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Learn Marketing Strategies - TK Max

University: Regent College of London

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages: 16
  • Words: 4000
  • Paper Type: Assignment
  • Course Code:

    M/508/8849 (RCF)

  • Country: UK
  • Downloads: 0
Question :

For ensuring the success of the organisation it is crucial for them to undertake the following task as with this they can ensure the growth:

  • Discuss different role of marketing and its relation with other department
  • Compare marketing mix strategies of different organisation to accomplish the organisational objectives
  • Prepare a basic marketing plan and its evaluation
Answer :
Organization Selected : TK Max

INTRODUCTION

Marketing is an essential part of the organisation that helps in performing various procedures such as designing, creating, manufacturing, delivering of particular goods and services in the market place. Most of firms consider the marketing activities to reach at potentials customers by using best tools or techniques for the purpose of achieving competitive advantages and create awareness among the buyers (Bowie and, 2014). On the other side, marketing activities included various elements or functions that helps in developing the participation business such as building brand images, customer satisfaction, buying and selling of goods, promotional tools, advertisements and many more for creating better market awareness and attract number of customers towards firm. This report is based on TK MAX company that provide various products or services such as cloths and bedding. They have identified the potential growth in the sector of students. Therefore, this assignment will define the major roles and responsibilities of marketing functions which are related with organisational context. It will compare the ways of firms that how they apply marketing mix to planning for business objectives. A marketing plan also will produce and evaluate for the organisation.

TASK 1

P1. Roles and responsibilities of marketing function

Every firm consider number of marketing tools and techniques for promoting the particular business as well as goods and services. it is necessary to find various roles and responsibilities of the marketing department in achieving success. They play an important role in identifying target market, customer's needs or wants, competitors, new trends or fashions and many more so that company can make appropriate decision regarding production of goods and services. therefore, most of companies undertakes these activities and functions for attaining specific goals or objectives in more efficient manner (Paraskevas, 2014). TKMAX is dealing with cloths and bedding products so they are trying to make better positions in the market by formulating best possible strategies and adopt effective tools and techniques. There are number of competitors available in the market and deals in same industry or sector. It is necessary to concentrate on marketing strategies for the purpose of building good image or reputation among competitors. This can be understood by considering these concepts such as:

  • Demand: The major responsibility of marketing departments is to identify customers demands as what kinds of products and services they want to buy for fulfilling their desires. It can be possible by conducting proper research and analysis so that they can make better decisions to manufacture and deliver specific products for meeting their demands in an effective manner (Mariussen, 2014). It is also necessary to provide better quality of products or services for reaching at potentials customers.
  • Needs: It is define about customers basic needs or requirements regarding any products and services (Bowie, 2014). Company always focus on customers needs and then provide them effective goods or services including foods, safety and security as well as various basic products for the purpose of satisfying their desired expectations.

Development of marketing trends: In this defined that companies are focusing on new marketing trends and fashion regarding products which depends on effective study and environment analysis so that they can find better outcomes (Paraskevas, 2014). TK MAX also has considered such things and find the new trends. These are as followings:

Competitors and customers research: This defined as the particular research regarding marketing field such as analysing competitors and customers in the market place. In this, company analyse the competitors and their strengths or weaknesses as how they are adopting strategies and tools or techniques for achieving success in the competitive environment (Mariussen, 2014). This is an essential for the company because they can attracts number of customers towards firm by better marketing strategies and awareness as well.

Marketing and advertisement: This is an important functions of every business firm. They focus on various new marketing activities and advertisements for the purpose of promoting particular goods and services in more efficient manner (Brassington, 2013). TK MAX generally use various best marketing tools and techniques so that various customers can be targeted and attracted towards firm. It is an American apparel firm which also deals in home appliances and different products and services in the marketplace. Therefore, they formulate appropriate strategies for making decisions about using advertisements and promotional tools so that customers can be aware regarding business products. It is required to make effective marketing plans by considering customers satisfactions and developing business among competitors.

Support innovation: In this describe that there should be necessary to bring innovation and creations in existing products or launch new products so that customers cans satisfy their desired needs and meet expectations as well (Brassington, 2013). Marketing department also included in this process as they find various tools and techniques and innovative ideas regarding making goods and services so that they can reach at target audiences.

Find new customers and business opportunities: It is another important component as businessman always focus on increasing customers for enhancing growth. In this, company conduct market research and analyse customers needs and wants so that appropriate goods and services can be provided (Pettitt, 2013). This will helps to business in achieving particular goals or objectives in an efficient manner.

Development of competitive advantages: This is most important and necessary task to find the opportunities and adopt best strategies and tools for achieving predetermined goals or targets and also achieve competitive advantages in more effective way (Pettitt, 2013). Therefore, TK MAX requires to make better strategies and actions plan with favour of the firm. This is depends on the appropriate study of the market and screening of environment so that company can get success.

Delivering standards services to customers: this is also necessary for delivering better quality of products and services to the customers so that they will be loyal regarding firm and also prefer these goods to satisfy needs (Cleverley, 2017). This is very helpful component that support in creating good brand image and also generate more customers by providing good quality of products to them in an efficient manner. TK MAX has to undertake these aspects and try to find potential customers with desired needs and expectations as well.

Communication with customers: Marketing department take responsibility to use best promotional tools and communication channels for promoting particular goods and services and also make aware to the target market regarding company's products in an appropriates manner. It is best effective tool that support in analysing customers needs and wants by conducting research or survey so that company can understand the requirements and find suitable ways for fulfilling those by considering strategies (Cleverley,. 2017). It is very beneficial in increasing demands and maintain relationship among customers by satisfy their needs or wants. TK MAX company also use communication channels and appropriate media for providing informations to target audiences. Firm always try to build good relationship among people by using better communication channels so that customers will be stayed connected towards company. Employees focus on resolving issues and clear any doubts of people so that targets or goals can be achieved.

Understanding the objectives of organisation: It is must be required to understand the goals or objectives of firm by employees and management so that they can be able to attain all these in well manner (Clow, 2013). Therefore, it is necessary to build appropriate strategies and motivate employees towards particular goals or objectives in well manner.

Concept of marketing:

This concept can be understood by analysing and describing the marketing trends in effective manner such as:

  • Current trends: It is related to specific market trends and current situations for the purpose of promoting particular goods and services in well manner (James, 2013). Company always try to identify the market conditions and get knowledges about particular targeted customers who are ready to get products or services and also make decision regarding producing goods and services in an efficient manner (Clow and James, 2013). Marketing department play vital role in finding the situations and develop strategies to promote products and services in the market.
  • Future trends: It is defined about the future conditions or situations of the market as company consider this to analyse the future trends as they forecast the demands regarding specific products or services in an efficient way (Desai, 2013). It is depends on the past as well as present data that can be beneficial for getting appropriate informations.
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