Marketing Essentials Assignment Solved - IKEA
Added on 2020-10-22
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Roles and responsibilities of marketing department.............................................................3P2 Roles and responsibilities of marketing relate to organisational context...............................6TASK 2............................................................................................................................................7P3 Various organisations apply marketing mix to the marketing planning.................................7TASK 3..........................................................................................................................................10P4 Basic marketing plan............................................................................................................10CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................16
INTRODUCTIONActivities related with marketing are essential for the organisation so as to enable him inmaintaining an effective communication and exercise good human relation with consumers. Toadopt long term share in marketing there is need to exercise various approaches by themanagement of the company, exercising various approaches will help them in having a goodmarket share in relation to their product. Marketing is so much necessary nowadays thatconsumer only come to know about the description and extra features only through marketing,even sales and profit to an extent depends on marketing. With the help of marketing organisationcan achieve the targets of company beyond the reality (Business Essentials Information Session,2017). Marketing activities of the company are performed by the department which is speciallydedicated to the marketing field itself. In marketing function many types of activities areincluded but the main activities are development of product, making a channel for distribution ofthe product, adopting best means and methods to decide the price of the product etc. IKEA isknown for selling different kind of products internationally. It is established in 1943 and servesits products as well as services in various countries. This organisation is well known for sellingappliances related with kitchen home décor items and furniture. It is termed as one of the biggestretailer in furniture segment. This report will help in knowing different types of functions ofmarketing and interrelation of this function with the division of the organisation. It also exercisesa relation between same industry and helps in comparison so as the employee are able to achievethe objectives in a good manner. TASK 1P1. Roles and responsibilities of marketing departmentOverview of IKEA In 1943 an organisation was founded in Sweden this is known as IKEA. They run their business within the boundaries of the country. With the objective set and clear they also have the required workforce to cope up with the desired objectives. They sell their products as well as design them too. Home appliances, kitchen accessories and furniture are some of the items in which they deal. Coming to the year2008 they are getting known as the organisation who is the largest furniture retailer across the globe (Hoványi, 2013). Due to innovativeness in work they
are able to earn huge profit from their sales, moreover their products are also environment friendly which was icing on the cake.as per data revealed by the company they have earned almost €35.074 billion in the year2016, beside profits they are also having assets worth around €53.967 billion. Management of IKEA ltd is continuously making efforts to reduce their costs, making products that are of good quality and those products also suits the needs of their customers. This feature of their products will help the management in expanding their business internationally and making their processes standardised. MarketingAccording to the American Marketing Association, Marketing is identify as a set ofactivity, institutions and activity for communicating, creating, exchanging and deliveringoffering that have value for partners, clients, customers and society at large. Marketing may bedefined as a function which is performed by the marketing department so as to make sure thatproduct of the organisation reaches its destination that is final consumer. It analyses all theprevious trends and the conditions prevailing in the market which will help the organisation inmaking a new product with the features that a consumer wants to be in a product (Aaboud and et.al., 2017). During this analysis organisation is also able to determine the competitors and theirstrategies relating to marketing of their product. It will help them to an extent that at some pointof time they will be able to totally outclassing the competitors from the market. Marketing maybe said as combination of 4 P’s which are Product, Price, Place and Promotion. Further discussion of 4P’s are as under: -Developing a product which fulfils the needs of the customers and also follows the trendswhich are prevailing in the market Selecting that price for the product which will induce the buyer to buy the products of theorganisation Selecting the distribution channel which will ensure smooth as well as timely delivery oftheir products in various nations Promoting its product in such a way that customers in the market are aware of theirofferings as well as the product lines which is currently being offered by the organisation Marketing deals with an important aspect that is promoting existing as well as upcoming products of the organisation. Marketing is the medium through which IKEA will increase their
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