Marketing Essentials: Analyzing TK Maxx's Marketing Functions

This report analyzes the marketing essentials of TK Maxx, a retail company. It explores the key roles and responsibilities of marketing functions, including research and development, marketing, production, finance, human resources, and IT. The report examines the marketing environment, including internal and external factors, and the importance of marketing strategy, information systems, and research. It also details the significance of interrelationships between marketing and other functional units, such as finance and human resources, highlighting how collaboration improves efficiency and reduces conflicts. The report further discusses key elements of the marketing function, such as needs, wants, and demands, and their interrelation with other organizational units, using the marketing mix, SWOT analysis, and 7Ps to achieve marketing objectives. The report concludes with an evaluation of TK Maxx's marketing strategies and their effectiveness.

MARKETING ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
A key roles and responsibilities of marketing functions ............................................................1
C Roles and responsibilities of marketing in the context of marketing environment.................3
D Significance of interrelationship between marketing and other functional units....................4
E Marketing function and interrelation with other functional units............................................5
TASK 2............................................................................................................................................8
1 Comparison between different application of marketing mix .................................................8
2 tactics applied to demonstrate objectives .............................................................................10
TASK 3..........................................................................................................................................11
1 marketing plan .......................................................................................................................11
2 Produce detailed coherent evidence based on marketing plan ..............................................11
3 7Ps to achieve overall marketing objectives..........................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is a management function which helps an organisation in managing their
business in a successful manner. As per the current competitive scenario, every enterprise is
adopting various marketing tools and techniques to help them in promoting their business. In
market, there is a cut-throat competition and so it is important for the company to adopt all
aspects and improve performance of their working (Bowie, Paraskevas and Mariussen, 2014).
In simple term, it can be said that marketing is essential for every scale business which
includes advertisement, building brand image, promotion, buying and selling of goods and
services, customer satisfaction. Along with this, it play important role in creating position in
market and also support in accomplishing growth and sustainability of the firm so effectual
image can be build in market place. Marketing essentials are mainly used in organisation for
supporting new product and to bring this in market. Along with this, it also plays a vital role in
providing information to customers about new launching or innovation. The same includes
marketing mix, promotion mix, SWOT Analysis and PESTEL which is important for identifying
external and internal factors (Brassington and Pettitt,2013). This assignment is based on TK Max
which is a retail industry company founded in 1994 by Bernard Cammarata. The Products
offered by them are bedding and domestics, clothing, footwear, furniture and giftware. This
report explain the roles and responsibilities of marketing essentials in relation to an enterprise.
The given company is using several marketing strategies so that customers can be easily attracted
and they retained with firm for long time.
TASK 1
A key roles and responsibilities of marketing functions
Marketing is set of several functions which help organisation in many ways. Such as
launching new product in market, building relation with customers, delivering goods on time,
attracting more and more customers along with this it also help company in several other ways

also. If marketing done by enterprise in better manner then it assist in generating more and more
revenue and also in profit maximisation (Cleverley,2017).
There are various roles and responsibilities of marketing function related to TK Max and are as
given below:
 Research and development division – This department work on identifying several
market conditions, customers needs and wants, and competition. Research and
development division of TK Max is working for building collaboration between market
and organisation so that they can serve better quality of goods to customers. With the
assistance of specific research, an enterprise can easily apply cost effective methods for
particular product (Clow and James 2013).
 Marketing division- This is related to bring new products and services in the market.
For this entire process given company can use several marketing tools and techniques
such as advertisement, online promotion, door to door marketing for identifying
knowledge of customers related to particular product.
TK Max has to use effective marketing strategy so that they can provide proper
knowledge about goods and services to customers.
 Production and operational division – This department start their work after doing
research and development program. Because R&D provide proper knowledge about
needs and wants of customers and their perception about existing products. Major
objective of this division is to produce such products which provide high level of
satisfaction to customers (Desai, 2013). With the help of such activities, the company
can easily grow in market, generate more revenues and increase market share of TK
Max. In this process, the firm can use advanced technology so their will no no over
utilisation of resources, reduce wastage, production of goods done on time and many
other benefits also.
 Finance division- This department is working for providing better services to finance
department by managing their accounts and financial statements also. All such activity in
department done with the motive of managing funds and resources in proper manner.
This will help in getting proper information about profit and loss of company in a
particular year. It can be only done when each and every transaction of company should
be analysed along with this finance manager of company manage their funds and

