Marketing Theory: A Student Text

This assignment focuses on key aspects of marketing theory as presented in various texts. It delves into topics like services marketing (evolution, hospitality focus), human resources marketing (internship management, employer branding), and global marketing strategies. Additionally, it touches upon information marketing and the role of marketing departments within organizations. The assignment draws information from a range of sources, including academic journals and textbooks.

Marketing Essentials

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Key role and responsibility of marketing function of IKEA ...............................................1
M1. Evaluating roles and functions of marketing in context of marketing environment ..........3
P.2 Roles and responsibilities of marketing related to wider organization context....................3
M.2 Importance of interrelationship between marketing and function areas..............................5
D.1 Evaluating key elements and their relationship with other factors .....................................5
TASK 2 ...........................................................................................................................................6
P.3 Comparison of uses of various elements of marketing mix..................................................6
M.3 Evaluation of tactics to accomplish goals............................................................................8
D.2 Designing of marketing plan which applies use of marketing mix......................................8
TASK 4............................................................................................................................................8
P.4 Produce and evaluation of marketing plan ...........................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing is a process where exchange of goods and services used to take place
for some definite consideration (Mirkena, Duguma, and Sölkner, 2015). It is really important to
understand all related concern of the marketing so that essentials could be utilised in better and
determined manner. Marketing essential is defined as steps and attribute through which
company can sell good quality of products to users.. This project is based on IKEA which is one
of a famous furniture retailer in UK. They have appropriate customer base and wants to
determine some important aspects of marketing as well. In this project, role of marketing
function gets evaluated properly as well as its interrelationship with other functional units also
gets evaluated in better manner. Along with this, business needs to utilise marketing mix
elements properly so that they will accomplish each and every consideration properly. Although,
it will also define basic marketing plan so that things become easy to operate and organise in a
deliberative manner.
TASK 1
P.1 Key role and responsibility of marketing function of IKEA
Marketing is a process which helps in creating plans and strategies for the firm so that it
can sell good quality of items to consumers. Marketing is a process of selling goods to
customers. Seller sells goods according to needs and preferences of buyers. Hence, they can earn
more profits and enhance the market share. Thus, it can maintain distinct position in minds of all
users and in front of all users. Hence, it is easy for firm to expand and diversify the business in
many countries. IKEA Company which is a retail firm was founded in 1973. It sells consumer
goods, furniture and other home appliances to customers. Thus, it can earn more revenues and
can increase market share. Roles and responsibility of marketing function in IKEA are-
Identification of need of consumers: Marketing helps in identification of all requirements
of the users. Through this, they can create goods according to their demand and thus, company
can earn more revenues. For example, IKEA Company after identification of all needs and wants
of all consumers can create goods such as home appliances, kitchen items and then sell it to all
users. Hence, customers get satisfied and as a result of this, firm can earn more profits.
Exchange of goods: Company can exchange goods and items with customers easily after
evaluating their needs and wants. (Babin, and Zikmund, 2015). They can create various goods
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according to needs and demand of all users (Baker and Saren, 2016). Through this, they can
easily sell items to many users. It helps in increasing level of satisfaction of all buyers. As a
result, they can increase their revenues and can easily expand their business. Thus, they can
maintain good position in the market.
Understand factors in industry: Company has to evaluate different factors such as
internal as well as external factors to maintain strong position in market. Internal factors such as
needs and demand of employees, managers etc (Stern and Porr, 2017). While external aspects
include evaluating political, social, economic, technological, environmental and legal factors.
Through monitoring these factors, firm can create necessary plans and policies to create and
deliver goods to various users. Hence, they can deliver good quality of goods to users.
Helps in delivery system: There is delivery system and department which helps in
transportation of goods to all users in less time. This sector can maintain records of all goods
such as kitchen appliances and other household items and then deliver goods. It has also list of
various users to whom goods are being delivered. This helps in faster delivery of goods which
saves time and cost of company. Hence, it increases the efficiency of firm and it can deliver
more goods to all users.
