Marketing Essentials Report: Marketing Strategies for TK Maxx

This report provides a detailed overview of marketing essentials, focusing on the application of marketing principles within the context of TK Maxx. The report begins by explaining the key roles and responsibilities of marketing functions, such as product, price, selling, promotion, and management information systems, and how these relate to the wider organizational context, including finance, sales, research and development, operations, human resources, and IT departments. The report then compares the application of the marketing mix (product, price, place, and promotion) by TK Maxx and H&M to achieve their business objectives. Finally, the report culminates in the production of a detailed, evidence-based strategic marketing plan specifically designed for TK Maxx, encompassing market analysis, target audience identification, and the formulation of marketing strategies to enhance brand image and market share. The report emphasizes the importance of understanding customer needs and adapting marketing strategies to achieve business success.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain key roles and responsibilities of the marketing functions....................................1
P2 Roles and Responsibilities of Marketing relate to wider organisational context..............2
TASK 2............................................................................................................................................4
P3 Comparison of application of marketing mix by different organisations for achieving
business objectives.................................................................................................................4
TASK 3............................................................................................................................................8
P4 Produce marketing plan for TK MAX..............................................................................8
Produce a detailed coherent evidence based marketing plan ................................................8
3) Design a strategic marketing plan....................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Marketing is an effective study of exchanging relationship by delivering quality goods
and services to customers. With the help of this process company easily enhance their
profitability level by serving as well as delivering quality services to its customers as per their
needs. Along with this, marketing concept also helps in inviting and attracting large number of
customers in relation to company products and services. Present report is based on TK Max, is
American apparel and home good company. They serve clothing and bedding products to its
customers (Cleverley, 2017). This report discussed about various key roles and responsibilities of
marketing function in order to attain set goals and objectives in appropriate time frame. Along
with this marketing mix is also mentioned in this report to create customers base. In addition of
this marketing plan also discussed in this assignment which may leads in establishing strong
brand image at market place.
TASK 1
P1 Explain key roles and responsibilities of the marketing functions
Marketing is an important concept which help business organization to attain better
success at market place by creating strong customers base. With the help of this company deliver
quality products and services to its customers as per their needs and wants which may enhance
profitability level (Wirtz, 2012). Basically, it is an important procedure through which firm
implement as well as formulate appropriate plan in order to manufacture quality products and
services which may maximize the profitability level at market place. In context of TK Max, they
also easily communicate with their customers towards the company products and services which
aid in increasing overall sales of the firm at market place (Clow and James, 2013.). In addition of
this, there are some major roles and responsibilities of marketing functions which directly
contribute in improving overall performance level. All these can be understood by following
points:
 Product: One of the main role of marketing function is to produce as well as deliver
quality products to end customers in order to provide them better satisfaction. In context
of TK Max, it is important for them to produce quality clothes and furniture to their target
customers which may leads in enhancing their profitability level at market place and at
the same time also capture larger market share form its rivals.
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 Price: The main responsibility of marketing function is to set right price of products as
per their quality and features. Basically it is monetary term through which company
increase their profitability level. Price defines product quality and its value in market
place. Thus it is important for marketing manager to set their product price affordable
which may influence customers to buy it. With the help of this company also reduce the
chances of switching customers to another company. This will aid in increasing
profitability level of company (Durmaz, 2011).
 Selling: Under this, firm offer their final products to customers at affordable cost. It also
influence as well as attract customers towards the company products. This process used
by the company in exchange for money which may help company to improve their
performance at market place and at the same time also increase productivity level.
 Promotion: It is one of the main responsibility of marketing function in which company
promote their services by communicating with their customers. This will also aid in
increasing public awareness towards the company and its services as well (Silver and et.
al., 2012). By using effective tool of promotion company easily increase customers base
which contribute in capturing larger market share form its rivals.
 Management information system (MIS): It is main duty of manager of marketing to
manage all the information of company products and services. For this, manager
undertake an effective research in which they easily understand customers needs and
wants. Basically, it is multiple online system which aid in analysing the information in
order to take right decision.
P2 Roles and Responsibilities of Marketing relate to wider organisational context
Basically, marketing is used by each and every business organization to understand as
well a create customers satisfaction which directly contribute in attaining better growth level at
market place (Fırat, 2013). This will aid in creating customers base which contribute in capturing
larger market share form its rivals.
As per current scenario, every business organization improve their overall performance
level by using marketing concept which may contribute in increasing profitability level of the
company. Along with this, manager also play vital role in managing as well as implementing all
the activities in effective way which may leads in capturing larger market share form its rivals. It
also contribute in establishing positive image at market place. In this context, there are some
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main roles and responsibilities of marketing which is interrelate with organisational function. All
these can be understood by following points:
Finance department with marketing function: This department of TK-MAX take
various responsibilities to raise and provide necessary funds to other divisions (Gertner, 2011).
