Marketing Mix of IKEA - PDF
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Added on 2020-12-31
Marketing Mix of IKEA - PDF
Added on 2020-12-31
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MARKETINGESSENTIALS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Roles and responsibilities of marketing function...................................................................1P2 Roles and responsibilities of marketing relate to organisational context..............................3TASK 2............................................................................................................................................5P3 Comparison between elements of marketing mix of organisations.......................................5TASK 3............................................................................................................................................7P4 Basic marketing plan .............................................................................................................7CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing is considered as the key of success of an organisation in this modern scenario,it is a broad concept which has relatively wider scope as it is interrelated with variousdepartments and functions of an arranged business firm. Marketing function has different rolesand responsibilities which helps a marketing manager to achieve their ultimate goal of overallprofitability and development. Marketing function includes activities like personal selling,advertisement campaigns, identifying needs of consumers, development of various promotionalstrategies and conducting research in order to effectively promote all the manufactured goodsand services. IKEA is a furniture retail company which designs and produces custom made andready to assemble furniture units.In this project various roles and responsibilities are described which explains importanceof marketing function and a marketing plan for IKEA is developed in order to identify theiropportunities and threats. TASK 1P1 Roles and responsibilities of marketing functionMarketing function is the core purpose which helps a company to identify potential intheir products and develop strategies to promote their products in the market. This involvesconducting market research, developing an effective marketing plan and carry out activities likeadvertising, public relations and customer service. Primary objective of marketing function ismaximising customer satisfaction and increasing the demands of the produced goods. Theprocess of marketing function starts from the activities of distinguishing the customer needs andends with satisfying those needs ( Anderson, 2012).IKEA is a furniture retail company which deals in custom made and ready madefurniture, kitchen appliances and home utility appliances. IKEA has effective marketing plansand policies due to which IKEA is the world's largest furniture retailer and manufacturer.Marketing function has an significant role in the efficient promotion of an organisation,few of the roles and responsibilities of marketing function are:Product – Product includes goods and services that are either manufactured or deliveredby the organisation, IKEA manufactures their products according to the demand and thanmarket them. Marketing function includes identification of potential of their products. So1
it is responsibility of marketing and production manager of IKEA to manufacture qualityproducts so that they can satisfy consumer needs. In order to produce and deliver qualitygoods, it is important for IKEA to follow strategies like feedback and understanding theperception of customers ( Rao, 2012).Selling – Marketing function of an organisation is directly proportional to sellingfunction as an effective marketing plan increases the chances of higher sales. IKEA hashired a team of marketing professionals who develop plans of promotion which includesvarious advertisements, campaigns etc. so that their sales can be increased. Increasing thesales is the most important role of the marketing function as higher sales results in higherprofit and growth of the organisation.Pricing – Pricing is the process of assigning the prices to the goods and it influences thebuying power of customers as higher rate makes the products undesirable and low ratesmakes the product affordable for customers. IKEA balances their pricing policy byeffectively marketing their products. They have adapted different marketing strategies fortheir different priced commodities, so that every goods can focus on the their targetaudience.Promotion – The main role of marketing function is to promote or advertise theproducts. IKEA promotes their products by developing various plans and policies, theyuse various marketing tools and techniques such as sales promotion, public relation,personal selling for the impressive promotion of their products.Marketing Information system – MIS or marketing information system is a systematicapproach which helps an organisation to take impelling decision for the company. Withthe of this system, Ikea's marketing team identifies the needs and behaviour of theorganisation by gathering all the information about market trends, customer preferencesand tastes. According to this system, all information is first collected and than analysedand evaluated for the preparation of marketing plan of action ( Brekke, 2011).Financing – Financing refers to the process of allocating finance to various activities ordepartments of the organisation. An effective and efficient marketing plan needs financialresources to carry out their promotional activities, IKEA is a huge brand name whichrequires a lot of financial resources in their marketing activities. The financial manager of2
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