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Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture

   

Added on  2019-11-26

25 Pages6048 Words112 Views
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Running head: MARKETING ESSENTIALSName of Student:Student ID:Name of University:
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_1

1MARKETING ESSENTIALSTable of ContentsIntroduction:....................................................................................................................................4Task 1:.............................................................................................................................................4a) Key responsibilities and roles of functions of marketing:.......................................................4b) Marketing concept, inclusive of present and future trends, overview of marketing process:.6Product Concept:.....................................................................................................................6Production Concept:................................................................................................................7Selling Concept:.......................................................................................................................7Marketing Concept:.................................................................................................................7Societal Marketing Concept:...................................................................................................8c) Key elements of functions of marketing and interrelation with other organizationalfunctional units............................................................................................................................8a. Research:..............................................................................................................................8b. Strategy:...............................................................................................................................9c. Planning:..............................................................................................................................9Task 2:.............................................................................................................................................9
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_2

2MARKETING ESSENTIALSa. Comparison of function of marketing mix in the process of marketing planning in variousorganizations:...............................................................................................................................9b. Various tactics applied by companies in achieving business objectives:..............................10Comparing IKEA with B&Q:................................................................................................11Marketing Mix Comparison:.................................................................................................117P’s of IKEA:............................................................................................................................131. Product:..............................................................................................................................132. Price:..................................................................................................................................143. Place:..................................................................................................................................144. Promotion:.........................................................................................................................155. People:...............................................................................................................................166. Physical Evidence:.............................................................................................................167. Process:..............................................................................................................................17Task 3:...........................................................................................................................................17Development and evaluation of a basic marketing plan:...........................................................17SWOT of IKEA:........................................................................................................................17Strengths:...............................................................................................................................17Weaknesses:...........................................................................................................................17Opportunities:........................................................................................................................17Threats:..................................................................................................................................18
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_3

3MARKETING ESSENTIALSPESTLE Analysis:.....................................................................................................................18Political:.................................................................................................................................18Economical:...........................................................................................................................18Social:....................................................................................................................................18Technological:.......................................................................................................................19Legal:.....................................................................................................................................19Environment:.........................................................................................................................19Competitive Analysis of IKEA:.................................................................................................19Recommendations:....................................................................................................................20Conclusion:....................................................................................................................................21Reference:......................................................................................................................................22
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_4

4MARKETING ESSENTIALSIntroduction:Marketing is stated to be one of the important tools in the modern business organizationstaking in the understanding of the market area, consumers’ demands, market strategies that areconsumer driven along with offering quality among the customers. The business organizationshave recognized the significance of the relationship of customers, trying to get an innovativeadvancement towards the strategy of marketing in business (Mandal 2017). The alertness relatedto the essentials of the market are too high in the present market situation across the globe. IKEA has been known for its modern yet reasonable furniture with their founder,Kampard generating an inimitable culture that was formed on respect for an innovative attitudeand money (Jobber and Ellis-Chadwick 2016). It was Kampard’s belief and attitude that madeIKEA come up with products that have been aesthetically premeditated valuing them ataffordable rates. This aspect hugely improved IKEA’s brand image that was being perceived as acompany having belief in social equality. Task 1:a) Key responsibilities and roles of functions of marketing:The function of marketing can be stated as the role of the organizations of business whichwould help in identifying and sourcing of the probable successful products of the market alongwith helping in the promotional activities. These functions are stated to be common within thebusiness organizations taking in the factors of market research, plan of products, process ofdevelopment, sales and customer service. The function of marketing takes in severalresponsibilities of the organizations, such functions has been responsible for the growth of the
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_5

5MARKETING ESSENTIALScompany (Huang and Sarigöllü 2014). The functions of marketing takes in the strategymanagement, system of sales support, distribution system and human resource department. Thesefunctions of marketing have various roles in promoting expansion within the businessorganization. The marketing functions have an important role, establishing a closer associationamong the functions of marketing with other organizational functions. Marketing plays an important role in promoting of the business along with mission of theorganization. It generally serves as the face of one’s organization, synchronizing and generatingall the materials that represent the business. It is the role of the marketing department in reachingout to the prospects, investors along with the customers and generating an overarchingrepresentation representing the company in a positive light (Armstrong, et al. 2015).Depending on the company, the marketing Department might take in factors like definingand managing of one’s brand, constructing marketing and promotional materials, generating theinternal communications, conducting of the market and consumer research along withadministration of the outside vendors and agencies. One of the vital roles of marketing is to know the exact position of the company asregards to the market along with the competition. This is the reason for marketing department towatch the competition from close quarter’s and understanding and learn from the mistakes foravoiding falling to them (Weinstein 2013). Around the marketing of the business there are manycontributors like the designers, suppliers and consultants. The work of such contributors needs tobe aligned with the company objectives and it is upto the marketing department for controllingthe same.
Ride with IKEA's Winning Formula: Experience the Ultimate in Home Furniture_6

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