Evaluate target market: Company has to monitor the target market to whom goods are
being delivered. As a result, they can satisfy demand of people. They can segment whole
population on criteria such as geographic, behavioural, psychological etc. As a result, they can
segment and target whole population and thus can create goods according to their demand. This
helps in increasing the customer satisfaction and thus it can earn more revenues. Hence, it can
easily expand and diversify the business.
Market research: It helps in performing the marketing research in which company
evaluates needs and wants of all users. They also monitor the external and internal factors. Firm
also evaluate the needs and policies of competitors. This is crucial so that they can create unique
plans and policies so that they can give huge competition to other firms. It helps in maintaining
unique position in the market (Baker and Magnini, 2016). Hence, they can earn more revenues
and easily expand their business.
Growth of business: Marketing directly leads to growth and development of business.
Seller can sell various goods to users and solve all issues and problems related to goods. His
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helps in increasing of customer satisfaction and thus they can easily sell various goods to all
users. Through this, they can maintain strong position in the market as well as in minds of all
users. Thus, it leads to growth and development of firm (Brereton, 2015).
Managing the social media: Nowadays, marketing helps in social media. Marketing helps
in creating different and unique webpages in the internet. Through this it can easily promote the
company's products in an easy manner. They can also create pages which give information and
can use attractive pictures to promote various products. This helps in attracting many users and
thus it can easily maintain unique position in minds of all users. Through this it can earn more
revenues. This helps them in earning more revenues.
Evaluating different agencies: Marketing helps in evaluating different agencies which
helps in creating webpages and other promoting materials for the company. For example IKEA
can hire different advertisement agencies, PR agencies and other web specialists who can helps
in promotion of the company. This helps company in promoting different products. Therefore,
there is large scale promotion of the firm. Hence, firm can earn more profits and can increase
their market share (Hoeffler, Herzenstein, and Ginzburg, 2015).
Conducting marketing campaign: Marketing helps in creating and developing a strong
marketing campaign in which it can easily promote various products. Through this it can easily
capture many users and can increase the market share.
M1. Evaluating roles and functions of marketing in context of marketing environment
Various roles and responsibilities of marketing of IKEA consists of different points such
as identification of wants and needs of all users, internal factors of the company, delivery system,
evaluating the target market, market research, growth of business, managing the social media as
well as evaluating various agencies and conducting the market research. Hence, these factors
help IKEA to deliver good quality of products to various customers and thus, it can create unique
position in the market and in minds of all users.
P.2 Roles and responsibilities of marketing related to wider organization context
Marketing helps other departments so that they can easily perform all activities and task
related to marketing (Caragher, 2016). This helps the company in running its operations very
successfully and smoothly. So role and functions of marketing with other departments in IKEA
are-
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Marketing and human resource department: Marketing helps the HR department in
various functions. Marketing helps in conducting the research in which it can evaluate various
people who are required for the job (Gillespie and Riddle, 2015). They can create the list and
can give this to HR department. Through this they can easily monitor the needs and wants of
department. They can also give advise regarding the training methods and procedures which can
be provided to employees. Hence as a result HR department can follow this plans and policies to
give training and it also help them in recruiting and selecting the qualified and competent
candidates. As they have list of candidates so thus it is easy for firm to scrutiny among them.
Thus with the help of marketing function, HR can easily recruit and select qualified candidate
and they can also give training through effective and efficient methods. As a result they can
easily selects all members and can provide training them.
Marketing and production: Marketing helps the production department in an effective
and efficient manner. Marketing helps in searching of customer needs and wants and thus it can
give creating and unique ideas to department. It can give ideas and suggestions to creating of
products according to demand and requirements of all users. It can also give lists of producing
of unique and good quality of items to production department. Through this production
department can easily create different goods and products according to requirements of users.
