Unit 7 Marketing Essentials Level 7 ATHE

LO 1

P1 Key roles and responsibilities of marketing functions

Marketing is the method of managing those practices which are responsible to identify and satisfy the customer requirements (Babiuk, Braun and Campbell, 2015). The main role of marketing department is to promote mission and vision of company in the market. It is done so that goals and objectives can be achieved. For this effective marketing strategies are developed. It helps in promoting and advertising of products and services. Its objective is to search out prospectus customer who are willing to buy company products. The key roles and responsibilities of marketing function is described below :-

Managing and defining brand- It is the foremost responsibility of marketing function. It defined several things such as who are you, what product are been sold, etc. with this it becomes easy to promote products (Akbar, Wadood and Yusoff, 2017). If TK MAXX effectively define brand then it can attract a large number of people. This is done by selling, distributing products and creating brand awareness in the market.

Listen to customer needs – It is very essential to listen to customer needs. It helps in reaching out prospective customers and engaging them with company. Also, in order to remain survive in market for long term it is important that products are produced according to customer needs. By interacting with customers needs are identified. Thus, sales force is having responsibility of performing this role. If products are not produced accordingly it will be waste of resources and time.

Monitoring position in market - It is the role of marketing unit to identify current position of company in the market (Nguyen, Simkin and Canhoto, 2015) It gives a brief overview of how their strategies are implemented and what effect it has on customer and market. Moreover, with this it becomes easy to identify weak areas so that it can be improved. It will be worthless to distribute products in market without developing any strategy. It helps in identifying market share of competitor, brand value, types of markets, etc.

Transit brand value – The brand value of company should be delivered to customers so that it helps in attracting a large of people. This is done by displaying attractive images, writing effective content, etc. that can be communicated to customers. With rise in brand value market share will be increased (Ottman, 2017). People will be easily able to recognise brand. It is also known as brand awareness.

Market segmentation- A product is generally made for a specific market. So doing segmentation of market helps in identifying customer needs in better way. It shows how product can be produced to fulfil need of customers. For example- need of children and youngster can vary in market. With this it is easy to provide various kinds of products to different people in different market.

Innovation- It is very important for company to regularly make innovation in products so that it can sustain for long term. Also, it helps in retaining customers and increasing market share (Wilson, 2014). The taste and preference of people changes according to their needs. Therefore, innovation in product is necessary (Okumus and Cetin, 2018). It does not include product but also changes in promotional techniques, improving product quality, providing better services, etc.

Communication – Communicating product features to customer very crucial. It is because if communication is not effective goals and objectives will not be achieved. Besides this, marketing department must communicate with management. This is to provide report in how well marketing strategies are going on what results it has given. Moreover, any change in product has to be communicated to production unit so that changes can be implemented. For example- if changes required are not communicated then efforts made will be waste. This will lead to increase in expenses of TK MAXX.

Marketing plan – Here, role of marketing function is vital. It is because developing an effective marketing plan is very crucial for achieving goals and objectives. It is a document in which all actions that includes target market, customers, etc. are taken. It contains entire process through which product will be marketed (Babiuk, Braun and Campbell, 2015). What task will be performed, where and when by team members are decided.

Outcomes- The outcomes generated from marketing plan needs to be analysed. It is useful in measuring the overall performance of marketing plan. Besides this, it helps in finding out each team member efforts. Thus, plans are made to improve their productivity.

Production concept – Marketing function also decides the way in which production of products will be there. They decide tools and equipments that will be required. Moreover, setting the price of product is also the role of marketing function (Wilson, 2014).

These all roles are performed by marketing department that helps TK MAXX to achieve their goals and objectives. They create an effective marketing plan through which products are advertised. Also, it is the main pillar of every organisation that helps in growth and increasing sales and profits.

P2 Roles and responsibilities of marketing related to TK-Max.

TK max will see through the better handling of the various operations that will help in suitable rise in capability and handling of vast range of operations that will lay a deep impact on the overall operational capability and operation handling capacity in a much effective and significant way (Hisrich and Ramadani, 2017). The different business activities that will be performed by the organisation. Thus, in this case, marketing plays a very deep and crucial role in handling of wide range of operation that impact the growth and development of cited firm. The marketing department will work individually as well as in the collaboration with different operations that will lay a very deep impact on the operation's of organisation. This interrelatedness will support the enterprise to fulfil its targeted goals and achieve the aim that are been set by the organisation. This will help in better handing of operations which will support a good management of wide range of operation that will help in suitable increase in operational capability of organisation.

