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Unit 1 Marketing Essentials Assignment BTEC

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INTRODUCTION

Marketing define as promoting, delivering, creating and managing all business activities in an effective manner in order to gain high profitability. Through this, firm are able to achieve goals and objectives in specific time frame. Management of an organisation has develop strategies and plan to produce high quality product as well as differentiate goods which are helps to gain competitive advantages at market place. In this assignment TK MAXX firm is select to analysis impact of marketing task in an organisation profitability. It is a subsidiary of American apparel and home goods enterprises (Babin and Zikmund, 2015). It has around 570 store in the year of 2017 in all over the world.. Some product like clothing, furniture, footwear, bedding, giftware and many more have selling by TK MAXX. In this report covers key role and responsibilities of commercialism function or its relationship with other department of an organisation. Its also covers marketing mix as well as basic marketing plan.

TASK1

P1 Key role and responsibilities of marketing function

Marketing is a function which helps to increase market share as well as customer's satisfaction. Its helps to promote product and services in order to create awareness which helps to influence buyers purchasing behaviour. With in company, marketing have various kind of work like fix goods price, package style, colour, size, advertisement and many more. Role of the marketing manager is coordinating with all others organisation department which helps to manage all function in an effective manner. Its influence person to engage them with enterprise's good in order to full fill their needs and wants in an effective ways. TK MAXX is selling various kind of product to their potential clients. Some important function of marketing are explain as follows:

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Development of Product: Management of the company conducting research to analysis customer's needs and wants accordingly develop product and services. It is a one of they important function of marketing. Through this, they are capable to produce goods which are fulfilling demand of all potential clients in an effective manner. Marketing manager pay role to provide direction to research and development department of an organisation about product modifications(Baker, 2014) (Batt, 2013). It helps to improve quality of goods that increase customer's satisfaction as well as productivity.

Price: It is a one of the important factor which affect profitability of the company. Clients are always price sensitive in nature, so that management pay role to fix price according to market environment as well as clients disposable income. Function of marketing manager of firm may find competitors pricing strategies in order to offer good in an affordable and easy rate. Through this, they are able to achieve competitive advantage as compare to their competitors at market place. Administration of TK MAXX use advanced pricing strategies to sell their product higher class customers in order to gain high profitability.

Selling: It is a most important for marketing function of management which helps to enhance clients satisfaction. Selling is a only activity that provide or generate revenue as well as profitability for company. Both managers and leaders has manage, control or organise all employees in efficient ways to rise productivity in work ;(Chinn, 2017). Marketing manager pays important role in developing strategies to selling goods like advertisement, promotions, discount offers, attractive packaging, colour and size or many more. Through this, TK MAXX are able to achieve their set goals and objectives in given time frame.

Promotions: Various kind of promotional activities like personal selling, sales promotion, direct marketing, public relationship, advertisement and advertisement etc. Through this, they have create awareness about product information. It is a important function of marketing in which they have make plan in order to enhance market share as well as high profitability. Manager of TK MAXX pays important role to select best method of promoting goods. For this, they has use social media network and internet for promote product offers. They focus on teen age children those have influencing power of buyers behaviours.

Finance: Fund is a important element to run business activities effectively. Function of finance manager of an organisation construct budget for all department like human resource, marketing, research and development, operations and production etc. It is pay role of blood with in all company to operate all task in an effective manner. They out sources fund in order to full fill needs and wants. Some important sources of finance are bank, angle investors, capital venture, debentures, share equity etc. Management of TK MAXX has make plan to find out most appropriate way to gain finance by external sources. Most of time, they rise funds form their parent company Desai, 2011). It is helps to provide fund in low interest as well as long time period.

Distribution: Strong distribution channel helps to achieve aim and objectives in an effective ways. It is a main function of management, its responsibilities to develop powerful arrangement system which helps to increase reachability as well as productivity. Its enhance market share by providing high quality of good in their near by location.

Management information system: It is a computer based system which increase productivity and quality of product and services. Management of the company has develop strategies to manage and control all business activities in an effective manner. Through this, they are able to produce goods according to clients demand and preferences. This techniques helps to analysis most of the business issues. So that, management information system helps all employees to resolve problem related to needs of potential clients by designing various kind of IT applications. Information and data given by each department has very important to take decision related to advertisement, promotion, production task and many more.

P2 How role and responsibilities of marketing related with others organisation department

Marketing department has various kind of role and responsibilities in order to achieve organisation aim and mission. For this, they develop plan and strategies which helps to provide blueprint of entire work process. Management has manager all department with in company that helps to run whole businesses activities in an effective manner. Marketing of firm play major role in transferring product and services by several distributive channels. They act to manage all internal operations which helps to develop brand value at market place. The main responsibilities of marketing manager in company are segmentation, targeting, positioning of product to gain high market share (Diana, 2013). This process measuring goods brand image in clients mind as well as effectiveness of strategies as compare to their competitors at market place. modify its product in order to full fill clients needs and wants to gain high customer's satisfaction. For evaluating effectiveness of product and services, management of TK MAXX tracks and monitor performance of employees and competitors by implementing marketing mix techniques. This would helps in analysing rule and regulation for executing plan with in an organisation. Market oriented people helps organisation to take decision related to manufacturing product in order to fulfilling needs and wants of potential buyers. Its improve living standard of life. For widening the business and production of the company, function of marketing division related with all department of an organisation are explain as follows:

