Marketing Essentials Report: TK Maxx, Marketing Functions & Strategies

This report delves into the core concepts of marketing essentials, utilizing TK Maxx as a case study to illustrate key principles. It begins by defining marketing and its significance in promoting products and brands. The report then explores the roles of marketing within an organization, emphasizing its interrelation with functional units such as sales, distribution, finance, HR, and R&D. It examines marketing's responsibilities in the context of the market environment, including strategies, information systems, and market research. The second part of the report focuses on the application of the marketing mix (7Ps: Product, Price, Place, Promotion, People, Physical Evidence, and Process) to achieve organizational objectives, comparing TK Maxx's approach with that of Mark & Spencer. The analysis provides insights into how the marketing mix elements are utilized to meet customer needs, enhance sales, and maintain a strong market position. The report offers a comprehensive overview of marketing functions and strategies in a retail setting, making it a valuable resource for students and professionals alike.

MARKETING ESSENTIALS

TABLE OF CONTENTS
INTRODUCTION.............................................................................................................................3
TASK............................................................................................................................................... 3
P1. Roles of marketing and its interrelation with functional units...................................................3
P2. Use of marketing mix to achieve organizational objectives.......................................................6
P3 Covered in PPT........................................................................................................................9
CONCLUSION.................................................................................................................................9
REFERENCES...............................................................................................................................10

l壱INTRODUCTION
Marketing can be described as to conduct various kinds of activities and procedures
which are helpful to promote any product or brand among customers. It is considered as set
of institutions, process of generating, communicating, delivering and exchanging offerings
that have value for consumers, partners and society.
Marketing essentials refers to promote and deliver goods or services to clients and
businesses (Dibband Simkin, 2013). This report is based on TK- Max which deals in retailing
and provides clothing, footwear, bedding, domestics, furniture and gift-ware. It was founded
by Bernard Cammarata in the year 1994 and headquarters is situated at Birmingham,
Massachusetts and United Sates. This assignment discusses about role of marketing and its
interrelation with functions of an organization along with 7 P’s of marketing. It is necessary
to analyze about market situation though studying marketing mix to carry out desired tasks or
activities in more effective as well as efficient manner. Development and evaluation of a
basic marketing plan is given below.
l壱TASK
l弐P1. Roles of marketing and its interrelation with functional units
There are various roles which are completed by marketing to improve productivity as
well as profitability of an organization. The marketing functions include several factors such
as strategy management, product development, finance team, distribution systems, human
resource department and many more.
Key roles and responsibilities of marketing functions related with TK Max are given below:
Sales and distribution: - This can be described as to carry out an essential activity to
supply required amount of goods or services in market so that desires of customers can be
completed at correct time. TK Max must make sure that desired amount of products should
be available in market so that people can easily purchase them.
Risk taking: -Several types of risk and uncertainties are there while selling any
product or conducting an advertisement to promote any brand. It is necessary to determine
these threats to reduce their negative impacts on procedures of TK Max so that they can be
conducted in appropriate manner to gain desired goals.

Marketing formation: - This refers to make information about current trends and
situation so that required changes or modifications should be implemented in an organization
(Draelos, 2010). It is mandatory to follow trends for TK Max to attract more customers and
increase sales because people purchase products as per fashion of market.
Storing: -Manufacturing goods or services in bulk takes place and it is mandatory to
make an appropriate storage of them so that required supply of products can at desired time
for completing expectations of clients. TK Max have to be sure about proper storage of
products so that it will not get spoiled and supplied in the market
Promotion: - This can be described as several activities and procedures which are
helpful to promote a product or brand (Eslinger, 2014).TK Max can also conduct several
promotional events to provide information about products or improve number of customers
or clients through attracting them.
Key roles and responsibilities of marketing in wider organizational context:
Various roles and responsibilities are competed by marketing section of TK Max and
render support to fulfill tasks of other departments. Some of them are explained below:
Operations Department: - Production of products is done by operations department
but marketing section provides support to let them about features which are required to be
applied. This will be helpful to attract new customers and retain current ones through
implementing attractive features. TK Max have to manufacture as per taste of customers to
attain their satisfaction with the help of marketing aspects.
Finance Department: -This can be defined as section of TK Max which deals with
funds, capital, and resources, expenses that are required to conduct different activities or
tasks for attaining desired goals. Marketing helps to know about new implementation which
needs money facilitate to gain appropriate information to render desired funds (Hsu, 2011).
HR Department: -Human resource of TK Max refers to backbone of company as
they are responsible to carry out each and every process for achieving desired targets or
objectives. Marketing manager must provide accurate knowledge about actual demands of
customer so that manufacturers will produce appropriate product to fulfill desires of people.
Research and Development Department: - This can be described as to conduct
search programs to know about market trends including several change or modifications.