This will help in suitable management of deep operations which will help in suitable management of wide range of operations which will help in suitable rise in capability and involving of operations that help in enhancing the performance of company (Mittal, 2014). Some major functionality that will help in suitable rise in operational capability of operation that supports a good handling of business operations and meeting of targeted goals in a better way are as follows:

• Finance department: the marketing department of TK max will look after the better handling of operations that will give rise in operational capability of organisation in a better way (Lukito and Arifin, 2015). They will look after the better management and sectioning of essential budget that will help in suitable execution of business operations that are been taken in consideration, a good budgeting will help in carrying out the essential operations that will support a good management of operation's which support a better rise in capability and operational capacity of operation's in a better way. Other than this, a better usage of marketing will help the finance department of an organisation to gain a better return of interest and management of wide range of operation which will help in suitable handling of operation capabilities of organisation. Apart from this, the data that will be gathered and analysed by the marketing department of retail entity. This will help in suitable management of deep range of operation that will help in suitable rise in capability and gaining a good market share. A good revenue generation will help in better handling of the operation that will support a good management of operation's for meeting of targeted goals in a better way.
• Sales department: sales department in directly and proportionally dependent on marketing. A good marketing will help in better rise in sales and generation of revenues that will support a good management of operations that will help in suitable handling of operation that will support a good handling of operation that will help in effective handling of operations and meeting of targeted goals and developments (IElmasri and Hilal, 2015). The marketing campaign will support the selling of goods and services developed by the company by creating a positive perception in mindset of their customers and making them aware about the operational capability of organisation that supports a better rise in operational capability and handling of operations in a better way. This will help in suitable rise in promotional activities and delivery of products on a stipulated time with high satisfaction level. This will also help in suitable rise in capability and efficiency of the organisation. The data received and the goods or services provided by sales department of TK Max that will also help in suitable rise in capability of organisation on a wider level. Other than this, a good executed marketing campaigns will help in improving the capability of operations that will give a better management of customers and their requirements.
• Research and development and manufacturing department: The research and development will be indirectly dependent on actions of marketing department (Udachyna and Savchuk, 2017). The R & D will look after the better development of high quality product and services that will help in effective development of high quality product and services that will support a good rise in operational capability of retail organisation and will help the firm to come up with innovative products and services. The marketing campaign and analysis will help R & D to gain a good insight about the perception of customer needs and demands and develop a good product and services that will help in better handling of operations. The manufacturing department will see through the recommendations and guidance of R & D to develop a good and high quality product that will help in meeting the requirements of their customers. The manufacturing department will see through the better management of operation that will support a good handling of operations that will support an effective rise in capability and operational rise in functional capability of organisation. The marketing department will look after the better handling of operations that will see through the efficient promotion of high quality, unique and innovative product developed according to handling of operations that will support a better rise in capability and financial growth of organisation.
• Human resource's department: the meeting will also be associated with the HRM department of cited business enterprise as that helps in suitable handling of high quality products and services that will help in suitable rise in operational capability of operations and meeting of wide range of business functions (Fotiadis and Folinas, 2017). The marketing campaign will require the people and the HRM department will see through it that the marketing team get the bet and qualified work force to carry out promotional activities and generate a good perception about the product or service in customers mindset. This will help in better handling of operational capability of a business organisation by allowing the firm to take in consideration different innovative measures to promote and sell their products and services.

LO2

P3 Compare the ways in which the marketing mix techniques are been used in development of marketing plan to achieve it business objectives.

