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Principles of Marketing- Report

   

Added on  2020-01-28

15 Pages4265 Words44 Views
Marketing Principles

INTRODUCTIONIn the business entity, different departments are there among which marketing is the mostessential one that helps the firm in attaining its goals and objectives in the desired manner. Thereare various types of marketing processes which are used by a company. Business enterprise usesvarious tools and techniques related to marketing principles so that they can introduce differentproducts and services to the consumers (Corrigan, 2011). Different marketing principles help inunderstanding various concepts that assist in understanding different perspectives of marketingwhich helps in developing and enhancing the market size. These principles of marketing focuson different factors whether it is micro and macro that exist in the business environment. Presentreport is based on IKEA which is a multinational group of companies that having a expertise indesigning and selling the ready accessories to assemble furniture, appliances and homeaccessories having a vision “To create a better everyday life for many people”. In the belowmentioned report, different elements of marketing principles have been described. Along withthis, elements of marketing mix are explained in different situations of organisation (7 KeyMarketing Principles, 2017). Moreover, report has also discussed new strategies that can behelpful for IKEA in improving its marketing tactics in the competitive market. TASK 11.1 Various elements of the marketing processMarketing is the process which helps in promoting as well as selling products andservices of business entity so that they can fulfil the requirements of consumers. Along with this,it assists in providing maximum satisfaction to the consumers. IKEA offers the best qualitymerchandise and services according to the needs and wants as well as desires of customers.IKEA has to use appropriate marketing process so that they can identify the needs and wants aswell as problems of consumers (Dann, 2010). Different elements of marketing process which areused by the manager of IKEA to attain success are:Analyse the market opportunity – Manager has to identify current as well as futuretrends so that they can fulfil the wants of consumers and can capture opportunity to attainsuccess in the competitive market (Abdullah and Ismail Ahmad, 2010).

Select the target market and marketing Strategy – They have to use appropriatemarket strategy for doing segmentation, targeting as well as positioning so that productsand services can be offered to the right customers. Marketing mix decision – Manager have to take correct decision on the basis of product,its price and promotion so that firm can obtain maximum profit (Deshpande and Rundle-Thiele, 2011). Implementation and control – In the last stage, manager has to implement themarketing strategies for attracting large number of customers and attaining the set targets.Along with this they have to do proper control so that they can not face any problem. 1.2 Benefits and costs of marketing orientation for IKEAMarketing orientation is a business model which assists in focusing on deliveringproducts and services which are designed according to the needs and wants as well asrequirements of consumers to do production efficiently. Benefits and costs of market orientationassists in understanding the generating profits of business entity. It helps in making correctdecision which is based on the desires of consumers (Donovan and Henley, 2010). The benefitsare:Increased client retention – Manager of IKEA has to provide the best services toconsumers and proper satisfaction to them that will help in retaining consumers for a longperiod of time. Reasonable competitive advantage – This helps the business entity in developingproducts and services according to the needs and wants of consumers. Therefore, theycan use the products which assist in attaining competitive advantage (Alserhan, 2015). The costs of marketing orientation of IKEA are:Scope and quality – Manager of IKEA has to set the price in a proper way as it affectsthe quality of products. If the scope of services is wide then they can charge premiumrates from consumers (French, 2010). Political enforceability – The cost of products which are provided by IKEA are affectedby the rules and regulations as well as policies of regulatory bodies. Therefore, they haveto set a price which does not affect the needs of consumers.

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