Finance managers with team used to make record of every transaction in order to control expense
of organisation. In context with marketing division, functions of both departments are
interrelated with each other. Both are used to search distributors and suppliers from whom they
can get resources and sale the same in low cost.
Sale department with marketing: Functions of sales department is also interrelates with
marketing division of TK-MAX. Managers of both sections used to find demands of targeted
customers on time as per their requirement. Marketing people provide in information to sales
department who further used the data to enhance sales performance.
Research and development department with marketing function: This department
collaborates with marketing division in order to find threats of company like presence of
competitors, their strategies to attract customers and more (Pike, 2015). Along with this, both of
the divisions used to identify the demands of marketplace as well as changes in trends so that
they can provide services in an effective manner. The main purpose of both of these divisions is
to snatch high position power from competitors and avail it for longer period of time.
Operation department with marketing function: It is one of the important function of
marketing is to produce as well as manufacture quality products and services which aid in
improving the performance level of the company at market place. In this manager of marketing
also collect as well as gather relevant information in relation of customers and provide all the
data to manufacture department. With the help of this, TK Max easily make quality products, this
will aid in improving performance level of the company at market place. In this, manager also
assess the marketing trends and customers preferences to effectively executing all the operational
activities in appropriate way (Hamilton, 2011). This will aid in creating customers base and at
the same time also increase profitability level.
Human resource department with marketing function: This department is one of the
essential component that helps the organisation in getting better position. For effective growth
HR department conduct recruitment and selection process in which they hire suitable candidates
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who acquire adequate skills and knowledge. Therefore, in context with TK Max company,
managers are hiring individuals who are capable enough to handle the situations in difficult
circumstances. As a result it will help the organisation in providing better results and outcomes
to its customers by fulfilling the needs and wants. Henceforth, an increase in the sales and
profitability can be seen as compared to rival companies.
Marketing function with IT department: For the purpose of marketing IT department
incorporates various tools and technologies that are according to the current market situations.
As compared top earlier times now company is capable of storing large amount of data that can
be accessed very easily in just one click (Joshi, 2012). Therefore, IT department provides
relevant data that are required for decision making. In terms of TK Max Company, the sector is
helping them in getting information about the raw materials they have purchased in previous
years. Thus, IT department is enabling the company in maintaining a proper record, it is saving
time and cost as well.
Henceforth, all the departments are interrelated and play some or the other role in
providing maximum benefits. Along with this the roles and responsibility of managers is
important. This will contribute in attaining better success at market place.
TASK 2
P3 Comparison of application of marketing mix by different organisations for achieving business
objectives
Product TK MAXX is a retail
organisation which has offer
various kind of product and
services with high quality.
Management of the company
has analyse needs and wants of
customers and accordingly
produce goods in order to full
H&M is a leading clothing
brand by having wide range of
product portfolio. The firm
provides fashion clothing for
men, women and kids over the
world. Its products always
carries high quality and
something new which matches
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fill their demand in limited
period of time in an effective
ways. Through this, they are
able to build positive brand
image in clients mind with
high worth of goodwill.
with market trends. Currently,
it has launched on trend
lifestyle for young women.
Price According to market demand,
management of the firm has
fix their goods price which
help to attract large number of
consumers toward
organisation. They have used
low cost strategy in order to
take advantage of market
opportunities. Through this,
enterprise has able to make
profitability in long period of
time.
The business organisation
renders its products at
premium prices and its main
competitors are – Zara, Next
and Gap. In comparison with
these brands, products of
H&M are always lower and
cheap.
Place TK MAXX has analyse
opportunities where they can
sell their commodities and
services in an effective ways.
They have around 515 store in
Europe and 38 in Australia in
the year of 2017. Management
has develop strategies to
expend market in other
location for global presence of
H&M operates over the world
by its exclusive stores in metro
cities. Due to strict regulatory
norms in several countries the
firm sells its products through
franchising partners. The
clothes which are designed
under its factories according to
target market segmentations
and then send to sell at
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the company. So that, they are
able to achieve goals in given
time frame
marketplace. Although, H&M
has developed a strong supply
chain since last years.
Promotions TK MAXX is a holding
company of TJ MAXX so that
all promotional activities of
the firm has completed by
parent company (Lamb, Hair
and McDaniel, 2011). Through
this, they are develop their
goodwill in an effective
manner by multiple branding
promotional strategies, it
provide advantage of other
brand image in customers
mind. Some important
platform of promotion are
social media site, bill board,
internet, newspaper and many
more.
H&M operates over the world
by its exclusive stores in metro
cities. Due to strict regulatory
norms in several countries the
firm sells its products through
franchising partners. The
clothes which are designed
under its factories according to
target market segmentations
and then send to sell at
marketplace. Although, H&M
has developed a strong supply
chain since last years.
People These are the source who
supports to run a business
association in an effective
manner, As TK MAX is a
customer oriented company, it
focuses on providing
qualitative and value added
products to customers so as to
winning their hearts and faith.
