Case Study and Strategic Marketing Plan Review By Professional Marketing Consultancy Group (List Group Members) Table of Contents 1. 0 Executive Summary3 2. 0 IKEA Company Profile4 3. 0 Segmentation Bases Applied by IKEA5 3. 1 Target Market Segments Identified by IKEA5 3. 2 Positioning Strategies Adopted by IKEA5 4. 0 Customer Value Provided by IKEA6 4. 1 Best Product Value Strategies Offered by IKEA6 4. 2 Best Service Value Strategies Offered by IKEA6 4. 3 Best Price Value Strategies Offered by IKEA6 5. 0 Marketing Program Proposal7 5. 1 Product Strategies7 5. 2 Price Strategies7 . 3 Promotional Strategies7 5. 4 Place Strategies7 6. 0 Conclusion8 1. 0 Executive Summary 2. 0 IKEA Company Profile Founded in Sweden in 1943, IKEA is the world’s leading and largest home furnishings retailer, with a fully-integrated supply chain, including its own industrial group. Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, who later became one of the richest people in the world, the company’s name is an acronym comprising the initials of Ingvar Kamprad (the founder’s name), Elmtaryd (the farm where he grew up) and Agunnaryd (his hometown in Smaland, South Sweden).
The company is known for its modern architectural designs on various types of appliances and furniture, often associated with a simplified eco-friendlyinterior design. In addition, the firm is known for the attention it gives to cost control, operational details and continuous product development, allowing it to lower its prices by an average of two to three percent over the decade to 2010, while continuing its global expansion. As of October 2011, IKEA has 332 stores in 38 countries. 3. 0 Segmentation Bases Applied by IKEA
The Essay on Six Strategies for Successful marketing
Six Strategies for Successful Niche Marketing Arun Kaile Long tail marketing is a method to grow sales while reducing the cost per sale by targeted approach, optimizing product supply chain to niche markets. This approach allows them to sidestep the competition in huge open markets. Offering products as per the customer’s preference within their disposal through appropriate distribution will ...
Segmentation Bases Applied by IKEA (demographic, p. 4) According to Strynthal and Tybout (2001), demographic segmentation encompass variables like age …(Ivythesis. com, 2010).
Demographic segmentation that has been adopted by IKEA include females of average age of 38 (Ivythesis. com, 2010).
Geographic Segmentation Psychographic Segmentation Behavioural Segmentation 3. 1 Target Market Segments Identified by IKEA Target Market Segments Identified by IKEA (students, young adults, urban professionals and first- time furniture shoppers, p. 4) 3. Positioning Strategies Adopted by IKEA Positioning Strategies Adopted by IKEA (2nd paragraph, p. 7 – product, services, personnel, channel and image) 4. 0 Customer Value Provided by IKEA 4. 1 Best Product Value Strategies Offered by IKEA Best Product Value Strategies Offered by IKEA in terms of quality, style, affordability, functionality and durability, p. 4) 4. 2 Best Service Value Strategies Offered by IKEA Best Service Value Strategies Offered by IKEA (image of relaxed, informal yet efficient service in store p. 4) 4. 3 Best Price Value Strategies Offered by IKEA . 0 Marketing Program Proposal From the segmentation analysis performed earlier, it is found that IKEA is lacking in their market presence in Asia (thus the marketing team is proposing to target big cities in India – New Delhi, Mumbai, Chennai which is perceive with lots of market potential) and extending new products to a new market niche of higher income and higher educated (more IT savvy) group of young adults who have more spending power. 5. 0 Marketing Program Proposal (Note: extension of material discussed under section 3. 0 and 4. ) 5. 1 Product Strategies – Big cities, real estate is expensive, introduce space spacing, convertible and customised design furniture Product Strategies (new product, diversified product, different packaging etc. ) 5. 2 Price Strategies Dynamic pricing – customised furniture Price Strategies (premium pricing or affordable pricing approach) 5. 3 Promotional Strategies Initial – traditional medium (TV-popular; newspaper) to build initial awareness Mobile app – QR scan; company website; social media – repeated advertising and because IT savvy.
The Essay on Ikea Enntering the Russian Market
The best way to search for viable alternative entry strategies is to watch the mistakes IKEA made and the problems they had by entering the Russian market. But first there are several company related attributes to mention. IKEA is a company which is highly related to their Swedish tradition and origin as this is a basically part of their marketing strategy and corporate identity. Many people are ...
Promotional Strategies (use which media – advertising/sales promotion/personal selling/direct marketing & public relations) 5. 4 Place Strategies IKEA website for India – customization on top of the traditional stores. Place Strategies (where to make the products available, in big cities, near neighbourhoods) 6. 0 Conclusion Conclusion (Highlight important strategies that IKEA must undertake in light of the discussion presented in the report)
