Marketing Strategies and Competitive Advantage

This assignment provides an in-depth analysis of marketing strategies and competitive advantage in various industries, including hospitality and services. It covers key concepts such as pricing strategies, integrated marketing communication, and the impact of strategic planning on performance. The assignment also touches upon essential marketing topics like consumer behavior, decision-making processes, and online purchasing behaviors. By examining these aspects, this assignment aims to equip students with a deeper understanding of marketing principles and their applications in real-world scenarios.

MARKETING ESSENTIAL

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Key roles and responsibilities of marketing function...........................................................1
P2 Roles and responsibilities of marketing relate to wider organisational context....................3
TASK 3............................................................................................................................................3
P3 Compare ways in which different organisations apply marketing mix.................................3
TASK 4............................................................................................................................................5
P4 Produce and evaluate a basic marketing plan........................................................................5
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
.......................................................................................................................................................10

INTRODUCTION
Marketing is necessary function which aid an organisation to enhance its profit as well as
sales in an effective manner. It consists different tools and techniques which are adopted through
firm related to promoting its existing services or goods in order to target large number of
consumers at market place (Al-Ekam and et. al., 2012). This report is based on IKEA business
firm and it is a multinational group which design, produce as well as sell its ready made kitchen
appliances, home accessories and furniture. In this report mention about roles and responsibilities
of the marketing related to wider organisational context. Different methods which an
organisation apply marketing mix to marketing planning to attain organisational objectives will
be discussed under this given report in an effective manner.
TASK 1
P1 Key roles and responsibilities of marketing function
Marketing is necessary function which consists procedure of advertisement of services
and goods in order to enhance sales along with the sales. It is an effective procedure of
delivering, exchange and also communicating better value for consumers, society and partners. It
consist function which is concerned with an investigation. In order to make its business activities
or better, it is necessary to maintain its channel of distribution. Under marketing involve
activities which are concerned with management and study of exchange relationships. It is a
responsibility of marketing department to maintain or conduct its marketing activities in an
effective manner. Under this, there are several roles as well as responsibilities which have
various function in company (Arguello, 2013). In addition to this, there are more necessary data
or information is collected through IKEA business firm. Roles and responsibilities of various
marketing functions mention below:
Product: It is regarded as most essential part and IKEA company provide its effective
quality of products on the basis of various demands or requirement of consumers in an effective
manner. In context to this, it is a main responsibility of marketing manager to develop its unique
good as comparison to its strongest competitors. Before conduct an investigation, marketing
department know about the needs of consumers and their demands or needs in an effective or
significant manner.
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Price: This factor is necessary and it affect on purchasing behaviour as well as attitude of
consumers. There is a requirement to IKEA company to set its costs of existing goods which are
according to needs of consumers at affordable cost (Bačík, Štefko and Gburová, 2014.). It is
necessary that manger should develop effective pricing structure and provide its goods at
reasonable cost. With the help of this more and more people will buy its goods and sales of firm
will be enhanced.
Selling: Under this, IKEA company provide its end goods to the final consumers. There
is a requirement to management to adopt the convenient procedure which aid in use better
channel of distribution of goods to end consumers and impact on their mind related to buy of
goods. In context to enhance sales, IKEA organisation require to be check an availability of
goods on timely basis.
Promotion: It consist use of different communication tools in context to develop better
or positive relation with consumers and give them better information concerning with existing
offerings. At market place, there are different tools and techniques which are used through many
business firms. But IKEA organisation uses social media, newspapers, television, print media.
These all are helpful in aware individuals about existing services of goods of consumers in an
effective manner.
Management information system: It is a necessary part of marketing mix and helpful in
gathering as well as disbursement of necessary information or data to various departments of
IKEA organisation to finish their various activities with in set time period (Bačík, Štefko and
Gburová, 2014). It consists gathering of information from market related to existing
requirements ad preferences of consumers.
