Marketing Assignment Example | Topics and Well Written Essays - 1750 words - 1

Marketing - Assignment Example The entire process of marketing involves a set of four key principles which are commonly referred to as the 4Ps of marketing, these key principles are place, product, price and promotion. Over time, the concept of 4Ps has gradually been developed to now to the more inclusive 7P’s of marketing. The 7P’s of marketing include the traditional for key principles of product, promotion, place and price, however in addition to these core principles the 7Ps also include the principles of positioning, packaging and people. Before conducting any marketing activities it is quite useful for companies to consider these principles as being a key starting point in carrying out market research. It is important that they establish what exactly are the customer requirements in relation to these principles. Since it was founded in 1943, IKEA has undergone a rapid growth that has seen it grow to now being considered as the world’s most successful mass-market retailer focusing on the sale of house goods and Scandinavian-style home furnishings. IKEA hosts an estimated 410 million shoppers each year across its 276 stores located in 25countries. None of the proposed designs are ever allowed into the company’s catalogue if they are deemed to not be affordable. IKEA’s primary objective it to attempt to create better everyday lives for people around the world while showing concern about both people and the environment. Low prices are considered to be a key attraction of the IKEA concept and this has enabled the company attract more customers who want to buy products from it. To promote its products, IKEA carefully uses a number of modern methods that include internet sales and free home delivery of purchased products (dircon, 2014). Since its establishment by Adnan Sweid, Portakabin Prefab Houses and DÃ ©cor LLC has grown to an extent that its