An Analysis of the Marketing Plan for TK MAXX: Strategies and Impact

This report provides a comprehensive analysis of the marketing strategies employed by TK MAXX, a subsidiary of American apparel and home goods enterprises. It begins by outlining the key roles and responsibilities of the marketing function, including product development, pricing, selling, promotions, and distribution, and how these functions contribute to increasing market share and customer satisfaction. The report then explores the relationship between the marketing department and other organizational departments, such as operations and finance, emphasizing the importance of collaboration for effective business operations. The report then delves into the application of the marketing mix within TK MAXX, analyzing how the company uses various strategies to promote its products and achieve its objectives. Finally, the report concludes with the development of a marketing plan for TK MAXX, demonstrating practical application of the marketing concepts discussed throughout the report. This report aims to provide insights into the effectiveness of marketing strategies in driving profitability and achieving competitive advantage in the retail sector.

MARKETING
ESSENTIAL

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Key role and responsibilities of marketing function..............................................................1
P2 How role and responsibilities of marketing related with others organisation department....3
TASK2.............................................................................................................................................5
P3 Compare how differently organisation may apply marketing mix .......................................5
TASK3.............................................................................................................................................8
P4 Make marketing plan for TK MAXX....................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Marketing define as promoting, delivering, creating and managing all business activities
in an effective manner in order to gain high profitability. Through this, firm are able to achieve
goals and objectives in specific time frame. Management of an organisation has develop
strategies and plan to produce high quality product as well as differentiate goods which are helps
to gain competitive advantages at market place. In this assignment TK MAXX firm is select to
analysis impact of marketing task in an organisation profitability. It is a subsidiary of American
apparel and home goods enterprises (Babin and Zikmund, 2015). It has around 570 store in the
year of 2017 in all over the world.. Some product like clothing, furniture, footwear, bedding,
giftware and many more have selling by TK MAXX. In this report covers key role and
responsibilities of commercialism function or its relationship with other department of an
organisation. Its also covers marketing mix as well as basic marketing plan.
TASK1
P1 Key role and responsibilities of marketing function
Marketing is a function which helps to increase market share as well as customer's
satisfaction. Its helps to promote product and services in order to create awareness which helps to
influence buyers purchasing behaviour. With in company, marketing have various kind of work
like fix goods price, package style, colour, size, advertisement and many more. Role of the
marketing manager is coordinating with all others organisation department which helps to
manage all function in an effective manner. Its influence person to engage them with enterprise's
good in order to full fill their needs and wants in an effective ways. TK MAXX is selling various
kind of product to their potential clients. Some important function of marketing are explain as
follows:
Development of Product: Management of the company conducting research to analysis
customer's needs and wants accordingly develop product and services. It is a one of they
important function of marketing. Through this, they are capable to produce goods which are
fulfilling demand of all potential clients in an effective manner. Marketing manager pay role to
provide direction to research and development department of an organisation about product
modifications (Baker, 2014) (Batt, 2013). It helps to improve quality of goods that increase
customer's satisfaction as well as productivity.
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Price: It is a one of the important factor which affect profitability of the company. Clients
are always price sensitive in nature, so that management pay role to fix price according to market
environment as well as clients disposable income. Function of marketing manager of firm may
find competitors pricing strategies in order to offer good in an affordable and easy rate. Through
this, they are able to achieve competitive advantage as compare to their competitors at market
place. Administration of TK MAXX use advanced pricing strategies to sell their product higher
class customers in order to gain high profitability.
Selling: It is a most important for marketing function of management which helps to
enhance clients satisfaction. Selling is a only activity that provide or generate revenue as well as
profitability for company. Both managers and leaders has manage, control or organise all
employees in efficient ways to rise productivity in work (Chinn, 2017). Marketing manager pays
important role in developing strategies to selling goods like advertisement, promotions, discount
offers, attractive packaging, colour and size or many more. Through this, TK MAXX are able to
achieve their set goals and objectives in given time frame.
Promotions: Various kind of promotional activities like personal selling, sales
promotion, direct marketing, public relationship, advertisement and advertisement etc. Through
this, they have create awareness about product information. It is a important function of
marketing in which they have make plan in order to enhance market share as well as high
profitability. Manager of TK MAXX pays important role to select best method of promoting
goods. For this, they has use social media network and internet for promote product offers. They
focus on teen age children those have influencing power of buyers behaviours.
