Marketing Growth Strategies of TK MAX

The Marketing growth
strategies of TK MAX

INTRODUCTION
Marketing is the science and art of exploring, creating, and delivering value to satisfy the
needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines,
measures and quantifies the size of the identified market and the profit potential (Kotler, 2015).
In this context, the focus of assignment is on analysing key roles of marketing and its
interrelation with other functional units of TK-MAX. The comparison of ways in which TK-
MAX used elements of marketing to accomplish aggregate business objectives will be made in
this report. Evaluation of tactics applied by organisation in order to accomplish business
objectives will be made. Development and evaluation of marketing plan which helps the
organisation by providing competitive advantages will be gained by the organisation will be
discussed in this report. Eventually, the strategic direction of company will be made that helps
the organisation in sustaining in competitive environment.
LO 1
a) Roles and responsibilities of marketing functions in relation with broader context of TK-
MAX
Marketing refers to the process in which organisations promotes organisational goods and
services in way so that more and more customers can attracts towards organisation. There are
several functions of marketing and each have its specific role and responsibility. In this context,
the marketing functions are described below:
Collecting and analysing marketing information
Collecting and analysing marketing information is the core function of marketing. The
role of marketing officer or manager here is to collect relevant data and information regarding
changing customers taste and preferences, competitors planning, etc. It is essential function of
marketing which is responsible for providing TK-Max with up to date data and information.
Marketing planning
Planning is fundamental function of every part of management. Without appropriate plan
and strategies, marketers would not be able to deliver competitive advantages to organisation.
The role of marketing officer is to devise strategies which helps in enhancing marketing and
promotional activities (Armstrong et.al., 2015). It is crucial task which is responsible for
providing competitive advantage to the management of TK-MAX.
Product Designing and Development
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Design of products plays prominent role in selling of products. Attractive design able to
attract more customers. The role of marketing officer is to assist product design and development
team of TK Max. Marketers know more about current market taste thus their opinions are crucial
and they are accountable for effective design and development of product.
Standardisation and grading
It refers determining standards regarding size, quality, design, weight, colour and raw
materials used by management while manufacturing products (Sheth and Sisodia, 2015).
Marketing manager plays significant role in determining the standards of products and grades
them accordingly. The responsibility of this function is to enhance the quality of products which
is to be distributed to the customers.
Packaging and Labelling
Packaging and labelling is the task which is done after the completion of product. In this
marketing officer plays role in determining the type of packaging material to be used in order to
safeguard the product from destruction or damage during transition phase. Marketing managers
needs to ensure that specific product has been labelled properly so that consumer can get what he
or she desires.
Branding
Branding refers to the special identity that product have. Marketing managers plays
crucial role in raising the brand level of products of organisation (Weinstein and Pohlman, 2015).
They have to determine the specific name of the product so that it could able to attract large
amount of customers towards organisation. Branding helps management of TK MAX sustaining
competitive advantages.
Customer Support and Services
To enhance the satisfaction of customer it is essential for marketers to provide them
support and services. Marketers at TK Max offers after sales services, handling customers'
complaints, credit facilities, etc. This is done in order boost up the satisfaction and motivation of
customers. Thus, the responsibility of marketing is to provide efficient customer services.
Pricing
It is essential function where marketing manager has to determine and fix the price of
particular product. The price of a product is affected by its cost, rate of profit, price of competing
product, policy of the government, etc. The price of a product should be fixed in a manner that it
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should not appear to be too high and at the same time it should earn enough profit for the
organisation.
Promotion
Promotion of products are very important. It is another core function of marketing where
marketers devised specific plans and strategies in order to promote products more effectively and
efficiently. Promotion strategies of TK Max is different from its competitors which helps them to
gain competitive advantages.
b) Key roles and responsibilities of marketing in relation with broader context of TK Max
Marketing plays crucial and essential roles in enhancing productivity and profitability of
the organisation. In order to sustain in competitive environment it is essential as well as crucial
for marketers to devise specific strategies and plans to boost up growth and development of the
organisation (Di Benedetto and Lindgreen, 2018). Marketing plays prominent role in increasing
customer base of the organisation. The role of marketing manager of the organisation is to gather
information through thorough research analysis of market position. This is done in order to gain
knowledge about the current trends floating in the market. Marketing manager are responsible
for determining the promotional activities which is to be done for particular products. Promotion
and branding are essential roles and responsibilities of marketing department at TK Max. In
order to obtain competitive advantages it is essential and fundamental for marketing department
to formulate precise strategies and plans. The key roles and responsibilities of marketing is
directly and indirectly related with wider organisational context. The roles including marketing
planning, product designing and development, pricing, standardisation and grading are directly
related with product development phase at TK Max. Marketers have to support professionals
working in these sectors so that profitability of company can be increased and desired goals and
objectives can be obtain (Wagner and Eggert, 2016). The responsibility of marketing department
is to enhance the quality of products which is to be distributed to the customers through proper
standardising and grading. Organisation core objective is to earn higher profits and gain
competitive advantage and marketing department helps the organisation in accomplishing overall
goals and objectives.
