IKEA's Market Development and Product Innovation
VerifiedAdded on 2020/10/22
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AI Summary
The assignment discusses IKEA's market development and product innovation strategies, focusing on the company's efforts to understand customer needs and preferences in India. The report explores how IKEA has adapted its business model to meet the requirements of Indian customers, including the implementation of low-cost principles and the reduction of production costs by 80%. Additionally, the assignment examines IKEA's approach to product development, emphasizing the use of DIY (Do-it-Yourself) techniques and innovations in furniture design. The report concludes that IKEA's market development and product innovation strategies have enabled the company to become a leading player in India's fast-growing middle-class market.
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