Marketing Essentials: TK Maxx Growth Strategies Analysis Report

This report analyzes the marketing strategies employed by TK Maxx, a prominent American department store chain. The report begins by outlining the key roles and responsibilities of the marketing function within the TK Maxx context, including marketing analysis, SWOT analysis, and strategic planning. It then delves into the significance of the interrelationship between marketing and other functional units, emphasizing the importance of performance at each level, healthy interaction, and reduced conflict. The report further explores the application of the marketing mix and different tactics used by TK Maxx to achieve its business objectives. Finally, it culminates in the creation of a basic marketing plan, incorporating the 7Ps of marketing to accomplish overall marketing objectives. The report provides a detailed, evidence-based analysis of TK Maxx's marketing approach.

The Marketing growth strategies of TK
Max
Marketing Essentials
1

Table of Contents
The Marketing growth strategies of TK Max...................................................................1
Introduction......................................................................................................................................3
Lo1...................................................................................................................................................3
a) Key roles and responsibilities of the marketing function related to TK-MAX context.....3
b) Roles and responsibilities of marketing.............................................................................4
c) Significance of interrelationship between marketing and another functional unit of TK-
MAX.......................................................................................................................................6
d) Key elements of marketing function and the way they interrelate with other functions.. .7
M1 Analysing roles and responsibilities of marketing in context to the marketing environment
................................................................................................................................................8
M2 Analysing importance of interrelationship between marketing and other functions.......8
LO2..................................................................................................................................................9
1. Comparing the ways in which different firms apply the marketing mix to the marketing
planning process to accomplish business objectives..............................................................9
2. Different tactics applied by TK-MAX to show the way business objectives can
accomplished........................................................................................................................12
M3 Evaluating different tactics applied by the firm.............................................................12
LO3................................................................................................................................................13
1.Produce basic marketing plan for an TK-MAX................................................................13
2 Producing a detail coherent evidence-based marketing plan for TK-MAX......................14
3. Designing the strategic marketing plan that tactically applies the use of 7p to accomplish
overall marketing objectives.................................................................................................18
M4 Producing a detailed coherent evidence-based marketing:............................................20
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................22
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Introduction
Marketing is one of the essential functions of the organisation which helps in increasing
the sales and profit of the firm. It leads to provide an opportunity in order to sell products and
services to customers according to their requirements (Deshpande, and et.al., 2017). Concept of
marketing is known as the philosophy that assists to analyse the needs and wants of customers.
The present research is based on TK-MAX. The organisation is an American department store
chain which sells products generally lower as compared to other stores. The report will cover key
roles and responsibilities of the marketing function related to TK-MAX context. Along with this,
the significance of interrelationship between marketing and another functional unit of TK-MAX
will be explained. Apart from this, different tactics applied by TK-MAX to show the way
business objectives can accomplished will be explained.
Lo1
a) Key roles and responsibilities of the marketing function related to TK-MAX context
Marketing: Marketing is known as a practice which is adopted by firms in order to sell
products and services to customers. For the organisation, it is important to carry out a systematic
procedure and strategies in order to carry out marketing research in an effective manner.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large (Homburg, and et.al., 2014).
Concept of marketing
Concept of marketing can be identified as a philosophy which assists in analysing the
needs and wants of consumers. Here, below are the areas which are included in the marketing
concept that are as follows:
Production concept: In production concept TK-MAX can focus on delivering products
and services at low cost. It included different factors which are considered by customers at the
time of making purchase of any products and services such as price and quality (Mare, 2015).. In
this respect, TK-MAX needs to formulate strategies that can assist in minimising the cost of
products.
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Marketing concept: In respect to this concept, management of the firm can use different
tools for marketing products and services such as online sites, television, newspaper, etc. It helps
in providing detailed information regarding the new products and offers (Menz and Scheef,
2014)..
Sales concept: With the use of this concept, company can distribute its products and
services to customers. In this, company undertakes different techniques and promotional offers
for selling a large number of products (Wolfe, Silmon and Miller, 2014).
The marketing department of TK-MAX plays a significant role in order to improve the
performance of the firm. It does not only support the performance and productivity of the firm
but also, assists in gaining competitive advantages (Gupta, 2017)..