Hence through marketing functions it can satisfy all needs and demands of users. Thus as a result
they can increase their revenues and can maintain strong position in the market as well as in
among buyers. This also helps in growth and development of firm. It also helps the company to
expand and diversify the business in many countries.
Marketing and operations: Operational department deals with the expenses and profits
of company. They create budget relate to the expenses and other costs of business. So hence
marketing department helps in evaluating customer demand and thus they can give this lists to
operations department. Through this operations department invests in those products which are
according to needs of all users and thus they can earn more profits. Marketing helps in giving
records and full information about demanding products in market. Hence as a result operation
department can create budget in which they can invest in those activities and products which can
increase profits for firm (Griffitts, 2015). It can reduce the expenses in those products which are
less profitable for the firm. Thus through these steps firm can directly increase their profits and
can enhance the market share. Hence it can easily expand and diversify their activities.
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Marketing and customer service department: Marketing helps in giving full
information regarding customers (Griffitts, M., 2016). Through this it can have full knowledge
regarding customers. Marketing monitors the needs and wants of all consumers and thus it can
give these records to customer department. Hence after evaluating needs and wants of customers
this department can easily give suggestions according to needs and wants of all buyers. Thus it
can solve all issues and problems of customers and can increase the level of customer
satisfaction. Thus as a result they can increase their profits and can enhance market share. They
can also give advices and suggestions related to explanation of plans and strategies to various
customers so that they can easily purchase product. Marketing also helps this department in
creation of different products. Through these records and statements customer service
department can effectively and efficiently provide services ton all consumers.
M.2 Importance of interrelationship between marketing and function areas
Marketing tries to assist the department in different manner. Marketing helps the HR
department in recruiting and selecting competent employees. Marketing assists operations
department to invest in profitable products and do not invests their money in less profitable
products. Marketing helps the production department in creation of products which are according
to needs and wants of various customers. Through this it can create different products according
to their needs. Marketing also helps customer service department in providing detail of needs nad
wants of various customers. Through this all department can work in proper manner. Thus as a
result they can earn more revenues.
D.1 Evaluating key elements and their relationship with other factors
Marketing directly helps 4 departments. They include HR department in which HR
manager can recruit talented candidates among all applicants with the helps of marketing
function. Secondly it helps the operations department in which marketing can give information
related to profitable products (Hugos, 2018). Thus they can invest in profitable products.
Marketing helps the production department in producing superior quality of products. Marketing
helps the customer service by providing full data regarding requirements of all users. Through
this it can directly improves performance of all departments and firm can earn more revenues.
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TASK 2
P.3 Comparison of uses of various elements of marketing mix
Marketing mix: Marketing mix consists of different elements such as product, price,
place, promotion, people, process and physical evidence etc (Illing and Anders, 2016). Through
this company can easily promote itself and can become famous in the market. This helps them in
earning of more revenues and they can enhance the market share. So comparison between
marketing mix of IKEA with company is described below:
Factors IKEA Tesco
Product Company can offer variety of
products such as
furniture,desks and children's
products, cooking, decoration
and luxury items. Through this
they can satisfy customer
needs and wants. Hence
company can earn more
revenues. Through this it can
easily expand business.
It provides different products
such as financial, electronic,
cloth etc. It also delivers
system of music. Thus through
this it can capture many users.
Hence it can increase their
profits and it can enhance the
market share.
Price Company charges low prices
for the products such as
furniture and other retail
products and items. With
lower prices it also offers gift
items and other few coupons
with products. Through this it
can earn more revenues and
can satisfy customers.
It uses a different pricing
strategy such as economies of
scale and charges low prices
from all users. It also give
discount al offers to various
products. Thus it can attract
many users. Hence it can earn
more revenues.
Place It has approximately about 25
distribution outlets and it is
operating its activities and
Company can use various
stores such as Tesco metro and
compact etc. They have also
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tasks in approximately 50
countries. Products are
transferred to stores directly
which helps in reducing costs
of handling etc.
created web pages in Internet
so that it can attract many
users in less time. Thus it can
earn revenues and market
share.
