Various element of the marketing process
There are a number of definitions of marketing that can be found in a variety of literature and discourse. First, marketing can refer to the different ways in which firms interact with the consumers so that they can be able to create relationships that are beneficial to both the firms and the consumers.
The second definition that will be explored is with regards to the fact that marketing is the communication process that allows the firms to be able to pass the value of the products to the different consumers and is very important to the attraction of the different customers. The two definitions have one main similarity in that they all acknowledge the fact that there will be relationships between the firm and the customers (Hill and Jones, 2010).
The marketing through the process of the communication between the firms help in the establishment of the relationships that are being explored in the firm. However, there is a difference that can be noted between the two definitions in terms of the value and the attraction of the customers. The difference come in the view that the first definition just acknowledges that there will be a mutuality of benefits but the later definition clearly states the benefit that will be achieved by each of the individuals. For instance the firms will benefit through the attraction of the customers while the customers will benefit through the value that they will be offered.
The marketing process entails the finding of the unfulfilled needs of the consumers and offering the products that have the ability to satisfy such needs of the customers. IKEA group is a
company that was founded in Sweden in 1943. The company mainly deals in home furnishing and furniture which are sold through their chains of stores. The company specializes in the provision of stylish products while offering them at very affordable rates. First, there is the consideration of the situational analysis which is undertaken with the aim of determining the opportunities that the firm has in fulfilling the needs of the customers; understanding the environment where it operates in as well as the capabilities that it has. The situational analysis of IKEA will be undertaken through the 5C analysis, PEST analysis and the SWOT analysis.
The second process is the marketing strategy development; which makes use of segmentation, targeting and positioning as well as the consideration of the value positioning in the market for instance IKEA’s low cost but high quality furniture products. Also, there is the view with regards to the marketing mix decisions of the firm i.e. the products, the pricing elements, place (distribution) and the promotion that may make use of an integrated marketing communication campaign (Thompson and Martin, 2010).
IKEA just as Samsung considers the elements of the promotion of the products. The final element that is considered is the implementation and the control of the marketing i.e. the adjustments that need to be made when there are changes in the operational environment of the firm.
There are a number of marketing concepts that can be noted. First, there is the sales principle which is also known as the Pareto principle that holds that 80 percent of the sales that are recorded by a firm are realised from 20 percent of the customers of the firm. The idea here is that IKEA will realise 20 percent of sales from the other remaining 80 percent of the customers. Secondly, there is the market segmentation where the portions of the markets that are different