Marketing Essentials: Comprehensive Marketing Strategy for TK Maxx

This report provides a comprehensive marketing analysis of TK Maxx, a major retail company. It begins by outlining the key roles and responsibilities of the marketing function, including marketing information systems and product/service management. The report then explores the interrelationship between the marketing division and other functional units such as human resources and finance. A comparative analysis of TK Maxx's marketing mix elements (product, price, promotion, and place) with those of River Island is presented. The core of the report is a basic marketing plan developed for TK Maxx, encompassing its vision, mission, goals, and objectives. It includes a SWOT analysis to identify strengths, weaknesses, opportunities, and threats, followed by an STP (Segmentation, Targeting, Positioning) approach. The plan outlines growth strategies such as market penetration, market development, product development, and joint ventures. Finally, it incorporates the 7 Ps of marketing (Product, Price, Place, Promotion, People, Process, and Physical Evidence) to provide a holistic view of TK Maxx's marketing efforts. This report offers valuable insights into TK Maxx's marketing strategies, providing a detailed overview of the company's approach to the retail market.

Marketing Essentials

CONTENTS
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Key roles and responsibilities of marketing function........................................................1
P2 Roles and responsibilities of various units and interrelationship with marketing division2
TASK 2............................................................................................................................................2
P3 Comparison of marketing mix elements with some other organisation............................2
TASK 3............................................................................................................................................4
P4 Develop and create a basic marketing plan for performing task.......................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing is not a simple and individual process but chav very wide scope and
consideration in frame. It is really essential to determine all important aspects of marketing for a
business so that better and determined work could get done. This project is based on TK Max
whom are subsidiary company of TKJ Maxx which deal in retail section industry. For this
project, certain number of things will going to include where role of marketing required to
understand properly and it is really essential to evaluate and craft better interrelationship with
other functional units as well. It will also going to define about components of marketing mix
with valid comparison within similar industry like River Island. Moreover, a basic marketing
plan enable and facilitate for managing things better through a developed plan in order to
disseminate things better.
TASK 1
P1 Key roles and responsibilities of marketing function
The idea of marketing can be named as set of exercises fundamentally related with
publicizing different item or administrations among potential clients. It help in pulling in light of
a legitimate concern for purchaser and empowers them to buy such item or administrations that
fulfil their requirements and needs in a compelling way. The principle target of any association is
to win most extreme benefit and this must be conceivable on the off chance that they pitch their
products to extreme purchaser who entirely it. It fill in as a scaffold amongst purchaser and
friends as it stress on meeting the prerequisite of the two gatherings. Following are the distinctive
part that TK-MAX is performing towards various advertising capacity which are talked about
beneath:
Marketing Information system: For smooth running of an association, imperative to deal with
their future well and for overseeing future in an organized and careful way, it is basic to deal
with the data related with client adequately. Along these lines, it is essential for each
organization to gather data related with clients different preferences on standard premise. For
instance: TK-MAX has made sense of client want to buy item that are accessible on minimal
effort.
Product and service management: It alludes to holding and improving the great or
administration blend that is connected to various advertising openings that are accessible in the
commercial centre for specific merchandise or administration. TK-MAX bargains in giving
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distinctive variations of merchandise and enterprises to the client that quickly grab their
consideration and animate them to purchase items.
These two are the major role and responsibility which could perform by marketing
department of TK Maxx better and appropriate in nature. This will result in better functioning of
department so that determined outcome could be gain in long period of course for defining
efficient outcome in nature of frame.
P2 Roles and responsibilities of various units and interrelationship with marketing division
A firm is a composition of various units and aspects which need to consider better and in
effective frame. With aspect of each and every functional unit, there is a need to understand
about interrelationship with other functional units with marketing. A better coordination among
them support in achieving targets properly so that whole things get done in a supportive manner.
Thus, following are the functional units which operated in TK Maxx and have a better
relationship with marketing division as well:
 Human resource with marketing: A major part of business is HR department which
facilitate to recruit appropriate and suitable individual at workplace. HR manager of TK
Maxx have to recruit better and define individual in marketing division so that they could
enhance their sales in better and signified frame of manner. This will result in increased
profitability with support of definite individual at workplace.
 Finance and marketing: Another relationship which define in TK Maxx is between the
finance and marketing division. Here, finance and marketing enable and facilitate to work
side by side. Finance division need to allocate sufficient fund to marketing department for
their activities so that they could accomplish and launch better campaign.
This interrelationship among various department facilitate to accomplish objectives and
targets properly because each and every division have better relationship. This enable
business to expand themselves properly so that definite targets could be accomplish in long
period of course.
TASK 2
P3 Comparison of marketing mix elements with some other organisation
Below is a comparison of marketing mix elements of two famous organisation where one
is TK Maxx and other one is River Island. Both of them have a keen competition against each
other which facilitate and enable in performing things less desire manner. Thus, this difference
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need to understand properly and in better frame so that supportive outcome could be drawn in
long period of course for disseminate things in a definite course of manner. Henceforth, it will
facilitate Tk Maxx to craft better marketing strategies as per their rivalries so that an effective