Key components of marketing department:
Marketing analysis: The responsibility of marketing department is to carry out market
campaign in respect to communication and provide information of organisational products and
services to the consumers (Ryan, 2016).. Different marketing elements such as strategy,
planning, research and other tactics provide additional support to the marketing team of TK-
MAX. Responsibility of marketing department is to produce effective promotional strategies that
supports the marketing department.
Swot analysis: The role of marketing department is to analyse strengths and weaknesses
of company which are impacting their growth and development (Mišič and Podnar, 2017). t.
Therefore, it is essential for the firm to develop an effective internal communication within firm.
The articulation and circulation of the firm is essential to be transferred to the employees of TK-
MAX. Therefore, it is a roles and responsibility of marketing manager to analyse the strength,
weakness threats and opportunities of the firm in respect to robust the position and performance
of business.
Creating short term and long term strategic planning: One of another function of
marketing department is to create short and long term strategic planning. It is because; it assists
company in accomplishing their short and long-term goals. Planning covers defining and
managing the firm (Ismail, Mubarack and Thulkifly, 2015).. The role of marketing manager is to
manage the brand image efficiently. Company can easily analyse its surrounding environment
and proposed strategies accordingly. Therefore, it is the role and responsibility of marketing
manager to develop short and long term strategic planning for firm’s benefits.
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b) Roles and responsibilities of marketing
The marketing environment leads to include the internal and external factors which
surround the business and influence its marketing operations.
Figure 1: Structure of marketing departments
(Source: The Marketing Department of the Future, 2017)
There are various types of roles and responsibilities of the marketing manager in context
to marketing environment that are as follows:
In TK-MAX, marketing department plays a significant role in order to accomplish the set
goals and objectives. Marketing department not only gathers information related to the products
and services but also collects information related to the new market trends and requirements of
customers (Wasan and Tripathi, 2014). Therefore, it leads to have substantial influence on the
profitability of TK-MAX. Here, below are provided some important functions of marketing that
are as follows:
 Conducting market research: Customer’s taste and preferences change with the change
of time. Therefore, it is important for the firm to conduct market research so that
company can easily fulfil their needs and wants (Engelen, Lackhoff and Schmidt, 2013)..
Through conducting a market research, company can gain various opportunities related to
making new products and expansion of business.
 Developing strategies: It is essential for the firm to organisation to ensure that they take
appropriate steps with the help of which they can accomplish success (Grãdinaru, Toma
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and Marinescu, 2016). For marketing manager, it is essential to understand the situation
and marketing issues along with trying to overcome them in order to accomplish
organisational goals and objectives of TK-MAX.
 Building relationship with customers: One of the main aims of any firm is to enhance
profit and it can only be done with the help of formulating effective marketing strategies.
Along with this, all the products and services must be developed according to the
requirements of customers to enhance their satisfaction levels (Wasan and Tripathi,
2014).. Here, marketing manager of TK-MAX needs to ensure that customer’s
requirements are clearly understood and resolved by firm on time. TX-MAX lead to build
a strong relation with its customer through taking feedback from them and solve their
issues on time
 Identifying threats and opportunities: There are various types of threats which can be
faced by TK-MAX and these are essential for marketing manager to identify them and
overcome (Gunawan, 2015). Along with this, company can also take proper steps in order
to understand customer’s buying behaviour which provides an opportunity to develop the
products accordingly. TK-MAX can conduct swot analysis to identify threats and
opportunities.
 Listen to customers needs: For marketing, it is essential to create a strong relationship
with customers and listen their queries in order to satisfy them. Along with this, through
taking feedback from customers is also one of the effective ways to understand
customer’s requirement and modifying products accordingly (Mišič and Podnar, 2017)..
Company can conduct survey in which it can collect information regarding requirement
of customers or it can take feedback from its employees
There are some advantage and disadvantage of marketing that are as follows:
 One of the most obvious advantage of marketing is that basic interest is created of
customers for the product and services which are being offered.
 It helps in grabbing attention of large number of customers (Ryan, 2016)..
Disadvantage
 One of the first disadvantage that can be stated is required fund for marketing. At the
time of marketing if proper plan is not preparing then it become entire money invested in
marketing get wasted (Wolfe, Silmon and Miller, 2014)..
