plan as well. Plan will
always over the time or according to the needs of the organization. It also helps to convert into
the best results (Chernev, 2015). Apart from that, it also very much required for the organizations
to make productive channel of growth. In order to make strategic marketing plan TK-Max
requires to adopt some following steps to make it more properly.
Set goals and objectives: in this section company needs to set their goals and objectives
to be fulfilled or get some achieve some target. Weather it is short term goals or long term goals.
Analyze the situation: company always needs to make sure and well aware of its own
strength, weakness, opportunity and threat. It helps them to take proper decision making
approach on the behalf of making good deals and growth.
Map your message: it is another step towards making strategic marketing plan. In which
company needs to form a message or concept for its brand engagement. Through it helps to grab
the attraction of buyers (Coffee Jr, Sale and Henderson, 2015).
Live out the mission: In next process or a step needs to set some principles or value
which is followed by the company to stable its quality process.
Outline the tactics: a successful marketing plan requires the best strategies and decision
making approach. Company always needs to prepare to adopt sudden changes to make proper
existing in the market.

Stay current: in the last process of strategic marketing plan needs to stay awake and
ready to accept the time changes and give more energy to marketing plan.
CONCLUSION
The above report has discussed the role of marketing in a chosen company called TK-
Max and its link with other operational functions. It has then elaborated the responsibilities of
each of the discoursed functions in terms of meeting the marketing strategies for further attaining
the set organizational goals. Another part of this report has summarized the application of a well-
known model of marketing mix called 7 P’s by lastly developing a plan and assessing it from a
conceptual perspective of marketing.

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