Marketing Mix and Business Intelligence

The assignment delves into the relationship between marketing mix strategies and business intelligence (BI). It examines how data analysis can inform and enhance marketing decisions across various elements like product, price, promotion, place, people, process, and physical evidence. The paper also discusses contemporary trends in marketing, including social media, gamification, and the impact of Web 3.0 on organizational management and marketing strategies.

Marketing Essential

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Roles and responsibilities of marketing function related to the wider organisational context
.....................................................................................................................................................1
P2 Roles and responsibilities of marketing relate to the organisational context.........................4
TASK 2............................................................................................................................................7
P3 Comparison of two organisation which apply marketing mix for achieving business
objectives.....................................................................................................................................7
TASK 3..........................................................................................................................................11
P4 Produce and evaluate basic marketing plan for an enterprise..............................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is an essential method and tool in the modern business operation. This include
understanding market location, requirement of customers, making gainful relation, drive
marketing strategy and give best quality among different users. The business entity have evaluate
the importance of consumer relationship and they have endeavour for receiving the innovation
concept towards various marketing policies and strategies. The awareness regarding marketing
essential is very high in the present market scenario in all over the world. The report is based on
IKEA is the multinational group which provide furniture, kitchen appliances and home
accessories. It is the largest furniture retailing company. There are large number of employees
around 194,000 who work for achieving desired goals and objectives of an organisation. The
project mainly focus on the marketing essential in the business organisation which are related to
the modern era of globalisation (Babin and Zikmund, 2015). This represent the roles of
marketing which includes marketing functions and their interrelations within the other functional
of business enterprise. It will analyse the ways of application related to marketing mix in the
firm for accomplishing organisational targets and objectives.
TASK 1
P1 Roles and responsibilities of marketing function related to the wider organisational context
Marketing function define as the roles of business entity that assist in identifying and
analysing the desired products of market and this will help in promoting various goods and
services. There are such functions which are very common within an organisation and it will
includes market research, procedure of development, sales, advertisement, finance, consumer
services etc. along with this, marketing functions consist with different responsibilities of the
venture and these functions are liable for their success and growth for expanding their business
operation and activities in proper manner (Bean and Hussey, 2012). There are different roles and
responsibilities of marketing functions of IKEA that are discussed as follows:
 Marketing information management- For manufacturing such type of products and
services, so it is essential for an organisation is to conduct effective marketing
information management which assist in analysing and discover the actual demand and
needs of customers. Along with this, IKEA required to identify and recognise different
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marketing strategy of their tough rivals and also analyse the innovative goods and
services that offer to their buyers.
 Make and manage organisational brand- In this determination, brand value and
reputation of a enterprise in the large market are should be managed and maintained in
proper manner. It is the role and duty of administration is to create and refer their image,
targets, values, vision, mission and goals that need to be achieved in minimum time
period (Beck and Reichert, 2012). They need to examine and analyse what company
needs to be done and which type of strategies can be beneficial for appropriate marketing
functions and it will assist social people in effective manner. Along with this, firm can
make and create market awareness among large number of customers. This will help in
developing relationship with community people so that image of specific brand can build
for long period of time.
 Concentrate on customers demand- For developing effective marketing strategies, it
should be required for analysing and examining buyers needs or demand so firm can
serve specific goods and services for fulfilling all major requirement of desired
consumers in better manner. This will includes that process which assist in creating
survey and gathering required information regarding customers support and on the other
hand, sales team can developing the accurate marketing strategies for the future
requirement.
 Monitor competition- The moral duty or responsibility of marketing department is to
analyse and evaluate actual position of specific firm at the large market place. It is
essential for finding the better place and position for IKEA firm among various rivals.
Thus, marketers always concentrate on watching the tough competitors and also measure
their mistakes by which they can easily overcome with their weaknesses in proper
manner (Biggemann, 2012).
 Bring innovation- This is another important role which has been performed by marketing
division so in this, they mainly focus on carry out innovative ideas or thoughts for
developing product related knowledge among more customers regarding specific goods
and services in better manner. IKEA firm consider this for new publicity, customers
relationship, associate program and retain them towards specific firm.