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Marketing function with operation department:Marketing department in an organisation is mainly responsible for modification of product and services according to clients needs and wants by using strong strategic planning. This plan entails current market condition in context of customers, competitors, opportunities, weaknesses, strength, threats and many more. It depicts the strengths and weaknesses of all businesses activities presented in external environment. Its include political, economical, legal, governmental, social and culture etc. Such plan inherent main objectives of sell budgets, determine merchandising action and identify resources. It is provide helps to operational team to carry out whole business objectives in an effective manner to make new goods (Durand and Barlow, 2012). Through this, they are able to achieve aim in specific time period. Operational manager always seek to get relevant information and data to meet customer's demand on time.

Finance department with marketing function: Finance department has provide fund to marketing division in order to manage their work in an effective manner. They provide budget for advertisement, promotions, discount offer and other various kind of activities to sell product and services in an effective ways. Management of the company find out various resources of funds which helps to meet all day to day requirement of payment. Manager of commercialism is perform vital role in an organisation like identification of distribution channel, develop strategies, make differentiate product to achieve competitive advantage at market place etc. They organising research to know, how firm can rise finance to start operations on economic of scale to remain enterprise for long period of time.

Marketing department with sales: For increasing profitability as well as sales performance of all store of TK MAXX. Marketer provide several relevant information related to management related to market conditions, preference, requirements and many more which helps to carry out whole business activities in an effective manner. Persons working in marketing field, forecasting sales to manage their retailing activities in an effective ways (Forrester, 2010). In TK MAXX, marketer analysis clients demand in each and every location accordingly they have distributing product in all retail store. Its helps to reach in all area to increase market share. Its helps in promotional and advertisement task.

Marketing department with human resource management function: Functions of HRM and marketing team are interrelated in each other. In order to enhance performance of marketing staff members, a firm may requires to employ best talent candidates in all departments to increase productivity as well as profitability. Human resource manager of an organisation conducting training program for all employees in order to increase their capabilities and professional skills. Through this, they are able to produce quality product and services. They arrange separate training event for sales executive to enhance customer's satisfaction by providing high quality services. Trained sales staff members have full knowledge about goods and they are able to peach clients in an effective manner to purchase firm offers. Human resource management in an organisation perform several task like recruitment, selection, appraisals, rule, HR policies, extra bonus, flexible working hour or days etc. Marketing department has needs high professional employees in order to achieve set targets in specific time period. Its helps HR managers to identifying recruitment sources at low salaries (Gummesson, 2011). Through this, they select talented individuals in less efforts. They research training method by analysis competitors action or other international company HR management strategies, so that it staff members become able to compete challenges in an effective ways.

IT department and marketing function: Information technology helps to manage, design all infrastructure with in an organisation which increase quality of performance and productivity. This division may keep records, information, data, strategies, security system to avail market place that helps to achieve security aim. It provide several applications to advertise or promote goods offers through online mode. They have used social media networking side in order to increase awareness about product among customers. IT department have capable to track suppliers to purchase product for sale in retail store. In today's modern business environment, many buyers purchase required product through online website. So that, TK MAXX also sell their goods by their own website as well aa others e- commerce sites in order to increase sales and profitability.

TASK2

P3 Compare how differently organisation may apply marketing mix

Marketing mix is a combination of various kind of elements like product, price, place, promotion, physical evidence, process and people. These all factor may effect firm competitiveness at market place. It refers as set of activities, tactics that firm used to promote and advertise it brand as well as product at market (Jones and Rowley, 2011). Its divided into two types, first is 4P's of marketing for goods and second is additional 3P's of commercialism for services. Totally 7P's together are called marketing mix. TK MAXX has a retail store chain which are run their business activities at global level. Through this, management of TK MAXX has rise clients gratification and strong brand image in their buyers mind. Primark store and TK MAXX both have close competitor of each others. Now compare their marketing mix elements to understand application of various factors are discus below:

Marketing mix

TK MAXX

PRIMARK

Product

· They sell various kind product which helps to full fill customer's needs and wants in an effective manner.

· TK MAXX offers cloths, footwear, giftware, bedding, furniture etc.

· Primark offer variety of product other than clothing to their buyers.

·They offer clothing, home wear product, beauty etc.

· Company provide expensive brand to their potential clients.

Price

· External as well as internal both factor affect price of product and services.

· They purchase goods daily. On that time, manager tag full price on product after six week they reduce their selling price (Mitchell, 2012).

· So that, in starting they receive high profits but with time profitability ratio is decline.

· Primark used both low and high pricing strategies in order to sell produce to all segment.

· Their main focus is clothing section. So that, in this division they offer lot of brand with different pricing.

· Company used streamlined production method and professional as well as skilled employees to make clothing price as low as possible.

Place

· TK MAXX operating their business activities around 515 location in Europe and 38 store in Australia.

· They have strong distribution channel which helps to increase reachability.

