Marketing Essentials of IKEA
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Added on 2020-07-22
Marketing Essentials of IKEA
Added on 2020-07-22
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................................4TASK 1..........................................................................................................................................................4P1. Roles and responsibilities of marketing function...............................................................................4M1 Roles and responsibilities of marketing.............................................................................................7M2 Significance of interrelationships between marketing and other functional units ...........................7D1 Key elements of the marketing function ...........................................................................................8P2 Roles and responsibilities of marketing related to organisation ........................................................8M3 Various tactics are used through IKEA...............................................................................................9TASK 2........................................................................................................................................................10P3 &M4& D2 Comparison of marketing mix of two organisations........................................................10TASK 3........................................................................................................................................................12P4 Marketing plan..................................................................................................................................12CONCLUSION.............................................................................................................................................17REFERENCES..............................................................................................................................................18
INTRODUCTIONMarketing means developing, promoting and also delivering of products as well as services to businesses and customers. Marketing is an activity, procedure for developing, communicating, exchanging and delivering offering which have some values for consumers, society, partners and many others (Babin and Zikmund, 2015). It is essential that firm should provide its goods on the basis of needs and demands of consumers by conducting research. This report is based on IKEA organisation. IKEA is multinational group and it designs as well as sellskitchen appliances, home accessories and furniture. This firm is one of the biggest retailers of furniture and it was established in year 1943. This company is known as its attention in order to operational details, product development, cost control which permitted IKEA business firm to reduce its costs. It provides better quality of its products on reasonable cost so that each and every person can avail its goods in an effective or better manner. In this given report mentions about roles as well as responsibilities of the marketing function in a business firm. Comparison among the marketing mix of two different business firms will be discussed under this present business report. Preparation of marketing plan will be discussed in mention report. TASK 1P1. Roles and responsibilities of marketing functionOverview of companyIKEA is multinational organisation which designs and sells ready to assemble furniture items, kitchen appliances and home accessories (Baines, Fill and Page, 2013). It is considered as the largest retailer organisation of furniture from 2008. It was established in Sweden in 1943. It is recognised due to having their innovative designs of furniture and home appliances which are eco friendly. There are many steps are taken by the organisation regarding cost control, operational details, continuous product development and corporate attributes which helps in lowering their prices by two to three percent in 2010 at the time of global expansion. The revenue which is earned by organisation from their different business functions and providence of diversifies business products is €35.074 billion in 2016. Also, the organisation have large amount of assets. The amount of assets in 2016 is €53.967 billion. Marketing
It is important function which is used by the management of organisation is to providetheir goods and services to their end customers. The main part of marketing activities is toadvertise about their existing products to bring awareness among the customer's. It provides theopportunity regarding improvement of their sales and profitability. It includes the coordination of4P's of marketing which is defined below:Selection of the most appropriate productDetermination of effective priceAdoption of effective distribution approaches which helps to expand their reach towardscustomer places.Implementation of effective promotional strategyMarketing is one of the important technique which helps the organisation is to improve their revenue and attain sustainability in their business operations. It also includes about the research of market which helps in determination of the current preferences of customers. It provides the opportunity is to manufacture goods as per their preferences and attain their trust. It helps the multinational organisation like IKEA is to improve their market share through attraction of large number of customer globally (Baker and Magnini, 2016). It helps in analysing the competitors which prevail in market and strategies adopt by them. It contributes in formulation of effective strategies which drive their competitors out of the market and attain good position in market. Roles and responsibilities of marketing functionMarketing manager has different roles and responsibilities which is need to perform bythem for the success of IKEA in future. The different roles and responsibilities which are provideby then in organisational context is defined below:Product: It is the duty of marketing manager to identify the different preferences ofcustomer's and bring changes in the existing features of their product. In this regard, theyalso have the duty to analyse the features of their competitor’s products to get some ideaand their customers also. For adoption of such changes, management is needed to adoptnew technologies which help to manufacture the furniture and home appliances of goodquality. There are many advantages are gathered by IKEA like high market share, large
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