Marketing Essentials: Roles, Mix, and Plan for TK Maxx Analysis

This report provides a comprehensive analysis of the marketing strategies employed by TK Maxx, a major player in the retail industry. The report begins by outlining the key roles and responsibilities of marketing functions, including branding, product development, promotion, pricing, and standardization, and then examines the roles within the organizational context, such as the human resource, R&D, finance, and IT departments, and manufacturing divisions, and how they contribute to the overall marketing objectives. Furthermore, the report delves into the marketing mix of TK Maxx, detailing the elements of product, place, price, promotion, people, process, and physical evidence. The report also discusses the marketing mix of M&S products. Finally, the report concludes with the production of a marketing plan for TK Maxx, outlining strategies for the company to achieve its marketing goals. The report provides a detailed overview of the marketing strategies and their practical application within the company.

MARKETING
ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Key roles and responsibilities of marketing functions...........................................................1
P2 Roles and responsibilities of marketing with organisational context....................................3
TASK 2............................................................................................................................................5
P3 Marketing Mix of TK-Max....................................................................................................5
TASK 3............................................................................................................................................6
P4 Produce marketing plan for TK MAX...................................................................................6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is an essential function that is performed by business organisation in order to
market their products and services in market place. It involve number of interrelated activities
that has to be carried out by marketing manager in order to accomplish final goals and objectives
in set time period. Every business have to operate in dynamic environment which keeps on
changing with time and therefore, company have to work in order to keep in pace with these
modifications (Bowie, Paraskevas and Mariussen, 2014). The company included in this report is
TK Maxx, retail industry and operating in number of section that include footwear, furniture and
clothing. It operates in several areas across the world and have 500 approx stores of it. The report
highlights the key roles and responsibilities of the marketing function and its relation with other
organisational context. Apart from it, importance of marketing mix and plan is also focused.
TASK 1
P1 Key roles and responsibilities of marketing functions.
Marketing is a complex function that is performed by the TK MAX company in order to
promote their products and services to the ultimate consumers to satisfy their needs and wants.
Its basic aim is to enhance the overall sales of the company and establish sustainable image for
longer period of time. It is essential to produce products while considering the requirements and
needs of customers that are present in market place (Silver and et. al., 2012).
Some roles and responsibilities of marketing functions are described below:
 Branding Process: It is a important process that is included in marketing function, in
which efforts are made to create brand image of the company so that customers can easily
recognize the products of that organisation (Brassington and Pettitt, 2013). Similarly, TK
MAX have well known name and identity among customers which help them to earn
high profits and outcomes.
 Planning for product and its development: every company is known by its products
that are present in market place. It is the responsibility of marketing manager to regularly
update the products by applying effective tools and techniques of innovation and
creation. TK MAX have proper system of product development in order to develop the
product at significance level.
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 Promotional functions: Promotional is a effectual function that involve promoting the
product and services of the company in adequate way. There are number of ways through
which promotional function can be performed like sales promotion activity, advertising,
personal selling etc. TK MAX have well formulated promotional function in order to
induce consumers to purchase their goods.
 Pricing of Goods: Price refers to the cost of products that has to be paid by the customer
(Cleverley, 2017). It is a essential function of marketing process and is set by considering
number of factors like government rules and regulations, profit rate and many more.
Apart from it, it must always be focused on setting reasonable price of the products so
that customers can purchase it easily and also involve earning of huge revenue for the
company.
 Grading And standardisation: It involve increasing the quality of products that has
been manufactured by the company as most of the consumers wants standardised and
graded goods. They do not want to compromise in this aspect, therefore it is necessary to
add several features and characteristics to the existing product of the TK MAX. Recently
they have find the potential and growth in student sector, it is required to develop
standardised products for them.
 Transportation Function: Marketing involve transportation facility that is carried out by
the business organisation in order to supply the final products from manufacturer's end to
final customers in market place. TK MAX sell their products through retail stores that are
located in accessible place in market area so that customers can easily visit there and
purchase goods according to their needs and wants.
