Assignment Help on Marketing and operations management
Management of marketing and operations are two different business management fields, but they are closely related to each other. Operation deals with organizing, designing, managing and controlling the process of manufacturing goods and services that are performed with the aim of effectively consuming minimum resources to meet optimal customer requirements. Marketing strategy, on the other hand, is a corporate discipline dealing with the realistic marketing techniques and the marketing tools of the company.
Management of different marketing and operation strategies are very important for attaining all aims and objectives of the firm such as time, cost and success of the company. It is necessary for marketing, designing production process and layout of the concerned firm. Marketing and operation management is important for managing different functions of the company from converting input to output. Therefore, students mostly assigned with these types of assignments and seek assignment help or need university assignment help on marketing and operations management.
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In the field of marketing and operations management, our experts get a number of online assignments for help on regular basis. These assignments range from marketing concepts to marketing strategies i.e. market segmentation, positioning strategies etc. or from system of production to the operational efficiency concepts i.e. cost-effective production. One of the assignments done by our experts on marketing and operations management of IKEA are as follows:
IKEA is a Swedish based furniture company, founded in 1943, which has a presence in almost every region of the world. It offers wide range of durable, flexible, reliable and unique household furniture accessories tailored to meet the needs of all age, gender and income groups. IKEA has a network of nearly 355 stores in the world and it was ranked 40 on “Forbes World’s Most Valuable Brand” in 2017 (Tradegecko.com, 2019). Its distinct competitive advantage is due to its leadership in cost and differentiation which it promotes through its targeted marketing strategies. In addition to this it’s efficient and customer friendly operational management is far ahead of its market competitors.
2. IKEA’s Marketing Strategy:
Target Market Segmentation:
The essence of IKEA’s marketing strategy is more targeted than general. IKEA segments its target market at geographic, demographic, psychographic and behavioral level (Jgdb.com, 2019). Firstly, it incorporates the socio-cultural and developmental level of people living in different regions of the world. Secondly, each product’s marketing is tailored according to its targeted age, gender and income groups. Thirdly, it hits the psychological patterns of shopping experience of people across different age and income level groups like some groups prefer innovation to price or vice versa. Lastly, the behavioral choice of people vary across different regions like IKEA’s customers in European region prefer light weight luxury products in comparison to their counterparts in Asian region who prefer durability and longevity. So IKEA combines all these factors in in its wide range of marketing.
IKEA’s Positioning Strategy:
IKEA has exploited all available real and virtual mediums to propagate its positioning strategy which is “Differentiation” (Jgdb.com, 2019). Apart from conventional strategies like advertisements on newspaper and television, website and promotional events, IKEA provides its customers a unique virtual experience through its tailored videos and computer-generated images on its website and Mobile Applications to distinguish the unique lifestyle which its products offers to its consumers (Erkilic, 2019).
Marketing Mix at IKEA:
IKEA’s marketing mix strategy is unique too (Jgdb.com, 2019). Its products catalogue offers wide range of products from most basic to most delicate accessories, specific to different environmental and traditional preferences of people globally, and catering the needs of all income levels which are promoted through all the available promotional mediums.
3. IKEA’s Operational Strategy:
IKEA’s Cost Effective Production and Warehousing:
IKEA’s operational strategy is efficient both at the production and sales level. Its supply chain network ensures that there is no bottleneck to meet its ever changing demand. IKEA’s production incurs low manufacturing cost due to its wide network of suppliers and manufacturers across different regions (Tradegecko.com, 2019). This not only ensures the smooth and steady supply of material but also offers the cheap and durable raw material from the suppliers as it generates competition among suppliers. Similarly its products are easily assembled and disassembled, which saves the transportation cost of the company. This also helps the company to maintain long term inventory and warehouse facility without incurring much cost.
IKEA’s State-of-the-Art Stores:
IKEA offers a real life experience of value- addition in its store which its products are capable of adding in its consumer’s household. This is achieved by showcasing its assembled furniture in its stores. Each IKEA store is uniquely and systematically designed to make it customer friendly. This is the reason IKEA customers spent on average much greater time in its stores in comparison to its competitors. Furthermore, all its products are equipped with self-explanatory catalogues depicting assembling and disassembling procedure, which saves customers time and money. IKEA stores are routinely maintained to make them customer friendly .East store is accompanied with restaurants, play areas, car parking and rent-a-car facility to assist its customers. Its stores have state of the art and efficient packing and payment facilities. All this contributes in the unique and efficient operational management of the company.
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