Promotion It uses different promotional
medium such as T.V,
Billboards etc. It also uses
different advertisement
campaign in which it shows
conflicts among people and
give solution to their issues.
Hence it can attract many
people.
It can use promotional items
and procedures such as club
card services and many
discountal offers. Through this
it can attract many users in
minimum time. It also give
many advertisements on
television and online sites so
that it can attract many users.
People It do not put more focus on
production rather it only focus
on the people. Manager
motivates all people so that
there is friendly environment
between all workers. This
helps in capturing more users.
Company selects qualified
employees. They can give
different incentives and
discountal offers to staff
members. This helps them in
increasing the level of
customer satisfaction of users.
Hence they can easily explain
all policies and can capture
many users.
Process The company can use various
sawmills in which it can create
high quality of furniture. It can
also use environment friendly
slogans through which it can
create various products. It also
Company has selected talented
employees who can give
solution to all issues and thus
they can solve all problems of
various users. Hence it can
easily capture many users.
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helps in reducing the costs of
the company.
Thus it can earn more
revenues.
Physical evidence Company has a particular path
and specific arrows through
which people can get guide
and help and they can move to
various places. It has large
restaurant and parking space.
There is also place where used
items can be sold.
Company keeps all items in a
particular category. It helps all
users to easily identify all
items in the firm. They keep
shelf's and other necessities
very clean so that they can
attract many users ion less
time.
M.3 Evaluation of tactics to accomplish goals
There are different tactics which can be applied in firm (Lane, 2016). In this management
put more focus on all people and they motivate all people so that they can satisfy all users. They
have also used saw mills and environmental products so that they can attract many users in less
time. They use different promotional methods such as billboards and other advertising campaign.
They had put arrow signs in the place so that people can get guidance and they can easily move
in the direction. Hence as a result they can attract many users and can earn more revenues as
compared to other rivals.
D.2 Designing of marketing plan which applies use of marketing mix
Company has created an efficient marketing plan in which it uses product,price,place and
promotion, people, process and physical evidence. Thus it can attract many users through this
marketing plan. Hence it can easily achieve the business objectives and it can also helps in
attracting many users in less time. Hence it can earn more revenues and it can maintain unique
position in the market as well as in front of buyers. This also helps the firm in expanding and
diversification of business.
TASK 4
P.4 Produce and evaluation of marketing plan
There is creation of a different marketing plan which consists of various factors.
Marketing plans is the plan in which objectives,budget is being descried. Hence as a result it can
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easily promote all products and it can earn more revenues. It can use SWOT analysis etc. and
other techniques through which it can easily promote all items. The marketing plan of IKEA is
described below:
Objective: It's main objective is to earn more revenues and to increase the user's
satisfaction (Nguyen, Simkin, and Canhoto, 2015).
Budget: It has a budget of 200000 crore. IKEA can spend the money on 20000 on
manufacturing,50000 on operational activities, 50000 on distribution and 80000 on promotional
activities and tasks.
Competitors: It's main competitors are Tesco, Walmart ,Aldi etc.
SWOT analysis: Company can use SWOT analysis in which it can determine the
strengths and can improve weakness after evaluating them. Through this it can create various
plans and policies to capture many opportunities and can remove threats. SWOT analysis of
IKEA are-
Strength
 IKEA have knowledge of needs and
wants of all buyers. Thus it can offer
products at less costs to all users. Thus
it can earn more revenues and can
increase the market share.
 Company is continuously uses various
innovative material and use
environment friendly products. It also
uses innovative methods in packaging
and transportation
Weakness
 All people are saying that company do
not treat employees in an proper and
effective manner. They also raise
questions related to advertising material
which are used by the firm. Thus
company has negative publicity and it
cannot earn more revenues.
 It has low quality of products and
services. It is using low costs but it also
deteriorate the quality of all products.
