IKEA Marketing Strategy Analysis

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This assignment requires a comprehensive analysis of IKEA's marketing strategies. Students are tasked with employing SWOT and PEST analyses to evaluate IKEA's strengths, weaknesses, opportunities, threats, political, economic, social, and technological factors. The assignment also delves into consumer behavior and the impact of identity marketing on IKEA's success. Case studies are incorporated to provide real-world examples and deepen understanding.

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MARKETING
ESSENTIALS

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Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1 ..............................................................................................................................................1
LO1..................................................................................................................................................1
P1 Explaining the roles and responsibilities of the marketing function for IKEA ....................1
P2 Explaining the relation of the roles and responsibilities of marketing to wider contexts .....3
Task 2...............................................................................................................................................5
LO2 .................................................................................................................................................5
P3 Marketing mix of IKEA.........................................................................................................5
Task 3 ..............................................................................................................................................8
LO3 .................................................................................................................................................8
P4 Developing and evaluating basic marketing plan..................................................................8
Conclusion.....................................................................................................................................11
References......................................................................................................................................13
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INTRODUCTION
The concept of marketing has been very much misunderstood and undervalued since the
time of inception of the term marketing. The marketing is a very critical step taken between the
service providers and service users who are bridged together in order to get mutually benefit for
both the groups. Marketing requires understanding the consumer psyche and various inherent
traits that can be observed in the market. It also requires the solid background knowledge of the
product that is to be promoted and sold. By undertaking marketing, a company can effectively
increase its revenue along with it helps in enlarging the consumer base that is available to
company. The current assignment is focussed on the marketing capabilities of IKEA, the
European furniture giant and would serve as supportive evidence in understanding the various
roles and responsibilities of marketing, the use of an appropriate marketing mix and way to
develop and evaluate marketing strategies and plans.
Task 1
LO1
P1 Explaining the roles and responsibilities of the marketing function for IKEA
The marketing roles and responsibilities need to be carefully understood as this directly
plays the part in enhancing overall revenue generation process and thus, helps IKEA to enjoy
profitability and sustainability. Marketing team is responsible for conducting functions such as
promotion, advertisements, organising events and publishing related informations. The size of
marketing is subjected to variation depending upon the type of industry and company they are
involved with (Lane, 2016). For a global brand such as IKEA, the marketing team has separate
department which works in collaboration with production and sales department. Hence,
marketing can be considered as the link between the company and their customers.
The senior marketing managers are involved in devising strategies that are in accordance
to the overall company set goals and objectives. These strategies should make attaining these
goals and objectives easier or at least help in identifying ways or methods to make the
proceedings much more smoother. As stated by Passro (2015), the strategy can be focussed
either on single aspect or can actually be taken into consideration of various underlying aspects
of marketing. The office of showcasing achievements proceeding concession with the group of
senior administration before to put efforts in details. These expanded techniques help the
strategies work efficiently to achieve more extensive geological market.
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The research about market is one of the most essential obligations in regards to
showcasing office. Inquiring supports the organisation and helps them in differentiating between
advertising openings and picking up a superior comprehension for the need of client. It also helps
in comprehending the qualities of the rival and their shortcomings so steps can be taken to secure
the business with the clients that already exists or for providing strong competition (Baiers and
et.al., 2015). By contemplating the reports of the industry, the office can conduct its own
examinations, advertise the information on its websites, or by reaching out to the client and
reviewing their prospects of requirements and mental state. Alternatively, a statistical surveying
can be briefed for completion of exploration.
For the growth of new items or enhancement of staff the showcasing office works with
internal or external item advancement groups. The office conducts evaluation on offers of
existing items and finds out holes in items and look for open doors for the organisation. Workers
of showcasing department help the advancement groups by furnishing them with data which are
provided by clients and incline towards helping them in recognising the elements or the
enhancements for combining with new items. According to Ito (2015), later during improvement
the showcasing division handles the setting of costs and arranging the dispatch of the items.
The department of marketing arrange crusades and interchanges materials in order to
elevate the items and administrations to the prospects and clients. Depending on their accessible
plans of spending may organise publicising efforts. Create advertising programs through emails,
contents for the organisation site for short period, arranging official statements for distribution of
the items, for example flyers of items, and leaflets of the organisation, etc. In words of Kim and
Lee (2016). Likewise, introducing advertising plan requires short time/material in bulk business
group as per clients prospects.
In some organisations, promoting officers are assigned with the charge of arranging
events, for example, classes, shows, client friendliness or deal meetings. They Coordinate the
event by booking meeting offices or show corners, for instance, and provide occasion material,
for example, introductions, showcases (Adams, 2016). To guarantee fruitful participation they
elevate outer events to prospects and clients.
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P2 Explaining the relation of the roles and responsibilities of marketing to wider contexts
The contexts that are involved in the organisation is operating environment. These
contexts are present within as well as outside the organisations and thus, understanding them
very crucial. This helps the company to understand its own strengths and weaknesses as well as
various influencing factors present in the market. The internal contexts can be easily identified
using the SWOT analysis while the external factors can be analysed using the PESTLE analysis
(Schlegelmilch, 2016).
Strength Weakness
IKEA conducts an environmental
friendly business.
Have been able to successfully reuse
and sell extras that are generated
during the production phase at lower
prices.
The company is involved in recycling
activities.
The company has a sustainable
developmental approach.
Enjoys high levels of customer
satisfaction.
Have been able to develop and grow
their brand value and brand loyalty.
They provide good value for quality
products.
Problems and obstacles in regional
markets.
In UK, the number of retail stores are
less as compared to customers.
There is reduced footfall and declining
sales figures.
The flagship stores are not placed
appropriately thus failing to attract the
consumers.
The out of town stores are responsible
for declining sales as the consumers
are expected to travel large distances.
Delivery process is hassle as the
packages are quite big in size.
Opportunities Threats
IKEA has been known for its
diversification strategies.
They can effectively tap into the e-
commerce business by developing an
e-portal for increasing the sales of the
Competitive threat from the likes of
TESCO and Wal-Mart.
Unstable global economic situation
Unpredictable family and individual
life cycle.
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products.
The problem of inappropriately placed
stores can be overcome by e-
commerce options.
Cheap and high output manufacturing
locations such as India and China can
be tapped into in order to employ
skilled workforce.
Entering newer market spheres such as
India which is currently growing at a
monstrous pace.
Unavailability of low cost housing
options to the potential customers.
Inability to break the mould in order to
enter lucrative market such as India
and China.
Table 1: SWOT analysis of IKEA
Political The political conditions of a region is very
much influential on the functioning of the
organisations. IKEA has been in business in
countries such as Spain and United Kingdom.
The political conditions of both the countries
have been over the last few decades been
constantly under the lens of marketing
strategists and analysts. The current political
condition of the UK is very volatile due to the
Brexit situation as the country broke free from
the European Union’s referendum and
policies. Thus the country is very much likely
to establish its own trade and market
regulations which can affect the operations of
IKEA in the country.
Economic Let us not lie about the fact that whenever an
economist is questioned about the economic
condition, the general reply is that the
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economy is unstable but has chances to
improve. This will always be the case and the
economic capacities of the countries must be
taken into account before entering these new
markets.
Social The society has changed a lot in the recent
years due to the effects of globalisation. UK
has over the years been host to a vibrant
communities who have ever since become part
of the country’s socio-cultural structure and
thus the changing demographics has brought
about changes in terms of needs and
requirements.
Technological The technological development that is also
one of the effect of globalisation. It has
brought about processes in production phase
which not only minimises the time required
but is also cost effective.
Table 2: PESTLE analysis of IKEA
Task 2
LO2
P3 Marketing mix of IKEA
The IKEA gathering which is an international marketing business offers adornments and
furnitures in North America, Europe, Australia and Asia. The seven P’s of marketing are to be
considered as the most important and beneficial points. They are as listed as follows.
The first and foremost criteria is the price, as only money decides the extent to which a
business can grow and develop. The most essential element in the marketing mix is pricing as it
is the only element in the marketing mix that can generate a turnover for the organisation. Price
should support the various elements of the marketing mix also (Mutum and Gazali, 2014).
Though it is a difficult process, it should reflect the demand and supply relationship. Pricing a
commodity too high or too low could mean loss in sales. Therefore, an organisation should adopt
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number of pricing strategies. The background of estimating for IKEA is price i.e. straightforward
estimation or low costs. There products are not premium priced or extremely cheap. According
to Zentes (2017,), the items are first outlined, then crude materials are sourced followed by
fabrication, then appropriated and sold by retailers, inside this minimal effort system. There is
access of home conveyance but it cost extra to client. The primary business of IKEA is identified
with its retail locations. Large portions of these outlets are in remote areas and there is no profit
from footfall of essential and optional areas.
In marketing mix, the procedure of moving commodities to the customer from the
producer is known as a place. Place is associated with how the product is bought and how it will
be sold. Its combination of suppliers, wholesalers, etc. In today's world, the internet is playing
major role for market (Metodije Ski and et.al., 2016). People are getting towards technology and
finding it easier as product is at their door step by just single click.
Through the utility of right place, the firm can flourish and maintain for over a long
duration. One important activity is correct placement that is imposed for reaching the targeted
people and at the correct time. It basically concentrates on the target place and the target
audience and their relation. The place also plays an important factor in deciding whether the
strategies made will affect the environment. In words of Ismail (2017), the stores are
humongous in size and consist of eateries, sustenance shop, and Swedish market.
Some of these stores even consist of a play-zone. There are more than 300 IKEA stores in
their benefits. Once the shops are set up, it needs to be promoted via various agents. Promotions
plays a crucial role in enhancing one’s business. Special advertising systems are frequently
initially adopted concept and allocated as a large part of an association's promoting arrangement.
Most showcasing arrangements utilise the present or anticipated methodologies for commodities,
the value necessities of those commodities, how you plan on circulating the commodities,
publicizing them and promoting apparatuses (Kataria and Hassan, 2014). An arrangement for
showcasing is simultaneously critical for creating a limited time methodology and helping the
business recognise its market objectively and set an objective that is quantifiable. It is essential to
the achievement of the association that you execute an arrangement for promoting that goes on to
develop and change positively everything that matters.
According to Jonsson (2013), IKEA is one of the biggest furniture retail marks of the
world. The basic idea of the brand is to provide home outfitting items at value costs. Promotion
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through TV, sponsorships, daily paper and magazine publicising, and numerous other different
mechanisms are utilised by the advancement blend to reach the public.
The incorporation of the IKEA kitchen party advert ‘be happy inside' by the last crusades
is a battle. The yellow IKEA logo clearly serves as a reinforce component for the brand (Giunta,
2016). Administrations have an inclination towards being delivered and devoured at the same
time and fragments of the client experience change in order to meet the individualistic needs of
the individual expending it.
A large segment of us can imagine situation where an individual administration of
peoples offering has made or polluted a getaway, visit, or supper eatery. It should be kept in
mind that they purchase from their own liking, so the behaviour, appearance and ability of the
staff should be of top quality. As mentioned by Lim (2016), the individuals play a critical role in
the conveyance of administration and are responsible for it along with it keeping up with value
based advertising for creating huge impact on client relationship. It totally depends on the
customer preference which decide the success of business.
The brand of Ikea is based on solid consumer loyalty and association (Helmefalk and
Helmefalk, 2016). So, by serving these individuals and working with them is key to the business
logic of IKEA. In 2011, an impression was created by its president Mikael Ohlsson in their
yearly report stating out his views for future of business. According to him, numerous ways
could be dispatched to the business, sparing different options to customary lights. He quoted that
their range for the kitchen would provide many shrewd, environment friendly arrangements
which would create taps that were water sparing, machines and some extraordinary that was
capable of sorting family unit.
Ohlson pledged to reduce the effect of host businesses on earth and individuals.
The business was to act capably, assets were to be productively utilised and expenses
would be reduced, he likewise required maintainability to become distinctly more unmistakeable
to the workers and clients (Fennis and Wiebeng, 2017).
Product is the next criteria. IKEA has a huge variety of furnitures for kids, other,
kitchens, and front rooms. Items consist of end and side tables, TV arrangements, DVD
stockpiler's, cabinets, racks, sofas, beds, easy chairs, cowhide, sideboards and numerous number
of other different items. So within these portions, IKEA subdivided again.
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For instance, the kids room contained play accessories, beds, evolving tables, nursing gear
and other things. IKEA has more than 10,000 items in abundance. Services include restaurants,
playrooms, and regions. The next marketing criteria are processed (Berman, 2016). This is the
most important criteria. IKEA manufactures its own furnitures of wooden base and other wood
segment. So, for example, the Ranger Service sawmill is possessed by the business. The client
comes driving to the store and requests an item after choosing it, and after gathering the item is
required to immediately drive it home themselves. This is part of the low valuing duty.
The next criteria is physical evidence. Curiously, IKEA was business that included
maintain-ability very from the get-go in its methodology (Yurev, N.B. and Юрьев, 2014). A
massive portion of the items are recyclable. IKEA has invested in arrangements of extreme
power vitality, for instance, solar power and other energy resources which enhances the
marketing mix. IKEA’s physical proof lies in its expansive. They offer humongous choice
furniture items. As observed by Koniorczyk (2015, p.107), stores have a tendency to be installed
with eateries, parking and present day shows advancements. It also includes various cafeterias
and places for refreshments.
Task 3
Task 3
LO3
P4 Developing and evaluating basic marketing plan
The marketing plan is process which is initiated and concluded by conducting and
evaluating study on the same. Thus, the final stage of developing a marketing plan requires
proper evaluation techniques in order to identify and measure the desirable outcomes that are at
end products of the marketing plan with its focus on the various set targets and objectives that
are formulated during the conception phase of marketing plan. Therefore, according to
Bhattacharjee (2014), by conducting periodic and routine evaluation IKEA can help itself. Along
with its marketing team by focussing on the same provide them freedom to modify and evolve
the exciting plans in order to benefit from the process and also helps in achieving the set
objectives.
IKEA is a furniture giant and has been able to provide the customers with products that
are not only high quality but also directed towards fulfilling the consumer needs. The
organisation has identified certain indicators which helps them to identify their score in terms of
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success ratio and this kind of indicators are very helpful in pushing the company to obtain new
heights (Cieloch, 2017, p.278). These indicators helps the company to understand where they
stand in UK market as knowing current standing can allow them to set higher objectives and cut
back on losses.
The first indicator that the company would be interested in assessing and analysing is the
market share they enjoy in the United Kingdom. By critically investigating the market shares,
IKEA can be able to identify what are reasons that their products are attracting or failing to
attract the consumers. In words of Garau (2015), this kind of observation is very critical for
IKEA as the company is one the leading furniture companies and has enjoyed its position as
market leader when it comes to furniture products in several countries.
The next indicator that IKEA would be interested to observe is the overall sales of
commodities. This indicator is very useful in answering the questions related to the fiscal
objectives and targets that have been set up by the administration and management (Dawn,
2014). IKEA has progressively been able to dip its toe in the UK market and such an
achievement needs to be measured and accounted as they give the company an overview of how
their brand has fared keeping in line with the expectations that have been fostered by the
management. In case the market was volatile and progress was slow, the management can
effectively come up with a modified strategy which would allow the company to lure the
customers by playing with their consumer behaviour.
Everyone understands that brand image and value matters a lot for consumers when they
undertake the buying decisions process. IKEA already enjoys the loyalty of several satisfied
customers who swear on the sales, quality and after sales services of the company. Thus in order
to attract the UK consumers, as stated by Zubiel-Kasprowicz (2016), the brand image and value
of the company is expected to play a crucial role. The positive image of the company not only
helps IKEA to flourish in the countries it exists in but also paves the way for bringing about
newer products to other regions and thus broadens their sales capacity.
