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Marketing Mix in TK Maxx Assignment

   

Added on  2021-02-19

10 Pages3496 Words359 Views
TK Maxx STRATEGIC OR MARKETINGANALYSIS

CONTENTSINTRODUCTION.................................................................................................................................1TASK – 1(A).........................................................................................................................................1Purpose of stages of marketing including role of marketing mix.......................................................1Role of marketing in creating value to the customers........................................................................3Stakeholder engagement and their influence on the marketing activities of the firm.........................4TASK – 1(B) (REFLECTIVE WRITING)............................................................................................5REFERENCES......................................................................................................................................7

INTRODUCTION In last few decades the world of business has changed dramatically. If this alterationwill going to take place, it will become difficult to imagine the picture of future. There isrising level of competition between the businesses and thus, firms are offering better servicesand products to the customers. They are also making efforts to market their productseffectively better than their rivalries (Kotler, 2013). The current research study is segregatedinto two parts wherein the first part is essay that with understanding the processes and stagesof marketing and will evaluate the role of marketing mix in the organization TK Maxx. It is afamous European off price retailer dealing with more variety of stores and quality brands.Emphasis will also be done on role of marketing in creating value for customers andstakeholder’s engagement & its influence on the firm. The second part is the personalreflection on the tactical communication tools being used in the project. TASK – 1(A)Purpose of stages of marketing including role of marketing mix Contemplating in relation with the TK Maxx, it is one of the best off price retailer inthe US and UK and is the subsidiary of TJX companies. They have around 260 stores allaround United Kingdom including Germany, Ireland and Poland. The company has brought arelatively new concept in the market. Because of this, they does not have any directcompetitors as well. Each and everything within the firm whether it is its marketing strategyand other business tactics, is quite different and unique (TK Maxx, 2018). Consequently, itcan be said that the heart of the firm’s success greatly lies in the business model of providinghigher level of designer labels for up to sixty percent less from the actual prices. Under themarketing concept, TK Maxx has significantly found a way to discover the unfulfilled needsand wants of the customers and has brought that products and services into the market thatcontends their needs effectively. The process of carrying out this is being modelled in asequence of steps i.e. analysing the situation for determining the opportunities in the market,formulating the strategy for value preposition, making tactical decisions and finally,execution of the plan and monitoring of the outcomes (Farooq, 2015). Throwing light about the very first stage of marketing process i.e. situational analysis,TK Maxx significantly carries out thorough analysis of itself and evaluation of the externalenvironment as well. The firm is greatly affected by the tax system, policies of the UKgovernment, tariffs restrictions and political stability. Further, because of the global1

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