The Marketing Growth Strategies of TK Max Essentials
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Added on 2020-07-23
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The Marketing growth strategies of TK Max Marketing Essentials The Marketing growth strategies of TK Max 1 Introduction 3 Lo13 a) Key roles and responsibilities of the marketing function related to TK- MAX context 3 b) Roles and responsibilities of marketing4 c) Significance of interrelationship betweenmarketingandanother functional unit of TK-MAX 6 d) Key elements of marketing function and the way they interrelate with other functions 7 M1 Analysing roles and responsibilities of marketing in context
The Marketing Growth Strategies of TK Max Essentials
Added on 2020-07-23
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The Marketing growth strategies of TKMaxMarketing Essentials1
Table of ContentsThe Marketing growth strategies of TK Max...................................................................1Introduction......................................................................................................................................3Lo1...................................................................................................................................................3a) Key roles and responsibilities of the marketing function related to TK-MAX context.....3b) Roles and responsibilities of marketing.............................................................................4c) Significance of interrelationship between marketing and another functional unit of TK-MAX.......................................................................................................................................6d) Key elements of marketing function and the way they interrelate with other functions...7M1 Analysing roles and responsibilities of marketing in context to the marketing environment................................................................................................................................................8M2 Analysing importance of interrelationship between marketing and other functions.......8LO2..................................................................................................................................................91. Comparing the ways in which different firms apply the marketing mix to the marketingplanning process to accomplish business objectives..............................................................92. Different tactics applied by TK-MAX to show the way business objectives canaccomplished........................................................................................................................12M3 Evaluating different tactics applied by the firm.............................................................12LO3................................................................................................................................................131.Produce basic marketing plan for an TK-MAX................................................................132 Producing a detail coherent evidence-based marketing plan for TK-MAX......................143. Designing the strategic marketing plan that tactically applies the use of 7p to accomplishoverall marketing objectives.................................................................................................18M4 Producing a detailed coherent evidence-based marketing:............................................20CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................222
Introduction Marketing is one of the essential functions of the organisation which helps in increasingthe sales and profit of the firm. It leads to provide an opportunity in order to sell products andservices to customers according to their requirements (Deshpande, and et.al., 2017). Concept ofmarketing is known as the philosophy that assists to analyse the needs and wants of customers.The present research is based on TK-MAX. The organisation is an American department storechain which sells products generally lower as compared to other stores. The report will cover keyroles and responsibilities of the marketing function related to TK-MAX context. Along with this,the significance of interrelationship between marketing and another functional unit of TK-MAXwill be explained. Apart from this, different tactics applied by TK-MAX to show the waybusiness objectives can accomplished will be explained.Lo1a) Key roles and responsibilities of the marketing function related to TK-MAX contextMarketing: Marketing is known as a practice which is adopted by firms in order to sellproducts and services to customers. For the organisation, it is important to carry out a systematicprocedure and strategies in order to carry out marketing research in an effective manner. Marketing is the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, and societyat large (Homburg, and et.al., 2014).Concept of marketing Concept of marketing can be identified as a philosophy which assists in analysing theneeds and wants of consumers. Here, below are the areas which are included in the marketingconcept that are as follows:Production concept: In production concept TK-MAX can focus on delivering productsand services at low cost. It included different factors which are considered by customers at thetime of making purchase of any products and services such as price and quality (Mare, 2015).. Inthis respect, TK-MAX needs to formulate strategies that can assist in minimising the cost ofproducts. 3
Marketing concept: In respect to this concept, management of the firm can use differenttools for marketing products and services such as online sites, television, newspaper, etc. It helpsin providing detailed information regarding the new products and offers (Menz and Scheef,2014)..Sales concept: With the use of this concept, company can distribute its products andservices to customers. In this, company undertakes different techniques and promotional offersfor selling a large number of products (Wolfe, Silmon and Miller, 2014).The marketing department of TK-MAX plays a significant role in order to improve theperformance of the firm. It does not only support the performance and productivity of the firmbut also, assists in gaining competitive advantages (Gupta, 2017).. Key components of marketing department: Marketing analysis: The responsibility of marketing department is to carry out marketcampaign in respect to communication and provide information of organisational products andservices to the consumers (Ryan, 2016).. Different marketing elements such as strategy,planning, research and other tactics provide additional support to the marketing team of TK-MAX. Responsibility of marketing department is to produce effective promotional strategies thatsupports the marketing department. Swot analysis: The role of marketing department is to analyse strengths and weaknessesof company which are impacting their growth and development (Mišič and Podnar, 2017). t.Therefore, it is essential for the firm to develop an effective internal communication within firm.The articulation and circulation of the firm is essential to be transferred to the employees of TK-MAX. Therefore, it is a roles and responsibility of marketing manager to analyse the strength,weakness threats and opportunities of the firm in respect to robust the position and performanceof business. Creating short term and long term strategic planning: One of another function ofmarketing department is to create short and long term strategic planning. It is because; it assistscompany in accomplishing their short and long-term goals. Planning covers defining andmanaging the firm (Ismail, Mubarack and Thulkifly, 2015).. The role of marketing manager is tomanage the brand image efficiently. Company can easily analyse its surrounding environmentand proposed strategies accordingly. Therefore, it is the role and responsibility of marketingmanager to develop short and long term strategic planning for firm’s benefits. 4
b) Roles and responsibilities of marketing The marketing environment leads to include the internal and external factors whichsurround the business and influence its marketing operations. Figure 1: Structure of marketing departments(Source: The Marketing Department of the Future, 2017)There are various types of roles and responsibilities of the marketing manager in contextto marketing environment that are as follows:In TK-MAX, marketing department plays a significant role in order to accomplish the setgoals and objectives. Marketing department not only gathers information related to the productsand services but also collects information related to the new market trends and requirements ofcustomers (Wasan and Tripathi, 2014). Therefore, it leads to have substantial influence on theprofitability of TK-MAX. Here, below are provided some important functions of marketing thatare as follows:Conducting market research: Customer’s taste and preferences change with the changeof time. Therefore, it is important for the firm to conduct market research so thatcompany can easily fulfil their needs and wants (Engelen, Lackhoff and Schmidt, 2013)..Through conducting a market research, company can gain various opportunities related tomaking new products and expansion of business. Developing strategies: It is essential for the firm to organisation to ensure that they takeappropriate steps with the help of which they can accomplish success (Grãdinaru, Toma5
and Marinescu, 2016). For marketing manager, it is essential to understand the situationand marketing issues along with trying to overcome them in order to accomplishorganisational goals and objectives of TK-MAX.Building relationship with customers: One of the main aims of any firm is to enhanceprofit and it can only be done with the help of formulating effective marketing strategies.Along with this, all the products and services must be developed according to therequirements of customers to enhance their satisfaction levels (Wasan and Tripathi,2014).. Here, marketing manager of TK-MAX needs to ensure that customer’srequirements are clearly understood and resolved by firm on time. TX-MAX lead to builda strong relation with its customer through taking feedback from them and solve theirissues on timeIdentifying threats and opportunities: There are various types of threats which can befaced by TK-MAX and these are essential for marketing manager to identify them andovercome (Gunawan, 2015). Along with this, company can also take proper steps in orderto understand customer’s buying behaviour which provides an opportunity to develop theproducts accordingly. TK-MAX can conduct swot analysis to identify threats andopportunities. Listen to customers needs: For marketing, it is essential to create a strong relationshipwith customers and listen their queries in order to satisfy them. Along with this, throughtaking feedback from customers is also one of the effective ways to understandcustomer’s requirement and modifying products accordingly (Mišič and Podnar, 2017)..Company can conduct survey in which it can collect information regarding requirementof customers or it can take feedback from its employeesThere are some advantage and disadvantage of marketing that are as follows:One of the most obvious advantage of marketing is that basic interest is created ofcustomers for the product and services which are being offered. It helps in grabbing attention of large number of customers (Ryan, 2016)..DisadvantageOne of the first disadvantage that can be stated is required fund for marketing. At thetime of marketing if proper plan is not preparing then it become entire money invested inmarketing get wasted (Wolfe, Silmon and Miller, 2014).. 6
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