This will facilitate to implement unique and attractive features into product complete desires
of people (Lancasterand Massingham, 2010).
IT Department: -Information technology is very useful for every organization in
current scenario because it is helpful to conduct anything easily in accurate manner. TK Max
can display promotional activities through internet for attaining more number of clients.
Roles and responsibilities of marketing in context of marketing environment:
It is observed that various kinds of functions are necessary to carry out to learn about
market scenario and target customers. Some of these factors can be considered by TK Max
and are as given below:
Market strategies: -Different types of strategies or policies are made by companies
to conduct various activities in an effective as well as efficient manner to gain desired
outcomes (Lane, 2014). TK Max is required to make an appropriate plan of action with help
of accurate strategies to conduct several marketing programs to attain desired profits.
Marketing information system: -It refers to an effective system which is helpful to
know about correct method of promoting the brand or product for attaining more number of
clients to increase sales and profits for TK Max.
Monitoring of marketing environment: -Environment of market is required to
observed, analyze and evaluate on regular basis because trends are rapidly changing. TK Max
needs to follow present fashion through monitoring circumstances of market to make stable
position among competitors.
Marketing research: -This can be described as research and development of product
as per changing trends of market for attaining better productivity as well as profitability of
TK Max. It is also necessary to maintain strong position in market competition to grab more
market share.
Market segmentation: -Every organization has its own core product or service
which is for a specific segment of population (Malhotra, Birksand Wills, 2013). TK Max has
to do market segmentation effectively to conduct promotional activities and selling the
product.

Interrelationships between marketing and other functional units:
Different types of function are carried out in an enterprise which is an appropriate
task to gain better outputs. It is compulsory to make these procedures more effective for
attaining desired outcomes. Some of them are given below:
Research: -This can be described as to carry out an effective as well as efficient
research method to know about changing trends of market along with taste or preferences of
clients. TK Max should conduct several search programs which facilitate to make an accurate
product to fulfill desires of people.
Strategy: -Different kinds of techniques or policies are made by companies to carry
out various functions and these strategies are necessary to implement in gaining better
outcomes from efforts of staff members in TK Max.
Planning: -Every firm putting efforts to make an effective plan of action to conduct
an appropriate procedure which is required gain desired outcomes (Martin, Campbell and
Harmsen, 2014). TK Max has to focus on building correct planning for every process so that
it will done in appropriate manner for attaining better results.
Tactics: -The term tactics can be defined as some effective techniques or methods
which are helpful to reduce negative impacts of threats and provide support to grab beneficial
opportunities for gaining better results in TK Max.
There are different types of role and responsibilities of marketing which are necessary
to be fulfilled in order to complete desires of various other sections such as finance,
operations, human resource and many more.
l弐P2. Use of marketing mix to achieve organizational objectives
Marketing mix is described as an effective procedure to study several components
such as product, price, place, promotion, people, physical evidence and process. These
factors are important to be observed, analyze and evaluate so that it will facilitate to conduct
each and every aspect of manufacture an appropriate product to complete desires of people
along with their satisfaction. TK Max has to use marketing mix to achieve organizational
goals or targets. A brief description of these elements are given below in comparison with
other organization (Moons and et. al.,2010)