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 Internal communication- It is very essential for communicate with their whole
marketing team members regarding each marketing strategies and methods so that this
can use for promoting their business operations and functions. Thus, each person are
mainly connected with their particular company, need to evaluate vision, mission and
objectives so that they can easily reach with their desired goals and objectives. Along
with this, internal communication can be done by using emails, newsletters and internet
in proper way (Brassington and Pettitt, 2013).
IKEA is the multinational company which is located in Sweden, this is mainly deal in
different type of products such as home appliances, furniture and some more according to the
requirement of their customers and try to satisfy them towards various goods and services. They
mainly focus for adopting different methods and techniques for creating the business activities in
the huge competitive environment. There are certain marketing functions that assist in promoting
various goods and services within large market place that are as follows:
Distribution channels- It is one of the important function of marketing in which firm can
decide that how products and services can be distributed among long distance customers whether
they are belong to domestic as well as international place. It is the best idea of goods and they are
able for supply that for fulfilling all needs and wants in proper way. An organisation require to
analyse and examine the market and find out proper source to distribute goods to their targetting
customers or buyers. IKEA company required for adopting new techniques and tools as they can
carry systematic procedure in their shop and manage entire goods as per their requirement by this
customers can analyse expected products in simple manner.
Financing an organisation- It is essential to finance the company for making
development. Entire activities and functions of market for proper funding so each and every task
can be completed in appropriate manner. In this, product should be not be old and sales must be
done on given time without making any type of delaying (Cox and Wray, 2011). Marketing
department generate and create budget for specific task or activities completion and they can
using accurate capital and resources for gaining maximum results or outcome. Such budgets are
used for appropriate promotions and advertisements in effective manner.
Market research- This is related to the marketing survey for collecting information and
data regarding targetting customers or audience. With the assistance of this, marketers analyse
the desired customers and developing strategies for supplying effective products for satisfy all
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people needs and demand in better manner. In addition to this, it is necessary for examining the
current marketing trends, fashions and situation for making awareness in the large market place
and also adopt best suitable methods and techniques for surviving in the competitive
surroundings (Day, 2011).
Setting values- In this context, organisation can change or alter their pricing strategies
according to the external and internal environment. IKEA company mainly focus on determined
prices as per their cost related factors and rivals which need to be undertaken with such aspects
within pricing schemes. Along with this, it is essential for setting best cost in appropriate manner
if price is very high then they will lose their desired customers. Thus, accurate price should be
fixed with the help of conducting proper market research.
Product and service management- In such marketing activities and functions, company
decide for targetting large number of customers and after that set the prices of their specific
goods and services so by this they can easily achieve their preplanned goals and targets in better
manner. This will be based on marketing roles and responsibilities that includes listening buyers
needs and demand for gaining maximum satisfaction. An organisation also mainly focused on
their products expiry date and the main aim of them is to serve them better quality best goods to
their consumers.
Promotional channel- It is consider that most of the owners are familiar with their
current promotional ideas so by this they can make and adopt effective methods and techniques
for easily promote their demanding goods and services. There are various type of promotional
sources such as YouTube, Facebook, TV, radio and many other sources. IKEA required for
selecting suitable way to aware about their particular products among large number of customers.
It is essential for making and generating awareness in the competitive environment.
P2 Roles and responsibilities of marketing relate to the organisational context
Marketing is vital and crucial factor which assist in evaluating and developing an
enterprise in proper manner. Along with this, firm can enhance their sales and profitability for an
organisation (De Mooij, 2013). There are various activities and functions that includes
advertisement, promotional, market segmentation, target and positioning. Formulation of
products, places, pricing strategies which have to be done by marketing division of any type of
firm. In addition to this, company manager play an important role in promoting specific goods
and services.