The effective marketing mix technique will help TK Max to gain a good share of operations and meeting of targeted goals that will help in suitable rise in capability of operations and meeting of targeted operation that will help in suitable rise in operational capability of organisation. This will also help the firm to handle the business operations and meeting of targeted function in a better way (Gbadamosi and Yusuf, 2016) This will support a good handling of operations that will support a good management of business operations and handling of good trade activities in a better way. Some major impact of techniques that are been assimilated by TK Max that will help in better growth and development of retail organisations and will see through the better handling of actions which support a good management of business activities and operations such as:

• Product: the cited retail enterprise will see through the better management of the operation that will cause the firm to meet their customers need and demand in a better way. Other than this, a good quality product or service will help in suitable rise in customer satisfaction level. A good product or service quality will help the firm to gain a good customer satisfaction level and will help the organisation to promote a good quality products and service to their customers (Gillespie and Riddle, 2015) This will help the firm to develop a better and effective marketing plan which will help in effective promotion and development of high revenue generation by maintaining the quality of product and service.
• Price: The pricing plays a very important and vital role in management of high quality product and services in a better way. This will help in suitable handling of operations that will give rise in functional capability of organisation. An effective and good quality product and services will impact the operational capability of organisation. An effective and reasonable pricing in regard to the quality of product or service will have a gig impact on operation of organisation (Holbrook, 2018) The suitable pricing of the activities and products will help in attracting a good number of customer and potential buyer toward the firm. Thus, the market planning of TK Max has to be decided as per the pricing strategy of firm.
• Place: Placing or location of the market also plays a very good role in selling and promoting of goods and service by customers. A good and accessible market location will help in better handling of the operation and support the company to connect with its customers in a much better and effective way. TK Max has to see through the better handling of operation that will support a good management of operations by promoting a good quality service and make a good reach to its customers (Dessain, 2016). Other than this, the placing or the outlet or selling point and marketing place on a location with larger number of audience will help the organisation to have a better rise in compatibility and handling of business operations and meeting of marketing plan in a better way.
• Promotion: this is the core and soul of marketing strategy of organisation that will help in suitable rise in compatibility of organisation that will give rise in operational capability of organisation. It involves the better handling of the operations that will support a good marketing strategy, implementation of marketing plan and proper promotion of products and services that will help in better rise in revenue generation. A good promotion or marketing will catalyse in developing a good and positive perception about the products and services of TK Maxx and sell them in an innovative and effective manner. This will help the company to connect with their customers for a long run and develop a good and strategic marketing plan.
• People: the people base will include the employee's as well as the customers who will look after the better rise in capability and efficiency of the organisation. A good employee base and a loyal number of customers will help in suitable rise in compatibility of organisation (Phil and Jim, 2010) They will work for the firm and support its growth and development that will help in suitable rise in functional efficiency of the organisation. Other than this, a good employee work force and loyal customer base will help in better revenue generation that will help in suitable rise in compatibility of organisation
• Process: this will involve the better management of the operations which are taken in consideration by organisation. This involve the production process, marketing activities and post selling activities that will help in suitable rise in operational capability and operational of the company. Other than this, it will also help in suitable rise in effectiveness of the operations. The effectiveness of the process that is been followed by the firm showcase the feasibility of organisation and gain a better sustainability in market. Also, it will support a good rise in compatibility (Ryan, 2016).
• Physical evidence: this is the effective and visible outcome and handling of operations that will help in better development of a good rise in effective. This can be tangible or intangible that will lay a very deep impact on operations that give a good rise in operational efficiency and betterment of the firm. A good physical evidence will help in better rise in operational efficiency and effectiveness of company and will support a good rise in operational capability and effectiveness of firm. This will help in suitable rise in customer satisfaction level and revenue generation for the firm.

LO3

P4 Produce and evaluate basic marketing plan for TK Maxx

An effective marketing plan will support the cited retail that will help in suitable rise in its efficiency and management of wide range of operations to meet the organisational requirements in a better way. The better marketing plan for the organisation is as follows:

Mission: the mission will help the company to guide and manage better rise in compatibility of organisation. The mission of TK Maxx is to provide its customers with effectively managed process and gain a good control over operations that will support a good rise in compatibility in operation which will support a good rise in operational compatibility of the organisation to gain a good market share in the organisation (Hisrich and Ramadani, 2017). Other than this, it will support a good management of operations that will support a good improvement in customers satisfaction level.

Vision: the company's vision is to provide a good and high quality services to its clients in return of effective cost. TK Maxx will see through the better rise in compatibility and meeting of targeted goals and operations that will help in suitable rise in compatibility of operations and gain a good rise in functionality of operations by gaining a good customer trust level.

