Unit 4 Marketing Principle at IKEA Assignment Help (GC0255)
Table of Contents
Introduction.
Task 1: Process of marketing.
1.1 Elements of the marketing process for IKEA.
1.2 The costs and benefits of the marketing orientation for IKEA.
Task 2: Segmenting, Targeting and Positioning.
2.1 Macro and Microenvironmental actors.
2.2 Applying targeting strategies to find an appropriate solution.
2.3 Segmentation Criteria for IKEA products in different markets.
2.34Targeting strategy for IKEA’S estate agency cleaning service.
Buyer behavior impact IKEA’s marketing activities in different buying situations.
2.5 Different product strategies used by IKEA’s competitors.
2.6 New positioning strategy.
Task 3: Marketing Mix.
3.1 Developing a new product and sustaining its competitive advantage.
3.2 Distribution.
3.3 Pricing.
3.4 Promotion.
3.4 The extended marketing mix.
Task 4: Marketing Mix in a different context
4.1 Marketing mix for two different segments of IKEA.
The psychographic segment marketing mix.
The geographical segment marketing mix.
4.2 Differences in marketing products and services to businesses and consumers.
Findings.
4.3 Differences in international and domestic marketing of IKEA.
4.3 Limitations of the recommended marketing mix.
4.4 Planning for managing and organizing the work.
Justification of plan.
Reference.
Introduction
Marketing is now a very essential issue that directly connects consumers. Thus, it is essentials for marketers to make the marketing experience more personal. In this paper, as a newly appointed marketing assistant to the marketing manager, I will conduct a marketing analysis on IKEA, a leading furniture company in the UK. In addition, I will conduct a market environment analysis applying different tools and techniques.
In the first part, I will discuss the marketing concept and marketing process and evaluate the cost and profits of marketing orientation in the case of IKEA. In the second part, I will discuss the concept of segmentation, targeting, and positioning. In the third part, I will discuss the individual elements of the extended marketing mix. In the fourth part, I will discuss how the marketing mix elements can be applied in the IKEA business.
Task 1: Process of marketing
1.1 Elements of the marketing process for IKEA
Marketing is the actions of a business-related to selling or buying services and products. It contains delivering, advertising, or selling goods to the public. The public who effort in departments of marketing of organizations attempts to obtain the concentration of mark spectators by applying packaging plan, motto, superstar support as well as all-purpose medium revelation (Kotler et al., 2014).
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Marketing procedure submits to the procedure of the investigation of the facilities of the marketplace, an assortment of the mark marketplaces, as well as improvement of the mix of marketing or organization of the advertising labors has described the procedure of marketing. The pursuing four levels are integrated into the procedure of marketing which mainly concentrates the mark consumers (Kotler et al., 2014). The procedure of marketing contains some stages that are discussed as below:
- Investigation of the facilities in the marketplace.
- An assortment of the mark marketplace.
- Improvement of a mix of marketing.
- Organization of efforts of marketing.
Marketing procedure of IKEA as another organization contains the pursuing fundamentals; planning, control, implementation as well as situational analysis, (Armstrong, Kotler, Saunders& Wong, 2008) as described in the chart under.
| Elements of the marketing process | What it entails |
| Situational analysis | A review of marketing that engages getting data from the mix of marketing. An investigation of the surroundings of marketing that is the internal and external marketing surroundings. An analysis of SWOT and PESTLE. |
| Planning | Making the task of the organization, the business as well as objectives or goals of marketing. Planning the policies of marketing to gain the objects Setting up the mix of marketing |
| Implementation | Setting into outcome the policies of marketing that eventually guide to gaining the objects of marketing. |
| Control | Evaluating or analyzing the result of the whole procedure of marketing as well as giving actions to estimate presentation or emergency ideas. Fixing the shortages of an unproductive procedure of marketing |
1.2 The costs and benefits of the marketing orientation for IKEA
The idea of marketing seizes that the main to a profitable or successful company lies in anticipating or identifying the wants or needs of consumers as well as making goods which will please them. Additionally, improving better goods contrasted with their participants (Kotler, 1980). The benefits and costs of the direction of marketing for IKEA are demonstrated as follows.
| Costs | Benefits |
| General costs are probable to be acquiring while investigating the marketplace in explore of consumer preferences or needs. Additionally, the costs of manufacture can also get a tax on the organization. | IKEA will be capable to properly classify possible sections that create the organization’s marketing attempt more resourceful or inexpensive. |
| IKEA may be necessary to guide its salespeople a new who are expensive in cases of money or time. | Sustainable consumer relations as IKEA will give as per the marketplace’s wants or needs as an outcome, the organization will achieve the consumer’s reliability. |
| The staff may be unwilling in accommodating the idea of marketing as it is a standard transfer from what they are familiar to. | The development collaboration between the organizations’ several sections as the idea of marketing needs a group work from the state the R and D section, the superiority, advertising, manufacture sections to make wholesome goods for the marketplace. |
| The orientation of marketing is not perfect for IKEA if it is looking for instant profits or sales. | The organization will be cost-effective in the long term like an outcome of consumer pleasure that guides to helpfulness from the consumers who may extend the good remark on IKEA so maximizing its consumer base. |
| The marketplaces are focus on fresh applicants therefore IKEA will have to spend a lot in encouragement or allocation prices to maintain its aggressive benefit. | IKEA will place out like a participant to consider. |
According to information on the above table, marketing orientation in IKEA has both positive and negative impact on its business. As a positive impact, it helps IKEA to meet customer’s needs and expectations, address customer demand, improve customer loyalty, and frequent shopping and support in gaining competitive advantages. However, marketing orientation costs a lot for IKEA mainly in research and development, increased price tag, and deficiency of predictability.
Task 2: Segmenting, Targeting, and Positioning
2.1 Macro and Micro environmental factors
Macro environmental factors are those outer services that an organization has little or no control over or they indirectly or directly manipulate the organization’s marketing decisions. On the other hand, microenvironmental factors are those that are in the organization’s employment background; those that it has control over as well as directly manipulate its marketing decisions (Palmer & Worthington, 1992). IKEA like any business has micro and macro-environmental factors that direct its marketing decisions. These issues are described as below………
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