Marketing Essential Assignment - IKEA

Added on - Nov 2020

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Marketing Essential
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Evaluating the roles and responsibilities of different marketing functions..........................1
P2 The way roles and responsibilities are interrelated with marketing in organisation context3
TASK 2............................................................................................................................................5
P3 Compare the marketing mix of two different organisation:-.................................................5
TASK 3............................................................................................................................................8
P4 Marketing plan of IKEA:-......................................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1
INTRODUCTION
Marketing refers to the set of activities that includes promotion, distributions, selling and
delivering of goods and services on right time and at a right place. Using these activities
company tries to identify theneeds and want of the customer and using that they create and
deliver good and services accordingly to aid value to their services to fulfilling the demand of
end users (Baines,Fill and Page,2013). IKEA is an multinational industry that manufacture
and sell furniture includes home accessories and kitchen appliances. It is Sweden based
company and controlled by different foundations ofNetherlands and Liechtenstein. Its website
contain about 12000 products.
This report includes description of role and responsibilities of marketing manger of
IKEA in relation with other department along with marketing mix elements that helps in
achieving organisational objectives. In addition to this project outlines marketing plans of IKEA
that provides an guideline to Marketing Manager to achieve its predetermined goal.
TASK1
P1 Evaluating the roles and responsibilities of different marketing functions
It is a concept of interacting business functions design to price, plan, promote and
distribute to satisfy needs and wants of present and potential customer (Baker and Magnini,
2016.). Marketing is the innovative management function which directs and organises average of
business activities. The main objective of marketing identifying consumer needs and convert
them into idea than develop product and services and move to end user. There are various roles
that IKEA is performing towards different marketing activities which are as follows :
Marketing Information system:
From internal and external sources, there is systematic collection, analysis, interpretation,
storage and dissemination of market information on the continuous basis. MIS is software
program which provide information about marketing research. This is very effective tool that
help manager to make better decisions related to marketing operations like pricing, packing, new
product development, distribution, media, promotion, etc.Product or Service Management:
It refers to the process of designing, creating, maintaining a product or service through all
stages of its life cycle.Product or service management includes a large range of operations,
1
marketing and sales related functions (Brassington and Pettitt, 2013). This also helps in sequence
stages of new product development process.Market Research:
Marketresearchisactionofcollectinginformationaboutconsumersneedsand
preferences. IKEA done market research by conducting surveys, product testing and focus
groups. It provides suitable data to solve marketing challenges that are faced by organisation.Financing:
It is the process of providing funds for business actions, investment or for purchase.
This deals with how organisation is managing their funding or working capital
through external sources like investors and shareholders (Cooper,2012). The important
function offinance is analysing, interpreting, evaluating and summarising books of accounts
andaudit them. It also used for preparation of budgets for a particular event and for
promotional activities conducted in an enterprise.Promotion:
Promotion refers to different set of activities that tells about product, brand or services to
the end users. Advertisement is the important responsibility of marketing. This helps in make
people aware, attract and induce customer to buy that particular product or service. There are
various type of promotions such as advertisement, press release, consumer promotions (schemes,
discounts).Pricing:
Pricing is essential responsibility of marketing to set best price of a commodity. It means
decide the amount of product according to value of it which is easilypayable by consumer
(Desai, 2013). There are various pricing strategy which is applied by IKEA such as penetration
pricing, skimming strategy and economy pricing. Price of product and services is decided
according to buying power of consumers, competitors price. Price should be set accordingly so
that it is beneficial for both company and consumer as company wants to earn more and more
profit and customer do not want to pay high.Selling:
Selling refers any transaction in which money is exchanged for goods and services. It is
directly interlinked with marketing functions because company have to identifying the needs and
wants of consumer and than they become liable to deliver right product at right time (Dibb and
2
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