· They have run their business operations across 325 location in all over the world.

· They has effective distribution network which helps buyer to purchase product in a minimum effort.

Promotion

· Company used several promotional activities in order to create brand awareness and information.

· Newspaper, TV, social media site, internet, billboard etc, have various mode of promotions that company used.

· Primark has promote their product through TV advertisement, billboards, hoarding, banners, social media site and online store or many more (Ogunmokun and Tang, 2012).

Physical evidence

· Management of the company has organise all store in an effective manner.

· Clean and safe environment attract large number of clients toward their product and services.

Process

· Human resources manager of TK MAXX provide training to their employees.

· Trained staff member serve better services in front of buyers. Thus increase customer's gratification.

· Company hire experiences employees to provide better services to their purchaser.

· Through this, they are able to increase customer's satisfaction by give quality of product.

People

· Their all workers are well dressed as well as show positive body language in order to give better services to their purchaser (Papasolomou and Melanthiou, 2012).

· All employees are well dress and educated to provide high quality of services to their customers.

 

TASK3

P4 Make marketing plan for TK MAXX

Marketing plan is a comprehensive document that outline all business activities like vision, mission, goals, objectives, marketing strategies, promotional campaigning, advertisement etc. Through this, management of the company are able to know future working process and outcomes. It is focused on specific time period to completing task in an effective ways. Marketing plan is different form marketing strategies because it include all commercialism function. Here are explain marketing plan of TK MAXX are as follows:

Vision: “ Our vision is to provide best services to their potential customers in order to increase market share”. They want to deliver fresh, fashionable,exciting and rapidly changing assortment of various brand name with excellent value of customers money. Company define value as the combination of price, quality and fashion (Perreault, 2010).

Mission: Company wants to open their store in all over the world with global standard of product and services. Through this, they wants to increase reachability as well as achieve high market share.

Objectives: Their main objectives is to sell produce in affordable price to large numbers of clients in order to rise profitability. Management of the company want to open more and more store in order to gain high market share.

SWOT analysis:

Strength

Weaknesses

· Affordable price and quality of product and services increase profits.

· Large number of goods firm offers to their customers.

· Able to retain clients in an effective manner.

· Sales are seasonal which effect profits of the company.

· Costly goods demanded in mainly Christmas time.

· Lots of competitors affect firm operations and marketing strategies.

Opportunities

Threat

· Man spend less in clothing, so that, company has opportunities to encourage men to take interest in fashionable product.

· Discount pricing strategies helps to attract low income group people.

· Less entry barriers has increase uncertainty at market place.

· Recession also a one of the threat for firm.

STP plan of action: Management of TK MAXX has develop action plan to attract large number of customers. STP are stand for segmentation, targeting, positioning of clients as well as product at market place. These are explain as follows:

  • Segmentation: It is a process of dividing whole market into manageable section of all potential clients into groups, segments etc. Through this, they are separate people based on age, education, location, gender, preference, culture, motivation factors and many more.
  • Targeting: After the market has been segmented into various kind of buyers, management of the company has target customers those have needs and wants their product. Marketer select series of segment in order to gain attraction of large numbers clients (Rudden, 2016). Effort and resources are targeted at section.
  • Positioning: It is a activity to establishing positive brand image in consumer's mind. For gain high brand value as well as market position. It is a act to arrange offers in a particular ways.

Marketing strategies: Management of TK MAXX has develop marketing strategies in order to increase profitability. To hit all objectives, company are use systematic and remarkable marketing strategies.

Conclusion

From the above report it is concluded that marketing is a very important function of an organisation. With in company, marketing have various kind of work like fix goods price, package style, colour, size, advertisement and many more. Role of the marketing manager is coordinating with all others organisation department which helps to manage all function in an effective manner. They has develop strategies to manage or implementing services marketing elements like process, physical evidence and people in order to provide quality of services to their customers. A part form this, marketer provide information related to what kind of resources may purchased in order to product quality of product and services.

References

  • Babin, B. J. and Zikmund, W. G., 2015. Exploring marketing research. Cengage Learning.
  • Baker, M. J., 2014. Marketing strategy and management. Palgrave Macmillan.
  • Batt, P. J., 2013, December. Quality management essentials and the importance of smallholder farmers collaborating. In II Southeast Asia Symposium on Quality Management in Postharvest Systems 1088 (pp. 47-52).
  • Chinn, E. R., 2017. Essentials of Branded Event Marketing(Doctoral dissertation, University of Oregon).
  • Desai, S. S., 2013. An analysis of the competitive marketing strategies of the hospitality industry in UAE. IUP Journal of Management Research. 12(1). p.22.
  • Diana, D. P., 2013. Build a Better Web site: Web Site Essentials for Mental Health Professionals. Marketing for the Mental Health Professional: An Innovative Guide for Practitioners, pp.165-171.
  • Durand, V. M. and Barlow, D. H., 2012. Essentials of abnormal psychology. Cengage Learning.
  • Forrester, D., 2010. Turn Clicks Into Customers: Proven Marketing Techniques for Converting Online Traffic Into Revenue. McGraw-Hill.
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