TK-MAXX wants to expand their business by identifying growth in student area. Explanation to be provided to three new board members, to understand company’s strategies regarding increase in market share.
- Briefly explain accountability of marketing and how it connects with other departments of TK-MAXX.
- Provide difference between use of marketing mix, for attaining organisational goals, in TK-MAXX and Matalan.
- Prepare and analyse marketing plan of TK-MAXX.
Marketing is important activity which helps the organisation to improve their sales and profitability. It helps to build bond and relation with customers to retain them for longer period of time. There are many functions are provided by the marketing department of organisation. This will includes promotion and advertisement of products, determination of price, establishment of effective distribution channels etc. There is huge contribution of the marketing activities in the success of organisation and to attain long term sustainability in operations. Different functions of this department is interrelated with other departmental functions and provides support in improvement of their efficiency (Brown, McDonagh and Shultz II, 2013). Research is one of the important aspect of marketing which helps in assessment of the different competitors prevail in market along with their strategies and products. It provides the opportunity is to build their own effective plans which helps to overcome from the weaknesses and attain competitiveness in their operations. TK-Max is multinational retail organisation which deals in diversified products. The different products which are provided by organisation includes clothing, footwear, bedding and domestics, furniture and giftware.
In the present report explain about, different roles and roles responsibilities of marketing department and interrelation between the functions of marketing and other departments. Also, comparison between the two different retail organisation regarding their usage of marketing mix and formulation of marketing plan (Groucutt and Hopkins, 2015).
P1 Different roles and responsibilities of marketing department
Overview of organisation
TK-Max is retail organisation which is subsidiary of American apparel and home goods company which is based on Massachusetts. They have large number of stores in many countries to conduct their business operations and satisfaction of the different requirements of customers. In Europe, this organisation has total 515 stores in different countries like UK, Australia, Ireland, Germany, Poland, Netherlands etc. It is observed till 2017 this organisation has 35 stores in Australia (Pike, 2015). There are large number of products which are offered by this organisation which includes clothing, footwear, bedding and domestics, furniture and giftware. This organisation was founded in 1994. The main aim of organisation is to earn large number of profits to satisfies the different requirements of stakeholders (Poltorak and Lerner, 2011)
It is considered has important management process which includes transfer of goods and services of organisation to end customers. Marketing is the combination of four different elements which are known as 4P's of marketing which are defined below:
- Development of product as per the needs of customers.
- Determination of the price of products.
- Selection and establishment of effective distribution channels which helps to effectively reach out towards their end customers (Pappas, 2016).
- Adoption of effective promotional and advertising strategy which helps to bring awareness among the individuals of society about their different offerings.
This will also includes the activities regarding research of market to gather different information about their current competitors, present position in market, demand of their products, preferences of customers etc. It contributes in preparation of more effective business plans which guides the employees and production department of organisation to perform their functions in such manner which satisfied the different demands of customers. The main aim of marketing activities is to improve the sales figure of organisation and helps to enhance the profitability of organisation for the benefit of stakeholders (Clow and James, 2013).
Roles and responsibilities of marketing department
There are many roles and responsibilities are performed by the marketing department of organisation. It is the duty of manager is to coordinate with the employees and manage the different roles in more effective manner. Accomplishment of all the roles within stipulated period of time is necessary to achieve common goals of organisation (O'Reilly and Lancendorfer, 2015). Satisfaction of demands of customers helps to build good relation with customers and influence their behaviour which forces them to buy their particular brand products. The different roles and responsibilities which are provided by this department within the TK-Max are defined below:
Product: This includes about the different offerings which are provided by organisation to attract customers. Such products are needed to be of good quality which helps to attain competitiveness in market grab the customers of competitors also (Shiu and Yu, 2010). In this regard, marketing department has the role is to identify the features and quality of the products of competitors and assess their needs which contributes to bring changes in their products and make them perfect. Through this sale of organisation increases automatically and enhance their profitability. The different kind of offerings are present in market of TK-Max are clothing’s, furniture, bedding, giftware etc. They also played the role of collecting feedbacks from customers about their products which helps to understand the actual issues which are faced by them and finding out of optimum solution to overcome. It is important for organisation to accept the new trends in market for attainment of long term sustainability in their operations (Desai, 2013).
Selling: This is one of the common and basic function of marketing department in every organisation is to implement such tactics through which their products are selling in more quantities. This will includes the process about the delivering of product to end customer on time through adoption of effective distribution channels. To improve sells organisation is needed to aware them about their products and offers through application of modern promotional tools and advertising approaches. This will influence the behaviour of customers to try some new product which is much better in terms of feature and quality. This activity helps the cited organisation is to earn large number of profits which can be further used in the growth activities of organisation (Musibau, Oluyinka and Long, 2011).
Pricing: One of the important aspect which has direct impact upon the sales and profitability of organisation. It is the duty of marketing manager is to first analyse the paying capacity and will of individuals and according to that decide the prices of their products. This will provides the opportunity is to create the new bond of customers and influence them is to buy their products over their competitors. Adoption of effective pricing policies helps in earning huge amount of profits within short span of time. Different prices are decided by the manager for different products and also on the basis of their quality and features. This has significant importance to attain higher position and high market share within market. In the present report, TK-Max is retail organisation where competition is high in market need to adopt affordable pricing policies to attract the customers in large numbers (Fırat, 2013).
Promotion: Another important function which is performed by the marketing department of organisation is to promote and advertise the existing and potential products to spread awareness.
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