M/508/9862 - Elements Of Marketing Mix Of Employed TK Maxx

University: UK College of Business and Computing

  • Unit No: 12
  • Level: Undergraduate/College
  • Pages: 16
  • Words: 4000
  • Paper Type: Assignment
  • Course Code:

    M/508/9862

  • Country: Romania
  • Downloads: 43
Question :

This unit is based on  TK-Maxx which offer products required by consumers to achieve growth in the market. TK-Maxx have commissioned a market research to identify growth of the sector including the following aspect.

  •       Define marketing as a function and determine the manner in which it relates to different functional units.
  •       Compare ways in which elements of marketing mix are employed TK Maxx and its rival business.
  •       Evaluate and develop a basic marketing plan for TK Maxx
Answer :
Organization Selected : TK Max

INTRODUCTION

Marketing plays essential role in each and every organisation which includes activities executed by management for success and growth of company. It is essential that appropriate tools and techniques are implemented in system which benefits executive to accomplish goals and objectives within defined time. Advertisement and various promotion tools such as personal selling, online marketing and social media are used by marketing unit to inform public about products, its features and benefits. This benefits company to increase enhance customer base and market reach from domestic to international market. Present report is based on TK MAX which is famous clothing firm established in United Kingdom (Babin and Zikmund, 2015) This assignment specifies information about role and responsibilities that are performed by marketing department to improve market image and reputation. Along this, this segment helps other units that is human resource, finance, operation, sales, research and development to execute business operations adequately. Marketing plan is formulated by management which defines information about goal, objectives, vision and marketing mix. Besides this, SWOT analysis and budget constituted by management to have accurate and complete information about market situations.

TASK 1

P1 Roles and responsibilities of marketing function

Each organisation require to have adequate funds and manpower to execute business operations to deliver appropriate items and services in market. It is essential that employer take care that marketing unit have competent and skilled people which design system and execute activities effectively. TK MAX which is clothing enterprise needed that adequate pricing and promotional techniques are used by marketing unit to enhance goodwill in market. This helps firm to attract people by informing them about different variety of things and modifications that are made by management (Baker and Magnini, 2016) Thus, these are various responsibilities that are performed by marketing unit are stated below (Role of marketing department, 2018):

Product: This concept specifies that companies provide items and services to consumers to fulfil their needs and wants. Management require to design system and produce things in according to taste and preference of people which help them to grab attention of large number of individuals. TK MAX provide different variety of clothes in respect to demands of consumers. In this marketing team duties include executing market survey to acknowledge market trends. This benefits management to make changes in system and produce innovative items for people. Thus, company is able to enhance market image and sales.

Marketing information system: This tactic define that management execute research to acknowledge needs and wants of people. It is essential that organisation provide items and services in according to demands of consumers which benefit superior to improve image and goodwill of firm in market. In TK MAX, marketing team uses adequate pricing and promotion strategies which help company to attract people and increase market reach to global market.

Financing: Marketing department require to have adequate funds to organise business operations and use modern technologies. They require to use appropriate tools and techniques and make modifications in system to make attractive message. This helps TK MAX to grab attention of large number of people by using different promotional techniques.

Pricing: This is another responsibility of marketing department to provide items and services at reasonable rates (Dessain, 2016) It is necessary that management uses appropriate strategies such as penetration and skimming in according to market conditions. TK MAX which is clothing firm require to set adequate prices for items which help firm to grab attention of large number of people. This benefits company to position themselves higher than rival organisations and attract consumers by giving them quality clothes at adequate rates.

Promotion: This concept define that marketing team prime responsibility is to use appropriate tools and techniques to inform public about items and services. Print media, personal selling, publicity, sales promotion, social media and online marketing are various tactics which are used by marketing unit of TK MAX. This helps company to attract people by providing them data about products, its features and benefits. Besides this, management is able to enhance market position and reputation in respect to competitors.

Distribution: This tactic specifies information about different techniques that are used by management to provide appropriate items and services to people. Retailers, wholesalers, agent and brokers are various forms of channel that are used by organisation to deliver things to consumers in according to their needs and wants (González-Pridaand et. al., 2015). Marketing department responsibility is to use adequate promotional techniques to inform public about items and stores. Internet is best tool which benefit TK MAX to construct appropriate website which have complete information about outlets. This advantage executive to increase customer base by using online marketing which enhances firm reach from domestic to international market.

Thus, marketing department plays important part to enhance market reputation and image of TK MAX by informing public about offerings. Online advertising, e-marketing, social media, sales promotion and personal selling are various techniques which are used by management to attract people. This benefits company to grab attention of consumers and position system higher than rival firms. Marketing team helps operation unit design things in according to demands of people. Along this, they even require to get support from other units that are finance, IT, research and development. This benefits sales members to influence decision of people by informing them about different items and services (Griffitts, 2016). Therefore, management is able to accomplish goals and objectives within specified time.