Purpose of Marketing Function:
 Marketing is a important procedure that involve expansion and enhancement of the
economy in which it is performing marketing function.
 It also involve performing the marketing function with creativeness and innovation so
that large mount of customers get attracts towards them and results in increasing of high
sales and revenues (Clow and James, 2013). TK MAX have decided to grow their
business in student sector, therefore decided to work with something new and innovative
concept.
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 It allows the company to produce those goods and services that will results in satisfying
the needs and wants of people that is present in society. As it is the prime duty of
company to perform research work and develop those products in accordance to the
prevailing requirements.
P2 Roles and responsibilities of marketing with organisational context.
Marketing is a dynamic function that involve several steps and process that has to be
performed in order to achieve set goals and objectives (Desai, 2013). Every single business
organisation have different types of department that perform distinctive functions and roles.
These sectors include finance, research & development, human resource, informational
technology, production, operations as well as marketing. It is very much necessary to coordinate
the activities of all these departments to achieve final aims and objectives. TK MAX have
different parts and departments that is present in the business organisation and its relation with
other sections are described below:
 Human Resource Department: This department involve managing all staff members of
the business organisation in effective manner so that proper tasks can be performed at
sustainable way (Fazlollahtabar, Aghasi and Forte, 2012). HR manager play a vital role in
this part as he have to manage all the activities in relation to employees that are working
there. Similarly, marketing team is also appointed by the HR manager hence, both the
departments are interlinked with each other. In this process marketing manger provide
their own contribution to build effectiveness in their organisational functional and
operational approaches. For this, they analyse organisation's objective and need to hire
skilled candidate easily through appropriate recruitment and selection procedure. They
also works to analyse employees skills and their working capacity to enhance them
properly.
 Research & Development Department: This section always focuses on performing the
environmental scanning function so that effective decision can be taken by the
management (Durmaz, 2011). Marketing and R&D departments are depended on each
other in several ways as marketing team will perform to introduce their new products and
services in target market while as research and development team works to analyse
customers and marketing requirement to provide them effective and quality services.
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Through this organisation can easily implement effectiveness and strategic procedure to
provide quality services to target customers.
 Marketing Division – This department of an organisation is work to introduce several
products and services in target market. Main objective of this division is to analyse each
and every factors properly that are related to target market and customers (Fırat, 2013).
They are basically uses several marketing and promotional tools to introduce their
effective services in target location as – advertising, internet marketing, door to door
promotion and web servicing. Through this they build direct interaction with their
customers to getting higher business advantages and maximise firm's growth and income
as well. All these activities helps to provide higher satisfaction to customers on the bases
of their requirement and need as well.
 Finance Division – This department of TK-MAX is work to mange all financial terms
and procedures. Through this, organisation can easily manage their business activities as
funds, reserves, income, expenses and investment to provide effectiveness easily
(Hamilton, 2011). In this procedure finance manager of firm provide their effective
contribution to manage all business activities, accounts and financial resources properly
in appropriate year. Through this, they can easily get build effectiveness in their
organisational activities and furthers management techniques. These activities basically
conducts to analyse several income and expenses related terms that can affect directly on
their business approaches.
 IT Division – This department of organisation is works to provide technological
advancement in business approaches. Through this firm can easily reduce wastages and
time related factor to getting higher business approaches. These kind of activities are very
beneficial for an firm to maximise their productivity and profitability effectively. IT
management activities can be beneficial for firm to implement effectiveness in business
approaches. This division is works to implement innovation in organisational approaches
to making desired alteration and modifications properly (Gertner, 2011).
 Manufacturing and production Division – This is a most important division of TK-MAX,
that provide their appropriate contribution to produce quality products and services. This
division is working through marketing as well as research and development division to
manufacturing quality products and services easily. This department is working to
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provide quality services to target customers on the bases of their requirement and need to
provide them higher satisfaction easily.
