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TK Max Marketing Essential

   

Added on  2020-10-22

13 Pages4453 Words416 Views
MarketingEssential
TK Max Marketing Essential_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Roles and responsibilities of marketing function..................................................................1P2 Roles and Responsibilities of Marketing relate to wider organisational context...................4TASK 2............................................................................................................................................7P3 Comparison of application of marketing mix by different organisations for achievingbusiness objectives.......................................................................................................................7TASK 3............................................................................................................................................9P4 Covered in PPT.......................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONMarketing the most important business activity as it helps in promoting goods andservices at market place so that customers can purchase them thus enhancing their overall salesand profitability ratios. There is always exchange process in which seller sold the goods tocustomers and buyers buys the products in exchange of monetary values. The firm should focuson selling customized products according to needs and wants of clients thus enhancing theiroverall sales and profitability volumes. Marketing concept are also useful in order to gainattention of customers so they will purchase their goods and maximise their sales index.Marketing plans are also formulated in order to analyse the budgets which they can spend onpromotional activities and also SWOT analysis are important factor by which firms candetermine all those factors which are affecting their business activities (Cleverley, 2017). The under mentioned report is based on TK Max and they are dealing in Americanapparel and are based on home good company. The firms are mainly dealing in clothing andbeddings and they are offering them to their potential customers. The topics covered in the reportare roles and responsibilities which are related with different marketing functions by setting thegoals and business objectives by which the working had to be carried out effectively, Marketingmix tools are beneficial in order to develop strong customer base and achieve competitive gainsFurthermore marketing plans are formulated which are beneficial in order to establish strongbrand images of firms in the economy.TASK 1P1. Roles and responsibilities of marketing functionMarketing is an important concept in a business organisation which is define as a processof advertising and promoting brands. In this process, managers of a company use various toolsand techniques for attracting minds of customers towards its products or services. For increasingsales performance, they formulate many strategies and implement the same in higher manner. Inan enterprise, marketing team perform various task to determine demands of customers, situationof marketplace, position of company, bargaining power of suppliers and distributors (Clow andJames, 2013). All these processes help in providing better satisfaction to customers as well asgaining their retention for longer period of time. Further after making proper analysis, they makeproper data and give this to other departments of a firm. It will help managers of distinctdivisions in carrying further activities like in what manner products are to be manufactured and1
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delivered. These processes aid employers to make proper decisions of business environment aswell as utilising resources in an efficient manner. In context with TK Maxx, this firm hasoperated its business in retail sector so, some major roles and responsibilities of marketingmanagers in increasing its sales performance are:- Product: It is defined as an outcome of a company for which a company operates itscomplete business. Therefore, it is considered as the main factor on which profitability andproductivity of business of an enterprise depends. Thus, in this regard marketing department ofTK Maxx used to identify demands and desires of customers, cost of raw materials and otherresources, etc after proper analysis, they make proper data through which production divisionscan manufacture products as per requirement of people. Function of managers of a firm is todetermine needs of people and give collect a proper data (Gertner, 2011). They provide this datato other divisions of enterprise through which further process or production and operation can bedone. It helps in manufacturing products as per requirement of consumers. Selling: This is the most valuable concept as firm offer their products to their potentialcustomers in exchange of monetary values. The cost of the products is kept economical so thatpeople canpurchase their offered goods thus enhancing their overall sales volume. In thismodern era firms are mainly focused towards analysing needs and wants of customers andaccordingly distribute them products. The main concept of selling is related with offering qualityproducts to all the customers in order to retain them for long time durations. There shouldeffective relations maintained with customers in order to enhance their profit. If there arechanges in customers trends then there have to be already made in the products as it results infulfilling need of customers.Price: After manufacturing products, it is major duty of operational department to makeproper price strategy. For this process, marketing department used to evaluate purchasing powerof customers in a particular market as well as cost of whole production. Therefore, TK Maxxneeds to offer its items on affordable price (Hamilton, 2011). They are mainly focused towardsoffering products at economical prices to customers in order to increase their sales and earn highprofitability. The products should also contains quality according to the set prices so that firmscan establish strong 2
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