logo

Marketing Essentials Assignment - (Solution)

   

Added on  2020-10-05

11 Pages3996 Words157 Views
Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3a) Key roles and responsibilities of marketing function relates to the organisational context ..3b) Key roles and responsibilities of marketing relates to the organisational context..................4c) Roles and relationship of marketing with regard to marketing environment. .......................4d) Significance of interrelationships between marketing and other units...................................5e) Analysis of Key elements of marketing functions..................................................................5TASK 2............................................................................................................................................6a) Comparing ways for applying marketing mix........................................................................6b) Different tactics applied by companies...................................................................................7TASK 3............................................................................................................................................83.1 Marketing plan for an organization.......................................................................................83.2 Produce a evidence based on marketing plan for an organization .......................................83.3 Strategic marketing plan to applies & 7P’s to overall marketing objectives. .....................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONMarketing essentials is the essential components of the business objectives which makes better decision making. Marketing mix is helpful to make better environmental and to understandthe basic needs of the business. Present report based on marketing essentials of TK-Max. It is thebasically subsidiary of the American apparel and home goods' company. Further study will coverthe 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 1a) 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 ofmarketing 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 oftotal 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 humanresources 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 contextThis 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 ofmarketing 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 marketingand 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 abrand 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.

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The Marketing Growth Strategies of TK Max Essentials
|25
|8493
|96

TK-Max Marketing Essential
|16
|5106
|245

Marketing Essentials TK Max - Doc
|14
|3896
|56

Assignment on Role & Responsibilities of Marketing Functions
|16
|4611
|233

Markeitng Essentials of TK Max
|12
|3671
|278

(solved) Marketing Essentials TK-Max
|14
|4120
|77