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Marketing Essentials

   

Added on  2020-10-23

10 Pages2686 Words431 Views
Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Key roles and responsibilities of marketing function............................................................1P2 Interrelationship of roles and responsibilities of marketing function to organisationalcontext.........................................................................................................................................2TASK 2............................................................................................................................................3P3 Application of marketing mix by firm to marketing planning process to attain objectives. .3TASK 4............................................................................................................................................6P4 Development of basic marketing plan...................................................................................6CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................8

INTRODUCTIONMarketing is an essential concept that is very useful for business organisations in order toattain high growth as well as long term success in market place (Berkowitz, 2016). It is theprocess through which business creates some value for customers and develop a strong & healthyrelationship with them. In the present assignment, given company is TK Maxx which is asubsidiary of American home goods firm TJX Companies. This report includes role of marketingand its interrelation with other functional units. It also defines the way in which firms usemarketing mix elements to attain organisational objectives. At last, a basic marketing plan isdevelop and evaluated in this report. TASK 1 P1 Key roles and responsibilities of marketing functionMarketing is defined as set of processes as well as functions for developing,communicating and delivering some value to consumers and maintain strong relationship withthem. In TK Maxx, important roles and responsibilities of marketing function are defined below: Product and service management: Under this, target market is identified by manager andappropriate prices are set of their products. They centres around improving, developing andmaintaining product by concerning various opportunities. Range of goods are offer by companysuch as toys, bath and beauty products, furniture, accessories etc. Pricing: In this marketing function, prices of goods are decided by managers accordingto the price of their competitor's products. Firm set reasonable prices of their products in orderto attract large group of customers. Competitive pricing strategy is adopted by company forgetting high sales of their products in market.Distribution: This function is concerned with supply of goods and the distributionchannels used by company for this (Brassington and Pettitt, 2013). It includes, distributors,wholesalers, retailers, intermediaries etc. logistics and supply chain management process is alsoused for distribution of products. Effective distribution channels helps TK Maxx in supplyingtheir products on time. Financing: It is the function that assists in running business operations successfully. Forperforming activities in proper manner, finance is very essential. So, firm is require to maintainadequate amount of funds so that all the tasks can be completed in timely and effective manner.

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