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 There is lots of time required in marketing as it is not short-term activity. However,
spending time on business lead to less time being devoted to the firm (Wirtz, Tuzovic and
Kuppelwieser, 2014)..
c) Significance of interrelationship between marketing and another functional unit of TK-MAX
It is important for all the functions of the organisation to have effective and strong
relationship which help company in accomplishing goals and objectives. Below stated is the
significance of each department:
Performance at each level: At the time when marketing department of TK-MAX has
effective relationship with other departments, then each of them within the firm gets information
related to new products, customer’s requirement, marketing trends, etc. which help in
accomplishing set goals effectually. Along with this, it also helps in helping each other in any
problem which they may face while working. As per the issues and problems, company can
provide training and development facility which helps in improving the performance level (Menz
and Scheef, 2014). Company can take 360 degree feedback in order to measure the performance
at each level.
Healthy interaction: Interrelation between different departments helps in creating a healthy
environment within firm and solves issues on time. Interaction helps in providing information
related to the way of making products or customer’s demand according to which productivity
and sales can be increased. In an organisation, different cultural people work together who
possess different sets of skill and knowledge (Engelen, Lackhoff and Schmidt, 2013). Hence,
working together helps in providing innovative ideas and information related to the products and
services.
Reduced conflict: There are many issues that can be faced while carrying out the business
activities. Along with this, it also leads to increase the chances of conflicts due to lack of proper
communication. Hence, a strong relationship in between different departments help in reducing
the chances of conflicts and improving its marketing and other strategies (Homburg and et.al.,
2014).
d) Key elements of marketing function and the way they interrelate with other functions
There are different ways through which marketing function can be interrelated with other
function of TK-MAX. Different strategies which are made by marketing team is important to
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implement with the support from other departments in order to implement effective manner.
Here, below are provided some roles which other department should consider of TK-MAX
company that are as follows:
Operations department and marketing: Operations department roles and responsibility is to
ensure that all products and services which are made by the employees are as per the requirement
of customers needs or not (Deshpande, and et.al., 2017). If marketing is involved in this then
operations department has need to ensure that whether all the strategies which are implemented
are according to the products and services or not. For instance, if marketing has developed
strategy of providing free gifts with the product on first purchase, then it is essential for
operations department to make those freed gifts accordingly.
Finance department and marketing department: In order to carry out all the marketing
activities, it is essential for the firm to have adequate amount of fund in order to carry out
activities in an effective manner. Therefore, finance department needs to provide funds available
on time so that all the activities can be carried out successfully (Vargas-Hernández and Jimenez,
2016).
Human resource and marketing department: Employees are important part of the
organisation because they directly communicate with the customers. HR department’s role is to
hire highly skilled employees who can effectively communicate with customers. There are many
strategies that can be developed by the marketing department which needs to be implemented in
an effective manner (Elves, 2014).
M1 Analysing roles and responsibilities of marketing in context to the marketing environment
Marketing department play significant role in order to increase sales and profit of the
firm. There role is to conduct research, identifying their targeted customers and encourage them
to make purchase decision. There are many types of new products and services made by the TX-
MAX company. Therefore, it is essential for them to conduct market research so that people
came to know about it. Along with this, various companies are making similar type of product
and offered to customers (Mare, 2015). Hence, marketing help in developing understanding
related to products and services of different brand. Customer can easily differentiate in each
brand products and select product which is preferable for them according to its price, features,
quality etc.
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It is analysed that company can build strong relations with its customer which is one of the
important responsibility of marketing (Berthon and et.al., 2012). Through doing this it will
become easy for them to understand requirement of customers and modifying the product
accordingly.
