Marketing planning Essay

Main characteristics of securities industrying point constitutionThe merchandise is a charge and customer happiness dodging which is foc utilize on the customer satisfaction and it is as well as involved in conglome arrangefunctions like advertisement, promotion, change wares and serve of the strain, fruit planning, and product ripening, mart research and market digest. According to Keller, (2009) trade washstand be trammel forth as the selling hind end be described as the management process which is responsible for realisation, anticipation and satisfaction of customers of the plaque for emergence meliorate profitability of the channel.According to the Philip (2009) the selling evoke be described as the process of managing profitable customer human relation mail by means of retaining retain active customers of the organization and attracting new customers through and through machinateing value for the customers and satisfying their postulate through developing products and services needed by them. Types of organizationsAccording to trade point of view there argon dickens fictitious characters of the organizations, market orient and product orient organizations (B&C, 2010). Product Oriented organizations The focus of the product oriented governing bodys is on the schooling of product and selling these products through the several(predicate) access codees of marketing. Characteristics of marketing oriented geological formation the market oriented companies ar focused towards the satisfaction of needs and demands of the customers through analysing customer needs and consequently developing products and services to satisfy these needs.The customer needs ar identified by these organizations and then(prenominal) the resources ar allocated to meet these needs (Mangold, Faulds, 2009). The market oriented companies strike quartette important features or characteristics which are given below, Shared Values the custome rs are always kept as priority by these types of the organizations and the value is shared stunned with customers by providing them tonus products and services. Organizational Structure the flat type of organizational structure is develop and preferred by these companies as compared to the traditional stock structures.The clear vision is create and turn overd by these organizations for motivation of stakeholders including customers. Strategy the boilersuit line of descent system forms the basis of the marketing strategies and planning of the market oriented companies. The basic goal of the market strategies is to achieve the overall headache goals and objectives of the organization. The more than flexible strategies are developed by these organizations to respond to changing championship environment (Mangold, Faulds, 2009). StakeholdersThe images and values are ex qualifyd by the organization with several(predicate) stakeholders of the organization to develop relationsh ip with the pedigree. From the analysis given it tin house be concluded that Ikea is a market oriented ships company as it has integrate the core characteristics of the market oriented companies (Menon, 2008). Explain the various elements of the marketing creation with reference to the Ikeas marketing activities. The Ikea has implemented various elements and the concepts which can be analysed as 5 Cs and 4 Ps of the marketing and they are given as below, 5 Cs of marketCompany the company described as the vision, mission, purpose and core values of the company which motivates stakeholders of the telephone line (Menon, 2008). Customer the customers are segmented into profitable components of the business. Collaborators These are the stakeholders of the company who overwhelm investors, employees, customers, competitors, community and Government. Competitors This includes analysis of the core competitors of the business, their market position, strengths and weaknesses.Context Context refers to the analysis of the present and future prospects of the organization in the long turn and this is analysed through the internal and outside business environment of the organization. 4Ps of marketing areThe quaternion Ps of the marketing are essential and basic element for the culture of effectual marketing strategies of the business and these can be described as below, Product the product is the victimization of the product or services ground on the customer needs developed to satisfy needs of the customers (Menon, 2008). procession this include determination of how the product will be marketed and enkindled to gain great market share and growth, through various promotional techniques like TV ads, online marketing or sales promotion ( sweetman, 2002). Price hotshot of the of the essence(p) elements of the marketing is the determination of price on which the product will be offered to customers. Place The place is the identification and planning how the product will be placed in the market, through physical stores or the other elements. reveal and critically assess the benefits and costs of marketing approach for Ikea.The marketing approach adopted by the Ikea has different benefits for the business. Ikea has successfullydeveloped business of the organization in UK and Europe and segmented the business of the organization to the office and floor furniture users. The business has developed the marketing strategies to develop and promote business products of the organization for satisfying customer needs through delivering quality products to the customers.The business has developed strategies for telling customer care as a break open of the marketing strategies which is the part of benefits of marketing approach. The long term relations with the customers are developed by the business through in force(p) customer relationship and developing trust in products of the organization. the costs of the ineffective marketing can lead to the failure of the product being offered or little effective response from the customers (Newman, 2002). Task 1.2A) Identify and explain big and little environmental factors which influence marketing decisions of Ikea The business strategies of Ikea are affected by the various internal and external factors of the organization. These factors can be described as the macro-environmental factors and micro-environmental factors. The micro environmental factors of the Ikea are described as below, Micro-environmental Factors these factors include various factors which view direct furbish up on the business strategies of the Ikea and it also jar on the business planning and strategies.The Micro factors impacting the Ikea are given below, Customers the survival of the Ikea is base on the identification and meeting needs, wants and providing the benefits of their customers. the failure to meet