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Marketing Strategy of Ikea

   

Added on  2020-12-09

14 Pages4228 Words391 Views
Marketing Essentials

Table of ContentsINTRODUCTION...........................................................................................................................1L01...................................................................................................................................................1P1 explaining the key roles and responsibilities of marketing function in the context of Ikea1P2 roles and responsibilities of marketing which is related to wider organisation in context toIkea.........................................................................................................................................4L02...................................................................................................................................................6P3 comparison of ways in which Ikea applies the marketing mix to marketing planningprocess for achieving business objectives and other organisation is doing better than other. . .6L03 .............................................................................................................................................8P4 making the marketing plan for IKea ...............................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONMarketing essential means all the requirement which are needed to marketing the product. Forselling the product various methods are used. The roles and responsibilities of the marketingfunction. Report will further discuss that all the requirements are to fulfil of the customer.Furthermore, it will discuss about the marketing mix of the Ikea. Comparison is made betweentwo companies in which the organisation are bifurcated by their strategies. Marketing plan is alsodiscuss about objectives of the entity and cin what ways these are fulfilled. There are number ofmethods which are attract the consumers. There pricing strategy is also discussed under this. L01P1 explaining the key roles and responsibilities of marketing function in the context of Ikea Marketing function helps the organisation to work in better way so that selling of theproduct become easy. Functions of marketing which are basic one are :market research ,productplan , development process , sales, finance, customer service. These functions helps in growth ofcompany. There are many functions which comes under this are market research , development ,communication , distribution system. It shows nearby link between marketing and firmsfunction. Understanding the market is very complex but those who understand it , he will be theking of the market. It helps in knowing the needs and wants of customer . After knowing desiresthen marketing department makes strategy of fulfilling the wants of customer. If these things arecompleted then all then retention of customer retention will increase. It is the duty of the entity tomake the product which can survive in the market. Only those products are launched which canearn profit to the company. It is duty of organisation. 1

Illustration 1: marketing functionsSource: (12 Important Functions of Marketing, 2018.)If all these things are considered while making and manufacturing then product or serviceare liked by consumers. Due the marketing function only the entity can sell its products to theend consumers. By innovation or making something new to product it makes its value more. Themore efficiently the staff of the product is working , the resultant will be good. Similarity of theproducts which stop the consumer to purchase it. It is the duty of the marketing department thaton regular basis improvement in the product are made so that it can attract the clients and desireto purchase it. The product and service are made to serve the persons who are coming to ourshop or company. Role and responsibilities of marketing function are:Market research – role of research is significant because it makes detail search aboutmarket and after understanding it only product is launched. Research of what type ofneed is there in context to product and according to it requirement is fulfilled. Thisplays important role in launching the product. After this product or service will be morelikely by the consumer. The more they like it ,selling will increase and after that profitearning is higher. 2

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