Finance: Fund is a important element to run business activities effectively. Function of
finance manager of an organisation construct budget for all department like human resource,
marketing, research and development, operations and production etc. It is pay role of blood with
in all company to operate all task in an effective manner. They out sources fund in order to full
fill needs and wants. Some important sources of finance are bank, angle investors, capital
venture, debentures, share equity etc. Management of TK MAXX has make plan to find out most
appropriate way to gain finance by external sources. Most of time, they rise funds form their
parent company (Desai, 2011). It is helps to provide fund in low interest as well as long time
period.
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Distribution: Strong distribution channel helps to achieve aim and objectives in an
effective ways. It is a main function of management, its responsibilities to develop powerful
arrangement system which helps to increase reachability as well as productivity. Its enhance
market share by providing high quality of good in their near by location.
Management information system: It is a computer based system which increase
productivity and quality of product and services. Management of the company has develop
strategies to manage and control all business activities in an effective manner. Through this, they
are able to produce goods according to clients demand and preferences. This techniques helps to
analysis most of the business issues. So that, management information system helps all
employees to resolve problem related to needs of potential clients by designing various kind of
IT applications. Information and data given by each department has very important to take
decision related to advertisement, promotion, production task and many more.
Market Research: management of the company has organising research program to
know customer's needs, preferences, motivational factors, demand, perception, attitude and many
more. Through this, firm are produce goods and services accordingly that help to increase
profitability as well as sustainability as compare to their competitors at market place. Industry
research is approximately arranging all relevant information related to clients. Find out who are
those people which company want to sell their product and services. Why they purchase from
TK MAXX as opposed to a competitor business in same industry. In order to answering this
questions management want to required that researcher are do the some on-the-ground of
observation industry trends as well as competitive product.
Matching Products to Customers: It is a management responsibilities to analyse needs
wants of the potential and accordingly produce commodities which are help to meet clients
demand in an effective ways in specific period of time. While organisation tend to consider of
selling and merchandising strategies as being nearly linked with various kind of marketing
function with in an organisation. Employees of the company has give effort toward achieving
goals as well as objectives in a appropriate manner. This is because commercialism of goods and
services can happen only after firm are determined customer's wants and needs and are
competent to respond with the correct commodity at the right cost point and time period.
Importance of Core Marketing Functions: Through marketing function firm are
capable to achieve goals as well as objectives in given time frame. Management of the firms
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have distributing all role as well as responsibilities among employees and all person are work
accordingly to enhance profitability, sustainability in long period of time. The five major
marketing purpose are every spot as crucial as operations, R&D, Human resources and finance
etc. many accounts are the most critical part to the enterprises. Advisement back to business
experiences and call back what their learning that help to build action of plan to compete
competitors at market place. Or, reappraisal administration of firm face failure situation and
make or implementing motivation theory in order enhance employees self confidence. Institute
provide training to all staff members to improve skills, knowledge in order to provide enough
horsepower in their marketing efforts. Were the marketing fundamentals of developing value
into goods, capturing worth and structure programs and plans for continue addition in existing
commodities put in spot before the social media causation was pulled. In order to understand
these core marketing purpose, one has to unwind and broad their thinking of the day to day crazy
delivering of product to consumers on plan of action activities and all the force of every other
enforcement demands on the merchandising function with in an organization. To do the same,
will allow this blog post that attract large number of customers toward firm. Manager of
enterprises has find out how they might need to create for success and sustainability at market
place. They are completing all task in given time frame and take relax and deep breathe before
proceed strategies in same industry in gain long term profitability. Firm is also find social
media’s site according to their needs and requirement, they are pervasive role represented in
context of the major marketing functions at the very end. That way its plan of action latent can
be incorporate into the construction of these purpose in a more effective manner.
P2 How role and responsibilities of marketing related with others organisation department
Marketing department has various kind of role and responsibilities in order to achieve
organisation aim and mission. For this, they develop plan and strategies which helps to provide
blueprint of entire work process. Management has manager all department with in company that
helps to run whole businesses activities in an effective manner. Marketing of firm play major
role in transferring product and services by several distributive channels. They act to manage all
internal operations which helps to develop brand value at market place. The main responsibilities
of marketing manager in company are segmentation, targeting, positioning of product to gain
high market share (Diana, 2013). This process measuring goods brand image in clients mind as
well as effectiveness of strategies as compare to their competitors at market place. modify its
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product in order to full fill clients needs and wants to gain high customer's satisfaction. For
evaluating effectiveness of product and services, management of TK MAXX tracks and monitor
performance of employees and competitors by implementing marketing mix techniques. This
would helps in analysing rule and regulation for executing plan with in an organisation. Market
oriented people helps organisation to take decision related to manufacturing product in order to
fulfilling needs and wants of potential buyers. Its improve living standard of life. For widening
the business and production of the company, function of marketing division related with all
department of an organisation are explain as follows:
Marketing function with operation department:Marketing department in an organisation
is mainly responsible for modification of product and services according to clients needs and
wants by using strong strategic planning. This plan entails current market condition in context of
customers, competitors, opportunities, weaknesses, strength, threats and many more. It depicts
the strengths and weaknesses of all businesses activities presented in external environment. Its
include political, economical, legal, governmental, social and culture etc. Such plan inherent
main objectives of sell budgets, determine merchandising action and identify resources. It is
provide helps to operational team to carry out whole business objectives in an effective manner
to make new goods (Durand and Barlow, 2012). Through this, they are able to achieve aim in
specific time period. Operational manager always seek to get relevant information and data to
meet customer's demand on time.