Hence it cannot satisfy customers in
proper manner.
Opportunity
 It has a great opportunity to expand the
activities and tasks in many developing
economies such as Brazil, Malaysia and
Threats
 It faces huge competition through many
competitors such as Tesco,ASDA,
Walmart etc. As they also uses low
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Indonesia. Thus it can attract many
users and can enhance the market share.
 Company is starting its activities and
operations in many parts of world
through online sites. Hence as a result
it can attract many users. Thus it can
increase the revenues and can enhance
the market share.
costs for all its products so IKEA faces
huge competition from these rivals. To
survive in market they had to create
many plans and policies.
 As people income is continuously
increasing thus it cannot attract many
users. Hence as a result high income
families do not purchase products from
company as they charge low prices.
PESTEL analysis: Company evaluates different factors such as political, economic, social,
technological, environmental and legal factors. So hence PESTEL analysis of IKEA are-
Political factors: There are different political rules and regulations through which it can
affect the company. Hence as a result they can create various plans and policies so that they can
survive in market. There is political stability and firm can earn more revenues as there is single
Govt.
Economic: They can also affect the company. If there is increase in prices of dollar then
brad can loose profits. So firm has to continuously creates various plans and policies so that they
can increase their profits.
Social: Firm is creating various rules and regulations so that it can fulfill all people
needs. For example it has removed a couple from a magazine which directly gives negative
impact on people.
Technological: Company is using different technologies such as artificial intelligence
and they can also use various tools such as digital tools. Through this it can attract many users.
Hence they can earn more revenues (Pike, 2015).
Environmental: Company has created plans and strategies that they can invest in
different renewable sources of energy and solar panels. Through this there is no pollution to
environment. Thus as a result they can easily satisfy all users.
Legal: There is legal rule that IKEA had to create products which are to be supplied to
India. This rule is to be followed by the company so that they can survive in the market. This is
also crucial so that they can earn more revenues.
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Segmentation, targetting and positioning (STP): Company can segment whole
population and then target a particular segment population. Through targetting a particular
segment it can easily create different strategies and policies and thus it can also create different
positioning strategies. Hence as a result it can maintain good position in the market. STP of
IKEA are-
Segmentation: It can segment whole population on basis of geographical criteria such as
region,density etc. It can also divide whole population on demographic basis such as gender,life
cycle, behavioural basis such as degree of loyalty and benefits which are received. It also divides
population on psycho graphic basis such as social class and lifestyle. Thus afterwards it can
easily create different plans and policies for targetting (Rowley, 2016).
Targetting: Main target market is in urban areas. It's main target market is to target
young people and adults as they generally buy retail items. After segmentation it can create
different plans and policies so that it can easily target the whole population. As generally people
wants kitchen items and other household items such as furniture so hence it has targeted to
young people.
Positioning:
IKEA has created different plans and strategies so that it can maintain unique position in
the market. It has create different strategies such as catalogue shoppers and warehouse locations.
They had created plans to create position in urban areas and to perform the direct investment.
They also had done franchisee so that they can easily expand and diversify the business.
Through customers can get a different experience and they get good quality of products through
strategies of IKEA. Thus as a result they can increase their strengths and can give huge
competition to other rival firms (Sawant, 2017). Thus it can maintain strong position in the
market as well as in minds of customers.
CONCLUSION
It get concluded from the project that marketing essential includes certain number of
things which enable and facilitate an organisation to grow and expand their operations in better
manner. All important consideration is essential to include so that chances of gaining competitive
edge or advantage could become possible. Marketing term is really wide in frame where
management need to determine appropriate relationship with other functional units as well. This
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will enable them in managing and making effective outcome so that objectives of a firm could
get accomplish properly. Along with this, marketing mix is a helpful attribute which further
enable and support in defining things better and in determined manner. 7Ps of marketing enable
and define things effective and in better frame. Marketing plan is helpful in designing the things
so that each and every aspect and objective get done better.
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