Has anyone ever thought why the human race has developed leaps and bounds. The
simple reason is that the normal consumer mentality is such that it gets easily bored and to keep
the consumers on the hook, the companies need to come up with innovative products and
promotional campaigns which helps in establishing a common ground with the perspectives and
the needs of the customers. It will be very difficult for a furniture company to survive if their
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products were all one and the same in terms of design (Wright and Kadir, 2015). The consumers
are more attracted towards individualistic products showcasing uniqueness and innovation which
captures the imagination of the customers.
When swimming in the sea, one must always keep an eye out for the sharks, in marketing
sense this means that a company needs to always keep track of the competitors, their activities
and progress without trespassing the moral and ethical code of conduct. Sometimes even good
marketing analysts in one's own company can fail to decode the signs of impending dangers. By
keeping a close watch on the competitors and their activities IKEA can be able to separate the
fine line between success and failure as the response of these rivals are revealing signs of the
effectiveness of the marketing campaigns.
By being in contact with the sales personnel both directly and indirectly involved in the
marketing plan, IKEA can successfully gauge the effectiveness of the conducted marketing plan.
These sales personnel are a company's foot soldiers who are trained to convince and analyse the
consumers. By asking for their feedback, the company can be able to breakdown the barriers that
exist in correct relay of information from the service provider to the their user. Negative
feedback from these individuals can be worked upon and the situation can be mitigated. In words
of Vahlne and Jonsson (2017), if the salespeople provide with a positive feedback, it means that
the existing marketing plan is working and further modifications can be made on the existing
structure itself. This modified plan will also be subjected to look and evaluation.
One of the major concern of the shareholders is whether their investments are capable of
boring a considerable return. Thus, the indicator of return on investment is very crucial in order
to satisfy the shareholders as well as at the same time gauge the efficiency of the implemented
plans and other financial expenses that are born by the company. The shareholders are mainly
interested in profits and thus, they have every right to scrap a market plan if they are not able to
gain profits on their investments (Sabri, 2015). By undertaking critical analysis of the
investment, IKEA and its shareholders can be able to calculate the overall marketing
performance which indirectly is capable of influencing the marketing activities.
In all this problems, the company cann't make the mistake of forgetting the most
important component of their marketing planning, the consumers (Pace and Schirone, 2014). The
entire company, its marketing plans, strategies and mixture are focussed towards satisfying the
needs of the consumers. Moreover, enhance customer feedback is a very important parameter
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when it comes to check the effectiveness of the marketing plan and mix. Since, these plans and
mixes are customisable and they can thus be modified according to the desire and wishes of the
customers. Without taking in customer response, IKEA can face serious troubles as their
products would not be able to attract the clients as they failed to respect their perspectives and
views.
Everyone needs a partner and IKEA too cannot function without its partners, suppliers
and distributors. These supporting organisations are very necessary for IKEA in order to grow
and sustain in the upcoming times. According to Erderi (2014), the partners are responsible for
enlightening the company for various pros and cons of the implemented marketing plans. They
are the first line in the information relay system as they might be able to understand the impact of
these plans and strategies before the shareholders, employees and competitors do. This maybe
due to the fact that the partners have a platform in which they are more exposed to more
customer interaction and thus, if the partners are not happy can be paraphrased as the
unsatisfactory levels running high among the consumers.
Conclusion
The current assignment is very useful in understanding the importance of marketing
essentials. The case study of IKEA is very helpful as this helps in understanding how the
marketing plans and strategies can be used to overcome the regional obstacles that are faced at
the starting of the expansion phase. Without appropriate marketing planning and inability to
understand the various roles and responsibilities that are underlying aspect of the marketing and
promotional activities. The assignment is also helpful in understanding the 7Ps of marketing
mixture namely people, price, place, product, promotion, process and physical evidences which
are responsible for luring in consumers to buy the advertised and promoted products. Hence, the
development of marketing plans and their evaluation is also very crucial which has also been
discussed in detail so as to how the companies can gauge the performance of their marketing
plans and strategies.
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