Marketing Management Assignment (Doc)
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Added on 2020-01-15
Marketing Management Assignment (Doc)
Added on 2020-01-15
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MARKETINGMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Strategic analysis....................................................................................................................1Situation analysis....................................................................................................................3Competitive analysis..............................................................................................................4Market analysis.......................................................................................................................5Marketing plan........................................................................................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONGlobal growth aspects have helped companies in creating a wide impact on the sales andgrowth measures. Fierce market competition and changing pace of the economy has forcedbusinesses to adopt different business measures. Analysing and evaluating consumer behaviourhelp companies in understanding market demand and development measures in the economy.Marketing contributes significantly in understanding consumer requirements and developingproducts and services as per their needs and demands. According to American MarketingAssociation, (2013) marketing is a process of creating, communicating and exchanging productsand services that has value for consumers or clients of the company. Presently unique marketingmeasures have helped business to gain wide growth prospects within this highly competitiveeconomy. The present study will analyse the marketing strategies that has helped business indeveloping prospects of sales and will also develop effective plan for expanding high growth anddevelopment measures for the business. Strategic analysisIkea is a globally established brand providing wide range of ready to assemble furniture’swithin the market. The organization is successfully operating across the globe serving distinctneeds and requirements of its consumers (Jobber and Ellis-Chadwick, 2012). Unique product1Illustration 1: Global Business Locations(Source: Sheth, and Sisodia, 2006)
range and effective marketing has helped the company in developing a well-defined successmantra for the unit. Consumer’s carries key value for the organization and assessing their needsand requirements is the basic growth and development opportunity for the organization. Ikea hasestablished an effective brand image within the market. Market position of the company isrenowned globally (Young and et.al., 2004). Business operations are effective and well planned.The above figure represents global business location of the business along with future growthprospects. Application of Ansoff's growth matrix will help in analysing growth opportunities forthe business. Market penetration: This strategy focuses on promoting current product in the existingmarket. Ikea has established an effective brand image in Europe however, aggressivepromotion and strategic collaboration will help the company in maximizing sales. 2Illustration 2: Ansoff's growth matrix(Source: Singh, 2007)
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