You are appointed as new marketing manager of TK-MAX company has appointed three new board members for gaining knowledge about strategies for growing their market share.
- Define marketing and how it is linked with other business functions of TK-MAX
- Provide comparison of ways in which TK-MAX uses marketing mix to achieve set business objectives.
- Formulate basic marketing plan for TK-MAX
The marketing sector of an organisation performs different functions. They perform roles and responsibilities in large context. The features of marketing helps in attaining aims and objectives of enterprise.It promotes and socialise products in the market with strategies. It is very crucial for the company to integrate all activities so that efficient marketing can be done.. It consists of 7 P's. This report gives brief discussion on role and responsibilities of marketing function and its relation with the organisation. Also, the role of marketing mix in planning of strategy is stated in the report. At last a marketing plan is developed for growth of organisation. For this report organisation taken is TK-MAX.
LO1. Roles of marketing and its interrelation with other functional units of organisation.
a. Key roles and responsibilities of the marketing
Marketing is the study of managing of relationships. Marketing is used to create, keep and satisfy the clients. It is the activity for creating, sharing, conveying the services that are liked by the clients. Some roles and responsibilities should be followed for effecting marketing:
Observing the customer's needs:To begin the marketing policy, it is important to maintain good relation with the clients and observe them in order to find their requirements. By communicating with the customer their their needs can be identified.
Managing the brand: This is the part where company needs to be identifiable as a brand name to attract customers(Armstrong, Adam, Denize, and Kotler 2014). This involves planning the budget , giving best quality products, campaigning to create awareness.
Innovation: Customer likes new features,ideas of the products.So in a certain time company must add new features to the production and promotes it accordingly.They must create new ways to attract customers.
Position in the market: The company must know its position in the market to identify its current status.It is the necessary part to know the current position in the market so that new policies can be made to make the organisation successful according to the growing market trends.
Communication:It is the most important part as the products are developed for customer and on their demand so it is very essential for the organisation to communicate with the customer about their requirement in the product context. If any special requirement demanded in the product that can be added or changed accordingly. Customer's satisfaction is important so communicattion is necessary.
For eg: The customer of TK-MAX asks for the change in some product and it was not communicated properly , so it was the company's mistake and it gave company a loss by increasing its expense in product change after developing.
Marketing plan: The main role of marketing is to make a full and final plan of the organisational policy in order to make it a successful business in an efficient way(Armstrong, G., Kotler, Harker and Brennan, 2015).The plan must include the ways to promote the product,the pricing,outcomes,customer's satisfaction, increase profit, market position, etc. It contains all the ideas to make the organisation better in all ways.
b. Roles and responsibilities of the marketing in context of marketing environment
There are various factors that affect the business development. Some are external factors that needs to be analysed by the the company like pestle analysis. Pestle stands for Political,economic,social,technological,legal and environmental factors.The role of the organisation is to analyse these factors and make the plans to get less affected by these impacts accordingly.
Political Factors: These are the factors that are modified by the government that have great impact on an organisation.This can be tax policies, employment laws, environmental regulations, tariffs, etc. TK-MAX is having great impact by the tax policies, trade restictions, etc.
Economic Factors: These are the factors that shows the economic growth,interest rates,working hours, living cost. These factors have more on impact on how TK-MAX operates and make decision. The economic decline has decreased the sale of retail products which is a loss to organisation.
Social factors: The social factors that affect the growth og marketing are society and culture. Everyone wants to be trendy, fashionable, safe, sophisticated(Babin and Zikmund, 2015). TK-MAX provides these products in affordable price so they can be bought by all types of people.
Technological factors: These are factors stating change in technology that happens during certain period of time. Technology changes so marketing is affected by the new techniques coming in the market as the customers are influenced by the technology and demands for the same in product. TK-MAX finds a new way to interact with customers, reduces cost,improves product quality.
Environmental Factors: It includes the environmental aspects such as climate,weather, etc. which affect the organisation. Also waste dhould be recycled so training is given to the cleaners.
Legal Factors: It includes the laws that are applied on the organisation to be followed like discrimination law, employment law, consumer law, any change in policy, etc. This affects the organisation in marketing efficiently so the company needs to plan according to these factors.
c. Interrelationships between marketing and other functional units of an organisation
Marketing is basically promoting the organisation for productivity which can be attained by satisfying customer needs. Marketing fully depends on these units of organisation:
Operation management: This department is called the production department which involves proper amount of research and development is planned to satisfy customer's needs. The products are made with quality and design given according to the customer's need.the amount og order to be generated must be on time.
Finance Department: This department takes care of the budget under which the organisation have to work .The whole budgeting plan is done under finance department. Various department comes under marketing that performs their certain roles and management keeps a record of whole(Kotler, 2015). This department should concentrate on increasing volume of sales,cash flow, etc. They are concerned with the matter of taxation that are under government, financial matters of the company. The main aim of the department is to create a structure that contributes to management and thereby ensures stability. This basically focus at utilisation of resources ensuring transparency in the fonancial operations.
Human Resource department: This department focus on providing the structure and ability to the organisation to meet the business needs. They need to achieve a level of efficiency and work management. It is the department that deals in recruiting skilled staff for the organisation that are trained enough for a certain post in organisation.