Marketing Essential - Ikea Assignment
Added on 2021-01-02
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Business DevelopmentProfessional DevelopmentHealthcare and Research
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Marketing Essential
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Roles and responsibilities of the marketing function.......................................................1P2. Interrelationship of marketing with other functional unit................................................3M1. Roles and Responsibilities of marketing function..........................................................5M2. Significance of inter relationship between marketing and other functional unit............5TASK 3............................................................................................................................................5P3. Compare the marketing mix of two different organisation..............................................5M3. Different tactics used by IKEA to achieve its objectives...............................................8TASK 4............................................................................................................................................9P4. Producing and evaluating a basic marketing plan............................................................9M4. Marketing plan for IKEA:.............................................................................................12CONCLUSION: -..........................................................................................................................12
INTRODUCTIONMarketing is the activity of business of promoting and selling products and serviceswhich involves market research and advertisement. It is the prime component of businessmanagement that helps in creating and satisfying the ultimate user(Proctor, 2014). Marketingconcept has the purpose of satisfying organisational objectives and should evaluate the needs andwants of potential customers and meet their requirements. IKEA is the multinational companywhich deals in furniture. It has been world's largest retailer industry having 415 stores in morethan 49 countries. This report explains various roles and responsibilities of marketing manageralong with their connection to other functional unit of organisation. In addition to this it alsodescribes about product and service mix used by IKEA that help in delivering valuable servicesand it provide information that is used to develop effective marketing plan.TASK 1P1. Roles and responsibilities of the marketing functionMarketing refers to the process of delivering goods and services to the customer in anmost effective way to satisfy the need and want of end user. It includes several steps like pricingof products, promotions, supplier management, selling, delivering of goods and management ofgoods or services. Roles and responsibilities of marketing manger towards IKEA is as followPricing:-Price refers to the monetary value charged by marketer on exchange of goods andservices. This is the most crucial part of marketing as it have an direct impact on the success ofbusiness and is decided on the bases of feature, nature and benefit it provide to customer(Palmer,2012). IKEA follows market penetration pricing strategy in which it provides high qualityproducts at low price to capture large market share by making some trade offs such as companydesigns its own ready to assemble, low cost furniture and deliver it to customer in flat-packedform which reduces shipping, storing and construction cost. Distribution Network:-A distribution network is an chain of mediator through which goods are flow until itreaches to the end consumer. It includes wholesalers, retailers, distributors, customers etc. IKEAuses both physical and e-commerce platform to deliver its services to end users without any1
delay. Its well managed supply chain processing is reason behind the success of company. It has298 stores in 37 countries and each stores holds more than 9500 products. Marketing Information System:-MIS refers to the management of computerized database that provides manager withtools to evaluate and manage the operations of marketing department. Mangers of IKEA gatherinformation from various sources to identify current and future demand that help in providingbetter services to the customer. All the IKEA branches present through out the world areconnected with an common networking system known as “ inter IKEA system” which help inmonitoring the data related to sales, cash, inventory, stock, demand and supply balances. It helpcompany in decision making process and to formulate strategies to position their new products aswell as in maintaining existing product's market share. Selling:-Selling refers to making products available to final consumer so that user can purchasethem on the exchange of money. IKEA is more concern about providing satisfactory services totheir customers by providing best quality product. Company provides its offerings with uniquedesign and features that are harder to imitate, at relatively low price from that of itscompetitors(Wheeler, 2017). It provides an greater advantage to IKEA for attracting new peopleto try company's product. Firm uses market penetration strategy in which it offers low price overtheir designs to capture large customer base and also includes activities which are used toincrease the market share of product or services.Product and service management:-It refers to maintaining the product or service mix to deliver customer with morevaluable services that provides different marketing opportunities present in market. IKEArecords all the data of their different branches over an networking system known as “inter IKEAsystem” related to the transactions and customer feedback that help in determining current andfuture trend of their offerings and to design products as per the requirement of their client. Thisallows company to maintain long term relationship with their customers and to attract newpotential customers.Financing:-Finance refers to the allocation of fund to various business activities in hope of gettingreturn in coming future. Main responsibility of finance manger is to generate fund from various2
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