Finance department with marketing function: Finance department has provide fund to
marketing division in order to manage their work in an effective manner. They provide budget
for advertisement, promotions, discount offer and other various kind of activities to sell product
and services in an effective ways. Management of the company find out various resources of
funds which helps to meet all day to day requirement of payment. Manager of commercialism is
perform vital role in an organisation like identification of distribution channel, develop
strategies, make differentiate product to achieve competitive advantage at market place etc. They
organising research to know, how firm can rise finance to start operations on economic of scale
to remain enterprise for long period of time.
Marketing department with sales: For increasing profitability as well as sales
performance of all store of TK MAXX. Marketer provide several relevant information related to
management related to market conditions, preference, requirements and many more which helps
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to carry out whole business activities in an effective manner. Persons working in marketing field,
forecasting sales to manage their retailing activities in an effective ways (Forrester, 2010). In TK
MAXX, marketer analysis clients demand in each and every location accordingly they have
distributing product in all retail store. Its helps to reach in all area to increase market share. Its
helps in promotional and advertisement task.
Marketing department with human resource management function: Functions of HRM
and marketing team are interrelated in each other. In order to enhance performance of marketing
staff members, a firm may requires to employ best talent candidates in all departments to
increase productivity as well as profitability. Human resource manager of an organisation
conducting training program for all employees in order to increase their capabilities and
professional skills. Through this, they are able to produce quality product and services. They
arrange separate training event for sales executive to enhance customer's satisfaction by
providing high quality services. Trained sales staff members have full knowledge about goods
and they are able to peach clients in an effective manner to purchase firm offers. Human resource
management in an organisation perform several task like recruitment, selection, appraisals, rule,
HR policies, extra bonus, flexible working hour or days etc. Marketing department has needs
high professional employees in order to achieve set targets in specific time period. Its helps HR
managers to identifying recruitment sources at low salaries (Gummesson, 2011). Through this,
they select talented individuals in less efforts. They research training method by analysis
competitors action or other international company HR management strategies, so that it staff
members become able to compete challenges in an effective ways.
IT department and marketing function: Information technology helps to manage, design
all infrastructure with in an organisation which increase quality of performance and productivity.
This division may keep records, information, data, strategies, security system to avail market
place that helps to achieve security aim. It provide several applications to advertise or promote
goods offers through online mode. They have used social media networking side in order to
increase awareness about product among customers. IT department have capable to track
suppliers to purchase product for sale in retail store. In today's modern business environment,
many buyers purchase required product through online website. So that, TK MAXX also sell
their goods by their own website as well aa others e- commerce sites in order to increase sales
and profitability.
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TASK2
P3 Compare how differently organisation may apply marketing mix
Marketing mix is a combination of various kind of elements like product, price, place,
promotion, physical evidence, process and people. These all factor may effect firm
competitiveness at market place. It refers as set of activities, tactics that firm used to promote and
advertise it brand as well as product at market (Jones and Rowley, 2011). Its divided into two
types, first is 4P's of marketing for goods and second is additional 3P's of commercialism for
services. Totally 7P's together are called marketing mix. TK MAXX has a retail store chain
which are run their business activities at global level. Through this, management of TK MAXX
has rise clients gratification and strong brand image in their buyers mind. Primark store and TK
MAXX both have close competitor of each others. Now compare their marketing mix elements
to understand application of various factors are discus below:
Marketing mix TK MAXX PRIMARK
Product  They sell various kind
product which helps to full
fill customer's needs and
wants in an effective manner.
 TK MAXX offers cloths,
footwear, giftware, bedding,
furniture etc.
 Primark offer variety of product
other than clothing to their
buyers.
 They offer clothing, home wear
product, beauty etc.
