Marketing Essentials of IKEA - Project

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
1

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
2