and efficient outcome could be drawn.
Basis TK Maxx River Island
Product TK-MAX is a main US-based
retail location that mostly
bargains in offering bedding
and household, dress,
footwear, furniture and
giftware to target client. It is a
backup of TJX organizations
that is one of the greatest
retailer of U.S.
They deal mainly in clothes
which signify that they have
limited number of products
which not facilitate to gain
competitive edge. Although,
they provide tough
competition to various
individuals better.
Price So as to increase high
aggressive edge in the market,
the organization is offering
their item at a reduced rate.
Since it is a backup of driving
retail location, they are putting
forth their item to target client
at a minimal higher rate. For
bring down pay gathering of
individuals, they do have a
low estimated item too.
It is a market pioneer and
along these lines, serving their
item at aggressive cost. They
regularly offer their item at
15% lower sum when
contrasted with its rivals
which help the firm in
increasing high aggressive
edge in the market.
Promotion The organization is utilizing
best instruments of
advancement, for example,
online networking system,
coordinate advancement, and
print media advancement.
The organization is utilizing
plenty of limited time
methodologies, for example,
long-range informal
communication sites,
computerized media, print
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With the assistance of all these
apparatus they can publicize
their item in the commercial
centre in a successful and
productive way. They are
utilizing long range
interpersonal communication
site, for example, Facebook,
instagram, YouTube for
promoting its items.
media, notice, deals
advancement that pulls in
client viably. Notwithstanding
that its internet business pulls
in the client by giving
different endowments to them
and accordingly, such client
hold with the organization for
a longer period.
Place The organization works in
other worldwide nation too,
for example, UK, Netherland,
Australia. Truth be told they
are the market pioneer of
Europe with 515 stores and
furthermore endeavouring to
achieve high focused edge in
the market of Australia with
38 stores.
They have around 200 stores
in UK as well as in other parts
of the world. As they have
good market and customer
base which facilitate to do and
perform better and effective
things in frame of reference
for all desire targets.
TASK 3
P4 Develop and create a basic marketing plan for performing task
Introduction:
 Marketing is a strategy through which firms make a motivator to its buyers and make
strong association with them. It assists with tending to requirements and necessities of customers and also promoters. This project is based on TK Max whom are one of a major retail sector business in UK.
Marketing plan:
 Advertising design suggests a point by point report which joins each one of the activities
related to displaying and publicizing that firm need to take after for exceptional year.
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 Execution of this course of action ensures achievement of portrayed focuses on time.
 This course of action portrays about current market position of business and chooses its
future position.
Overview of a company:
 TK Max is one of famous American department store chain whom used to sale out
products and services at lower cost as compared with their competitors.
 Business have more than 1000 stores in all around the world and got founded in the year
1976.
 Dealing in low products range which further enable them in gaining competitive edge so
that better advantage could be assess. Their data get stolen once where personal information of customers got leaked.
Vision, mission, goals and objectives:
Vision: Deliver high standard products so that better customer satisfaction could provide.
Mission: Deliver products and services at lower prices than their competitors.
Goals and Objectives:
 Wants to enhance sales with 15% customer base
 Deliver products lower than competitors To secure the data of their customers
SWOT analysis:
Strength: A major strength of a company is to deliver products at lower price value. Along with
this, they also maintain appropriate keen competition at target market.
Weakness: Threat could be the data theft in the year 2005 which impacted company goodwill.
Although, sometimes, lower price products termed and change perception of clients.
Opportunities: To work in more diversified environment at more market area. They have an
opportunity to target more number of individuals with better quality products.
Threats: Increase in number of competitors is a major threat. Along with this, enhancing of
technology and utilise by others work as major threat for TK Maxx.
STP approach:
Segmentation: TK Max divide their market on the basis of income level group. This
segmentation facilitate to deliver products and services more properly and effectively.
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Targeting: TK Max basically target the lower income level individuals. This target enables in
facilitating and gaining better define market world in nature of frame.
Positioning: Their position at market world is appropriate where better profit margin tend to rise.
Although, in small companies they have good position at desire world area.
Strategies for growth:
 Market Penetration
 Market development
 Product development
 Joint Venture
Considerable strategy:
 One of a best approach or strategy for development is market penetration.
 Under this approach, business start expand themselves in a new market world so that
better customer base get created.
 This result in deriving beneficial outcome in nature of frame where target of an enterprise
get accomplish of 15% increase. For this, they could go with joint venture option with identify market world establish
retail business.
Marketing budget:
7 p's of marketing:
 Product: Dealing is basically concentrate in retail products.
 Price: Providing products at lower prices for attracting customers.
 Place: TK Max have more than 1000 stores around the world.
 Promotion: Using social media as a best source of promotion.
 People: They have good customer as well as employees base
 Process: Providing goods directly from store.
 Physical evidence: Have physical existence through providing bills.
CONCLUSION
It get concluded from the project that marketing is a wide escape in frame which need to
properly understand by managers of a company so that better delivery of goods used to take
place. Marketing have certain essentials which enable in defining operations and activities better
and in supportive frame. Marketing play an important role where they could facilitate effective
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delivery of products and services. Although, by crafting better relationship between marketing
and other units enable in achieving targets and objectives of a firm in effective and suitable
frame. Although, a basic marketing plan enable in performing things better and in define frame
so that supportive outcome could be drawn in long period of course. Moreover, comparison of
marketing various marketing mix elements facilitate to grow and expand business operations
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