Marketing Strategies and 7Ps of Marketing Mix

The assignment delves into the marketing strategies employed by TK MaxX, highlighting the importance of understanding customer needs and preferences. The 7Ps of marketing mix are discussed in detail, including product, price, promotion, place, people, process, and physical evidence. It also examines the role of technology, economy, social factors, legal aspects, and environmental considerations in shaping the company's business operations. A strategic marketing plan is evaluated to assess its effectiveness in achieving organizational objectives.

Marketing

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO1. Roles of marketing and its interrelation with other functional units of organisation........1
a. Key roles and responsibilities of the marketing............................................................1
b. Roles and responsibilities of the marketing in context of marketing environment. . .2
c. Interrelationships between marketing and other functional units of an organisation3
d. Key elements of marketing functions and interrelations with other functional units of
organization...........................................................................................................................4
LO2. Ways of using marketing mix for achievment of business objectives...................................4
1. Comparing the ways of applying marketing mix..........................................................4
2. Different tactics applied by the organizations to achieve business objectives............7
LO3. Basic marketing plan..............................................................................................................8
Marketing plan.....................................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The marketing sector of an organisation performs different functions. They perform roles
and responsibilities in large context. The features of marketing helps in attaining aims and
objectives of enterprise.It promotes and socialise products in the market with strategies. It is
very crucial for the company to integrate all activities so that efficient marketing can be done.. It
consists of 7 P's. This report gives brief discussion on role and responsibilities of marketing
function and its relation with the organisation. Also, the role of marketing mix in planning of
strategy is stated in the report. At last a marketing plan is developed for growth of organisation.
For this report organisation taken is TK-MAX.
LO1. Roles of marketing and its interrelation with other functional units of
organisation.
a. Key roles and responsibilities of the marketing
Marketing is the study of managing of relationships. Marketing is used to create, keep
and satisfy the clients. It is the activity for creating, sharing, conveying the services that are liked
by the clients. Some roles and responsibilities should be followed for effecting marketing:
Observing the customer's needs:To begin the marketing policy, it is important to maintain
good relation with the clients and observe them in order to find their requirements. By
communicating with the customer their their needs can be identified.
Managing the brand: This is the part where company needs to be identifiable as a brand name
to attract customers(Armstrong, Adam, Denize, and Kotler 2014). This involves planning the
budget , giving best quality products, campaigning to create awareness.
Innovation: Customer likes new features,ideas of the products.So in a certain time company
must add new features to the production and promotes it accordingly.They must create new ways
to attract customers.
Position in the market: The company must know its position in the market to identify its
current status.It is the necessary part to know the current position in the market so that new
policies can be made to make the organisation successful according to the growing market
trends.
Communication:It is the most important part as the products are developed for customer and on
their demand so it is very essential for the organisation to communicate with the customer about
their requirement in the product context. If any special requirement demanded in the product that
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can be added or changed accordingly. Customer's satisfaction is important so communicattion is
necessary.
For eg: The customer of TK-MAX asks for the change in some product and it was not
communicated properly , so it was the company's mistake and it gave company a loss by
increasing its expense in product change after developing.
Marketing plan: The main role of marketing is to make a full and final plan of the
organisational policy in order to make it a successful business in an efficient way(Armstrong, G.,
Kotler, Harker and Brennan, 2015).The plan must include the ways to promote the product,the
pricing,outcomes,customer's satisfaction, increase profit, market position, etc. It contains all the
ideas to make the organisation better in all ways.
b. Roles and responsibilities of the marketing in context of marketing environment
There are various factors that affect the business development. Some are external factors
that needs to be analysed by the the company like pestle analysis. Pestle stands for
Political,economic,social,technological,legal and environmental factors.The role of the
organisation is to analyse these factors and make the plans to get less affected by these impacts
accordingly.
Political Factors: These are the factors that are modified by the government that have great
impact on an organisation.This can be tax policies, employment laws, environmental
regulations, tariffs, etc. TK-MAX is having great impact by the tax policies, trade restictions, etc.
