Marketing Growth Strategies of TK MAX
15 Pages4551 Words365 Views
Added on 2020-12-18
Marketing Growth Strategies of TK MAX
Added on 2020-12-18
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The Marketing growthstrategies of TK MAX
INTRODUCTIONMarketing is the science and art of exploring, creating, and delivering value to satisfy theneeds 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 itsinterrelation 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 inthis report. Evaluation of tactics applied by organisation in order to accomplish businessobjectives will be made. Development and evaluation of marketing plan which helps theorganisation by providing competitive advantages will be gained by the organisation will bediscussed in this report. Eventually, the strategic direction of company will be made that helpsthe organisation in sustaining in competitive environment.LO 1a) Roles and responsibilities of marketing functions in relation with broader context of TK-MAXMarketing refers to the process in which organisations promotes organisational goods andservices in way so that more and more customers can attracts towards organisation. There areseveral functions of marketing and each have its specific role and responsibility. In this context,the marketing functions are described below:Collecting and analysing marketing informationCollecting and analysing marketing information is the core function of marketing. Therole of marketing officer or manager here is to collect relevant data and information regardingchanging customers taste and preferences, competitors planning, etc. It is essential function ofmarketing which is responsible for providing TK-Max with up to date data and information. Marketing planningPlanning is fundamental function of every part of management. Without appropriate planand 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 andpromotional activities (Armstrong et.al., 2015). It is crucial task which is responsible forproviding competitive advantage to the management of TK-MAX.Product Designing and Development1
Design of products plays prominent role in selling of products. Attractive design able toattract more customers. The role of marketing officer is to assist product design and developmentteam of TK Max. Marketers know more about current market taste thus their opinions are crucialand they are accountable for effective design and development of product. Standardisation and gradingIt refers determining standards regarding size, quality, design, weight, colour and rawmaterials used by management while manufacturing products (Sheth and Sisodia, 2015).Marketing manager plays significant role in determining the standards of products and gradesthem accordingly. The responsibility of this function is to enhance the quality of products whichis to be distributed to the customers. Packaging and LabellingPackaging and labelling is the task which is done after the completion of product. In thismarketing officer plays role in determining the type of packaging material to be used in order tosafeguard the product from destruction or damage during transition phase. Marketing managersneeds to ensure that specific product has been labelled properly so that consumer can get what heor she desires. BrandingBranding refers to the special identity that product have. Marketing managers playscrucial 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 largeamount of customers towards organisation. Branding helps management of TK MAX sustainingcompetitive advantages. Customer Support and ServicesTo enhance the satisfaction of customer it is essential for marketers to provide themsupport 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 ofcustomers. Thus, the responsibility of marketing is to provide efficient customer services. PricingIt is essential function where marketing manager has to determine and fix the price ofparticular product. The price of a product is affected by its cost, rate of profit, price of competingproduct, policy of the government, etc. The price of a product should be fixed in a manner that it2
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