Market analysis: This will involve the following measures that are been taken in consideration by TK Maxx:

PESTLE analysis:

• Political: the political factors will help in suitable handling of the operations which will help the retail entity to enter in UK market and meet the operation's of the TK Maxx. Other than this, the Brexit will impact the operations of the organisation which will support a good management of operations in a better way. If the firm will get the proper political support, it will improve its chances of gaining a good market share and meeting of the targetted goals in a very sustainable manner (Lukito and Arifin, 2015). This will support a good handling of operations and generation of high quality products and services.
• Economic: the economic conditions of UK as well its potential customer base will help in suitable rise in compatibility and meeting of targeted goals and handling of operations in a better way. A good and positive economy will support a good rise in compatibility and will support a good and innovative handling of business actions that will give rise to a good customer base and will support a better rise in functional capability of operations that will support a good rise in customer satisfaction level.
• Social: TK Maxx has to look after the better handling of its employee's and customer base, consisting the social base of the company (IElmasri and Hilal, 2015). This will help the firm to maintain a good relation ship with it customer base and generate a good control of the operations and thus will support a better rise in compatibility and meeting of operations that will helps in suitable rise in operational capability of organisation.
• Technological: Firm will see through the better handling of operations that will help in suitable rise in operational capability of company. TK Max will look after the better rise in compatibility of the organisation and thus will help in suitable rise in operational efficiency of organisation.
• Legal: the firm will look after the following of different legal obligations that will help in suitable rise in operational capability of organisation. Other than this, it will ensure a better execution of business operations in the company.
• Environmental: this will involve the fulfilment of the natures requirements and adoption of high quality of products and services in a better way. This will help in improving the quality of services and products.

Marketing objectives and strategy: the main objective of TK Maxx is to gain a good promotional base for its products and service (Udachyna and Savchuk, 2017). It will involve the following practices:

• Segmentation: to create a customer market segment that helps in better rise in operational capability of organisation.
• Targeting: To target a good market sector and help in meeting the operations of the company in a better way.
• Positioning: It will include the proper positioning of the company in market to gain a good customer base and revenue.

Action program:

For the implementation of this marketing plan, management of company will specific responsibility to its employees of marketing department. They will development a suitable action program that involves description of training on selling methods, financial requirements, management information system and proper monitoring of results etc.

Financial forecast:

Control measures:

With appropriate monitoring the plan TK TAXX can easily make changes in the plan if required. In addition to this, Company can modify its plan if it not works effectively.

In this analysis, there are is major importance of marketing plan as it enable the organization to analyse the factors that affects the marketing in the future. Further, there are various impacts of external factors provided an understanding about the steps which organization needs to take in order to enhance its business operations. It is also considered as important as it provided financial forecast for firms business operations and activities of marketing.

CONCLUSION

From this report it is concluded that The main role of marketing department is to promote mission and vision of company in the market. TK max will see through the better handling of the various operations that will help in suitable rise in capability and handling of vast range of operations. The effective marketing mix technique will help TK Max to gain a good share of operations and meeting of targeted goals. An effective marketing plan will support the cited retail that will help in suitable rise in its efficiency and management.

You may also like to read: THL124 Marketing Essentials

REFERENCES

• Akbar, F., Wadood, F. and Yusoff, W., 2017. Niche marketing strategy framework for SMEs: A conceptual framework.
• Babiuk, C., Braun, S.L. and Campbell, W., 2015.Fundamentals of Public Relations and Marketing Communications in Canada. University of Alberta.
• Dessain, N., 2016. Human Resources Marketing and Recruiting: Introduction and Overview.Handbook of Human Resources Management, pp.3-21.
• Elmasri, A.A. and Hilal, N., 2015. Social Media E-marketing Campaign Compared with the Traditional Way; Case Study Bahrain E-Government.
• Fotiadis, T. and Folinas, D., 2017.Marketing and Supply Chain Management: A Systemic Approach. Routledge.
• Gbadamosi, A. and Yusuf, T.O., 2016. Exploring the consumer opportunism conundrum in the insurance industry: The role of marketing.The Marketing Review,16(1), pp.92-106.
• Gillespie, K. and Riddle, L., 2015.Global marketing. Routledge
• Holbrook, M.B., 2018. Creating value: the theory and practice of marketing semiotics research.
• Hisrich, R.D. and Ramadani, V., 2017. Entrepreneurial Marketing Mix. InEffective Entrepreneurial Management(pp. 75-99). Springer, Cham.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit