Marketing Report: Marketing Essentials at TK Maxx - Analysis

This report provides an in-depth analysis of the marketing strategies employed by TK Maxx, a retail company specializing in apparel and home goods. The report begins with an introduction highlighting the significance of marketing in promoting goods and services and achieving sales and profitability. It then delves into the roles and responsibilities of the marketing function, including product development, selling, pricing, promotion, marketing information systems, financing, and distribution. The report examines how these elements contribute to achieving business objectives and maintaining a competitive edge. Furthermore, it explores how these marketing roles and responsibilities relate to the broader organizational context within TK Maxx, focusing on departments like Research and Development and the Marketing Department itself. The report also touches on the application of the marketing mix and the importance of effective marketing plans in establishing a strong brand image. The analysis underscores the importance of understanding customer needs, adapting to market changes, and utilizing various promotional techniques to enhance sales and customer loyalty.

Marketing
Essential

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Roles and responsibilities of marketing function..................................................................1
P2 Roles and Responsibilities of Marketing relate to wider organisational context...................4
TASK 2............................................................................................................................................7
P3 Comparison of application of marketing mix by different organisations for achieving
business objectives.......................................................................................................................7
TASK 3............................................................................................................................................9
P4 Covered in PPT.......................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing the most important business activity as it helps in promoting goods and
services at market place so that customers can purchase them thus enhancing their overall sales
and profitability ratios. There is always exchange process in which seller sold the goods to
customers and buyers buys the products in exchange of monetary values. The firm should focus
on selling customized products according to needs and wants of clients thus enhancing their
overall sales and profitability volumes. Marketing concept are also useful in order to gain
attention 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 on
promotional activities and also SWOT analysis are important factor by which firms can
determine 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 American
apparel and are based on home good company. The firms are mainly dealing in clothing and
beddings and they are offering them to their potential customers. The topics covered in the report
are roles and responsibilities which are related with different marketing functions by setting the
goals and business objectives by which the working had to be carried out effectively, Marketing
mix tools are beneficial in order to develop strong customer base and achieve competitive gains
Furthermore marketing plans are formulated which are beneficial in order to establish strong
brand images of firms in the economy.
TASK 1
P1. Roles and responsibilities of marketing function
Marketing is an important concept in a business organisation which is define as a process
of advertising and promoting brands. In this process, managers of a company use various tools
and techniques for attracting minds of customers towards its products or services. For increasing
sales performance, they formulate many strategies and implement the same in higher manner. In
an enterprise, marketing team perform various task to determine demands of customers, situation
of marketplace, position of company, bargaining power of suppliers and distributors (Clow and
James, 2013). All these processes help in providing better satisfaction to customers as well as
gaining their retention for longer period of time. Further after making proper analysis, they make
proper data and give this to other departments of a firm. It will help managers of distinct
divisions in carrying further activities like in what manner products are to be manufactured and
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delivered. These processes aid employers to make proper decisions of business environment as
well as utilising resources in an efficient manner. In context with TK Maxx, this firm has
operated its business in retail sector so, some major roles and responsibilities of marketing
managers in increasing its sales performance are:-
Product: It is defined as an outcome of a company for which a company operates its
complete business. Therefore, it is considered as the main factor on which profitability and
productivity of business of an enterprise depends. Thus, in this regard marketing department of
TK Maxx used to identify demands and desires of customers, cost of raw materials and other
resources, etc after proper analysis, they make proper data through which production divisions
can manufacture products as per requirement of people. Function of managers of a firm is to
determine needs of people and give collect a proper data (Gertner, 2011). They provide this data
to other divisions of enterprise through which further process or production and operation can be
done. It helps in manufacturing products as per requirement of consumers.
Selling: This is the most valuable concept as firm offer their products to their potential
customers in exchange of monetary values. The cost of the products is kept economical so that
people can purchase their offered goods thus enhancing their overall sales volume. In this
modern era firms are mainly focused towards analysing needs and wants of customers and
accordingly distribute them products. The main concept of selling is related with offering quality
products to all the customers in order to retain them for long time durations. There should
effective relations maintained with customers in order to enhance their profit. If there are
changes in customers trends then there have to be already made in the products as it results in
fulfilling need of customers.
Price: After manufacturing products, it is major duty of operational department to make
proper price strategy. For this process, marketing department used to evaluate purchasing power
of customers in a particular market as well as cost of whole production. Therefore, TK Maxx
needs to offer its items on affordable price (Hamilton, 2011). They are mainly focused towards
offering products at economical prices to customers in order to increase their sales and earn high
profitability. The products should also contains quality according to the set prices so that firms
can establish strong
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image in the economy. TK Max should analyse the pricing strategies which are adopted by the
customers in order to enhance their footfalls and retain loyal clients. This is the major factor
which results in enhancing the overall profit ratios.
Promotion: The major responsibility of Marketing function is linked with organising
effective advertisement in order to develop awareness about offered products and services thus
gaining attention of customer and they will be influenced in order to buy the product. There
should be effective communication with all the customers about the offered products so they will
be familiar with the products which are available them. This results in developing awareness
about the products which are offered by TK Max. If there are effective communication tools
adopted then it results in increasing footfalls of customers and they will in turn results in
capturing larger market shares (Joshi, 2012). There are various types of promotional techniques
which are offered by firms such as they are offering their products at discounted rates to all there
potential customers, incentive system in which there is card given to their regular customers and
every time they will purchase the products they are offered rewards on that.
Marketing information system: The major reason behind developing this system is
linked with supporting all the decisions which are made by the marketing department. The
marketing manager is having the overall responsibility in order to gather information’s related
with needs and wants of customers and accordingly they have to made changes in their products.
The information system helps in keeping record of their entire potential customer and if there are
any new offers in the product then the customers can be informed as there data is saved. Under
the system of MIS the information about the customers are being collected, analysed and there
are stored so they can be used in future (Lamb, Hair and McDaniel, 2011). There is different
research and development activities organised in order to analyse needs and wants of the
customers so that products can be offered to them according to their needs. This is the most
valuable online plans which are adopted by firms so they will take right decisions about the
products.
Financing- This is the most important business assets as it helps in executing there
operations in most effectual and planned manner. If TK Max is having effective funds for
promoting their products at market places then they will not face any type of difficulties in their
operations. The finance department is having the overall responsibility for arranging funds in
order to organise marketing campaigns or promote their products at market areas. There should
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be plans developed in order to utilise funds so that all the activities will be carried out in most
efficient manner. TK Max are utilising all the resources which are available in the economy in
most effectual and planned manner so as to achieve growth and success in their operations
(Lehmann and Bengart, 2016). This is the most beneficial factor as they are providing
opportunities to business in order to expand their business operations all around the globe and
also maximise customers’ footfall. The marketing manager should divide the overall budgets
according to planned business activities so they will not face any type of business activities in
their business operations.
Distribution- This is described as the most important factor in which products are
transferred from one location to another through different types of distribution channels so they
can be easily reached to the end customers. TK Max should select the most effective channels of
distributions in order to distribute their final products so that customers will not face any type of
difficulty in getting the products (Wang, 2015). The distribution channels which are adopted by
TK Max for promoting their goods are very much effective which making comparison with their
competitors who are dealing in similar business operations. The firm have formulated plans in
order to make their products available at Urban Locations so that people can easily access them
thus expanding their business activities.
