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Development of Marketing Mix - IKEA

University: Regent College London

  • Unit No: 3
  • Level: Undergraduate/College
  • Pages: 16
  • Words: 4000
  • Paper Type: Business Plan
  • Course Code:

    MKT501

  • Country: UK
  • Downloads: 0
Question :

This unit states that you are appointed as Marketing manager and detailed marketing analysis had to be carried out for developing strong customer relationship.

  • Provide explanation of key roles and responsibility of marketing function
  • Compare ways in which IKEA uses marketing mix to achieve set business objectives.
  • Formulate basic marketing plan for IKEA
Answer :
Organization Selected : IKEA

INTRODUCTION

Marketing activities are important of every organisation to build good communication and relation with customers. It is the duty of the management of organisation is to adopt different marketing approaches which contribute to attain long tern sustainability in the market. Marketing activities have the direct impact upon the sales and profit of organisation which is enhanced to the optimum level through spread awareness among the customers about their different offerings and special features of their products (Baker and Saren, 2016). All such activities are performed by the marketing department of the organisation. There are many other activities which are associated with marketing department functioning includes development of the product, establishment of effective distribution channels and determination of the price of products etc. IKEA is multinational retail organisation which designs and sells different kind of products. This organisation was established in 1943 and provides the products and services in many countries in all over the world. The different kind of products in which this organisation deals includes kitchen appliances, furniture and home appliances. It is recognised as one of the biggest retailer of the furniture.

In the present report explain about different kind of roles and functions of the marketing department and interrelation of the marketing function with other departments. Also, development of marketing mix of this organisation with another same industry organisation and formulation of marketing plans which assist the employees in accomplishment of their objectives.

TASK 1

P1. Roles and responsibilities of marketing department

Overview of IKEA

This organisation was founded in 1943 in Sweden. It is retail organisation which conducts their business activities across the boundaries of their domestic nation. In terms of workforce, they have large number of employees to provide their final products to en customers. This organisation performs two types of actions which are designing and selling of the products in which they deal. The different kind of product lines under which it provides their product includes furniture, home accessories and kitchen appliances. In 2008, this organisation is recognised as the largest furniture retailer in world. The organisation is able to earn the large number of profits because it provides innovative furniture and home accessories which are Eco friendly. For attaining sustainability in market many initiatives are taken by the management of organisation regarding controlling of their costs, making of their operations more effective and efficient and development of the products according to the preferences of customers (Bastable, 2016). This will provides the opportunity to the management of organisation is to attain control over the process of their products which assist in the global expansion of their business operations.

Marketing

It is refers as the activities which are provided by the marketing department of the organisation regarding transferring of their products to final customers. One of the most important functions which is performed by the marketing department is to assess the conditions and trend which is present in market. On the basis of the analysis of such trends, preferences of customer are identified. This will provides the opportunity to the management of organisation to build the new features in their products which satisfies their different needs. This will also includes determination of the number of competitors prevail in market and the strategies adopted by them. It enhances their decision making power which contributes in the process of formulation of effective strategies which drive their competitors out of the market. It is considered as marketing is the combination of 4P’s. All such different kind of P’s and their role is defined below:

  • Development and selection of suitable product as per the needs of customer and market trends
  • Identification of the most suitable price which helps to attract the large number of customers through influencing their buying behaviour (Desai, 2013).
  • Establishment of the more appropriate distribution channels which provide the function regarding timely distribution of their product to different stores in the different countries with the help of suppliers.
  • Formulation and adoption of effective promotional strategy which helps to aware the customer about their different offerings and product lines

One of the important aspects of marketing is about the promotion o the existing and potential products of organisation. This is most useful method for IKEA to expand their operation in market and improve their market share through improving their customer base. There are many promotional methods are available such traditional and modern. One of the best methods according to the current scenario time is modern approaches of marketing. This medium includes the use of digital platform to promote their products. For ex. Social media which is most suitable and cost efficient method to attain the place in the mid of youth. This method also helps to build good elation with their customers through redress of their various problems. It provides the opportunity is to gain their trust and loyalty towards their brand.

Roles and responsibilities of marketing department

It is observed that many roles and responsibilities are posses by the marketing manager in the department which is required to perform to accomplish the targets within stipulated period of time (Dibb and Simkin, 2013). Such different responsibilities are defined below:

Product: There are the core business offerings which are provided by organisation in market. But in this regard, they have the many responsibility is to provide the best product to their customers which is not available with their competitors in terms of quality and features. To attain such kind of competency need to analyse market about the strategies of their competitors, quality and features of their products and technologies which persist in market. It helps to identify the new ideas and their effective implementation through adoption of new technologies within the organisation. The products which provided by IKEA are home accessories, furniture’s and kitchen appliances.

Selling: One of the important functions which is performed by the marketing manager of organisation is to sell their products in market for generating profits and running of business activities on regular basis. For improvement of the sales of their different products marketing manager of IKEA is need to adopt new strategies which helps to improve their distribution channels and their products are timely available in different stores according to the demand present in market. Another aspect which helps to improve their customer base is advertisement of their products through different mediums like print, digital media etc. It influences the behaviour customers and provides opportunity to IKEA is to become leading retail organisation through attaining good level of sales (Hugos, 2011).

Pricing: One of the important aspect which has direct negative or positive impact over the sales and revenue figures of organisation. It is the responsibility of the marketing manager of IKEA is to assess the pricing policies of their competitors and the buying capacity of the different segment of society. This will improve their understanding helps to fix such prices which assist in the process of attaining high position in market. At present, the pricing policy which is adopted by IKEA for their products is affordable in nature and in the budget of customers.

Promotion: This includes the activities regarding advertisement of products and services of organisation through application of different channels. The main purpose behind the use of promotional techniques is to provide the information about the features of products to their customers and build effective bond with them through they can retain them for longer period of time. There are different medium which are available for promotional activities includes newspaper, television, social media etc. One of the best method is social media because wide in range and cost efficient which helps in reduction in the amount of expenses also.

Financing: Funds are essential requirement to carry out different functions. It is the duty of the marketing manager is to assess the need of amount which is required for effective performance of their functions and prepare budget which guides the employees is to follow such budget while give their functions (Jones and Rowley, 2011).

Distribution: This includes the process of identification of suppliers which helps to effectively distribute their products at their various stores. IKEA is multinational organisation need to appoint suppliers in different nations to make availability of their products. This will provides the opportunity is to improve their sales through satisfaction of the preferences of customers.

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