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Marketing Essentials INTRODUCTION 1 P1 Key Roles and Responsibilities

   

Added on  2020-06-06

16 Pages5809 Words195 Views
Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Key roles and responsibilities of marketing function...........................................................1M1. Analysis of roles and responsibilities of marketing in context of marketing environment.2P2. Relation of roles and responsibilities to wider organisational context.................................3M2. Significance of interrelationships among marketing and other functional team in anorganisation.................................................................................................................................4D1. Critically analysis of key elements of marketing function and interrelation with otherfunctional units............................................................................................................................5TASK 2............................................................................................................................................5P3. Comparison of other marketing mix with other organisation...............................................5M3. Business objectives can be achieved by different applied tactics........................................9TASK 4............................................................................................................................................9P4 & M4 Basic marketing plan for IKEA...................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONMarketing process enhance value of products and services for their targeted customersand finally it supports to organisation. Each company is using contemporary marketing conceptto enhance it's sales and value of products for their customers (Al-Hasan, Thomas and Mansour,2016). Marketing is an essential element for any organisation to survive in tough competitionmarket and beat their rivalry companies. This report is based on IKEA which is an internationalretailer company deals in furniture, kitchen appliance and home accessories. This reportincluding details on roles and responsibilities of marketing functions, application of marketingmix in different organisations and finally basic marketing plan which can enhance sales of citedbusiness entity. TASK 1P1. Key roles and responsibilities of marketing functionMarketing contains many functions in it which are required toincrease it's production and sales, as IKEA is working in retail sector so it isessential for them to use these function in appropriate manner. Somemarketing functions are given under these points:Financing: In this section, it is essential for cited business organisation tofind out investors to manufacture their products and start further processwhich are required to develop and sales of products and services in to theirtargeted market. Finance is basic need for any organisation to develop theirproducts, promote, distribute in to market so management of company haveto make a proper discussion with their investors to take their approval fornew product and services. Market research: To make a product which has all basic qualities andfeatures which a customers wants in that particular product can be possibleby making a proper market research. So it is essential for organisations tomake a target market by which they can makes a better product (Babin andZikmund, 2015). Primary and secondary are two methods which areincludes in 5this and it is based on organisation which one they wants. 1

Pricing: Consideration of price is has a huge significance for anyorganisation to be successful or not. Basically, it depends on company, inwhich market they are working. Management has to select an appropriatepricing strategy as per their market structure. Competitive pricing strategyhas to be selected by a company if they are working in a perfect competitionmarket. They have to use a price on which other companies are dealing inthat particular product and market. In premium pricing can be effective fororganisation if they have determined to work in monopoly market. Promotions: To be successful in market, it is required for any organisationto use promotional activities. Market research process can help to identifywhich type of promotions can help to organisation to enhance their marketshare and enhance communication of product in wider community (Baines,Fill and Page, 2013). Facebook, Twitter and other social media platform can helporganisations fro better communicate of product in it's target market. Distribution: Appropriate management is essential in this section, eachorganisations have a separate department for to manage supply chainmanagement. So they have to make a proper distribution of product andservices in their targeted market by which they can attain their objectives.It is also essential for retail organisation to full fill demands of targetmarket so they have to make appropriate distribution centres in market. Selling: It has a close relation with marketing and it is a final function ofmarketing process. After selection of target market, price, promotion,distribution channel selling process starts. Sale product has to be as pertargeted factors otherwise it can impact on company's motivation and alsoin their position. Product and service management: After determining of price,distribution, promotions and selling of product in target market, it isessential for any company to manage their service and products supply anddelivery chain effectively. For any organisation, it is essential that theirgoods has to be effective for their targeted customers. Customers feedback2

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