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In IKEA, manager need to perform their duty for conducting survey and examination of
market so they can gather different type of data and information and analyse the trends of current
market. They required for collecting necessary information about consumer taste and
preferences, needs, choice, demand, rivals, analysing current situations so that effective goods
can be developed for satisfying demand or desired expectation. This is the role and duty of
management which help in taking part in decision making procedures for developing creative
ideas and make best quality based products (Fan, Lau and Zhao, 2015). Along with this,
marketers need to focus on new innovation and creative ideas for promoting their effective
products and services in the large market place. In IKEA company, they required for adopting
best strategies and methods for developing innovative goods and analyse best suitable method of
promotion so plan can be execution and increasing skills and knowledge of staff members for
developing sales volume for attaining goals and targets in proper manner. There are certain roles
and responsibilities of marketing which are related with IKEA company as how to perform such
functions for reaching with competitive advantages that are as follows:
Research- This is clearly define that market and environment analysing is essential for
business success and growth. IKEA mainly consider with this activity at the time of conducting
appropriate marketing investigation so it is beneficial method for gathering and collecting proper
information which help in developing new product and also take top position in the large market
place. So company always focus on enhancing services and offer them quality best goods which
can beat the major rivals and attracting large number of desired customers towards firm products
and services. For doing such type of research, marketers can acquire necessary data and
information which assist in analysing whole market situations and evaluate that product which
are best suitable for their firm growth.
Transportation facilities- IKEA company need to use better services for transportation
and distribution of innovative goods and services for targetting large customers (Garrigos-Simon,
Lapiedra Alcami and Barbera Ribera, 2012). In such consideration, the best strategies of
transforming commodities can be implemented by using effective and good methods so this will
help in saving the money and save their consumption level. IKEA require to use Just In Time
(JIT) for managing inward and outward for developing desired goods and services.
Assessment of risks factors- There are different uncertainties and risk that can arise while
operating business where firm need to face various type of situations or risk factors in both
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external and internal which is required for analysing such factors which help in making better
strategies for reducing risks. This will directly affect on their staff members performance as well
as their productivity for reaching with desired goals and targets in better manner. Risk can make
conflicts and barriers at the route of achieving desired success and growth. IKEA manager need
to analyse and examine all such factors and also try to eliminate barriers which occurs within an
organisation (Huotari and Hamari, 2012).
Better quality of goods and services- It is essential activity and function of firm where
marketers make sure about their specific goods and services quality so large number of
customers will be attracted towards firm. Thus, IKEA company can adopt and use the major
strategy of Total Quality Management at working place which main motive is to provide better
quality best products and services. This will assist in achieving long time period advantages so
IKEA company has reached with strong position of the market and also capture whole market for
offering different type of goods and services.
Product development- It is one of the essential factor which help in increasing demand
and need of brand value in better manner (Wertime and Fenwick, 2011). IKEA has their separate
research and development division which help in analysing the current market situations and also
produce effective products and services by determining buyers needs or wants in better manner.
Along with this, an organisation also spend large amount of funds for research and development
for discover the creative ideas and create attractive products for reach with desired customers
needs and wants.
Human resource- This is that department which play an important role within an
organisation for increasing their sale volume and generate high income with the assistance of
selling various type of commodities. Human resource manager of IKEA conduct training and
development program for enhancing skills and knowledge of their employees so by this they can
easily manage their work in effective way (Jones and Rowley, 2011). Also they will select or
hire best suitable candidates for marketing department which will assist in enhancing
productivity of an enterprise.
Customer services- It is another essential factor where firm can take responsibility for
giving appropriate services after sales. This will used in developing and building positive
reputation and effective brand image among customers mind. IKEA company can achieve their
desired goals and targets in proper manner by providing them better services to their buyers.
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IKEA mainly focus on their customers demand and needs by formulating merchandising drive
and trends in the market area.
Management- Company manager of IKEA will made effective policies and process
which should be followed by each individual. Thus, marketing manager mainly focus on
implementing all major rules and norms for making and creating the proper workplace within
marketing department (Laczniak and Murphy, 2012). Therefore, appropriate rules and code of
conducts must be set by the company which directly affect on their sales volume.
TASK 2
P3 Comparison of two organisation which apply marketing mix for achieving business objectives
In each organisation, they are applying marketing mix methods or techniques in the
appropriate planning procedure so that firm can accomplishing desired goals and targets in better
manner. Along with this, business organisation mainly focus on using various type of methods
for the application of the company. In this marketing mix process, the element such as 7Ps and
4Ps which assist in selling their products and services in the large market place. An organisation
can develop appropriate strategies and policies for formulating their business operations which
considered in the marketing mix techniques and methods. IKEA company consider this for
developing and making better decision making regarding suitable strategies so that they can offer
innovative products and services for fulfilling all needs and wants of customers and try to satisfy
them according to their request ( Malhotra, Birks and Wills, 2013). IKEA company manager will
analysing and examining best suitable source for promoting their effective goods and services by
using effective methods of promotional tools.
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Illustration 1: 7Ps of marketing mix, 2017
(Source: 7Ps of marketing mix, 2017)
There are some comparison between IKEA and ALDI which are adopted various
techniques and methods for create market awareness and also promote specific products which
can help in achieving desired goals and targets that are as follows:
Marketing mix
tools
IKEA ALDI
Product There are various goods and
services which offer by the
company to their customers such as
furniture, home appliances and
home products, decoration items,
cooking items, clothes, baby care
goods for satisfying the need of
desired buyers (McDonald and
Wilson, 2016).
This organisation is very famous as
it is large chain of retail company
which offer different type of
products and services in the large
market place. It is one of the major
competitor of IKEA and deal in
different items such as fresh fruits,
vegetables, clothes, home
appliances, health and beauty items
and some more.
Price It is that company which use various
pricing strategies that directly affect
ALDI is popular so it will used best
and effective pricing strategies for
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on each individual and they mainly
focus on best method of pricing
strategy which attracting large
number of customers towards firm.
They set values and prices as per the
rivals, customers and cost of
manufacture of specific products
and services. They are beat their
various competitors in local and
international level. They concentrate
on ideas and concept of lower
pricing strategies for satisfy their
customers. This can be done
through proper control over
expenses and value. In such usage,
competitors based strategies will
consider the penetration of specific
goods and services.
their particular goods and services in
better manner. This organisation
mainly focus on selling their
products at reasonable rate for
adopting appropriate strategy related
to pricing. They will consider cost
factors which can increasing during
manufacturing procedures. In this,
they are used effective pricing
strategies, market penetration,
competitive costing psychological
and cost leadership whose main
motive is to generate income and
revenue in better way.
Place It refers to that place in which
products and services are rendering
from one place to another. IKEA
company consider with distribution
strategies for offering effective
products and services to their
desired customers so that they need
to follows efficient and effective
network of distribution for selling
commodities because it has stores in
more than 50 nations (Meissner,
2012).
ALDI organisation exist at different
countries as it has retail stores
around 7000 so customers can
achieve easily for getting effective
goods and services for satisfy their
needs and wants in better manner.
An organisation using and adopting
different methods and techniques for
identifying target consumers. They
also try to expand their business
operations and functions at another
location.
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Promotions IKEA adopt different methods and
tools for promoting their effective
goods and services in better manner.
They mainly focus on best
strategies and methods such as print
media, billboard, magazines and
electronics so this will create and
make market awareness among
large number of customers and
enhancing sales within the market
place.
This store consider with different
tools and methods for creating
knowingness in the mind of
customers regarding goods and
services in proper manner. It
determine different methods such as
billboard, TV, print, TV, hoardings,
print media and some more which
main motive is to provide
information regarding specific
products and services.
People IKEA stores has better processes for
offering best quality based products
to their buyers by using effective
strategies for assigning their roles
and responsibilities among staff
members so by this they can easily
understand their roles and duties for
reaching the success or growth.
In this follow, there are various
process for managing and handling
customers issues and give better
surroundings to their customers.
They also take care about their
employees and make appropriate
culture which are based on
enthusiasm, togetherness and fun
within an enterprise.