Apart from this, the company
The business organisations
provides training to all
employees so as they can
perform in well being manner.
It also emphasised on
rendering positive working
environment to them. H&M is
tie up with exclusive clothing
designers so as to produce
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trying to deliver effective
customer services which
maximise its sales and
profitability in a certain time
period. TK Max also tends to
provide training to employees
so as to improve their
efficiency and driven up the
significance of business
operations.
latest fashion styles.
Process The procedure of purchasing at
TK MAX is very basic, buyers
chose the item by under
consultation of staff members
in the fitting rooms and
suggest right size (Lehmann
and Bengart, 2016).
Afterwards, people pays their
bills in cash or by cards, m-
wallet etc. The business
organisation is emphasised on
fastest quality of services and
this easy process helps
company to attain and retain
several customers.
H&M gives high importance to
customer relationship
management. In context of
customers complaints, its
employees always try to
resolve them as soon as
possible.
Physical Evidence In order to represent its
physical viability, TK MAX
put its logo on its products and
services. It also implement
exclusive stores in United
Stores of H&M are build up
with great ambience as well as
humble employees. In
addition, the apparel is
arranged to have decent look
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states so as to attain and retain
customers. Business
organisations can also show its
physical evidences, like –
building and layouts.
for customers.
TASK 3
P4 Produce marketing plan for TK MAX
There are different components which helps in accomplishing aims and goals of firm in
proper manner. TK – Max organisation develops better aims and objectives of firm so that staff
members can achieve them with in specific period of time.
Profile of an organisation- TK – Max organisation is well known organisation at
marketplace and it includes home appliances as well as apparel. It was established in year 1994
through Berbard Camerata (Lin, Li and Wang, 2015). This organisation has more than the 400
stores in all over the world in which United Kingdom, Germany and many other countries are
included. It communicates with its consumers through social media which aids them to promote
business and make better brand image.
Mission- Mission of this organisation is to make its brand better which through inviting
large number of consumers towards firm (Papasolomou and Melanthiou, 2012). This firm
enhance its productivity in better manner.
Vision: The main Vision of TK Max is linked with establishing strongest position in the
apparel industry. Thus they have formulated plans and strategies in order to effectively perform
all their business operations in order to achieve growth and success.
Objectives of TK Max : The major objective of TK Max is linked with expanding their
overall business operations across the globe in order to maximise their overall sales and
profitability ratios thus achieving growth in their ventures.
Produce a detailed coherent evidence based marketing plan
There are various factors that have to be examined in order to produce a proper and
effective marketing plan so that all the activities are carried out in effectual and planned manner.
This is the major method of marketing which is linked with intensive testing (Lovelock, 2011).
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There are various stages which are required in order to execute proper marketing plan for TK
Max which is evaluated below as:
Situational analysis: It is one of the important aspect which consider by the manager of
the company before conducting marketing plan. In context of TK Max, they evaluate as well as
conduct SWOT analysis which helps in determining the actual condition of the company in
market place. This phase is developing the marketing plan which may leads in attaining desired
goals and objectives.
Strengths Weaknesses
 Positive brand image of the company is
main strength of the company.
 Company includes 1000 stores in
various locations.
 They serve quality as well as variety of
products which helps in improving the
performance level.
 TK-Max has weak customers services
at market place.
 Clothes and furniture of the company is
contradictory.
Opportunities Threats
 Company operate their business
activities at global level which increase
market share of the company.
 TK-Max expand their business
activities with proper planning.
 Company invite as well as attract larger
number of new customers by servicing
quality services.
 High competition is one of the major
threat for company.
 Rivals of the company set the
competitive cost of the products.
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Marketing Intelligence: TK Max is facing large competitor range in business market
such as Zara and H&M (Mihart, 2012). Enterprise has a good positioning in marketplace in term
of effective consumer service that deliver value added service in the competitive marketplace.
Assessment: the marketing plan is more feasible and effective which has been delivering
several products and service in the competitive marketplace in the suitable cost. TK Max is also
designing to make utilisation of relationship risk and rewarding with customer to meet their
business objectives in significant manner.
3) Design a strategic marketing plan
For improving a proper business plan, this is required to undertake the marketing mix
elements of TK Max in order to make proper correction according to the enterprise (Ogunmokun
and Tang, 2012). Hence, through undertaking it, TK Max can achieve their objectives and
expand their business in more efficient manner,
CONCLUSION
From the above mentioned report, it can be concluded that marketing is an important
concept which helps in increasing profitability level at market place. It include various activities
such as advertisement, promotion, selling, distributing and many more. All these are contribute
in influencing customers to buy company products and services as per their needs and wants.
Along with this, it also include various tools and techniques which used by company to promote
their goods and services. With the help of this firm easily create their strong customer base
which may leads in capturing larger market share form its rivals. In addition of this, marketing
mix also play vital role in enhancing productivity level because it helps in understanding
customers needs and wants in most effective manner. All these directly contribute in achieving
better growth level at market place.
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