This report focuses on application of several marketing theories like relationship of marketing with other functional department of organisation, study of 7Ps of marketing mix and developing an appropriate marketing plan which helps in achieving organisational objectives. These all tasks are performed by addressing following segments:
- Explain relationship of marketing with other departments of TK-MAX
- Examine 7Ps of marketing mix of company that help them to achieve their goal.
- Recommend a detailed marketing plan in order to increase market share of TK-MAX.
Marketing plays an important role in the functioning of the organizations. It helps in assessing the requirement of the products in the market further assessing the customer needs and preferences. A comprehensive discussion will be made on roles and responsibilities a marketing department have to perform in relation with other departments in the organization which is essential and important for smoother functioning of the organisation. Further, the discussion will move towards the marketing role inTk-Maxx. Moreover, roles and responsibilities of marketing will also be discussed in order to make the discussion concrete and reliable. In the end, the focus will be shifted to key elements of marketing functions such as, research, strategy, planning and tactics. Tk-Maxx is a subsidiary holding of an American based TJX Companies, it was open in UK in the year 1994. It deals with wide range of home apparel products for each age and sex group. It has expands its areas to Europe, Australia, Germany, Netherlands, Ireland etc. growing as leading producer in a home apparel industry. Being located in a three continents it has diversity in culture, experiences, ethnicity, etc.
Tk-Maxx: Key Roles and Responsibilities of Marketing Function
To expand its reach to the present and potential customer there is a need to make proper strategies. As Tk-Maxx is expanding its business it needs to have a sound marketing strategies for its targeted customers (Berthon, 2012).
Making Brand Impact:
A trustworthy brand name will give a competitive advantage to a company .Tk-Maxx is a well known brand in UK and USA. The company should maintain this brand image by giving a best quality of products\services to its customers.
To bring profit and rise to your company customers are the important key aspects. In order to serve them the company should build a strong and sound customer support system, this will developed and in creased the faith of customer in the company.
To lure more customer to your company you must make a promotional strategies. The company should move to new ways of advertisement i.e. online portals, social media apps or companies should make its own website so to expand its reach beyond geographical barriers.
Designing of the Product:
The better the design the more it will be attractive. To gain more customer company should make changes in making of its products, it should create a competitive advantage to the company.
Gathering market research:
What to be made, for whom to be made are few question which can be answer only by the deep research, engage in more than one product line its important to gather proper information.
At what price the product will be sold in the market is a pricing function. To decide the price of the product a proper knowledge the whole process from production to reaching it to the market. The price of the product should be in a favour of company and the customer (Kim and Ko, 2012).
Relation between Marketing and Organisational functions
Marketing duties and responsibilities are bridge between the firm and its customers. Every company has department of these creative officials who act as a:
It provides the necessary information required to each level of management by evaluating the strength and weakness of the organisation. It gives the guidance to customer about the product lines and areas to choose from.
He will link between the customers’ needs and production department, to produce for whom and in what quantity. and to implement the strategies to promote and branding of product he may assist the top executive.
The strategies and plans to expand, promote and to increase the growth of the organisation is directed by the Marketing managers. To know competitor’s strategies and to response to it, to create better model to achieve the objectives and goals of the organisation in a cost effective manner, etc.
To gather all the market information, in relation to the customer needs and choices, demographic location, marketing initiatives, auditing the target customer, and segments within the target market, competitor’s behaviour towards the company policies and plans, etc (Castronovo and Huang, 2012).
To analyse the customer review towards the brand, its products \ services, to work towards improving any deficits. The effective customer support will make faithful and loyal customer for the company and the brand in a long run.
Innovator and Initiative Taker:
To gain a competitive advantage over others the marketing department should always be a innovator in terms of its ideas and plans. He should always bring a new vision to the company. He must take initiatives to undertake risk for the betterment of the company.
The marketing manager should be able to communicate what the company wants to serve. The marketing manager should have good public relations.