the needs of the customers can lead to the failure of the business as the satisfied custom ers are close important for the business (Newman, 2002). Employees the employees are considered as the most important assets of the business and the satisfaction and increment of effective workforce of the business is the most important element for the successful business.Suppliers the increase in the prices of newfangled material and change in the quality of the raw material has direct impact on the marketing mix of the business. The good relationship with the suppliers helps business to develop effective quality of the products offered by Ikea. Shareholders the expectations and relationship of stakeholders of the business has positive and negative impacts on the strategies of the business.Media the innovations and changes in the media can be analysedand the successful adoption of these changes and innovations can positively impact the organizational communication and marketing strategies. Competitors the name of the game in marketing is differentiation. The business can be succ essful through developing competitive advantage as compared to its competitors through developing core competencies of the business. Macro-environmental FactorsThe macro environmental factors are which are beyond the control of the Ikea and these can be opportunities of threats to the business strategies of Ikea. in that location are following macro-environmental factors effecting marketing and business strategies of the Ikea and these can be analysed through PESTEL analysis Political factors the political factors include the rules and regulations of the UK government, which can be minimum wage, or the interest rate regulations. economical factors Economic factors include the inflation rates, or the interest rates which can impact the consumption parents of the customers effecting sales of the organization. kind the UK is highly diversified with the multilingual and multinational people from all over the world. The trends in the kind preferences of the customers can impact the b usiness strategies of Ikea. Technology there are various technological implementations in the market and these are more frequent in the UK market. B) With your understanding of the number on Segmentation, propose segmentation criteria that the organisation can use for two products in different markets.The market segmentation is one of the basic elements for the development of the products of the business in the market and the segmentation refer to the identification of the customers with the interchangeable needs and preferences based on the analysis of the customer needs and get demeanours. The aim of the segmentation is to develop the groups with the same needs and purchase behaviours. For compositors case the sofa set for the foundation users and the business users will be demanded with different needs for the same product for the different market segments.The needs of the home users will be different as compared to the business users and this will also impact the buying b ehaviours if the customers as well. C) Sketch out those factors that influence the extract of targeting schema by the organisation with reference to the financial capability of sponsors Targeting strategyThe targeting strategy is based on the analysis of the target groups based on the market segmentation and then the process and approaches of targeting potential customer segments is developed by the organization to develop market share of the product to be launched by business. The targeting strategy of the Ikea involve various travel which include the development and identification of the effective segment market, choosing appropriate segment for the product and then analysing the product to be offered in a particular market segment.The Ikea has developed the target marketing strategy for developing and offering various products for the different segments instead of the generic marketing. Importance of financial capability of SponsorOne of the important factors poignant the bus iness is the financial capability of the sponsor. The finances are the lifeblood of the business and for all business and marketing strategies the financial resources are considered as the important element to remain competitive in the business.for the success of the business good target market strategy and the financial sponsor ship is essential as these play as the backbone of the business to be more competitive in dynamic changing business environment. D) How does buyers behaviour affects marketing activities in two different buying situations putting into amity The behaviour of the customers towards the product refer to the process of selecting, purchasing and consuming the product by the customers to attain satisfaction. And analysis of these abhors is essential for the business to develop effective strategies and products.There are various factors affecting the buying behaviours of the customers and these can be explained as given below, Cultural factors the most important el ements of the customer buying behaviour is the cultural factors as the buying behaviour of the customers is highly conventional by the culture of the customers.For example the McDonald was failed in India when they introduced beef burger and the organization set about huge losses. neighborly Factors the accessible factors contain the reference groups like the role, view and family. Personal factors the personal factors include the analysis of the age, occupation, income take aims, life styles and the economic placement of the customers. Psychological factor these are also very important factors affecting the buying behaviours of the customers.These factors affect the buying behaviours of the customers ofthe Ikea in different ways which can be in favour of the business and these can go against the organization. the change magnitude income and life standard of the customers may lead to increased sales level of the products of the organization same the families will be buying m ore products of the business as compared to the single. Task 1.3 A) Describe how products are developed By IkeaThere are different steps are involved in the product development strategy of the Ikea for the product development in the market to attain sustainable growth in the business. There are following steps performed by Ikea for the effective product development by the organization, Idea multiplication the product development strategy if Ikea starts with the inclination generation in which the composition regarding the new product is developed and shared, these ideas can be internal or the external.The internal ideas are the innovation by the organization while the external ideas can include the development of product as a vector sum of competitors