As with any successful integrated marketing communications plan, ikea will need to implement multiple waves of communication media to encompass all aspects. This allows ikea evangelists to make marketing decisions based on peoples reallife experiences rather than just surveys or data. At face value ikea is a household name, popular within culture, and with a long record of creative marketing. Ikea group report contains a full analysis of ikea business strategy. Putting ikeas digital strategy together with no leftover. Ikea is known as the furniture giant that spreads swedish culture all over the world. It studies international business level strategy and the three international corporate level strategies. Sales what you can learn from ikea about changing customer preferences yes, price still matters. In most markets, the company uses its product catalogue as a major marketing tool. Ikea arrived in australia in 1975 and first ikea shop opened in sydney. Ikea is also famous for offering identical items in all countries.
Ikeas unique digital marketing strategy nicholas dessy. Style warehouse club mix and match display in order retail business for one. Psychology of pricing is the price ending in 9, referent pricing and price discount. Ikea marketingconsumer b ehavior objectives from 2006 to 2007 in u. Ikea will stand as a good example, as it fills all the requirements of a perfect retail brand strategy.
The report begins by providing a background into ikea. The new wonders can come out of the blue campaign, created by mother, kicks off this week. But convenience and choice are becoming increasingly important to. It is produced in 38 different editions, 17 languages for 28 countries. If you continue browsing the site, you agree to the use of cookies on this website. Ikea is a brand that sells furniture all around the world. Ethical branding and ethical market make the brand famous and increases the reputation of the company brand choices are done by keeping various specifications in mind and there are traditional large scale retailers or modern apparels. This marketing plan focus on identifying key target segments in. What you can learn from ikea about changing customer preferences. Lindsay churchman matthew holland jamie krebs eveline man chris manellis chelsea slade due date. The ikea vision, business idea and market positioning statem ent provide a framework for all ikea marketing communication worldwide. The proposed strategy is a blend of utilizing global media communication tools with an aim to position ikea within the indian market which has a large consumer base but also posses immense cultural diversity and hence a blend of strategic plan is anticipated to attain the desired results of expanding the operations of ikea, though in a. In assessing ikea, we will examine the brand, its competitors, the brands effectiveness, brand strategy and customer views. Now 70 years later the brand is still deliver those promises, and have.
A case study on ikea giving a brief description of its marketing strategy slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It is a brand that has broadly differentiated and has not depended upon a solitary classification of items or administrations for its extension. Ikea marketing mix 4ps ikea marketing strategy mba. Setting the right service concept makes a great contribution for ikea to enter a unique market place successfully. However, in order to operate on a global level, the company makes many regional adjustments to their marketing campaign. However, in creating low prices ikea is not willing to sacrifice its principles. While excellent product quality and affordable prices can be good for penetrating new markets, the way a brand is marketed decides its fortune in the long term. Ikea is a profitable company and a global leader in the furniture industry. The thesis describes ikeas current position and strategy within design, marketing and branding, which are all closely connected to cheap production, raw.
Ikea marketing strategy from an adaptation and standardization. Ikea marketing strategy presentaion linkedin slideshare. The ikea catalogue is the main marketing tool of the swedish retailer. Sep 17, 2018 marketing mix of ikea understanding 4ps of marketing mix of ikea a swedishfounded multinational group, ikea is the worlds largest furniture retailer that designs and sells readytoassemble furniture, kitchen appliances and home accessories. Ikeas main corporate strategy focuses on offering customers low priced contemporary designed, functional. Ikea case study business model everybody knows that ikea offers the products at a very lower price than any retail shop. Firsthand discovery has been the springboard for ikeas branding and digital strategy. Ikea communication strategy in the global environment. Ikeas global marketing strategy 1106 words 123 help me. Companies like practicer, tepehome, kelebak, englishhome, and much more are dealing in online and offline mode while ikea has only franchised stores which mean low infrastructure cost and high visibility. Why did ikea become so popular on a global mass scale. As the economist notes, ikea is used to people who are willing to spend time on assembly in return for low prices. For instance, the diy ikea manuals are a big part of the brands image.
Ikea is a world famous brand of affordable home furnishing products. These four key practices have equipped ikea to become the next digital authority. Ikea should firstly select the marketlocation in the areas with lower cultural distance and high level of gdp and gdp per capital, and then graduallyexpand in to the areas with relatively higher cultural distance and relatively. The report illustrates the application of the major analytical strategic frameworks in business studies such as swot, pestel, porters five forces, value chain analysis, ansoff matrix and mckinsey 7s model on ikea. This led to the development of an environmental action plan. Ikea actually sends design experts into peoples homes to listen to their concerns and provide feedback. But as youll see, ikeas content marketing efforts go far beyond its catalog. China as a country who has themost population on the world is never lack of purchasing power. Ikea marketing entry strategy in china diva portal. Ikea hacking a case study on design, marketing and branding. The series follows a fictional version of creator and. Marketing mix of ikea 4ps of marketing mix of ikea.
Ikea case study history of ikea ikea business model. The company has launched a new viability project which will take it through the year of 2015. Ikeas marketing strategies in sweden, the uk and china article pdf available in journal of retailing and consumer services 183. Jan 27, 2017 tools which assemble ikeas international strategy.