M1 Analyse roles and responsibilities of marketing

Marketing department duties include using appropriate pricing and promotion strategies used in respect to make system function in according to needs and wants of people. It is essential that items and services are provided by firms in respect to demands of consumers. Along this, management require to enhance image and reputation of TK MAX in market which help company to attract people and increase customer base. Marketing team responsibilities is to grab attention of people by informing them about variety of clothes and store details. This also benefits company to improve goodwill and attract people. Thus, management is able to position firm higher than rival brands; thereby enhance sales and generate adequate profit from business.

P2 Roles and responsibilities of marketing relate to organisational context

Marketing has played vital role with in an organisation and its related to all other department. With in the company several division are work together in order to achieve common goals and objectives in limited period of time. Each one department has separate role and responsibilities so that they are work accordingly (Hair Jr and et. al., 2015). But marketing is a centre department of all section, because of selling is only activity to generate revenue for an organisation and each one has depend on them for fund to operate business activities effectively. There are explain different department and its relationship with market division as below:

Human resources department: Human resources manager has play important role for an organisation like recruitment, selection, training & development, appraisal, compensation, transfer and many more. But it is influenced by marketing department of the TK MAXX because marketing department want specialist employees for selling product, identify market trends, forecasting future needs, get profitability, develop strategies to compete competitors and many more. So that, it is a human resources executive responsibilities to hire candidates according to marketing department needs. For example, when enterprise find out the need of change at work place then they develop innovative product as well as process of completing work, for this HR manager has hire workers applicants those are able to provide new ideas to work.

Operational and production division: Marketing department has provide information related to product size, quality, colour, packaging, shape and many more to operational department. So that, production manager has produce goods accordingly in order to get higher market position and profitability. Management of TK MAXX has develop strategies in order to operate business activities appropriately thus help to achieve goals in specific period of time. Both marketing as well as manufacturing division has interrelated to each other. For example, TK MAXX is a retail organisation and it operational department has purchasing those product which are describe by merchandising management in which they includes market trends, future needs, clients demand, competitor strategies and many others. Through this, they are able to achieve economic of scale in production process and produce low cost product which help to gain higher market share and position in long period of time (Hoeffler, Herzenstein and Ginzburg, 2015).

Research and development section: It is most important department but can not be available in small business because they are not financial established. Thus effected organisation performance as well as productivity in long period of time. Both research & development department and marketing division has work together in order to achieve common goals and objectives in limited period of time. For example, marketing manager has identify opportunities at market place and in this they are find out social needs which are can not be full fill before. So that, this problem should be communicated to research & develop division and they are find out effective solution of issues by developing new ideas to solving problem. For this, they are develop new goods and services in order to fulfilling client's needs as well as wants and get higher profitability, long run sustainability.

Finance division: This section of the company has provide fund to each one division of an organisation in order to completing their task effectively. Financial manager has develop budget for each section and make record of all inputs as well as outputs of cash flows thus help them to make financial statements which provide information related to profits, income, expenses, revenue, cash flows and many more. Marketing department has want money for several activities like promotions, advertisement, market research and many more.

IT division: Information technology has help organisation to established strong communication at work place it reduce conflicts, manager work, spread information among all staff members, social media marketing, internet marketing and many more. Through IT department, marketing manager has find out activities done on online channel thus help to develop effective strategies and plan in order to compete competitors at market place.

M2 Analyse interrelationship of marketing with other functional units

Marketing manager has organising market research for identify needs, perception, attitude, behaviour, learning style and many more accordingly they are produce goods and services. Through this action, enterprise department has get several information that help one of them like research and development department know what is the main issues and find out innovative solution, this information help operations division what to produce and how many and many more (Illingand Anders, 2016Kladouand et. al., 2016). So that, company has develop strategies in order to operate business activities effectively and achieve goals as well as objectives in given time frame. Thus, marketing department have inter-connection with other unit that is human resource, production, finance, sales, research and development. This benefits firm to enhance market position and accomplish goals and objectives within defined time.

TASK 2

P3 Application of marketing mix to achieve business objectives

Marketing department responsibilities include executing activities to enhance image and goodwill of firm to grab attention of large number of people. This benefits company to enhance market goodwill and position firm higher than rival brands. H&M is competitor of TK MAX, so it is essential that marketing mix is frame by management and adequate strategies are used which help company function effectively. Therefore, this is comparison of marketing mix of both firms which is designed by team in according to market conditions are defined below:

Basis

TK MAX

H&M

Product

TK MAX provide different variants of clothes to consumers in according to their taste and preferences. It is a US based firm which gives quality things to people. This benefits company to retain customers for longer period and make them purchase items again.

Company give variety of clothes and consists different range items to have large customer base; thereby enhance sales. H&M provide quality things to attract people by giving them variety of products.

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