Marketing Essentials For IKEA
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Added on 2020-10-23
Marketing Essentials For IKEA
Added on 2020-10-23
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MARKETING ESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................3P1. Different key roles and responsibilities................................................................................3P2 The way roles and responsibilities of marketing relate to wider organisational context......4TASK 2............................................................................................................................................5P3. 7P's to achieve overall business objectives...........................................................................5P.4. Evaluate a basic marketing plan for the chosen organisation:............................................7CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing essentials refers to the way the company fulfil the demands of it consumers, itcompletely related to the focus on the consumers what they want and then prepare accordinglyand produce with the value they are willing to pay. The report says that what are the key rolesand responsibilities of marketing functions and how roles and responsibilities of marketing relateto the wider organisational context, as marketing functions is related to other departments of theorganisation. The company make use of 7P's of marketing mix. IKEA is the Swedish companydeveloped in the year 1943 as a furniture company. The company has expanded its business inmore than 37 countries. P1. Different key roles and responsibilitiesEnclosed in Ppt.P2 The way roles and responsibilities of marketing relate to wider organisational contextEnclosed in PPT.TASK 2P3. 7P's to achieve overall business objectivesThe 7P's of marketing mix are as follows:Product: This refers to what company is offering to their customers. The product can be in theform of services or product or both. It can bear the quality of tangibility or may be not. TheIKEA has vast range of products for their customers, they offer so many products ranging fromthe upholstered furniture like, coffee table, bookshelves, etc. to the children item like mammals,adjectives. The product of IKEA has vast varieties to choose from this enable to attractcustomers from all groups, categories (Mihart, 2012). However, Mac Donald largely focuses onthe quality of the food provided by them to consumers, so IKEA should keep a track on qualityPrice: The price plays an important role in selling of products. Price is the amount thatcustomers is willing to pay for product offered. Price is a core factor it should be decide keepingin mind all the other factors that affects the overall product. Further, the price should be a benefitto the customers along with the company. The IKEA has decided to keep low price strategy sothe product can be reached to more number of customers and the company can increase itcustomer base, further the company operates it manufacturing unit from the developing countries
this enable to lower down it cost and increase the profit margin.However, Mac Donald is veryprice sensitive and set price according to the purchasing power of the consumers. Promotion: The promotion of a product means to make the people know about are products andto pursue them to purchase the product. The IKEA has approached to many promotionaltechniques like, company has launched the Loyalty Programme under which any person havingthe card can get 25% additional discounts on the purchase of the items from the stores of thecompany. However, Mac Donald use promotional strategies which attracts huge number ofconsumers. Place: The company operates largely through there brick and mortar shops. The company printscatalogues that shows the product of company. The company operates from than 20 countries sothat it can reach to there targeted customers in various countries, further company has madeonline websites so it can reach beyond the geographical boundaries (Uzkurt and et.al., 2013).However, Mac Donald has been set up at place which is easily accessible by the most consumers.People:They are the part of your organisation who includes the mangers, employees, the salesperson and intermediaries. They are the most essential when it comes to the expansion ofbusiness, they help in increasing sales within the business. The IKEA has distributed it productswith the help of the 1600 suppliers who meet there demand of more than 27 countries.However,Mac Donald is purely based on people values, culture and religion. Process: The process is the way the product is formed and provide to the customers. Thecompany believes in having /following a systematic process to make it all products. It has manyfactories and manufacturing units which follows a detailed process in production of the product.However, Mac Donald is involved in using process which is easily achievable and understood byother people. Physical:The physical evidence of the company is the logo the company has. The logo of theIKEA is the proof of it service provided and as it is a mark of it quality products which are testedand checked through lab process. This mark gives the assurance of all the products of thecompany which it sells off in the market.However, Mac Donald use valid and authentic physicalevidence. TASK 3
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