Financing: For perform all business activities, there will be requirement of funds to
IKEA business firm. Proper finance is helpful in implement innovative ideas and achieve all
business related objectives with in particular time period. Because of minimum resources, some
times firm faces many management related issue and also perform daily basis operations in better
manner.
Distribution: This function of marketing performs necessary role in order to deliver
goods to different stores. In context to this, management of IKEA business firm requires to be
use better channel of distribution which gives products to retailers and consumers on proper time
period. It is helpful in develop positive result in the mind of customers.
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P2 Roles and responsibilities of marketing relate to wider organisational context
Marketing department play necessary role in company which enable company to develop
towards the positive affect. This function support an entity in order to launch its new services or
goods to target new market as well as consumers at market place (Baker and Magnini, 2012). So,
there is a requirement to to connect with marketing function with organisational context in order
to increase effectiveness of firm. Under this, roles as well as responsibility of marketing function
concerned to other functions given below as above:
Marketing – Human resource management: Marketing department is responsible to achieve
sales target which are set by the management of organisation. In this regard, their main function
is adopting advertising approaches to increase the popularity of products. Basically marketing
department in Ikeas performs many functions such as establishment of effective distribution
channels, adoption of effective pricing policies, development of product and designing of
promotional campaigns. All the functions which are performed by marketing department are
related directly or indirectly regarding boosting up of the sales of products of organisation.
Different promotional campaigns are adopted by IKEA in different countries and market to
improve their popularity among the customers. The major benefits which are achieved by the
organisation through performance of marketing activities regularly includes enhancement of
profitability, improvement in number of sales figure, providence of better customer value, high
satisfaction of customers needs and building of good brand image. They have direct relation with
HR department of organisation. HR manager of organisation provides aids to marketing
department through selection and appointment of required number of employees having
knowledge about new technologies. This will contributes in development of their performance
which helps in achievement of optimum results. Also, HR department designs training
programmes for employees where provide teaching about the usage of new technologies and
techniques which brings effectiveness in their functions. The development in the personality and
professional career of employee motivates them within the organisation and develops their
passion towards their work which results in reduction of staff turnover ratio.
Production – Marketing: marketing department of IKEA assists production department in
designing and production of their different products as per the needs of customers. Also,
assessment of the quality of the products of competitors forces the production department is to
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use such innovate techniques which contributes their effort in making more quality and unique
products which are valuable and durable from their competitors. It helps attraction of the
customers of rivals and grabbing of their market share. Determination of the current trends and
technologies by marketing department provides the base to manager of production departments is
to effectively cope with such technological advancements happen in industry.
Finance – Marketing: Finance department is crucial to provide appropriate amount of funds to
marketing department of IKEA. They also played the important role in bifurcation of funds in
different activities of marketing along with formulation of whole budget for marketing
department. Funds are such necessary aspect which helps the marketing department in usage of
devices and approaches which are necessary to reach wide in market and affect the larger area of
market.
Research and development – Marketing: The functions of research and development
department and marketing are similar to each other. The main difference which persist within the
functions of both departments is that focus of research and development department is checking
of the quality of products and identification of the innovative ways through which more effective
and attractive products are developed which provides aids in achievement of higher position in
market.
TASK 3
P3 Compare ways in which different organisations apply marketing mix
Marketing mix is helpful for firm to organise and manage the marketing tactic's in better
manner through measuring various factors of marketing in a detailed manner (Cleverley, 2017).
Under this, B & Q and IKEA organisation both use marketing mix in better manner and also
generate its productivity of profit from the marketing structure.
Marketing mix of IKEA
Product- It is leading international retail chain that operate its business in all over the
world. The products which are provided through IKEA company are children goods, outdoor
furniture, mirrors, beds etc. This organization regularly make changes in business environment.
Designs are always fresh and products of this organisation are different from other company. It
promotes an idea related to democratic alterations. IKEA firm has about 9500 goofs and it renew
its range of products and launch 2500 new goods annually.