Economic Factors: These are the factors that shows the economic growth,interest rates,working
hours, living cost. These factors have more on impact on how TK-MAX operates and make
decision. The economic decline has decreased the sale of retail products which is a loss to
organisation.
Social factors: The social factors that affect the growth og marketing are society and culture.
Everyone wants to be trendy, fashionable, safe, sophisticated(Babin and Zikmund, 2015). TK-
MAX provides these products in affordable price so they can be bought by all types of people.
Technological factors: These are factors stating change in technology that happens during
certain period of time. Technology changes so marketing is affected by the new techniques
coming in the market as the customers are influenced by the technology and demands for the
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same in product. TK-MAX finds a new way to interact with customers, reduces cost,improves
product quality.
Environmental Factors: It includes the environmental aspects such as climate,weather, etc.
which affect the organisation. Also waste dhould be recycled so training is given to the cleaners.
Legal Factors: It includes the laws that are applied on the organisation to be followed like
discrimination law, employment law, consumer law, any change in policy, etc. This affects the
organisation in marketing efficiently so the company needs to plan according to these factors.
c. Interrelationships between marketing and other functional units of an organisation
Marketing is basically promoting the organisation for productivity which can be attained
by satisfying customer needs. Marketing fully depends on these units of organisation:
Operation management: This department is called the production department which involves
proper amount of research and development is planned to satisfy customer's needs. The products
are made with quality and design given according to the customer's need.the amount og order to
be generated must be on time.
Finance Department: This department takes care of the budget under which the organisation
have to work .The whole budgeting plan is done under finance department. Various department
comes under marketing that performs their certain roles and management keeps a record of
whole(Kotler, 2015). This department should concentrate on increasing volume of sales,cash
flow, etc. They are concerned with the matter of taxation that are under government, financial
matters of the company. The main aim of the department is to create a structure that contributes
to management and thereby ensures stability. This basically focus at utilisation of resources
ensuring transparency in the fonancial operations.
Human Resource department: This department focus on providing the structure and ability to
the organisation to meet the business needs. They need to achieve a level of efficiency and work
management. It is the department that deals in recruiting skilled staff for the organisation that are
trained enough for a certain post in organisation. This department provides job safety to the
employees. Its the HR department's job in marketing sector to maintain employee relations, to
provide compensation and benefits, training and development. They create compliance labor law.
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d. Key elements of marketing functions and interrelations with other functional units of
organization
Marketing involves several functions promoting,finance,production, etc. but there are
some elements that goes under the process:
Research:For developing a business marketing,it is the important element that cannot be
neglected. Market research in necessary as it says about current market trends ,scope of the
business that is developing. It gives full details of what are the steps involved in development of
organisation. It provides the details of what to get,where to get and how to get. It gives the raw
structure of the organisation.
Strategy: Then comes the strategy part, which involves the process of developing strong and
weak point of the enterprise. This gives the knowledge of competing with the market and get
success. It is made with all possibilities and outcomes measured.
Planning:The third stage is planning which comes after research and strategy. This is the
process in which planning is done in marketing sector that includes sales approximate, financial
planning,and other functions of the business. Proper planning is done to make a complete
strategy to create a successful organisation.
Tactics: After the planning part, this is the last stage where the scheme of applying the plan are
generated. To increase the sales short term schemes are offered by the enterprise like discount or
buy one get one free offer. These types of offers are created to attract customers and by
providing best quality the organisation increases its productivity.
The marketing sector is totally related to these elements as the management need to apply
these techniques in every part of organisation whether its sales part or finance or production.A
proper plan is needed to manage the organisation properly and successfully. The marketing
management needs proper communication with each other and clients to manufacture the
products according to the customer's requirement in an efficient manner.
LO2. Ways of using marketing mix for achievment of business objectives
1. Comparing the ways of applying marketing mix
The organisation use different ways to achieve objectives. The company TK-MAX use
7p's marketing techniques in the marketing mix to achieve goals of the company. The 7p's are:
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7 Ps TK-MAX Matlan
Product: This is the first
marketing technique and it is
basically the product which is
to be manufactured for the
customers. So it should be
according to the needs of
clients and must satisfy
customers.