Comparison between TK Max and Mark & Spencer
TK Max Mark & Spencer (Product) - Various types of products are provided by
TK Max to customers for completing their desired needs, wants and demands in more
effective as well as efficient manner to gain better outcomes (Perreault, 2010). They can
expand their stores and shops in those areas which are out of reach and can provide better
results. This company already has a very good market share and can expand business in more
countries where they have a good opportunity to make an effective or efficient productivity
as well as profitability. They can maintain their strong position in changing trends of market.
Price:- Price includes cost of manufacturing and profits of company, this firm has an
appropriate pricing strategy so that it can be afford by each and every person. As a result, it
provides support for organization while grabbing the attention of maximum customers in
market which resulted in making more benefits for an organization. It is an effective and
large brand which supplies number of products to customers to fulfill their demands or needs.
They have different types of products that have differentiated prices which are purchased by
people as per budget of income.
Place:- This can be described as correct place to promote and sell the products or
services which helps to attain targets of marketing easily along with an efficient outcome.
This firm has criteria of promoting is same from a long time then it is necessary to modify
style of marketing which help to attract new clients along with retain the current ones for
better results. This firm has great empire of business to render several products or services to
customers. It is required that they have to establish stores or shops in nearby areas of colonies
and place where population is high. It is helpful to grab more market shares and make brand
stronger among competitive organizations properly.
Promotion:- Several promotional activities are carried out by TK Max which have
same concept and style which make people bore from it and they left its products or services
of the company. It is mandatory to implement style and display of advertisements in
appropriate manner to maintain interest of people in goods of enterprise. Mark & Spencer is
huge brand which is required carting for effective as well as efficient advertisements which
help to grab more profit share then other competitors. They have to apply appropriate
modifications into promotional activities to attract more clients.
People:- Several people are associated with different context of company to conduct
functions such as manufacturers, finance, marketing, sales & distribution, research &
development, investors and customers of an organization who helps to produce an

appropriate product to sell it for completing customer’s needs and wants. Allocation of tasks
are correct which helps to reduce errors (Wieser, 2012). It is necessary to be about training
and development procedures of staff members in large business empire of this company. It is
necessary to provide an opportunity to each and every employee for improving their skills or
abilities so that they can perform their tasks or activities in accurate manner to earn desired
profits.
Process:- Process of carrying out various activities is correct but they are required to
take care of several machinery, plants and equipment which are helpful in production
procedure to manufacture an accurate product or service to fulfill desires of people in a
proper manner. This company has to focus on several plants which are working on regular
basis because a small fault in them can stop manufacturing which may result into loss for
organization. Mark & Spencer has separate department for taking care for all such aspects.
Physical evidence:- This firm makes a record of feedback forms and work on them
to make an accurate product as per guidelines of the customers to gain their satisfaction. An
organization is asking for suggestions from customers in order to design product as per their
need or demand. Along with this apply changes as per their choice or preferences.
There are different types of tactics which can be used by companies to achieve
desired goals or objectives. Tactics are described as techniques which are helpful in carrying
out required activities to fulfill desired targets of an enterprise. TK Maxx is studying about
situation after that applying an appropriate method for conducting necessary events for
getting results. This will provide support to reduce risks and expand profitability of an
organization.
l壱P3 Covered in PPT
l弐CONCLUSION
The above report had concluded that marketing essentials refers for promoting and
delivering goods or services to distinct clients and businesses. There are various kinds of
roles which are completed by marketing to improve productivity as well as profitability of an
organization. Various roles and responsibilities are competed by marketing section of TK
Max and render support to fulfill tasks of other departments. Different types of functions are
carried out in an enterprise which is an appropriate task to gain better outputs. Marketing mix
cab is described as an effective procedure to study several components such as product, price,
place, promotion, people, physical evidence and process. It is essential to make an effective

as well as efficient marketing plan which provides support to gain desired targets or
objectives of an organization.
l壱REFERENCES
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Online
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