reserves in appropriate manner (Durmaz,2011). Moreover, with the assistance of this
entire activity firm can expand their business in several other nations also.
 Human Resources Division – This is the management department of a company which
works for managing complete activities of a business. Main work of is to hire candidates
for vacant positions and provide training and development programs for new and
existing both employees.
 IT division- This division of organisation is working on problems related to IT
(information technology). Because as per current market trend marketing of goods and
services by using IT technology is more effective compare to other. IT manager of TK
Max is using advance technology for producing goods, data analysis, and advertising and
also in several other marketing processes (Fazlollahtabar, Aghasiand Forte, 2012). With
the help of this, an organisation can easily maximise their production and also reduces
extra cost on it
C Roles and responsibilities of marketing in the context of marketing environment
Marketing environment includes both internal and external factors. here, internal are
employees, customers, shareholders, distributors & retailers. On the other hand, external factors
are legal, political, social, technological and economical. These are the surroundings of business
which influence marketing operations of the company. The factors involved in this are dynamic
in nature but some of them are controllable and others are uncontrollable (Fırat, 2013). TK Max
should be aware about the marketing environment in which they are working.
Here are the roles and responsibilities of marketing of TK Max are as under:-
 Marketing strategy – This is the first and foremost step of marketing in this proper
marketing plan is formed by company. For this process there is requirement of
identifying need and wants of customers along with this also help in providing them
better services.
 Marketing Information System ( MIS)- It helps the company in several ways because
it provides accurate information and data related to different aspects which consider
planning, controlling, product, implementation of appropriate marketing strategy
(Gertner, 2011). With the help of it, proper information company can easily provide
better services to the existing and targeted customers.

 Monitoring of merchandising surroundings – Marketing process plays a crucial role
for recognising new development in big marketing environment. This kind of
improvement gives formative outcomes for products and services development of a
company(Hamilton,2011). Marketing environment involves merchandising which must
be monitor by enterprise for achieving growth and development of business.
 Marketing research – This is important role played by marketing because it involves
research related to goods position in market and customers. When proper research is
conducted by the company, it helps in identifying customers’ needs and wants, present
market position of goods and perception related to existing things (Joshi,2012). Along
with this, company offers quality of goods and services to customers which results in
growth and development of the business.
 Market segmentation - This divides the customers in small parts according to their age,
gender, income, taste and preferences, lifestyle, usage and several other also. There are
types of market segmentations such as geographic, demographic, behavioural and
psychographic. This helps in identifying customers and provides those services and
goods. Apart from this, the manager of company assists in recognising the desirable
customers in the diverse market and also promote creative or innovative products and
services.
 Brand equity – This is related to the value premium that firm generate from a goods with
recognizable name, when it was compared with generic equivalent. TK Max can build
brand equity of their goods by making it memorable, reliable, superior in quality and
easily recognizable (Khan and Adil, 2013). Although, marketing render reputation and
build strong value of brand within the customers. This entire procedure assists in
increased sale volume of an organisation.
These all are roles and responsibilities of marketing when it is working marketing environment.
It helps a company in many ways which results in growth and development of business. Along
with this, it also results in generating more and more revenue.
D Significance of interrelationship between marketing and other functional units
Marketing performs several functions in an organisation which helps in growth and
development of business. For an organisation, it is important that they have to do marketing

activities in better manner for achieving competitive advantages. Work of marketing is
interrelated with other functional units (Lamb, Hairand McDaniel, 2011). There are several
interrelated functions such as finance, human resource, Information technology, research and
development. Not only market other functions are also related with marketing functions of
organisation. When there is interlinked between these it gives various benefits to company:
 Healthy Working Environment: When every department working together it simply
means employees are also doing work with each other. This directly gives impact on
relationship of employees who are working together in single organisation. Personnel talk
to each other, work together and solve issues of each other. Then there will be positive
and healthy working environment in the company (Lehmann and Bengart,2016). Which
is more important for achieve goals and objective and also assist in generating more and
more revenue. For smooth working of business, there is a requirement of healthy working
environment. Positive atmosphere within the company builds a good image of itself in the
market and can take better position also.
 Good relation between employees: when two or more than that person are working
together they talk and this will help them in building good relationship between each
other. If there is positive relation then workers do their work more effectively which
results in increasing productivity, customers satisfaction, on time delivery of goods, profit
maximisation along with this also help in generating more and more revenue.
 Reduction in cost and wastage: proper utilisation of tools and techniques or advance
technology help in reducing extra cost which is occurring in production. Along with this,
wastage is also managed in an enterprise with the help all departments
 Minimisation in conflicts: When everyone is working together in organisation there is
less chances of conflicts. Because work in company done on mutual understanding every
employees. Therefore, there is reduction in level of conflicts.
E Marketing function and interrelation with other functional units
Marketing involves several functions in it such as advertising, finance, distribution and
many more. However, these are few activities which come in the marketing procedure. Functions
related to marketing are interlinked with other functional units of organisation. For example,
finance department is totally linked with marketing division because while doing this process