Process This is another process which play
an essential role in production of
effective goods and services as
IKEA need to follow their personal
procedures in manufacturing around
44 production unit at large number
of nations (Morgan, 2012). They
mainly focus on different areas in
the firm such as unique goods and
supply chain, generate clean
ALDI mainly focus on their
processes where it has been
producing, promoting and supplying
various products and services to
their potential buyers. Along with
this, they are using reasonable cost
so people can achieve and purchase
enterprise goods and services in
better manner.
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environment and stock management
method for appropriate company.
This will help in reaching desired
goals and targets of an organisation.
Physical evidence IKEA company has approximately
350 retail chain stores at various
nations so that they are mainly focus
on giving better experience
regarding shopping. Within an
organisation, they are using arrow
sign for giving information and
guidelines to the people who are
visiting this location. Along with
this, it has various areas such as
smoking zone, parking areas, baby
care handling and some more for
reach with desired expectation and
anticipation in better manner.
ALDI is international retailing store
in which they sell different goods
and services in the large market
place. They provide various
facilities and services that includes
trail rooms, wash rooms, canteen
baby handling places canteen for
attracting more customers and try to
satisfy their demand and needs in
proper manner.
IKEA use and adopt different marketing mix for creating and adopting better products
and services in the large market place which assist in adopting strategies for enhancing
reputation or goodwill (Rossi, Allenby and McCulloch, 2012). Planning is necessary for
developing firm and smoothly run the business operations and functions.
TASK 3
P4 Produce and evaluate basic marketing plan for an enterprise
Marketing activities and functions play an important role for developing and promoting
the business enterprise which can carry out different activities for attaining set goals, objectives,
mission, vision and targets in better manner. IKEA firm mainly deal with several products and
services such as outdoor furniture, mirrors, baby care goods, home appliances and some more.
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This company is concentrate on proper marketing planning for attracting large number of
customers that are as follows:
Vision- IKEA company need to expand their business operations and functions in all over
the world. The main aim is to provide best quality based products for fulfilling needs and wants
of customers.
Mission- The mission of IKEA company is to offer different type of goods and services
at reasonable rate which can afford by each and every people in easy manner (Satit and et. al.,
2012).
SWOT Analysis:
Strength:
 Sell at reasonable price
 Capture large market place of Sweden
 Giving high quality made products and services
Weaknesses:
 Poor image in large market area
 Limited and minimum stocks are accessible
 It is not seen as very big brand
Opportunities:
 Try to expand their business operation in the market place
 Commodities can be sell by adopting effective methods and techniques of promotions.
Threats:
 Rivals are present in the large market
 Another is environment directly affect on business at international level
Goals and objectives of IKEA:
The main purpose of this organisation is to give appropriate products and services to their
desired customers for satisfying their needs and demand so firm can generate huge amount of
profit and income in effective manner.
STP of IKEA:
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Segmentation- Market plan can be successfully divided the market structure into small
group or segment for concentrating on large teams (Sheth and Sisodia, 2015). This is helpful in
make clear various goals and achieving desired targets.
Target- In this consideration, the target and main focus group by segmenting large
market so by this they can help in identifying desired customers.
Positioning- It defined as firm should try to establish reputation or goodwill and also
maintain image of products in the market by developing effective position in the tough
competitive place (Volek, 2011).
CONCLUSION
As per the above report it can be analysed that IKEA is largest retailing chain store and
supermarket. This will mainly focus on promoting various goods and services in the large market
area. Marketing is an essential method and tool in the modern business operation. It will analyse
the ways of application related to marketing mix in the firm for accomplishing organisational
targets and objectives. There are such functions which are very common within an organisation
and it will includes market research, procedure of development, sales, advertisement, finance,
consumer services etc. There are various activities and functions that includes advertisement,
promotional, market segmentation, target and positioning. In each organisation, they are
applying marketing mix methods or techniques in the appropriate planning procedure so that
firm can accomplishing desired goals and targets in better manner.
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Online
What is Evidence based Marketing?. 2017.[Online]. Available
through<http://evidencebasedmarketing.net/about-evidence-based-marketing>.
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