M2 Analysing importance of interrelationship between marketing and other functions
Marketing functions is any organization does not exist in isolation. Its important to see
how marketing is different to another function in organizations. marketing has direct connections
to other functions, how the marketing interacts with development, research, productions, human
resources, IT and customer service. Marketing is which to advertise of any organizations product
services and for helping in marketing other functions are works similarly, those functions are to
develop the products, implement the products, maintain the products or final approvals of the
products (Wolfe, Silmon and Miller, 2014). Those tools are related firstly for marketing. The
importance of marketing in any organizations to sell any products services publicly and to knew
peoples for those products. The relation between marketing and other functions, they are
connected internally because after the products present in the market the salesman has to started
for products marketing. for a marketing, salesman gives advertisements for those products who
need to sell in the market, they also have to started marketing in online platforms, they having
new technology for marketing. Marketing is final process of any products or service by
organization. For examples- the company have to present products in a market, and the salesman
who sale the products in market they started marketing for those products having profit. It is
analysed that marketing department function is to collect fund from finance department through
reflecting them all the marketing activities (Grãdinaru, Toma and Marinescu, 2016).. On the
basis of activities fund will be provided to marketing which clearly reflect the interrelation
between both the departments.
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LO2
1. Comparing the ways in which different firms apply the marketing mix to the marketing
planning process to accomplish business objectives
Figure 2: Marketing Mix
(Source: Behera, 2014)
Marketing mix is one of the most famous marketing term and known as tactical or
operational part of the marketing plan market (Bloch, 2011).. It considers 7ps that help in
describing the marketing approach of TK-MAX and Ross stores. Similar to TK-MAX, Ross
store is also operating its business in the retail sector. Both the companies use marketing mix
elements in different manner. Comparison between both the firm’s marketing mix approach is as
follows:
Product: Product is one of the important elements that use is produced by companies in
order to fulfil the needs and wants of customers. Here TK-MAX company product variety of
products which are different from its competitors. It mainly focusses on fulfilling the demands of
customers in order to satisfy them. Due to this reason, products of TK-MAX are unique and
based on customer’s preferences (Mišič and Podnar, 2017).
As compare to, products and services of Ross stores is also unique but then mainly focus on
quality of product which is preferred by most of the customers. Many customers who like to
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product which are of high quality with unique attributes. Therefore, it can be stated that products
sold by both the firm are different from other each other and according to the customer’s
requirement (Glaser 2017).
Place: Place is another important marketing element which assists company to identify a
suitable place from where products and services can be easily sold to customers. Place can be
real location or virtual place from where products can be sold to customers. TK-MAX has total
515 stores in different countries where customers can make easy purchase of their company’s
products and services (Ismail, Mubarack and Thulkifly, 2015). Its most of the retail stores are in
city area where people do not face any type of transportation issues which makes it easier for the
customer to visit the store and make purchase.
As compare to this, Ross Store has total 315 stores in all over the world from where it sells
products and services to its customers. Hence, it can be clearly stated that Ross Stores has less
store as compared to TK-MAX.
Price: Price is one of the important elements that can directly affect the sale of the
company. At the time of introducing new product in the market, it is essential for the firm to set
price of the product on which it should be sold. There are different types of pricing strategies
which can be used by the firm such as skimming pricing, penetration pricing, premium, etc. TK-
MAX used to sell skimming pricing strategies for selling its products and services. In this
strategy, company used to set higher price at the starting phase and then lowers it over time. It is
one of the effective strategies through which company can enhance its sales (Wasan and
Tripathi, 2014).. The organisation products are most afford by high class people. As compare to
this , Ross Stores use to sell its products which can be afforded by both middle and higher-class
people.
Promotion: In order to sell products and services, it is essential for the firm to promote it
so that people will become aware of it (Varadarajan, 2010).. There are various promotional
strategies which can be adopted by the firm for promoting it. In this context, TK-MAX used to
promote its products on social networking sites, television and through campaign. For example:
company used to provide offer of 25% discount on first purchase on television which helps in
grabbing the attention of a large number of customers. Use of all these methods help in making
aware of products and services in all over the world. As compare to this, Ross Store promotes the
products on Facebook, Twitter, etc (Engelen, Lackhoff and Schmidt, 2013). Hence, both of them
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effective social. Networking platform which help in creating awareness of products. Along with
this, company also used to provide promotional offer that help in increasing sales.
People: Companies required to hire highly skilled employees who can make innovative
products and services for customers. Along with this, they also need to effectively interact with
customers so that their requirements can be understood and sales can be increased. TK-MAX has
more than 15000 employees in its firm. In order to sell the product, it is important to make
employees highly efficient through providing them training and development facility (Ryan,
2016). If staffs are well trained, then they can assist customers in an effective manner. While As
compare to this Ross stores store ha 50000 employees and its number of customers are more than
100000. In order to make employees efficient enough, company can conduct different
psychological tests and inspire their employees to become more productive and increase sales of
the firm.