P2 Roles and Responsibilities of Marketing relate to wider organisational context
In an organisation, it is necessary for business is to examine and analyse the desires of
potential employees which help in classify their roles and responsibility to them in effective
manner. With the help of this, the company can easily archiving their desired goals and
objectives in effective manner. TK MAX is the popular and famous firm which help in
identifying and recognising the possible growth and success in the student sector. Along with
this, in this process, every staff member of company can render their personal contribution for
giving them higher satisfaction to their desired buyers which is totally based on their quality
based products and services in effective manner ((Fazlollahtabar, 2012). With the assistance of
this procedure, the firm can manage and maintain their work load which helps their employees in
contributing roles and responsibilities as per their skills and abilities. The company can easily
acquiring effectiveness in their income and revenue. There are different roles and responsibilities
of an organisation which are described as under:
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Research and development department – this is the division of TK MAX is to examine
and analyse different factors of marketing with the help of doing strategic marketing function in
better manner. On the other hand, the main motive of this company is to analyse whole market
place, rivals, customers demand and needs, required marketing of particular goods. Along with
this, this department is easily executed and implement cost effective technique and methods for
developing accurate products in the large market place. In this sector, an organisation need to
provide best quality based services and facilities which will help in increasing their customers’
values and company can maintain their product image at the market place (Aghasi, 2012). Such
type of company analysis assists in enhancing their competitive advantages in the target market
in better way.
Marketing department – this is that department which help in managing and maintaining
all product promotion work and also introduce new goods at the large market place. TK MAX
can using various marketing methods and techniques such as social media, advertisement, online
promotion, door to door marketing for increasing their customer’s abilities and knowledge for
particular goods. Along with this, it is that division which help company in promoting their new
commodities among customers with the assistance of different methods and sources of an
organisation. This will impact on marketing process so the firm can easily developing and
building desired customer base which help in making loyalty or trust towards an organisation
forget long term benefits. In this, marketing is authentic method which assists in enhancing
evaluating or understanding between staff members as well as their target buyers. In the TK
MAX, this is important for executing effective marketing strategies and policies in their business
process which help in spreading their accurate data and information in the large market place
regarding their major aims and objectives in effectively (Forte, 2012). It will assist in engaging
with target market place as well as customers for getting long time period advantages.
Production and operational department – In this division, an organisation are doing
effective working according to their direction and instruction of research and development
department and this will help in providing accurate knowledge and skills about their customers
demand and requirements for making effective based quality services and products as per their
expectation. The main aim and objective of this firm is to making quality based products which
help in providing high level of satisfaction to their targeting customers. These business
operations and functions are easily maximising their success and growth, income and share of
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market place of TK MAX Company. Production of goods needs to maintain quality of material
and particular resources which can easily using by employees of company. In this process, the
firm need to use modern technology which assists them in eliminating the wastage and also time
related issues in better manner (Fırat, 2013). With the help of this, TK MAX can easily
implement and execute time approach in their manufacturing services and facilities. This is
specific procedure which helps in increasing the organisation income and revenue by declining
the additional waste. Along with this, for executing just in time strategy in business process, firm
can easily developing and maintaining the strong or good relation with their customers that can
helpful in earning long time period advantages.
Finance and accounts department – This is that division which assist in giving their
effective and good services by managing budgets and financial statement of the company. All
such business operations and functions assist in managing and maintaining all firm resources and
funds for getting accurate resources which help in giving proper facts and figures about
profitability, income and expenses and analysing valuation of assets and liabilities in the given
financial year. All these functions and activities of TK MAX can increase their growth and profit
ratio which are getting for long time period in better manner (Gertner, 2011). The company need
to examine and analyse their business dealing which assist in managing their accounts and funds
while delivering specific goods and services to the final customers. With the help of this, this
will assist in providing financial stability in business for attaining future success and growth
level. These type of organisational activities and functions assist in improving investment
process of firm for getting desirable results in proper manner.
Human resource department – this is that division which help in managing and
controlling all business activities and functions of an organisation in effective manner. TK MAX
required examining and analysing their all working procedures and also maintaining employee’s
skills which help in providing actual roles and responsibilities. This department is mainly
working for hire employees with using various methods such as selection and recruitment
process of company effectively. For analysing whole organisational needs and demand for
specific employees (Hamilton, 2011). They can easily conduct and organise effective recruitment
prices within an organisation through this they can select and hire those employee who have
appropriate ability and capability for dealing with various types of people. HR manager of
company required to increasing their employees skills and abilities by various training and
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development methods. For this they need to analyse and examine person skills and they are
surviving in their comfort zone for enhancing and provide various types of issues and challenges
regarding effective marketing planning.
