UNIT :2 Marketing Essentials Assignment - IKEA
Added on 2020-10-22
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UNIT 2 – MARKETING ESSENTIALS
INTRODUCTIONMarketing deals with creation, promotion and delivery of goods and services tocustomers and business. IKEA is a Swedish-founded multinational company. It's headquarteredis in Amsterdam. It is the largest furniture retailer since 2008. It is well-known for its furnitureretailing. This report will highlight on marketing concepts with some current and futuremarketing trends.. This will show the overview of different marketing processes (Chernev 2015).This will show the role and responsibilities of marketing manager in business. This will explaininterrelationship between marketing and other functional units. It will show the marketing planof IKEA Company. TASK1. Marketing concept and current and future trendsThe marketing concept is a principle that use of firm to evaluate the requirements of its customer, enhance sales and maximise the profit if the company. It decides how to satisfy customers’ needs and beat the competition. There are five marketing concepts.Illustration 1: Marketing Concepts(Source: Marketing Concepts, 2017)
Marketing concept- It is the concept That focuses on achieving the organisational goal by offering satisfactory services to consumers.. Each firm pays attention on providing valuable services to the end users so that profit targets can be obtained. Entity emphases on using better content to make its consumers aware during promote the products in market. It aids in raising demand and enhancing profitability of business unit (Bahl and Chandra, 2018). Production concept- Consumers choose the highly affordable and easily availableproducts. The managers relying on this concept focus on attaining high productiveefficiencies, less cost, mass distribution.Product concept- This concept believes that consumers like to buy such items that havehigh quality and innovative features. Thus, IKEA continuously make changes in itsproducts and implement innovative ideas to improve quality of goods.Selling concept-This concept pays attention on selling maximum products withoutlooking upon needs of consumers (Chernev, 2015). 2. Different marketing processesMarketing process involves the way in which the value for the customers can be createdto fulfil their needs. It helps to analyse the opportunities in market, choosing the target markets.It’s an endless relation between customers and companies in trying to create its value and fulfilneeds of customer (David, David and David, 2017)There are some major steps included in this process which are described as below:Stage 1: situation analyses: This is the first phase, IKEA is required to analyses internal andexternal business environment of firm. This would help in making effective plan to market itsproducts. SWOT, competitive analyses are some tools that aid in analysing position of firm inthe market.Stage 2: Objective: In the next phase IKEA is required to prepare SMART objectives that itwants to achieve through this marketing process. By establishing short term and long term goalentity would be able to make strategies (Hanssens and Pauwels, 2016).Stage 3: Strategy: This is very important for the organisation that to make a good strategy thatmay support in gaining success. It has to make effective strategies related to product, price,promotion etc. This would be better in gaining attention of mass audience and gaining success incompetitive market.
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