Process: Process is known for delivering products and services to customers in a
systematic manner (Kim and et.al., 2012).. It is important for employees to listen customer’s
request on time and solve their query. Along with this, products should be delivered to them on
provided time to increase sales and profit TK-MAX used systematic process which help in
differentiation potential customers and other customers. As compare to this, in Ross Store, there
is shortage of skilled labour due to which company is unable to deliver products and services to
customers on time (Menz and Scheef, 2014).
Physical evidence: Physical environment is also an important element of marketing mix
which influences customers to make purchase of products and services. TK-MAX stores are
designed in such as manner which influence customer to visit and make purchase. As compare to
this, Ross stores store company has need to modify its physical evidence through expanding their
business and services in effective manner (Wolfe, Plesko and Miller, 2014).. Hence, above
marketing mix elements can help company in increasing the brand awareness and sales of firm
with accomplishing business objectives in an effective manner.
2. Different tactics applied by TK-MAX to show the way business objectives can accomplished.
Main aim of company is to accomplish the aim and objectives as well as focus on
business growth in order to gain competitive advantages. There are various tactics that can be
applied by TK-MAX in order to accomplish the business objectives in an effective manner.
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Advertising products and services. Whatever is made by company need to be known by
the customers. For this purpose, advertisement of product is needed to be done by company in an
effective manner (Mišič and Podnar, 2017). Along with this, advertisement should be attractive
which can easily grab the attention of customers and motivate them to make purchase. It is
essential for the firm to identify its potential customers and retain them for longer time. This can
be done through providing them various offers on new products.
Furthermore, firm can take feedback from its employees which help them in gaining
information that whether product is liked by customers or not. On the basis of provided
information, company can modify its products and services which help in accomplishing
organisational objectives. There are various types of business operations carried out by different
departments in the firm. It is essential to ensure that all departments work in an effective manner
and for this purpose, proper monitoring is needed to be done which help in making changes if
required in any work process (Wolfe, Silmon and Miller, 2014). Apart from this, TK-MAX
should focus on targeting specific audience in which demand of product is high because it helps
in developing an in-depth understanding related to the products and services as well as its
requirement among customers. However, company should also focus on providing training and
development facilities to its customers so that they can become efficient enough to develop
products as per the customer’s requirement.
.
M3 Evaluating different tactics applied by the firm
Business tactics are the results hope to achieve and maintain as a grow and run business,
as an entrepreneur, concerned with every aspect of business and need to have clear goals in mind
for company. The business objectives help to started to achieve goals in organizations. And the
tactics help to way for business growing (Elves, 2014).. Those tactics are a follows a TK-MAX
company require to keep better changes in products and services according to customers
demands, and the objectives refers that purchase new equipment, maintenance, employees
training that all going into company productivity, and objectives should be provide all of the
resources of the company. Pricing does not always means employees low price tactics to gain
industry dominance, TK-MAX company have to present high rates of tactics and some time
company present low price tactics like discounting, special sale etc. Marketing is more then
creating advertising and getting customer’s input on products changes, the TK-MAX company
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having good marketing procedure. TK-MAX company have good cash flow needs financing
contact in the event that capital is needed to expand the organization (Mare, 2015).. The
objectives refer that company having an ability to expands the money for financial conditions.
LO3
1.Produce basic marketing plan for an TK-MAX
Covered in ppt
2 Producing a detail coherent evidence-based marketing plan for TK-MAX
Executive summary
Company overview
TK-MAX is one of the most famous, leading and the largest home fashion and apparel
departmental store which chains and outlets across the globe. Its headquarter is located in
Framingham, Massachusetts (Deshpande, and et.al., 2017).. The department store is specialised
in selling products and services such as cosmetics, jewellery, furniture, beauty products.