there is requirement of economic resources, planning within business organisation, evaluating
marketing strategy and several other also (Lin,Li and Wang, 2015). Fund required for this work
is provided by finance division of firm. Thus, marketing functions are totally linked with other
functions of an company. Along with finance department it is required in other also such as
human resource, research and development, IT (information technology) division. Some key
elements of marketing functions are given below:-
Need : These are basic requirement of an person which is necessary for surviving in this world.
There are some components which comes under the need of individual food, clothes, shelter,
water etc. in simple term it can be said that these are necessities for surviving without these no
one can live (Lovelock, 2011).
Wants : This is also part of need but with one step ahead. It is that when all the need of
individual are fulfilled then He/she move towards the wants. For instance, when a person is
hungry then he need food to eat this is need but if he want burger to eat then this is known as
wants.
Demand : when needs and wants fulfil then individual start demanding. Now person is moving
towards the luxury for social upliftment. Thus, TK Max have to make such kind of products so
they can fulfil need, want and desire of customers.
Below mentioned are interrelation of marketing function with other functional units of a
company:
 Research – In business, research play crucial role and it the most important marketing
function because with no proper research enterprise are not able to success. This process
helps in getting information or data related to finance, raw material, logistics and several
other business practices also (Mihart,2012). Research conduction doesn’t provide
information related to market but for some other functions. In marketing, research is
used for identifying current market trend or customers’ needs and wants.
 Strategy – When information is collected after research, the next step includes
identification of strengths and weaknesses of a firm among different business operations.
Collected data help association in making proper strategy which provides proper
guidelines for competing with other competitors in marketing environment. Strategies
are built for smooth running of business and also help in gaining desirable outcomes

(Ogunmokun and Tang,2012). Everything requires proper strategy formulation for doing
their work in better manner.
 Planning – This is a key function of marketing as nothing can be done properly without
planning. Department of marketing involves financial planning, forecasting of sales
figures, distribution, and communication Planning department is important this work is
done in specific timelines. Apart from this it is required to achieving goals and objectives
of business. Planning decide what to do?, how to do?, when to do? And for whom to do?.
 Tactics – These are a small plan which is formed by an organisation with the motive of
attracting more and more customers. Tactics are of limited time period which is
promotional boost in marketing plan (Papasolomou and Melanthiou, 2012). Best
example of this is use of discount coupons. It is an easy way of attracting more
customers and also for increasing sales. This assist company in generating revenue and
profit maximisation along with satisfying customers.
TASK 2
1 Comparison between different application of marketing mix
Marketing mix is important for a company because it helps in launching new product in
the market and also in doing innovation or creativity in existing. Along with this, the same also
assist in providing information about goods and services to customers. Every enterprise focuses
on the marketing mix so that they can accomplish several competitive advantages and also assist
in enhancing profit amount in more appropriate manner.
TK Max is implementing it in their business to manage their business operations in
better manner (Pike, 2015). Along with this, it can also produce fine quality of goods and
services for satisfying needs and wants of customers.
Marketing mix involves 7Ps comparison of the same within TK Max and H&M is given below:-
Factors TK Max H&M
Product TK Max is the organisation of
United Kingdom which is
providing goods and services
H&M is dealing in variety of
products and they are
providing better quality goods.