TASK 2
P3 Marketing Mix of TK-Max
Marketing mix :- This an be described as those factors which are relevant to marketing
and necessary to be studied for carrying out an effective promotional activity. It basically
includes certain elements such as product, place, price, promotion, people, process & physical
evidence (Joshi, 2012). This will facilitate to improve goodwill of brand along with increasing
sales or profits of an enterprise. TK Maxx have to observe and analyse these components to
conduct suitable activities for promoting particular product. Product :- This can be described as final product which is ready to sale. It is necessary to
manufacture it in appropriate way as per needs, wants and demands of customers by TK
Maxx. Several changes or modifications should be done to achieve clients satisfaction by
completing their desires of following trends or fashion of market. Place :- It refers to make available product of TK Maxx at desired place where people
can easily buy it to fulfil their requirements along with covering more market share. Price :- Different pricing strategies are considered by companies to decide price of
product as per suitability including allowances, discounts, cost setting and tactics. Promotion :- It involves communication of marketing to make people aware about
product and its features. Promotion is all about to conduct effective advertisements or
rendering an appropriate message about brand to clients (Khan and Adil, 2013). People :- This may involve persons like employees, customer representatives and those
who directly interacts with clients to convince them for buying goods. Process :- It includes various types of procedures or techniques which are utilised by
companies for analysing resource requirements & allocation, service tracking, alignment
of best practices etc. in TK Maxx.
 Physical evidence :- This term is all about tangible material such logos, signs, spatial
layout by TK Maxx that remind customers of service performance.
Marketing mix of M&S
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 product: It defines about the different offerings which are provided by M&S. The
product portfolio of M&S includes clothings items for every age group of Men, Women
and kids.
 Price: M&S have their own stores from where they provide their products. Due to
providence of high quality products the price set by them for their products is between
medium to high (Lamb, Hair and McDaniel, 2011).
 Place: This will provides about the place where M&S have business operations. They
provide business activities in many countries like UK, Spain, Turkey, France.
 Promotion: The more emphasis is provided by M&S is upon adoption of digital
marketing campaign which helps to spread awareness among them about their existing
and potential offerings.
 People: Large number of employees are working in organisation which is around 83000
in number. Employees are asset of organisation so, need to provide emphasis to motivate
them and accomplish targets.
 Process: This will includes about the making of the internal activities of the organisation
more profound to improve their internal strength. It helps to perform their different
functions through maintaining same quality.
 Physical evidence: This can be understood from the fact that M&S has large number of
stores and huge amount revenue which shows high brand image in market.
TASK 3
P4 Produce marketing plan for TK MAX
A marketing plan can be determined as that procedure which is required to developed and
formulated effectively so the specific targets and goals can be reached in better manner. While
making appropriate planning, thee are different components which help in accurate planning by
which an enterprise can achieving set goals and objectives in particular way (Lehmann and
Bengart, 2016). This will includes different factors that includes mission, vision, strategies and
objectives for developing specific business operations in effective manner. TK MAX has been
conducting various functions and activities which assist in achieving set goals and targets
therefore, they ensure that what are the major activities that can effectively promoting their
desired goods and services for accomplishing potential objectives for satisfying their customers
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demand and needs in appropriate manner. Here are defined the marketing plan which has been
produced for TK MAX. these are described as under:
Company profile-
TK MAX is an American apparel and home products retailing company which is
established in the year of 1994. The firm co founder was Berbard Camerata in united kingdom.
This company is mainly dealing with large number of goods such as footwear, cloths, bedding
and home items etc. there are different stores which around 400 in TK MAX at various countries
or nations that includes Germany, Poland, Australia, UK etc. in which such shops are operated
and regulated. The company has good goodwill which make company strong and effective at the
large market place and spread awareness of their products among desired customers towards
from products and services in proper manner (Lin, Li and Wang, 2015). Therefore, TK MAX has
been attracted towards company services that will assist in building good image and increasing
reputation in the market place.