TK-MAX provides better
quality and reasonable
products than Matalan.
As Matalan does not make use
of good quality stuff for its
products.
Place: This is the next phase
which includes the place i.e.
the company or its product
must be approachable to the
customer conveniently. The
products and services must be
easily available to the client so
that no inconvenience is
caused(Ryan, 2016).
the TK-MAX store is located
to the customer's reach, it will
be convenient for them to get
the product.
While, compare to Matalan, its
stores are not available on
high street, hence, they are not
easily visible to customers.
Price: The price of the
product and facilities provided
must be reasonable and up to
the mark. The customer
compares the price so the
price must be kept after the
total market research.
The TK-MAX is offers
affordable prices to its
customers including various
discount offers.
But this strategy is not seen in
Matalan.
Promotion:This process of
promotion contains
advertising, sales promotion,
etc. It must include some sort
TK-MAX brand make use of
highly use promotional
techniques to promote its
Whereas, Matalan use less
expensive techniques of
promotion.
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of campaigning for promoting
the brand. Also some sort of
offers can be kept like
discounts to attract people and
increase sales.
products.
Process: This phenomenon
involves the services given by
the company and it will show
how the services are used. It
contains basic activity which
says about the things that will
be done to attract customers,
to increase productivity, to
gain profits.
TK-MAX company makes use
of various attractive process to
attract customers such as
different types of discounts on
fresh arrivals, etc.
But Matalan seems to be less
interested in these activities
which leads to attract
customers.
People: The people are those
entities in the companies who
perform the task. They are the
management,
employees ,organisational
officials and the customers
also. It is basically focussed as
how the employees work and
use their skills to satisfy
customer and their needs. The
requirement here is to gain
more people as customers bye
people(employees).
TK-MAX company as
compared to Matalan hires
more skilled and effective
workers and staff members
which results in customer
satisfaction.
Matalan company as
compared to TK-MAX hires
less skilled workers and staff
members which results in
customer satisfaction.
Physical Evidence: It is the
part where customer's need
proof of the product's quality
TK-MAX stores appearance is
more attractive as it has
different sections for both
Whereas, Matalan stores are
less attractive than TK-MAX.
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being supplied. So the
organisation provides the
guarantee and proper
documented billing of the
service or product provided.
So in case of any damage, it
can be returned.
female and male customers,
also, its stores is decorated
with heavy lightening.
2. Different tactics applied by the organizations to achieve business objectives
This procedure needs marketing mix to achieve organisational goals and objectives.It is
based on the company's size on the the marketing mix is applied. It helps the officials to
understand the product and its requirement related to the market. The common way used is 4p's
of marketing which consist of product, price, place and promotion and 7p's of marketing which
consist of product, price, place, promotion, people, process and physical evidence.
TK-MAX is an organisation which focuses on customer's satisfaction and made its mark in the
national market.This happened due to application of marketing mix by the company.All
organisation spends money on marketing process, promotion.research and development ,etc. It
mainly aims at focussing on product selling, pricing, delivery of product, physical evidence and
focus on people(McDonald and Wilson, 2016).Another company Matalan, dealing in same sector
is the biggest competitor of TK-MAX. It has less number of staff. The main reason behind the
organisation's success is its understanding with the customer and making strategies keeping
customer's need in mind. TK-MAX has staff that are available in a minute. No one is left
waiting. It is more reliable store as compared to Matalan. All the p's of marketing must be kept in
mind and then the strategies must be made so that all the requirements are fulfilled and within
time the organisation gets successful. This way of marketing is very useful as it gives the
systematic way og understanding the market and it is the easiest way for the management to
understand.
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LO3. Basic marketing plan
Marketing plan
Marketing plan consist of the main scheme to attain organisational goals and objectives.