Marketing objectives
There are some specific objectives of marketing of TK-MAX that are as follows:
 To expand its business in different parts of country
 To make aware people about their new products and services
 To increase sales up to 8% within 12 months
 To enhance their market shares up to 5 % within 8 months
 To enhance profit
 To grab attention of large number of customers
Strategy
All the strategy which are set above are according to the SMART standards. Therefore,
this all specification help in producing a path which will help in reaching the goal and increasing
future strategies. All the techniques and methods which are used for accomplishing this objective
need to be completely based on current analytical findings. TX-MAXX do not hold strong
position in rural area (Gunawan, 2015). Therefore, to accomplish the above provided objective it
is important to use new technologies which help targeting large number of customers. Along
with this, sponsorship and campaign will help in providing quality services to customers. In
order to enhance profit al the product must be of quality and according to the needs and wants of
14

customers. To accomplish this objective firm can focus on changing its pricing structure and
through providing training facility to workers.
Internal analysis
Strengthen
 TK-MAX sale high quality products
and services.
 It has strong dominating position in
the market.
 One of the main strengthen of the
company is that its online store is
expanding over the years (Engelen,
Lackhoff and Schmidt, 2013).
 The store presence is excellent and it
strongly focus on providing wide
range of products and services.
Weakness
 One of the weakness of TK-MAX is
that do not focus on providing best
services on stores.
 There are many stores on which few
categories of products are available.
 Sometime people find difficult
because designed clothes are sold in
bulk.
Opportunity
 TK-MAX have opportunity to
increase its international market share
(Morgan and et.al., 2012.
 Company have opportunity to adopt
new technology that help in making
innovative products ad services.
 The firm can open different stores in
many countries.
Threats
There are many competitors who are
making similar products is one of threat for
the firm.
TK-MAX need to compete on pricing
because of increase in competition.
Credit card fraud has affected the reputation
of the firm (Wirtz, Tuzovic and
Kuppelwieser, 2014)..
External analysis:
External analysis helps in analysing the external environment in which firm is selling its
products and services. It includes different factors and its impact on firm that are as
follows
Factors Impact
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Political Different political factor which can impact firm such as government policies
etc. UK, government stability and policy help TK-MAX in expanding
business in different parts. Along with this, company can easily have carried
out its export of goods with less custom charges (Gunawan, 2015)..
Economical Global recession can directly affect the TK-MAX and its business activities.
Due to recession sale of the firm had been reduced in 2008. Along with this
high fluctuation in exchange rate and purchasing power of customers is also
affected firms profit (Wasan and Tripathi, 2014)..
Social Customer needs and wants changes with the changes period of time (Wasan
and Tripathi, 2014). It made difficult for the firm to modify products
regularly which impact sales of TK-MAX.
Technological There are various new technologies which has made firm products and
services more advance such as payment through card, and purchase product
online (Grãdinaru, Toma and Marinescu, 2016).. Use of these new
technologies it become easier for the TK-MAX to expand its business and
increase sales
Environmental In present time people are become more about environment protection and
they demand more environmental friendly products TK-MAX need to focus
on making environmental friendly products and services for its customers
(Ismail, Mubarack and Thulkifly, 2015)..
Legal In legal factor it includes different laws and legislation which can be applied
at retail sector. There are various which TK-MAX company should follows
in respect to carry out business activities in different countries in an effective
manner (Mišič and Podnar, 2017).
Segmentation, targeting and positioning
In order to develop effective marketing plan, management of TK-MAX company need to
use various marketing strategies. In this customer segmentation can be done on the basis of
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products and services which are made by the firm. Customer segment is divided into various
factors that are income, age etc. TK-MAX has focused on grabbing attention younger age people
as they are more aware of new fashion. Therefore, company can provide quality products to its
customers with attractive discount offer (Mare, 2015). For positioning the firm, it is important
focus on pricing strategy in this, firm can reduce its price up to 2%. It is one of the attractive
technique for grabbing the attention of customers. For segmentation the cited organisation should
focus on targeting its customers on income basis. TK-MAX is one of the most famous, leading
and the largest home fashion and apparel departmental store which chains and outlets across the
globe.