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c) Key roles and responsibilities of marketing in context with marketing environment
Business environment is dynamic in nature. With rise of new technologies, changing policies,
legislations and framework affects both business and marketing environment. Marketers always
needs to prepare for frequent changing environment that could affects the growth and
development of organisation. In this context, the key roles and responsibilities of marketing in
changing marketing environment are provided below:
Formulating marketing plans and strategies
Formulation of marketing plans and strategies is the initial step which is to be taken by
the marketing management of TK Max (Baker, 2016). Here the marketers devised strategies in
order to deal with constant changing environment which would help the in sustaining in
competitive environment.
Marketing information system
Marketing managers need a marketing information system (MIS) for market and product
analysis, planning and its implementation, and for controlling responsibilities. MIS provides
needed information and distributes it in a timely manner. It is the role and responsibility of
marketing managers at TK max to utilise this system in order to enhance marketing activities.
Monitoring marketing environment
Monitoring marketing environment is essential for marketing manager at TK Max. Here
the marketers monitor the marketing environment including recent ongoing trends and changes
in taste and preferences of customers in order formulate strategies and plans through which
organisation could thrive in competitive environment.
Marketing research
Marketers has to conduct market research in order to assess marketing environment. It is
the role of marketing manager at TK Max to conduct precise research to gather information and
data (Miquel-Romero, Caplliure-Giner and Adame-Sánchez, 2014). After research, the marketers
would be able to devise plans and strategies in order to cope up with dynamic marketing
environment.
Creating customer value
Customers needs and expectations are dynamic in nature and to nurture customer value,
the marketers of TK Max needs to put diligent efforts. It is the role and responsibility of
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marketing officer and manager to promotes customer value to enhance their satisfaction and
loyalty.
Market segmentation
The role and responsibility of marketing managers is to group the customers according to
different needs and expectations. In present era, modern markets are not homogeneous and
marketers could not connect with all customers in a large and diverse market. Thus, marketers
needs to segment customers accordingly and appropriately to enhance their attraction and
retention.
Dealing with competition
Competition in United Kingdom has intensified and emerged into new dimension. Due to
agile policies and increase in Foreign direct investment, organisation has been facing
competition with global markets (Baker and Saren, 2016). Marketing manager of TK Max needs
to formulate competitive strweategies and plans in order to sustain in competitive environment.
Establishing product strategies
Establishing product strategies as per changing marketing environment is role and
responsibilities of marketing managers of organisation. Marketing manager along with
operations department of organisation needs to work collaboratively so that product strategies
can be formulated which helps in providing competitive advantage to the organisation.
Effective management of channels
Effective management of channels will make the marketing functions and process more
robust and efficient. It is the role and responsibility of marketing manager and officer to
formulate effective marketing channels so that organisation would be able to cope up with
dynamic marketing environment.
d) Significance of interrelationships between marketing and other functional unit
Marketing is essential and important part of organisation. Like all other functions and
departments of organisation, marketing department plays crucial and significant role in
enhancing the productivity and profitability of the organisation. Marketing is related with all
other operations and functions of organisation (Martín-de Castro, 2015). The key role of
marketing is to deliver organisational product information to its key customers. In order to
sustain in competitive environment it is essential and important for the management of business
organisation to work collaboratively and in team work. Marketing is related with human resource
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department of the organisation as it helps the HR managers regarding details of candidates which
are required for the specific marketing position. It also assists HR managers in delivering them
ideas which helps in enhancing the motivation and satisfaction of employees. Marketing
department and finance department of organisation are related and significant. As marketing
manager prepare budget plan for campaigning and promoting of particular goods and services of
organisation and finance officer allocates budget accordingly. Marketing function is related with
operation management of the organisation. They work together and collaboratively in product
design, development, standardisation, grading, packaging and distributing it to the consumers.
