Unit 5 Marketing Essentials Level 4
Introduction
Marketing is a process where exchange of goods and services used to take place for some definite consideration (Mirkena, Duguma, and Sölkner, 2015). It is really important to understand all related concern of the marketing so that essentials could be utilised in better and determined manner. Marketing essential is defined as steps and attribute through which company can sell good quality of products to users.. This project is based on IKEA which is one of a famous furniture retailer in UK. They have appropriate customer base and wants to determine some important aspects of marketing as well. In this project, role of marketing function gets evaluated properly as well as its interrelationship with other functional units also gets evaluated in better manner. Along with this, business needs to utilise marketing mix elements properly so that they will accomplish each and every consideration properly. Although, it will also define basic marketing plan so that things become easy to operate and organise in a deliberative manner.
Task 1
P.1 Key role and responsibility of marketing function of IKEA
Marketing is a process which helps in creating plans and strategies for the firm so that it can sell good quality of items to consumers. Marketing is a process of selling goods to customers. Seller sells goods according to needs and preferences of buyers. Hence, they can earn more profits and enhance the market share. Thus, it can maintain distinct position in minds of all users and in front of all users. Hence, it is easy for firm to expand and diversify the business in many countries. IKEA Company which is a retail firm was founded in 1973. It sells consumer goods, furniture and other home appliances to customers. Thus, it can earn more revenues and can increase market share. Roles and responsibility of marketing function in IKEA are
Identification of need of consumers: Marketing helps in identification of all requirements of the users. Through this, they can create goods according to their demand and thus, company can earn more revenues. For example, IKEA Company after identification of all needs and wants of all consumers can create goods such as home appliances, kitchen items and then sell it to all users. Hence, customers get satisfied and as a result of this, firm can earn more profits.
Exchange of goods: Company can exchange goods and items with customers easily after evaluating their needs and wants. (Babin, and Zikmund, 2015). They can create various goods according to needs and demand of all users (Baker and Saren, 2016). Through this, they can easily sell items to many users. It helps in increasing level of satisfaction of all buyers. As a result, they can increase their revenues and can easily expand their business. Thus, they can maintain good position in the market.
Understand factors in industry: Company has to evaluate different factors such as internal as well as external factors to maintain strong position in market. Internal factors such as needs and demand of employees, managers etc (Stern and Porr, 2017). While external aspects include evaluating political, social, economic, technological, environmental and legal factors. Through monitoring these factors, firm can create necessary plans and policies to create and deliver goods to various users. Hence, they can deliver good quality of goods to users.
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