Figure 3: Segmentation, Targeting & Positioning
(Source: Chiayul, 2016)
Tactic and action
TK-MAX company is one of the most famous, leading and the largest home fashion and apparel
departmental store which chains and outlets across the globe. In order to expand its market
shares firm needs to use various types of marketing strategy which will help them in gaining
large customer based. In order to promote its product firm can focus on using social media
platform. It is one of the best platform that help in grabbing attention of large number of
customers (Wirtz, Tuzovic and Kuppelwieser, 2014. The firm is also focusing on gaining 5%
17

profit. Therefore, targeting younger group of people on social networking sites is one of the
effective method. Adopting new technology will help in providing better services to customers
and increase profit margin. One of the another step which can be taken by the TX-MAX is to
provide discount offer to its customers (Wolfe, Silmon and Miller, 2014). Providing online
payment facility is also effective in order to ensure that customer do not face problem at the time
of making purchase.
Budget and control:
In order to complete market plan TX-MAX can focus on preparing budget which help
them in making easy allocation of all the resources which are required in marketing plan. In
order to accomplish set objective overall budget required is 10$ million. To conduct market
research provided budget is $10 which assist in attracting large number of customers. Proper
steps are required to set budget and to avoid occurrence of negative affect (Mare, 2015)..
3. Designing the strategic marketing plan that tactically applies the use of 7p to accomplish
overall marketing objectives
Marketing being one of the most significant consideration of almost all sort of businesses
plays a vital role in an overall accomplishment of an organisation’s goals. It is hereby with
reference to a chosen business establishment called TK-MAX company that operates a renowned
chain of discount retailer (Menz and Scheef, 2014).. It is known to sell branded fashion products
in huge discounting price and is famous among the youngsters who admires its active existence
in vital areas of globe. With such a global presence, the cited firm is also known to have some
effective marketing related strategies that is apparent to assist them to get a succeeding future
ahead (Wasan and Tripathi, 2014).
The marketing objectives of the quoted entity is firstly to expand beyond their brick and
mortar footmark and get into online practices of selling goods. This way, they are aiming to rise
their UK based operations by getting into multiple channels of distribution and enlarge their base
in digitalised mobile marketing (Ryan, 2016).. Followed by which, there exists 2 vital objectives
of the selected enterprise with a foremost goal of enhancing the market share by at least 25% at
the end of September, 2018. It is with a special context of increasing the shares of their Kid’s
shoes section. For which, they have also framed a specific strategy of targeting women as well as
18

grandparents who are having school aged kids. The targeted audiences are expected to come
regularly in their stores by regarding the existence of TK-MAX’s brick and mortar existence.
It is supported by yet another marketing strategy of promoting a new line of kid’s shoes
with no prescribed pricing. There together exists yet another marketing objective where TK-
MAX aims at improving their market shares of home textiles products and services by 15% at
the end of September, 2018. This is together supported by some effective marketing strategies
that significantly indicates the requirement of addressing TK-MAX’s core competency. It is
basically to reinforce the online presence of the chosen company where till now, they are known
to sell this standalone product through offline means involving stores rather than selling them
online (Engelen, Lackhoff and Schmidt, 2013).. This will thus give them a chance to introduce
their online products and services in the market to approach more number of customers that will
mainly involve youngsters who prefers more to buy online.
Marketing plan
Company overview
TK-MAX company is operating its business in retail sector. It used to sale various types of
products and services which are different from its competitor. Marketing play significance role in
respect create awareness of products and services among customers (Menz, and Scheef, 2014).
Therefore, company effective marketing strategies with proper planning.
Internal analysis
It is important for the firm to ensure that employees are highly skilled and motivated
toward the work (Wirtz, Tuzovic and Kuppelwieser, 2014).. Along with this, company should
focus on using new technology which help in saving cost and time of employees and support in
developing innovative products and services.
Marketing objectives
 TK-MAX need to be specific about its target and emphasis on expanding the market
shares. It required to attained these particular objectives within a particular period of time
(Wasan and Tripathi, 2014)..
 In order to sales product in different countries company need to focus on understanding
market in which it need to expand. The entity objective is to enhance market share by
8%.
Marketing strategy
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Considering both the above specified objectives of marketing, there exists a model called
marketing mix which is further composed of 7 vital elements called the 7Ps of marketing mix
(Hollensen, 2015).. Below is a detailed explanation of its elements that is apparent to assist in
attaining the marketing objectives of TK-MAX.