The organisation needs to develop an understanding of the customers. A clear research of the
market should be done to understand the main objective. Plan consist of:
Mission : The main mission/aim of TK-MAX is to attain organisational objectives , increase
productivity, gain profits, satisfying customers, increase popularity. Once the customer is
satisfied all these aims are automatically accomplished(Wirtz, and Lovelock, 2016). So directly
or indirectly company's mission is related to customer and their satisfaction. If the customers will
increase the productivity will increase and that will automaticalli increase the profits of the
organisation.
Corporate objectives: It is the aim defined by the enterprise that creates impact on internal
decisions. Most targets access the time used by the organisation for their success and how the
company is growing.TK Maxx aims at going better in compatibility and meeting of targeted
goals and objectives that will help gaining a good rise in getting a customer's trust.
SWOT Analysis
Strength :It is basically way of handling customer's needs and demands in a appropriate
manner. The main strength is it has increased all aspects of its production to overseas facilities. It
has helped the company to focus on adding higher features like design and at the same time high
labor cost is saved. It is recognised nationally soon its going to be known worldwide. It stands
for the benefit of the customers that produces problems among rival companies.
Weakness: The unreliability of the customers and low adaption of targeted goals is its biggest
weakness.It creates a great impact on the company's production and profits. Some times a
customer is unpredictable and being in a fashion sector ,the organisation has to take a good care
of the customer in every possible way which sometimes becomes a loss of other customers.
Opportunity: As the market is changing and the fashion trends keeps fluctuating the customer's
attraction is shifting towards changing fashion so it is a great opportunity for the organisation to
add new features in product relevant to trend and compete in the market.
Threats: The changing customer needs and requirements shift them from one organisation to
another for their desired product so the other companies are biggest threat to the orgabisation
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who compete in same market. Also the profits depends on the customer will be affected. TK-
MAX has the biggest threat from the company Matalan.
PESTLE Analysis
Political:These factors are suitable for handling various productions which help the organisation
to enter the UK market. TK MAX has met with its objective once entered in the market. If the
enterprise gets proper political support ,its goals can be achieved and it will improve its
productivity in the market gaining good profits. This will create high quality products.
Economical:The economical factor includes the economic conditions of the company which can
become high with the customer support(Wirtz, and Lovelock, 2016). Good compatibility can be
created within the organisation with an economic support which will give rise in the performance
of the organisational employees and create customer satisfaction.
Social:The company needs to understand the customers and their needs .This helps in
maintaining good relation with the client and create control over the operation of the company
that increae the suitability and meets the organisation's objectives effectively.
Technological:As the technology is changing ,it gives rise to the new technology used in the
organisations,so to obtain the objectives of the company the company needs to add new features
in the company's environment that is for the good of the customer and that makes the products
easily available for the customer.
Legal:The firm takes care of the different legal procedures that are needed for the rise of the
organisation and to meet the needs of the company's success.
Environmental:It involves the fulfilling of nature's needs and adapting high quality products in
a better way.
Marketing strategies: The main Strategy of TK MAX id to gain good promotion for the
organisation for its products and services(Kotler, 2015). The new products added in the
organisation can be promoted through various ways:
Online promotion: This includes promoting the product through social media websites, web
applications, Personal webpage, etc. Now a days large no. of people are using
facebook,instagram,etc so this is a good way of promoting organisation and products.
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Campaigning: Campaigning is another way of promoting products.More people come in the
event ,more they will get to know about the product. There should be some innovation in the
product's display so that more customers get attracted to it.
CONCLUSION
It can be concluded from the report that the role of marketing is totally linked to other
functional unit of organisation. The whole marketing process includes 7 p's of marketing mix
that states the use of the ways to increase productivity, gain profits.Also the strategic marketing
plan is evaluated.
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REFERENCES
Books and Journals
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson
Australia.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Kotler, P., 2015. Framework for marketing management. Pearson Education India.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from
them. John Wiley & Sons.
Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital
generation. Kogan Page Publishers.
Wirtz, J. and Lovelock, C., 2016. Services marketing: people, technology, strategy.
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