After getting its start in 1943, ingvar kampard was determined to develop and deliver not only quality products to his customers but at low costs. How ikea adapted its strategies to expand and become. Ikea marketing strategy is based on sophisticated customer research and market research. Nov 02, 2019 ikea group report contains a full analysis of ikea business strategy. This plan will take into consideration socioeconomic and environmental issues. Ikea, in order to achieve its goal, uses the swot analysis. Since it operates on a global stage, ikea needs a platform that. Competitive advantage in the marketing strategy of ikea coordinating with designers across the world and testing their ideas so as to provide the growing home furnishing needs is one of the biggest advantages that ikea has over other players in the markets widerange, artistically designed, ecofriendly and affordable furniture at low cost will always be the driving force for the company. The report illustrates the application of the major analytical strategic frameworks in business studies such as swot, pestel, porters five forces, value chain analysis, ansoff matrix and. Therefore, a reasonable marketing strategyshould be analyzed to help the expansion of ikea in chinese market. Ikea is a swedish furniture giant founded by ingvar kamprad.
Ikea shifts marketing strategy to focus on product innovation. Swot analysis, goals and objectives, creative brief, strategy and execution, media and public relations strategies, objectives and tactics, and both direct marketing and. How ikea became kings of content marketing contently. Nov 17, 2019 ikea marketing strategy is based on sophisticated customer research and market research. Aug 09, 2014 a case study on ikea giving a brief description of its marketing strategy slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Swot analysis, goals and objectives, creative brief, strategy and execution, media and public relations. In china, however, the catalogue provided opportunities for. February 17, 2011 mrk428ms internal environment ikea current marketing goal and objective the ikea vision is to create a better life for many people who. Competitive advantage in the marketing strategy of ikea coordinating with designers across the world and testing their ideas so as to provide the growing home furnishing needs is one of the biggest advantages that ikea has over other players in the markets widerange, artistically designed, ecofriendly and affordable furniture at low cost will always be the. Lastly, the marketing mix and strategies adopted by ikea on how they make use of their 4ps to determine the product strategy for spacesaving furniture and unique designs, place strategy that lacking of presence in a particular country of ikea, price strategy that features in organizing promotional sales discount to induce customer to clear old stocks and the last p refers to the promotion. Apart from its affordable products, the brand is also known for great quality and matchless designs. Pdf ikea is often cited as an example of a global retailer which pursues a. In europe the catalogue reaches around 200 million people every year.
This popular furniture retailer has customized its marketing efforts for a new generation through a cohesive and forwardthinking digital strategy. Marketing mix of ikea understanding 4ps of marketing mix of ikea a swedishfounded multinational group, ikea is the worlds largest furniture retailer that designs and sells readytoassemble furniture, kitchen appliances and home accessories. The 3 second analysis will be the marketing mix strategy, that marketers must manager so. Marketing mix of ikea analyses the brandcompany which covers 4ps product, price, place, promotion and explains the ikea marketing strategy. Ikea s objectives are focused to its marketing strategy. In this blog, well talk about ikea case studybusiness model as the swedish furniture company opened its first retail store in india.
Jan 25, 2020 the marketing mix of ikea discusses the 4ps of one of the largest furniture and home equipments manufacturer in the world. Around 70% of the annual marketing budget is spent on the catalogue alone. I have analysis the problems and give recommendations. As a result, ikea is not as swedish as it presents itself. To meet this vision ikea provides many well fun many people as possible can afford to buy them. Ikea shifts marketing strategy to focus on product. Ikeas global marketing strategy linkedin slideshare. The research purpose of this thesis is to analyze a reasonable marketing entry strategy of ikea for the furtherexpansion in chinese market. Mar6815 ikea marketing plan by matthew rodgers issuu. Apr 19, 2020 marketing mix of ikea analyses the brandcompany which covers 4ps product, price, place, promotion and explains the ikea marketing strategy. Ikea is facing numbers of problems in their marketing strategies and the study of consumer behavior in their home furnishing products markets.
One of the reasons why ikea gets successful is because they take advantage of price strategy, especially in consumers psychology. Ikeas objectives are focused to its marketing strategy. Pdf standardized marketing strategies in retailing. Ikea is shifing its marketing strategy, moving away from its traditional focus on rooms to instead put the spotlight on product innovation and showcase how the addition of just a few new things can transform the home. Secret behind ikeas pricing strategy t1 2016 mpk732.
February 17, 2011 mrk428ms internal environment ikea current marketing goal and objective the ikea vision is to create a better life for many people who purchase their products. What you can learn from ikea about changing customer. Since it operates on a global stage, ikea needs a platform that has the power to reach anywhere in the world. As of august 31, 2016, the brand had 340 stores operating across 28 countries.
But theres a new breed of customer whod rather not spend. Easy to assemble the branded web series is all the rage today, but ikea was far ahead of the game in 2008 with easy to assemble, which ran for four seasons plus a spinoff musical venture and won two streamy awards and webby awards each. Internal and external factors analysis of ikea student. Ikeas international expansion munich personal repec archive. Summarizing ikea marketing entry strategy in china is a gradual process. Diy renovation materials cheap, unique, designed furniture. Ikea should firstly select the market location in the areas with lower cultural distance and high level of gdp and gdp per capital, and then gradually. But not just a print catalogue, also the ikea online catalogue. Lastly, the marketing mix and strategies adopted by ikea on how they make use of their 4ps to determine the product strategy for spacesaving furniture and unique designs, place strategy that lacking of presence in a particular country of ikea, price strategy that features in organizing promotional sales discount to induce customer to clear old stocks and the last p refers to the. Marketing strategy of ikea ikea marketing strategy. Ikea s marketing strategies in sweden, the uk and china article pdf available in journal of retailing and consumer services 183.
771 71 169 874 145 943 410 811 1081 1491 707 564 691 1121 49 1201 505 1521 782 120 32 1081 944 64 1257 1239 873 1039 1196 1357 266 984 904 1197 1194 309 1462 571 607 342 1380 1313