idea. Idea screening the next step is idea screening which includes the analysis of the market acceptability, impact on satisfaction of the customers, analysis of the demand of the customers and then the laudation of the idea base d on the rate of success of the given idea.Concept development and scrutiny after approval of the idea in screening the next step is to execute the idea into concept and the feasibility of product development is identified in this section, which through the analysis of the skills, abilities and sources required developing the required product. Concept development and Testing the next step is the execution of the idea into product and then the features and quality of the product is tested and analysed.The target markets and customers are identified for the given product. Marketing after development of the product the next important step is to communicate the product in market through using different marketing strategies and marketing tools and techniques. This is analysed through the test marketing. Commercialization the final step is the commercialisation of the developed product to attain sustainable growth and success for the Ikea. B) statistical scattering ManagementThe distr ibution management refer to the process involved from the attainingraw material to the selling and delivering product to customers. The distribution includes the packaging, inventory, supply chain and logistics. The distribution strategies involve how the product will be developed and distributed to the end users in a more efficient way.There are two mediums used by the organizations for the distribution of the products and services of the organization to the final consumer, which include interlocutor and retailers. The Ikea is distributing its products by using wholesale medium of distribution. Wholesale market involves the selling goods and services of the organization direct to the buyers and for this purpose the Ikea has developed its stores in UK and Europe.This leads to the development and distribution of the product at flexible and low price. C) How are prices set to reflect an organisations objectives and marketing conditions? The pricing strategies include the identificati on of the pricing objectives, and then development of the pricing strategies based on these objectives, there are various pricing objectives of Ikea for determination of the price of products to be offered in the market, Financial ObjectivesThe financial objectives include,Profit maximizationMaximizing sales taxImproving cash flows of the businessMarketing ObjectivesIncreasing salesMaintaining and growing market shareBuilding brandD) Show an illustration of how the organisation (Ikea) integrates its promotional activities to achieve its marketing objectives. In recent years, many newspapers and telly channels lost their audience, since traditional print and broadcast media as main promotional tools take hold faced major challenges (Gurevich et al., 2009).Research by Forrester Jennings conducted in 2007 shows that audiences and attention are shifting to online channels, as 52% of Europeans are regularly online at home. Around 36% of European meshwork users watch less television, 28% have reduced their newspaper and magazine reading and 17% have decreased listening to the radio since going online (Palmer and Koenig-Lewis, 2009).Taking into consideration the above facts, we can say that the information revolution (Internet, mobile and social media) is significantly changing traditional marketing campaigns, which can be modify to those new technologies. The significance of social media is shown by a recent playing field which was pointed out that an overwhelming 88% majority of marketers are now using some form of social media to market their business1.The same study, which set out to understand how and why marketers are using social media to grow and to promote their businesses, found that Facebook, Twitter, LinkedIn, and blogs are the top four social media tools used by marketers1. Palmer and Koenig-Lewis (2009) define social media as an online applications, platforms, and media which aim to facilitate interactions, collaborations and the sharing of mean s (p.165).They further point out that the importance of social network media lays in the interaction between the consumers and the community, as well as in the facilitation of asynchronous, immediate, interactive, inexpensive communications (Ibid.). One of the major examples of social media usage by companies is capital of Seychelless Secrets Facebook page with its more than two billion followers. On this page, followers can view videos, photos, take quizzes and print coupons2. In politics, the most significant example of social media use is the United disk operating systems presidential election in 2008.The Barack Obama campaign used such online promotional tools as Facebook, YouTube, Twitter and others3. For the past two years, Facebook has overwhelmingly been pro-Obama virtual territory. Some have attributed Obamas victory to a Facebook effect3. The Ikea has used the social media strategy for the integration of the marketing strategies with the product orientation and the prom otional strategies of the business. Task 2 A) Attempt a suggestion of marketing mixes for two dissimilar segments in consumer markets.For the specialised market entry the company offering products in the consumer markets should develop and focus on the market segmentation and it should develop market segment. The marketing mix is developed by the business after the market segments for the development of the effective market share of the business.For example, a new brand in soft drink Nix Cola can be launched in specific consumer market like 99p or pound land as a established retailer. Once it gets success then it can be launch in different segments and restaurant and coffee shop. It would benefit the organisation from huge marketing costs andwill enhance its brand cleverness in the market. C) Critically explain how and why international marketing differs from interior(prenominal) marketing with reference to Ikea International marketing involves the satisfying the needs and demands of the globose customers.Organisations should consider the values, customs, languages and currencies before doing the international marketing. For example advertising in Nepal and chinaware should use in local languages. The potential market size, degree and type of competition, price, promotional differences, product differences as well as barriers to trade have to be analysed alongside the cost-effectiveness of various types of transport.But for the domestic marketing organisation should consider for the local factors and local needs and demands of the buyer. 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