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Price- This firm used the cost leadership costing strategy. It provide its goods at
reasonable cost (Desai, 2013). Less costs constitute concept, vision and business idea of IKEA.
This firm makes household, offices and furniture at minimum cost. Its main focus on better
details of operations as well as cost control.
Place- This organisation promote itself as multi- channel retailer and integrate offline and
online channel of sales. The distribution strategy of IKEA firm is excellent and it is based on
given principles (Dudu and Agwu, 2014). This firm has international channel of distribution such
as large network of distribution.
Promotion- The main focus of IKEA organisation on its marketing activities or
operations. It used many promotional tools such as online ads, print media, television etc. This
firm launched conduct its advertising campaign in all over the world. Price discounts, coupons
and festival promotions are provided by IKEA to consumer.
People- It provides importance to individuals, staff members and consumers. Workers of
IKEA organisation believe in an idea to be straightforward individuals with a passion for the
home furnishing. In addition to this, employee culture depends on enthusiasm, fun and
togetherness (Forshier, 2012).
Process- IKEA organisation has many business process and has about 44 manufacture
units in more than 10 countries. The wood which IKEA firm use by own and manufacture better
quality of furniture and kitchen items. Inventory management techniques as well as supply chain
both are unique.
Physical evidence- In about 50 countries, IKEA has more than 350 stores. The layout of
IKEA stores is unique which offer better shopping experience. This firm has particular layouts
and helpful in provide the needed products. Stores of IKEA organisation are large in size and
large number of furniture items provided by this firm to consumers.
Marketing mix of B & Q organisation
Product- It refers to services as well as merchandise which offered through business.
Under this, goods are more than the physical stuffs or products through stores. The stores of
B&Q organisation supply more than 40000 products in which home fittings like for an instance
door handles, lawnmowers and lights (Guffey and Loewy, 2012). It produce goods on the basis
of demands, needs of consumers and also current market trends. The team of this firm is
professional and expert in design professional items.
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Price- It refers to an amount which customers pay in order to gain more advantages of
goods and services. B&Q fixes the commodities with set of proper costs for average customers.
This organisation provide its goods by offer discounts in order to attract the large number of
consumers at market place. It also provides an instalment payment services to consumers and it
is an effective promotional strategy. The cost of this firm products are not much high so it impact
positive in the mind of consumers.
Place- B & Q organisation has about 371 stores and in China it has only 40 stores. On the
basis of research, there are more than 3 million of consumers of this organisation as per week. In
context to this, B & Q has its own website so that customers can be reach to that and know about
details of existing services or goods in an effective or efficient manner (Hanlon, 2014).
Operating system of this firm is GMS (General Merchandise Store) and goods of this company is
places on the selves for customers to select freely.
Promotion- The effective promotional tool which is used through B& Q organisation is
discount in order to attract the large number of consumers. The policies of this fir, show its own
social responsibility. It develops more efforts on protection of an environment in process of
design of services or products, packaging and also use of the materials. In context to this,
advocating the environmental goods is useful or effective promotional abilities of B&Q
organisation.
People- The staff members of this firm are very confident, innovative and skilled.
Manager of this company provide training to its staff members so that they can perform in better
or effective manner. The employees of this firm develop friendly or positive working
environment at workplace.
Process- The production process of this firm is better and it uses the better quality of
woods and other raw material (Khan and Adil, 2013).
Physical evidence- Layout of Stores of B&Q are very attractive and this firm provide all
kind of services or products to consumers on the basis of their needs and demands in a proper
manner.
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TASK 4
P4 Produce and evaluate a basic marketing plan
Marketing plan is a written document which highlight all marketing related strategies and
tactics used through organisation. The marketing plan is generally used through IKEA firm for
particular time period. It can be for 6 months or can be for the 1 year. It is related with the
marketing activities like for an instance costs, action stages and objectives. IKEA is large size
organisation and manager of this company develop effective marketing plan by including
different activities. Under this, marketing plan is given below as above:
Mission: The mission of IKEA firm is to expand its business in to other countries and
target large number of consumers (Mihart, 2012).
