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
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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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