 Company provide expensive
brand to their potential clients.
Price  External as well as internal
both factor affect price of
product and services.
 They purchase goods daily.
On that time, manager tag
full price on product after six
week they reduce their selling
price (Mitchell, 2012).
 So that, in starting they
receive high profits but with
 Primark used both low and high
pricing strategies in order to sell
produce to all segment.
 Their main focus is clothing
section. So that, in this division
they offer lot of brand with
different pricing.
 Company used streamlined
production method and
professional as well as skilled
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time profitability ratio is
decline.
employees to make clothing
price as low as possible.
Place  TK MAXX operating their
business activities around
515 location in Europe and
38 store in Australia.
 They have strong distribution
channel which helps to
increase reachability.
 They have run their business
operations across 325 location
in all over the world.
 They has effective distribution
network which helps buyer to
purchase product in a minimum
effort.
Promotion  Company used several
promotional activities in
order to create brand
awareness and information.
 Newspaper, TV, social media
site, internet, billboard etc,
have various mode of
promotions that company
used.
 Primark has promote their
product through TV
advertisement, billboards,
hoarding, banners, social media
site and online store or many
more (Ogunmokun and Tang,
2012).
Physical
evidence
 Management of the company
has organise all store in an
effective manner.
 Clean and safe environment
attract large number of clients
toward their product and
services.
Process  Human resources manager of
TK MAXX provide training
to their employees.
 Trained staff member serve
better services in front of
buyers. Thus increase
customer's gratification.
 Company hire experiences
employees to provide better
services to their purchaser.
 Through this, they are able to
increase customer's satisfaction
by give quality of product.
People  Their all workers are well  All employees are well dress
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dressed as well as show
positive body language in
order to give better services
to their purchaser
(Papasolomou and
Melanthiou, 2012).
and educated to provide high
quality of services to their
customers.
TASK3
P4 Make marketing plan for TK MAXX
Marketing plan is a comprehensive document that outline all business activities like
vision, mission, goals, objectives, marketing strategies, promotional campaigning, advertisement
etc. Through this, management of the company are able to know future working process and
outcomes. It is focused on specific time period to completing task in an effective ways.
Marketing plan is different form marketing strategies because it include all commercialism
function. Here are explain marketing plan of TK MAXX are as follows:
Vision: “ Our vision is to provide best services to their potential customers in order to
increase market share”. They want to deliver fresh, fashionable,exciting and rapidly changing
assortment of various brand name with excellent value of customers money. Company define
value as the combination of price, quality and fashion (Perreault, 2010).
Mission: Company wants to open their store in all over the world with global standard of
product and services. Through this, they wants to increase reachability as well as achieve high
market share.
Objectives: Their main objectives is to sell produce in affordable price to large numbers
of clients in order to rise profitability. Management of the company want to open more and more
store in order to gain high market share.
SWOT analysis:
Strength Weaknesses
 Affordable price and quality of product
and services increase profits.
 Large number of goods firm offers to
their customers.
 Sales are seasonal which effect profits
of the company.
 Costly goods demanded in mainly
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 Able to retain clients in an effective
manner.
Christmas time.
 Lots of competitors affect firm
operations and marketing strategies.
Opportunities Threat
 Man spend less in clothing, so that,
company has opportunities to
encourage men to take interest in
fashionable product.
 Discount pricing strategies helps to
attract low income group people.
 Less entry barriers has increase
uncertainty at market place.
 Recession also a one of the threat for
firm.
STP plan of action: Management of TK MAXX has develop action plan to attract large number
of customers. STP are stand for segmentation, targeting, positioning of clients as well as product
at market place. These are explain as follows:
 Segmentation: It is a process of dividing whole market into manageable section of all
potential clients into groups, segments etc. Through this, they are separate people based
on age, education, location, gender, preference, culture, motivation factors and many
more.
 Targeting: After the market has been segmented into various kind of buyers, management
of the company has target customers those have needs and wants their product. Marketer
select series of segment in order to gain attraction of large numbers clients (Rudden,
2016). Effort and resources are targeted at section. Positioning: It is a activity to establishing positive brand image in consumer's mind. For
gain high brand value as well as market position. It is a act to arrange offers in a
particular ways.
Marketing strategies: Management of TK MAXX has develop marketing strategies in
order to increase profitability. To hit all objectives, company are use systematic and remarkable
marketing strategies.
In order to develop a new business plan of action T.K. Maxx formulated a promotional
campaign that accented large description of product as well as services to potential customer's.
They are offer economic prices of good to attract large number of clients toward firm and build
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