Mission and Vision of TK MAX:
MISSION- The main aim and motive of this company is to became more favourite place
in which buyers needs to travel fr purchasing different creative or innovative goods and services
so that this will satisfying their desired customers needs and wants. They required for giving data
and information to the buyers regarding new products and facilities so that will make them aware
about such things.
Vision: This is required for company is to set their vision which is going to be achieved
by them so TK MAX need to became world largest retail sector within an enterprise. The vision
must be set by them for accomplishing predetermined goals and targets of the company.
Objectives of TK MAX:
 TK MAX is mainly focus on becoming world largest firm for giving effective products
and services to their customers.
 The major motive and purpose is to produce best quality of goods and services for the
buyers so that they can feel satisfied (Lovelock, 2011).
 This organisation also trying to improving and enhancing the quality of chocolates by
adding certain unique features.
 The main motive of this firm is to developing good image of their products and by this
they can generating more income and profits.
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 They are providing quality based goods and services to their customers for satisfying
their needs and demand in proper manner.
Situational Analysis:
This step involve examining the business environment in proper manner so that various
all factors are consider while performing work process. There are number of elements that
impact the overall structure in several ways and has to be focused upon properly so that proper
strategies can be formulated (Mihart, 2012). TK MAX can conduct this process while collective
relevant data and information in conducive way. As every business have to operate in dynamic
environment hence, there are number of changes and alterations that are taking place. It can be
performed through SWOT and PESTLE analysis. It described below:
Strengths Weaknesses
 TK MAX always concentrates on
delivering high quality services and
products to the customers in market
place so that their needs are satisfied in
effective manner.
 They charge reasonable price for the
products and services so that final goals
of functioning in effective and efficient
manner.
 They expand their business operations
at various locations of world.
 Seasonal feature restricts this business
organisation to sell their products and
services.
 As it operates in several parts of the
world hence, have to comply with
number of changes that take place in
economy or environment which may
hinder their overall growth and
productivity.
Opportunities Threats
 They can expand their business
operations and transactions at number
of places world wide (Ogunmokun and
Tang, 2012).
 Number of opportunities that has been
created at recessions time period.
Therefore, TK MAX can create their
 The major threat for the TK MAX
company is number of competitors that
are operating in single industry.
 Threat arises due to number of
environmental challenges and
fluctuations that are taking place in
particular economy.
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competitive image in while applying
number of effective services and
strategies.
Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 60000 10000 13000 20000 18000
Investment 40000 11000 16000 14200
Total 60000 50000 24000 36000 32200
Marketing
expenditures
Advertisement 8500 7000 7000 6000 6500
Sales promotion 4000 4500 4500 4000 7000
Direct marketing 5000 6000 5000 6000 3000
Total 17500 17500 16500 16000 16500
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Available balance 42500 32500 7500 20000 15700
Target Market:
Every business organisation produce products and services for particular target market in
order to fulfil the needs and wants of that target people. TK MAX operates in different segments
and produce products for all types of customer. Therefore, their segmenting strategy is according
to the needs and requirements of different kinds of customers (Papasolomou and Melanthiou,
2012).
Monitoring and controlling:
This is the last step that is performed in marketing plan is which whole process is
monitored and is measured to find out the outcomes and results whether it is effective or not. It
also enable them to make comparison between standard and actual performance so that
deviations can be identified and proper corrective actions can be taken to remove the barriers. It
is very much necessary to control the whole work process in frequent time period so that final
objectives of the company could be accomplished (Pike, 2015). TK MAX have well structured
system to control and monitor the whole process.
CONCLUSION
From the above prepared report, it has been concluded that marketing is a essential
function that is carried by business organisation in order to market their goods in market place.
The report highlights several roles and responsibilities of marketing function and contain several
importance. Apart from it, report also focuses on relation of marketing department with several
other sectors that are present in TK MAX company. Marketing manager have to conduct several
duties of marketing function and have to draft marketing plans that consist of several interrelated
activities.
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