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Implementing Marketing Mix - TK Max

University: UK College of Business and Computing

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 8
  • Words: 2000
  • Paper Type: Dissertation
  • Course Code:

    M/508/8849 (RCF)

  • Country: UK
  • Downloads: 0
Question :

The scenario of this report determines that the marketing manager of TK Max has appointed by new board members to understand strategies which are used by company to grow their market share. In this regard, it is needed to design a report that requires to consider:

  • Evaluate the role of marketing as well as its interrelationship with other functional divisions of TK Max.
  • Discuss a comparison between two different organisations by implementing marketing mix.
  • Analyse a strategic marketing plan and provide its application in the context of TK Max.
Answer :
Organization Selected : TK Max

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.

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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 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 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. 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.

The organization is utilizing plenty of limited time methodologies, for example, long-range informal communication sites, computerized media, print 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.

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