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UNIT 2 Marketing Essentials Assignment - IKEA

   

Added on  2020-10-05

18 Pages4711 Words137 Views
UNIT 2 MARKETINGESSENTIALS

Table of ContentsINTRODUCTION ..........................................................................................................................31 Introducing the concept of marketing including current & future trends............................32. Overview of different marketing processes........................................................................4Marketing Mix Decisions ......................................................................................................53. Explaining the roles and responsibilities of a marketing manager.....................................64. Explains how marketing influences and interrelate with other functional departments....65. Importance and value of marketing roles...........................................................................76. Conclusions & significance of having effective interrelationships between functionaldepartments.............................................................................................................................87. Comparing the ways of different applying marketing mix to the marketing planning......88. Develop a marketing plan.................................................................................................12CONCLUSION .............................................................................................................................14REFERENCES .............................................................................................................................16

INTRODUCTION Marketing essentials is the crucial functional task to develop and deliver practical &strategic digital marketing solutions to advance business goals. Marketing essentials develop aproduct and sales growth of the company. Marketing is the term which is the mostmisunderstood disciplinary management approach in today's present market. Present study willbe based on marketing essentials by undertaking IKEA which one of the most leading andmultinational group that designs furniture and kitchen appliances and home accessories. Presentstudy will be taking whole marketing analysis of IKEA in order to presents the role of marketingand how its interrelates with other functional units of the company organisations. Further, it alsopresents the different elements of marketing Mix to achieve company set goals and objectives.However, the main purpose of this assignment is to explore the concept of marketing and theirdifferent roles in business performance. 1 Introducing the concept of marketing including current & future trends.Concept of marketing Marketing concept is the study that organisations should determine the needs and wantsof their customers and then take further decision making steps (Bae and Kim, 2015). Eachorganisation adopts the marketing concepts for introducing new theories and ideas ofdevelopment. IKEA has evolved over the years and has developed into a unique concept offeringaffordable quality home furnishing within numerous stores scatter across the globe. IKEA basedon the concept of furnishing the best quality of products at value prices (The Five Marketingconcept explained, 2018). Company adopts different marketing concept for approaching theirpotential customer at global level. There are different concepts of marketing that can adopted by the company such asproduction, sales concept, Marketing concept. All these concepts help to analyse market currentor future needs as well (Tomczak, Reinecke and Kuss, 2018). Current needs of customers arehelpful to estimate the level of future needs. For example: customer is now more demanding formaking its lifestyle more productive and innovative. Marketing concepts helps in producing thebest quality of outputs. On the other hand, sales concept would help to disclose the variables andbest approachable results and goals.

Marketing concept focusses to identify the target customers and analyses their currentand future expected needs (Brown, 2017). It helps company to delivering the best value results.Marketing concept believes in the pull strategy and says that you need to make brand strong thatcustomers themselves prefer the brand of other competitor. 2. Overview of different marketing processesUnder the concept of marketing concept, the organisation must find a way to discovercustomer needs and bring to market products that satisfy those all needs (Gillespie and Riddle,2015). Marketing processes will help IKEA to get the success of approaching customer and theirneeds. Situational analysis This is the analysis of the situation in which the firm finds itself serves as the basis foridentifying opportunities to satisfy unfulfilled customer needs. Situational analysis process helpsto analysis the external or internal factors of the company as well of market. Marketing strategy Once company identified the customer needs, the next process is to make the bestmarketing strategy to implement all those needs in systematic manner (Tomczak, Reinecke andKuss, 2018). Such as Organisation can divide their customers into different segmentationIllustration 1: Concepts of Marketing(Source : The Five Marketing conceptexplained, 2018)

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