IT department – This is that division which help in solving various types of issues of
company in better manner (Joshi, 2012). In information technology manager of TK MAX they
are using modern techniques and methods for producing specific goods, advertisement, data
analysis, marketing procedures and research and development division. With the help of this,
company can easily increasing their production and also reduces the wastage in given time
period.
TASK 2
P3 Comparison of application of marketing mix by different organisations for achieving business
objectives
Marketing mix play an essential role in developing and formulating business policies and
strategies and also making accurate plan so that this will getting effective results or outcome
which help in achieving goals and targets in better manner. In each firm, they are mainly
concentrating on different marketing mix components which assist them in accomplishing
competitive benefits and also increasing high income and revenue. TK MAX Company required
determining and considering such marketing mixes which are necessary managing and
maintaining whole business operation and function in better quality based services and goods
which help in fulfilling their buyer’s needs and requirements (Khan, 2012). TK MAX can
achieving high level of success and growth for gaining market share for satisfying their
customers’ needs and demand at the time of making effective decision regarding appropriate
policies and strategies for developing and formulating plan so that firm can expand in other
location.
There are certain comparison of marketing mix strategies between TK MAX and H&M firm
that are as follows:
Factors TK MAX H&M
Product TK MAX provides effective
goods and services to their buyers
and this will help in giving best
An organisation can developing and
maintaining product which help in
attracting large number of customers
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quality based products at
reasonable rate.
towards their services and facilities
in better manner.
Price TK MAX need to set price which
are affordable for the people and
customers which assist them in
attracting each class people from
their company services and
facilities of products (Adil, 2013).
.
They are using effective pricing
strategy which attracting desired
buyers who are capable for
purchasing each person towards
their services and products in
effective manner.
Place The TK MAX can select those
place and location where large
number of customers is gaining
attention towards their innovative
and creative goods and services at
the large market place.
This firm is mainly contrite on
giving accurate goods and services
that can distribute such services and
facilities that help in reaching with
number of customers.
Promotions There are various methods of
promotional activities which are
used by company such as social
media, advertisement and
personal selling these assist in
getting customers base in huge
manner.
There are other number of buyer
who are directly connected with
different promotional method and
techniques which are using this
social media so that they are gaining
attention of large number of buyers
towards firm products.
People TK MAX is mainly concentrate
on those people who are
responsible for achieving such
business targets and objectives in
effective manner (Hair, 2011).
.
In an organisation, company is not
determining key people so they are
giving less importance to the
shareholders for gaining business
goals and objectives.
Process Company using different methods
and techniques help in reaching
H&M using easy and effective
process which help in developing
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with desired customers so they
can satisfying their demand and
requirements
products and services in proper
manner.
Physical Evidence This can be referring as that
various factors assist in
identifying the firm services and
facilities which they are serve to
their customers (Lamb, 2011). TK
MAX providing appropriate
methods and tools which attract
large number of customers.
They are using different elements
which help them in making
customers happy and satisfying
regarding their services or facilities.
TASK 3
P4 Covered in PPT
CONCLUSION
As per the above mentioned report it can be analysed that Marketing the most important
business activity as it helps in promoting goods and services at market place so that customers
can purchase them thus enhancing their overall sales and profitability ratios. Marketing is an
important concept in a business organisation which is define as a process of advertising and
promoting brands. In an organisation, it is necessary for business is to examine and analyse the
desires of potential employees which help in classify their roles and responsibility to them in
effective manner. With the help of this, the company can easily archiving their desired goals and
objectives in effective manner. In each firm, they are mainly concentrating on different
marketing mix components which assist them in accomplishing competitive benefits and also
increasing high income and revenue. TK MAX can achieving high level of success and growth
for gaining market share for satisfying their customers’ needs and demand at the time of making
effective decision regarding appropriate policies and strategies for developing and formulating
plan so that firm can expand in other location.
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