Marketing Principles Essay Example | Topics and Well Written Essays - 2750 words - 1

Marketing Principles - Essay Example ncepts of IKEA, it has been apparently observed that the company has been fundamentally implementing the core marketing concepts of market driving and strong supplier base relationship approaches. From the perspective of market driving approach, the company focuses upon altering the existing circumstances of its overall business environment in several ways. Commonly, the ways include developing the exclusive internal business procedures, effectively shaping the structure of the target market creating strong influences on the industry structure and most importantly, offering products and/or services to the customers with innovative value propositions. For instance, with regard to strong supplier base relationship approach, the company was able to successfully identify the requirements of forming as well as maintaining strong interrelation with its different suppliers with the purpose of competing with the chief business market players and subsequently increasing the customer base in i ts targeted market (Tarnovskaya & et. al., n.d.). The different elements of marketing process of IKEA have been identified as offering inclusive product ranges along with attaining competitive pricing benefits through the effective utilisation of its valuable resources. In relation to analyse one of the imperative constituents of marketing procedure of IKEA, it can be observed that the company largely focuses upon producing better design and quality products at low prices. With regard to the effective utilisation of the available resources as another imperative element of its marketing process, IKEA emphasises upon maximising its required raw materials to satisfy the needs as well as the preferences of the customers by a greater extent (Inter IKEA Systems B.V., 2012). It is worth mentioning in this context that the company has earned a significant amount of revenue as well as attained huge business growth due to its effectual adoption as well as implementation of core marketing