TK-Maxx: Developing a Strategic Marketing Plan with 7P's Model

This report provides a comprehensive overview of the marketing essentials employed by TK-Maxx, an American apparel and home goods company. It begins with an analysis of the current market situation using tools like PESTEL and SWOT, followed by the creation of marketing objectives and strategies focused on maintaining brand value and addressing customer needs through segmentation, targeting, and positioning. The report details marketing tactics such as entity promotion in colleges and corporate houses, advertising through posters and banners, and a financial budget. It also outlines strategic marketing plans applying the 7P's (product, price, place, promotions, process, people, and physical evidence), explaining how each element contributes to TK-Maxx's overall marketing effectiveness, emphasizing the interrelationship of marketing with other departments for efficient operations. Desklib offers a variety of similar solved assignments and resources for students.

MARKETING
ESSENTIAL

INTRODUCTION
This report describes about the
various marketing essentials of
TK-MAXX which is an
American apparel and home
good companies which adopts
lots of marketing plans for
their successful sustenance in
the local as well as new
market

Basic Marketing Plan
 Current market situation analysis
It includes structure analysis of current market and company's function for
acknowledgement of shortcomings which can further be overcome by them.
For this purpose one uses PESTEL and SWOT analysis
 Creating objectives and strategies
It includes the company concern which includes maintaining market and
brand value for a good growth, implementation of plans for redressing
customers.

CONTD...
• Segmentation, targeting and positioning
In segmentation one segments customers into different groups which have
homogeneous features and the segment which is selected is known to be
targeted on which full concentration is done, where positioning is define as
creating the image of the products in the minds of customers.
• Control
It involves the practical implementation of the theoretical plan which includes
eliminating all flaws which occurs and restricts its implementation. It helps
to decide a standard required for the plan and to work accordingly.

Detailed coherent evidence based -
marketing plan
• Marketing tactics
The main marketing tactics that can be used are:
• Entity promotion in colleges, corporate houses etc. through various
campaigns such as sponsoring events, organising conferences and
roadshows that promote their stores in the city.
• Opting for advertising through posters and banners which can be placed on
moving vehicles or at highways such that it reaches to mass.
• Financial Budget

CONTD...

CONTD...
• Marketing Objectives and Planned Strategies
• Increasing the revenue as compared to the last year by 5%.
• Providing education and training to employees

Strategic marketing plan that applies
7P's
The 7P's are product, price, place, promotions, process, people and physical
evidences.
Product
Here, TK-MAX provides product like apparels and home goods to the
customer along with home delivery services. They are providing highly
fashioned clothing line to the customers.
Price
Pricing strategy of company varies as they have range of prices from high to
low that targets customers of different economic status and is affordable by
every customer.
Place
This company has expanded its stores across different countries and has
decided to cover more in future.

CONTD...
Promotion
Their are certain promotional activities which are chosen by organisation to
promote their brand which includes promoting in colleges and certain
corporate houses along with promoting on TV and radios.
People
People includes various employees which are engaged in the store and how
their duties are being distributed and what is the direction of command.
Processing
Here the organisation uses divisions in their store for different segments of
customers which save their time and makes shopping easier.
Physical Evidence
They have decided a particular structure and ambience of the store for every
branch and informs and the way of delivering the services are similar.

CONCLUSION
It has been concluded that this company uses 7P's which are product, price,
place, promotions, process, people and physical evidences for an effective
marketing plan. Along with the great inter relationship of marketing
department with others has made its working very efficient .