Product- Product is one of the essential elements which is basic need of customers. At the time
of promoting a product it is essential to ensure focus on providing detail information which can
easily grab the attention of customers (Grãdinaru, Toma and Marinescu, 2016).. While
promoting if specific information is provided to customers then it motivates them to make
purchase.
Price- Price is another essential element which is basically considered by customers while
making purchase decision. Company should focus on pricing structure which help in increasing
sales of product. There are different strategies which can be adopted by firm so that people can
easily make purchase as per their set budget (Grãdinaru, Toma and Marinescu, 2016)..
Place- Place is one of the essential aspect in marketing strategy it is important to make sure
where product is need to be distributed and its convenient for the customers. TX-MAX can focus
on expanding its retail store so that people easily make purchase through visiting their retail store
(Ismail, Mubarack and Thulkifly, 2015). Apart from this, customer survey is one of the best
source from where information can be collected relate to the best place for distributing products.
Promotion- Promotion is one of the effective marketing strategy in order to grab attention of
large number of customers. At the time of producing marketing plan, it is essential to select
appropriate place where marketing
People- People roles in market strategies, they are directly connected to the market. The
company employees are important in marketing because they are the once who delivered the
service (Mišič and Podnar, 2017).
Process- The process of the organizations affects the execution of the service, so the employees
have to make sure that well tailored process in place to minimize costs. The TK-MAX company
having process to provide best services to customers (Mišič and Podnar, 2017)..
Physical environment- In the organization there should be physical evidence that the service
delivered. The TK-MAX company having to adopt this service that refer physical evidence of a
business presence and established this concept known as banding. For example- when we think
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of fast-food we think of McDonald. As the we imminently know what the presences in the
market (Mare, 2015)..
M4 Producing a detailed coherent evidence-based marketing:
A detailed coherent evidence-based marketing plan:
Marketing mix action
Product New product with unique features
Place In the city area where people can easily visit
Price Skimming pricing strategy can be used for new
and innovative product(Elves, 2014)..
Promotion Social networking sites for promoting the
product on Facebook, twitter etc(Iglesias, and
et.al., 2017)..
Physical evidence Inner environment of physical retail store
should be good in order to grab customers
attention
People Highly skilled employees will be hire who can
work with full efforts(Deshpande, and et.al.,
2017).
Process A systematic process will be used so that
customer do not face issues while selling the
products
The evidence-based marketing where the company uses statistics, trends, research about
the products, industry practice and the customer reviews to prove that the products or service
works as stated by the company. The TK-MAX company also research about the products and
the company also notice about customer’s reviews and they examine all the products details. Th
evidence-based marketing concerned the following points:
• Finding the information- The evidence-based marketing is based on useful and relevant
information, rather then just a good story. Customer having hard times to finding facts
from marketing (Wolfe, Silmon and Miller, 2014).. As the same TK-MAX company also
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getting information form the market who is useful for company and that information are
remain the facts of the company.
• Realistic timeline- This refers the customers is 90% fully satisfied to the products does
not mean they come to the door and purchase the products. The business owners must
have realistic expectations with income, sales and time frame. The TK-MAX company
improve their realistic expectations form the customers and the company have to know
what the realistic demands of the company (Wolfe, Silmon and Miller, 2014).
• Experts inside- The evidence-based marketing also include the experts quotes, experts
opinions, do not rely on volunteers who some experience in fields. TK-MAX company
having experts advise about the working of company and they having opinion about the
functionality of the company (Homburg and et.al., 2014). The company CEO also gives
some advise for employee’s motivation.
• Warning- A company decide to use evidence in a respective marketing campaign does
not mean the company will experience an increase in sales or became success. some
customer use evidence-based marketing as a source of information making decision about
the products or service (Wirtz, Tuzovic and Kuppelwieser, 2014).
CONCLUSION
From the above report conclude the marketing growth and strategies who adopts TK-
MAX company. The company has to remain all the marketing strategies and functions which use
in marketing. From the above report determine the responsibilities of the company having in
marketing, and the TK-MAX company’s marketing plans, and the different kinds of marketing
objectives company involve. The TK-MAX company having strategies that beneficial in a
business and the company objective based on marketing objectives those help to increasing
company's growth and the working skills. Form the above reports refers that, The TK-MAX
company is retailer company who changes their strategies according to market response.
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