Marketing mix helps in the marketing plan of different companies:
No one can achieve success in a marketing planning without a proper application of Marketing mix to there plan. The 4P'S of marketing mix is essential to achieve the business objectives.
The most essential aspect of the company is the product it produces. The product of the company should be designed in that form that it covers the needs of all the customers targeted. Tk-Maxx has wide range of home goods and department store selling the varieties of products. Further the company has segmented it targeted market including different age groups of people and gender. Whereas the company like Nivea has a limited range of products applicable only to skin care, personal care products (Wilson and Gilligan, 2012).
The price factor plays an important role in your product selling. The lower price will attract the more number of customers but high price attracts the people who wants the best quality for there product thus price should be determined properly it must also covers the cost of production and the price offered by the company should be equal to or less than the price offered by it competitors. Tk-Maxx offers a comparatively lower price than there competitors enabling the company to get it products sold more rapidly and generates more revenue to the company. But, Nivea products are high in prices as they concentrate on the quality they provide through there product (
Steps to Create a Marketing Plan:
To make the product produced to be known to the customer there is a need of promotional strategies. The medium to be chosen to promote the product should be taken carefully by considering the factor like; which medium is being popular among targeted customer, how they will interact to the product, what are the medium chosen by the competitors to promote there products, etc (Baker, 2014). Tk-Maxx has chosen the best and the most suitable medium of advertising is television advertising showing different products being offered to all there age groups of people. Nivea sell off it product through wide promotional platforms including online portals, magazines and T.V. Commercials to make products reached all over the world and attracting young crowd to it customer base
The location from where the customer willingly purchase your product. This can be determine only by gathering information in relation to the targeted customers. Tk-Maxx has different ways of distribution channel as the company includes all sorts of 'buyers' in it list ranging from manufactures to the wholesalers and retailers (Khan, 2014). The company also focuses on distribution of goods to individual customers, having personal stores for the customers to buy from. Whereas Nivea most of the product distribution is done through grocery chains and retail stores thus company does not sell from it personal store which reduces the profit base.
Different tactics applied by the organisation
The strength of the company has raised in the past years the company is expanding it business lines and areas of distribution. Offering wide products at lower price attracting more customers and expanding to all online and social media platforms attracting young generations.
To gain advantage over it competitors company has made changes in relation to it price, promotion and distribution channels, adding up more departments and expanding it online base to reach beyond geographical boundary.
Size of business
The huge size of business has made profits for the company, encouraging expand to areas of selling and distribution. The company has opened more than 3000 brands on it 25 e-commerce department (Huang and Sarigöllü, 2014).
The company enjoys a strong financial position of net worth of $29.1 Billion with sales increasing by 6.2% every year, enabling it to gain more power to build up strong network for the distribution of it product.
The company is influenced by the government regulations to maintain cleaner environment, disposed of the unused products to proper place, etc.
Tk-Maxx has applied these tactics more properly taking into consideration all other factors influencing the business of the company than any other company in department sector like House Of Fraser. This enables Tk-Maxx to grow and flourish even in such harsh and cut-throat competition and maintain it's brand value (Hooley and et. al, 2012).
The report concludes that what are the key roles and responsibilities of marketing functions are there and how marketing is related to the organisation, the marketers are the guider, planner, coordinator, investigator which enables the organisation to work effectively and efficiently. They act as bridge between the company and the customers. The marketing mix helps to make a marketing plan for your company. Company uses different tactics in relation to its strength, numbers and power of there competitors, financial position,and the size of the business. How to evaluate and make the effective Marketing plan for the organisation it should includes; objectives, Segmentation, Targeting, Positioning. It should include the basic aspects of marketing i.e. marketing mix. SWOT analysis shows the companies strength and opportunities of increasing it base, whereas the companies weakness and threats showing the limited profits and cut-throat competition from it competitors. The PESTLE analysis of the company evaluate the environment of the companies operations within different dimensions of Political, Legal,Social,Economic, Technological and Environment. Moreover the company should adapt the tested marketing plans, gather and analyse the information about it customers, increase it base to online and social media portals.