Thus, from the above analysis it can be clearly understood that marketing plays significant role
in the organisation and is significantly inter-relatable with all other departments incorporated
within the organisation.
e) Key elements of marketing functions and their relation with other functional unit of
organisation
Marketing is the process in which marketers by using different channels and sources promotes
organisational products and services in effective and efficient manner. There are four key
marketing function elements which are related with other functional unit of the organisation. The
marketing functions and their relation with other functional unit of TK Max is described below:
Research
Marketers has to conduct marketing research in order to gather relevant data and
information regarding marketing situation. Like all other organisational functions needs to
conduct research in order to obtain necessary information (Elenkov, 2014). The role of
marketing manager is to conduct market research in order to gather information and data of
marketing environment. Research is done by all departments such as human resource, finance
and operations department of the organisation in order to make business operations more robust
and effective. This is done in order to sustain in competitive environment to enhance the
productivity and profitability of the organisation. Marketers has to conduct market research in
order to assess marketing environment. It is the role of marketing manager at TK Max to conduct
precise research to gather information and data. After research, the marketers would be able to
devise plans and strategies in order to cope up with dynamic marketing environment.
Strategy
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Once marketers have obtained data and information. They have to put data into one
picture and formulate precise strategies in order to enhance the marketing and promotion of
organisational products and services. Managers working in all departments of TK Max follow
the same criteria. They formulate precise strategies after they have collected data (Westwood,
2016). This implied that strategy element of marketing is inter-related with other functional areas
of organisation. Strategies are formulated by top management or managers of the organisation
which is further articulated with team members and employees and they work collectively and
collaboratively to achieve common business goals and objectives of organisation.
Planning
Planning is done at all departments in the organisation. In marketing department, the plan
has been prepared in consideration with all other plans which have been formulated in various
departments within the organisation. It is essential and equally important for management to
align their plans with other management plans so that organisation can achieve desired goals and
objectives effectively and efficiently (Kotler, 2015). In order to gain competitive advantage it is
crucial for marketing managers to cross check their plans with plans of human resource
department, financial department and operations department so that productivity and profitability
of the organisation can be enhanced.
Tactics
Tactics is the element of marketing where marketing manager used variety of methods to
make promotion of products and services successful. There are different types of gimmicks
conducted by marketing managers in order to gain attraction of customers. In similar way other
departments within the organisation devised tactics in order to accomplish common goals and
objectives. The element is inter-related with other department as tactics helps in accomplishing
organisational goals in effective and efficient manner. Through precise tactics and working
collaboratively, the management of TK Max could able to achieve higher profits and revenue.
LO 2
1. Compare the ways in which different organisations apply the marketing mix to the marketing
planning process to achieve business objectives
7Ps marketing mix model can be used by TK Max business marketing professionals in case of
achievement of structure objectives in various manner. It defines about putting the right products
to the right place in market of the nation.
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Product: It is an essential part for each and every business. In case of TK Max administration, its
marketing professionals need to insure that they are offering right types of retail products and
services as per demand of its customers. So it should be can attract the right products to the
customers more in terms of raining profitability of the business.
Price: it is defined as, as per the marketing policies generally those amount considered which the
customers purchasing the products. So as respect to the customers, pricing policies should be in a
proper order to distribute in the products (Armstrong et.al., 2015). According to its plan of
action, they have to introduce their products at right places, where the can gain desired response
from its customers.
Place: As per the marketing strategy of TK Max business, its occupational group need to making
location of its products at right level in order to proper dispersion of the product, at right place.
Reported to its strategy, from the customers they can gain to response desired in nature have to
introduce their products at right places in their nature.
Promotion: This activities is fundamental activities of marketing mix, in TK Max business
professionals has to make using of advertisement and sales encouragement activities in order to
getting proper publicity of its various retail products and services by which they must be raise
sales of their business organization.
People: The different types of business activities is relevant in manner is most necessary part of
each business in order to running in the country with the people. The different types of products
is using to retail, so its professionals need to set up a target market where is need of certain types
of goods and services must be increase by company in characterized form.
Process: TK Max organisational professionals need to make sure that, the cost of the different
level is produced by production to minimise the process of tailored method (Sheth and Sisodia,
2015). Entire process of sales funnel, a pay system, distribution system can be applied in several
modes, so it could be give better outcomes for the business.
Physical evidence: To creating the brand image of firm in the customer mind it is a physical
evidence of the business, is a necessary thing. The first outcome of a loyal customer that is thing
about retail products, they first think about the TK Max organisation products.
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2. Evaluate different tactics applied by TK Max firm to demonstrate how business objectives can
be achieved
Product strategy: order to formulate new strategy which must be utilised by TK Max
firm to frequently furnishing new and better products and services to keep up themselves to
changes in consumers request. Possibility have to making different marketing occupational group
to needed development within its various existing and new products which has potential to
attract its customers more in industry in respective manner. So with the help of this approach, TK
Max business can profit in demand goals and objectives of the business.
