The scenario of report evaluates duty of assistant Marketing Manager to carry out detailed study about marketing campaign in order to make customer familiar with their product and achieving strong customer bond for enhancing sales and profit.
- Investigating role played by marketing and their interrelationship with other unit of business
- Comparing ways by which IKEA uses marketing mix to achieve their designed goals and objectives.
- Executing & developing marketing plan for IKEA.
INTRODUCTION
Marketing is an essential element which supports an organisation to reach to their targeted customers with the products and services offered in market. The main objectives of adopting several marketing activities is to inform and convince customers to buy company’s products and services if want to get maximum satisfaction level. Therefore, it plays an important role in increasing revenue and customer base of company through attracting their interest and buying behaviour towards company’s products and services. The present assignment report is based on IKEA, a multinational retail organisation which deals in providing multiple numbers of products such as kitchen appliances, furniture and home appliances across worldwide. It was first established in 1943 and now it becomes as one of the largest retailer of the furniture. The project includes the functions and roles of marketing department along with their interrelation with other departments. The project also summarises the marketing mix of an organisation with similar sector organisation. In addition with this, marketing plan has been also prepare under this report for the purpose of assisting employee in achieving desired goals and objectives (Baker and Saren, 2016).
TASK 1
P1: Roles and responsibilities of marketing department
Overview of IKEA
IKEA was first established in the year 1943 in Sweden as a small retail organisation and at current times it becomes on the recognised retailer organisation which deals in providing multiple range of products such as furniture, home accessories and kitchen appliances throughout the world. Due to offering innovative furniture and home accessories which are eco-friendly, IKEA are able to successfully generate huge amount of products. In the year 2016, it has been recorded approx. €35.074 billion as revenue of company. In order to sustain in competitive market for longer period of time, the company has taken many initiatives such as controlling of their expenses, making operations more effective so as to develop their products and services as per the needs and preferences of customers. This will help them in expanding its business to a large scale and earn maximum revenue every year (Cleverley, 2017).
Marketing
It refers to activities which are essentially required to be performed by marketing department in order to reach company’s products and services in the market and promote them in towards their targeted customers with an objective of influencing their interest and buying behaviour. The main functions of marketing department is to identify and analyse the current market trends and conditions according to which needs and preferences of customers are identified. It will direct the organisation to make changes in their existing products so as to maximise the satisfaction level of customers. It will also help in determining the number of rivals exists in market along with their strategies due to which the management of IKEA are able to make an effective decisions and suitable plans in order to move ahead than their rivals. Marketing is considered as combination of 4P’s. Such 4P’s and their role is described as below”
- Improvement and selection of suitable products according to the needs and preferences of customers and market trends.
- Identification of prices which maximises the satisfaction level and attract large number of customers.
- Selection of best distribution channels through which products has been distributed to different stores on time so as to meet customer’s demands.
- Formulation of promotional strategies which informs customers about the new offerings and product lines of company (Desai, 2013).
One of the main functions of marketing is to make promotion of existing products and services with a hope of achieving huge customer base. This is the way through which IKEA can able to expand its business in market. Digital platform is one of the best promotional methods with the help of which the company can able to reach its products to their customers. For example, Social media is such a platform where large number of customers are active and available thus attracting them and maintaining good relation with them, such platform is more useful.
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Roles and responsibilities of marketing department
There are several roles and responsibilities which are possessed by marketing manager thus required to perform in order to achieve desired goals and objectives of an organisation within pre-determined period of time. Such roles and responsibilities are briefly described as below:
Product: It includes the offerings which are provided by company in market such as home accessories and appliances, furniture etc. In this regard, there are some responsibilities of company to provide quality products having different features to their customers which makes them different from their rivals in market. To compete with rivals it is important for marketing manager to first analyse the market trends, competitors’ strategies, needs and preferences of customers, technologies used by their rivals etc. This will provide an opportunity to create new ideas and implement an effective and advanced technology in process of executing marketing activities (Eslinger, 2014).
Selling: It is an important function which should be performed by marketing manager of IKEA in which they need to sell their products in market in order to generate huge revenues and sustain in market for longer period of time. In order to make improved changes in selling process of different products, the marketing manager should required to adopt new and effective strategies regarding developing their distribution channels in order to fulfil shortage of products at their stores. This will help in meeting demand of customers which makes them loyal with company. Another aspect which help company in achieving huge customer strengths is adoption of an effective marketing strategies such as adoption of print media, digital media etc. due to which the interest and buying behaviour of customers are easily influenced towards company’s products and services which makes positive impact on the sales figure of company.
Promotion: It includes the different marketing activities which need to be performed by marketing manager with an objective of grabbing an attention of large number of customers towards company’s products and services. There are different channel of marketing with the help of which the company can able to communicate and inform customers about the quality, features, price etc. of products and services in order to attract their interest and buying behaviour. Such marketing tools include social media, advertisement on TV, newspapers etc. through the targeted customers are aware about the new offering of company.
Financing: Finds are an essential of every department in order to execute their business activities an effective and efficient manner. Therefore, the marketing manager need to assess the needs of funds which is required to carry out different marketing activities and prepare budget on each activities after analysing their effectiveness. It will guide employees to perform in better way through minimising the wastage of funds while performing (Hsu, 2011).
Distribution: It includes the process of identification of suppliers who help company in getting sufficient products at their retail stores on time. As IKEA is multination retailer organisation which has operated its business across worldwide thus it is important for marketing manger to appoint suppliers from different nations in order to ensure about availability of products at their different stores. This will help in meeting the market needs and demands which makes positive impact on sales figure and revenues as well.
P2: Roles and responsibilities of marketing relate to organisational context
Marketing is an important department of an organisation which help and supports other departments as well in performing their functions in more effective and efficient manner. It is important to bring coordination among different departments which help in minimising the chances of mistakes as well as duplication of efforts. It can be further understood under the below:
Marketing with operating: IKEA is one of the know retail organisation which also engaged in designing their products according to the needs and demands of the customers. For this, marketing department of IKEA need to first conduct research in market with a motive of identifying the designs which are more in trend and accordingly direct operation department to make changes in their existing designs of products so as to achieve huge customer strengths. Along with this, adoption of advanced technologies in the process of designing are also directed by marketing department to operation department.
Marketing with HR department: The main roles and responsibilities of HR department are to recruit and select best candidates for their organisation which are capable to bring profitable result to company in near future (Jeffery, 2010). Along with this, there are other functions as well performed b y such department which includes fixation of salary, training of workers, performance appraisal etc. Marketing department can able to get skilled employees having adequate knowledge about performing different marketing activities with the help of HR department. Such department also liable to identify the deviations in the performance of employees of marketing department and according provide optimum solution in order to bring efficiency in marketing activities.
Marketing with finance department: The main role of finance department is to arrange and allocate funds to different departments according to their needs and requirements. Arrangement of funds can be through financial institutions, venture capital etc. which ensures company in having adequate liquidity. Therefore, such department provides sufficient support to the marketing department in execution of different marketing activities more effectively. It will provide an opportunity to marketing department of IKEA to adopt to adopt effective and modern marketing tools which help in attracting large number of customers across worldwide. The finance department also responsible to control cost incurred in market activities in order to enhance the profit margin of company.
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