to the population of that area
in effectual way. They are
mainly focusing on quality of
products so this is the way
through which enterprise can
achieve growth and success in
business environment.
So can easily attract more and
more customers so sales can
increase which results in profit
maximisation.
Price This organisation is using
several pricing strategies and
they are offering goods at such
price which is affordable to
every customer . Because low
price help in attracting more
and more customers easily.
Prominent rate strategy is
using by company so that
products are easily in the reach
of customers and fulfil their
expectations. This kind of
pricing strategy support
enterprise in generating
revenue and profit
maximisation also.
Place TK Max considers several
locations and places where
they can sale their goods and
services. Same firm focus on
effective area for selling their
goods and services. Area of
delivering products is chosen
by enterprise with keeping in
mind requirement of
customers.
H&M is focus on rendering
more proper products and
services as they supply those
by using top-grade
transportation method and
utilize numerous of tools or
techniques so that demand of
customers can be fulfil in best
manner (Woodside,2015). For
selecting better place of
supplying goods company use
some model.
Promotion Company uses several tools
and techniques for promoting
Promotion helps in attracting
more and more customers this

their goods and services. These
are digital technology,
commercial ads, billboards,
hoarding which helps in
creating marketing awareness
about products in market
place.
is the main reason because
company is adopting
promotional tool. H&M use
magazines, brouchers, print
media, digital market which
help in giving information
about the product to
customers.
People The same company is focusing
on their key people of their
enterprise because they are
responsible for accomplishing
goals and objectives of
business in better manner
(Wirtz, 2012). They are trying
to satisfy their stakeholders
like customers and employees.
H&M is the enterprise which
focus less on their as well don't
give too much importance to
their stakeholders for business
goal.
Process There is requirement of
process for reaching
customers. For this TK Max is
implementing easy way to
approach customers and satisfy
their needs and wants.
H&M use their simple and
effectual process for
production of specific products
and services. it also assist in
making connection with new
business in more better
manner.
Physical evidence It is defined as the several
aspects which is essential for
recognising the business in
better manner. It exist
environmental elements as
company give different
H&M is also using proper
sitting arrangement,
washroom, water facility for
customers. Along with this
several other are also using by
them which create difference

facilities considering air
conditioner, sitting
arrangements, mineral water
and wash rooms so that
customers can take efficacious
services from the organisation.
with their customers. Their
branches in various country
also have physical evidence
which assist people in easy
approaching.
2 tactics applied to demonstrate objectives
Tactics are patterns and tricks developed for support the agency to attain their desired
goals and objectives. A Company uses several tactics for achieving their goals and objectives
which is important for sustaining in the business environment which is full of competition.
Several tactics used by TK Max enterprise for the same is given below:
 Gather Intelligence about customers and competitors – every organisation have
competitors and customers as well retail sector is wide and have too much companies
thus, it is simple TK Max also have. Therefore, the given enterprise has to work in such
manner so they compete their competitors. Along with, this can satisfy customer’s needs
as his satisfaction is important . A satisfied consumer can help in building good image of
brand in market and assist in generating revenue as well profit maximisation.
 Establish a basic plan and goals – Goals and objectives of company must be pre
determined because if all these are not decide in advance then employees will don't know
for what they are working. For achieving goal of firm there is requirement of proper plan.
It is impossible to accomplish or do anything without proper planning.
 Plan customers interaction strategy – Company should have proper interaction with
their customers because this help in identifying their needs and wants. Along with their
perception about existing goods and services in market (Silver and et. al., 2012). When
special attention is given to customers then they feel happy and automatically get
satisfied with products of the respective company. Listen via social media for learn
what customers want and need – Social media is the marketing tool through which an
organisation can give information related to goods and services of their company to
customers. This includes Facebook, Twitter and many others through this it is easy for
enterprise to attract more and more customers.

TASK 3
1 marketing plan
Covered in PPT
2 Produce detailed coherent evidence based on marketing plan
Covered in PPT
3 7Ps to achieve overall marketing objectives
Covered in PPT
CONCLUSION
From the above assignment, it has been concluded that marketing essentials are important
element for an organisation because it helps them in generating more and more revenue along
with satisfying their customers. Marketing essentials includes advertising, publicity, and
promotion, customer satisfaction, buying and merchandising products. Marketing is set of
functions and process which aids in developing, delivering along with this interacting to
customers and maintain good relationship with them.
This project is about TK Max which deals in variety of goods and services in market. The
same business is using several tools and techniques for promoting their products and business.
Company is using several strategies which help them in promoting their new launched or
existing also with innovation and creativity. Various tools related to this is explained above.
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