Vision: Vision of IKEA business firm is to develop the everyday life better for large
number of people. Idea of this company support vision through providing more and more well-
designed furnishing goods at minimum cost.
Objectives: IKEA organisation main objective is to provide its products at reasonable
cost and produce them on the basis of needs of consumers.
After measure vision, mission and objectives of IKEA organisation, it is necessary for
employer to use STP in order to determines target consumers.
Segmentation: The segmentation of this organisation are gardening supplies, plans and
DIY Home improvement related tools.
Targeting: The target market of IKEA organisation are normal class individuals with
liking for the home as well as middle and upper class people (Ogunmokun and Tang, 2012).
Positioning: IKEA firm positioned with large energy vision.
Marketing mix of IKEA
Marketing mix Explanation
Product IKEA organisation understand needs and
demands of consumers and produce better
quality of the furniture like for an instance
home furnishings, kitchen fittings, bed for kids,
book cabinet, home extension and many others
(Swenson, Rhoads and Whitlark, 2014).
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Price IKEA organization makes competitive pricing
strategy and provide its goods at minimum cost
so that every person can avail them in better
manner. It give its goods by providing special
offers as well as discounts.
Place A the time of choosing franchisees, IKEA
business firm determine knowledge of local
market as well as experience, corporate values
and culture in better manner. It provide its
goods through online (Urbina, 2014). The
packaging of products of this firm is better.
Promotion IKEA organization uses effective promotional
strategy and it uses the television, social media
tools, print media and many other methods.
These all are helpful in aware people about
services or products of company in an effective
or proper manner.
SWOT Analysis of IKEA
Strengths Weaknesses
 IKEA has almost 400 stores and 30000
staff members.
 IN United Kingdom country, it has
strong brand image.
 An integration of supply chain (West,
2012).
 Market presence of this company is
strong.
 Reducing quality of goods.
 Negative publicity of brand.
 The standard of this firm's product is
not much high.
Opportunities Threats
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 It has an effective opportunity to
expand its business activities or
operations in developing economies.
 Developing sales of firm online.
 Can increase business in market of
grocery.
 Competition is intensifying.
 Development of average income level
of consumers.
 Volatile revenues which makes the
planning more complex
Marketing budget:
Marketing budget
Particulars 1st year 2nd year 3rd year 4th year 5th year
Initial money 56000 13600 13200 21000 18000
Investment 21500 14900 17000 14400
Total 56000 35100 28100 38000 32400
Marketing
expenditures
Advertisement 9700 6800 6300 6100 6300
Sales promotion 2200 2200 4400 3200 8400
Direct marketing 7100 6200 2200 7100 2200
Total 19000 16200 13900 54400 16900
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Available balance 75000 51300 42000 20000 49300
Monitor and Control- It is a last stage and under this it is necessary for the marketing manager
of IKEA business firm to analyse all necessary stages which are included in marketing plan.
With the help of this, firm can enhance effectiveness of marketing activities and attract more
people towards firm.
CONCLUSION
It has been concluded from above given assignment is that marketing plays necessary
role in an organisation. It aids in promote different services and goods to fulfil demand of
consumers in better manner. It will be helpful in generate more profit by produce effective
quality of services and goods. Under this given assignment studied about the comparison of
different methods under which compare ways in various organisations apply marketing mix to
process of marketing planning in order to attain business objectives. Marketing plan for IKEA
organisation has been discussed under this assignment.
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REFERENCES
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Bačík, R., Štefko, R. and Gburová, J., 2014. Marketing pricing strategy as part of competitive
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Online
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Marketing Structure. 2010. [Online]. Available through:
<http://www.bbmms.org/2010/01/organisation-of-the-marketing-department/>.
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