Pricing strategy: This is another part of essential strategy it can be implemented by TK
Max business in marketplace they ordered meeting their desired objectives and goals in the
market place. They are differentiated a various type of products and services to retail which are
considered as pricing of each products (Weinstein and Pohlman, 2015). So its professionals
demand to give special pricing to each one product which is contribution by the firm at lower
price than its challenger products in business enterprise. Which are helping in the firm to boost
up to its market to share and also increment revenue generations of the business. Company
should offer pricing of its various products which leads its brand premium.
LO 3
Basic marketing plan for TK max
For growing business effectively and successfully TK max managers needs to evaluate
and develop a marketing plan that can deliver efficiency and support to attract more customers.
A proper marketing plan can help the organisation in enhancing its productivity and profitability.
The Marketing plan can be described as below -
 Executive summary – It assists in summarising essential things within the marketing
plan which may be considered while development of the plan for providing effectiveness
and strength. Advisers, overview and employees must be involver in executive summary.
 Target customers – This section will support business to identify their target customers.
Clearly identified target customers helps an organisation to pinpoint its advertising
effectively.
 Unique selling prepositions (USP) – Unique selling proposition refers to making unique
path to sell products and services that help them in differentiating them to other products
offered by the competitors in the market. The tag-line of an organisation is its USP such
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as USP of FedEx's is “When it absolutely, positively has to be there overnight”, which is
very popular and attractive.
 Positioning and pricing strategy – Pricing and positioning strategy is critical for TK
max for making a premium brand as compared to others. It supports in providing services
with low prices. In this area of marketing plan, information regarding positioning and the
way pricing will support it will be determined(Westwood and et.al, 2016).
 Distribution plan – Distribution plan consist things related to the way customers will
purchase good and services offered by the organisation effectively. It refers to various
means in which organisation can reach to its potential customers and document them in
this particular section of the marketing plan.
 Promotion strategy – Promotional strategy will support organisation in providing full
information with regards to goods and services offered by in the market to the customers
for increasing sales and profit. There are various promotional techniques such as trade
show marketing, television ads, online advertising, press releases and event marketing.
Detailed coherent evidence based on marketing plan
TK Max must market items and administrations to increase most extreme presentation that turns
into a solid rival in the market viably which additionally help to expand productivity and
creation. Proof based promoting is one sort of advertising where the organization utilizes
measurements, look into, patterns, industry practices and client meetings to demonstrate the item
or administration fills in as expressed by the organization.
1. Discovering data: The arrangement depends on data that valuable and applicable data and
information is required to make a successful arrangement. Strong actualities and research
is important to make and gather essential data(Armstrong and et.al, 2015)
2. Reasonable Timeline: Simply telling a client that an item has over 90% fulfilled clients
does not imply that individuals will arrange at the entryway hoping to buy the items or
administrations. Reasonable desires with time period, deals and pay is critical to achieve
showcasing item.
3. Specialists Insights: Evidence-based promoting plan will likewise incorporate statement
and specialists knowledge. Conclusions, measurements and mastery will give reinforce
towards advertising design with a specific end goal to utilize their experience and
advices.
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4. Alerts: Simply on the grounds that an organization chooses to utilize prove in a separate
showcasing effort does not mean the organization will encounter an expansion in deals or
turn into a win. The business should utilize prove based advertising design keeping in
mind the end goal to build deals and gainfulness adequately.
Key promoting plan
Market and condition investigation: Market and condition examination is imperative for
the firm to evaluate what is the market genuine position of firm keeping in mind the end goal to
make systems and arrangements viably.
 Promoting target: Marketing target is likewise significant keeping in mind the end goal
to target what the business needs to accomplish with a specific end goal to expand deals
and benefit(Elenkov and et.al, 2014).
 Marketing strategy: Strategy and plans are figured by administration keeping in mind
the end goal to accomplish advertise deals and benefit which additionally help to achieve
wanted objectives and destinations successfully.
Marketing Mix -
1. Price - The measure of cash expected to purchase items
2. Product - The real item
3. Promotion (publicizing)- Getting the item known
4. Placement - Where the item is found
5. People - Represent the business
6. Physical condition - The atmosphere, state of mind, or tone of nature
7. Process - How do individuals get your item
CONCLUSION
From the above report it can be concluded that marketing is crucial and essenital part of
the organisation. In order to sustain in competitive environment it is essential and rudiemnt for
the organisation to develop effective marketing strategies and plans. In this context, the
marketing plan and strategies in respect of TK MAX has been assessed in this report.
Furthermore, the marketing plan of TK MAX has been formulated in this report that helps in
enhancning knowledge regarding marketing.
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REFERENCES
Books and Journals
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