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Marketing Strategy of IKEA Analysis

   

Added on  2019-10-31

14 Pages2656 Words196 Views
RUNNING HEAD: OPERATING ENVIRONMENT OF IKEA1OPERATING ENVIRONMENT OF IKEAStudent NameInstitute Name

OPERATING ENVIRONMENT OF IKEA2ContentsIntroduction.................................................................................................................................................2Issue 1..........................................................................................................................................................2Brief description of IKEA and furniture industry......................................................................................2Issue 2..........................................................................................................................................................2Five Cs of the IKEA...................................................................................................................................2Issue 3..........................................................................................................................................................2How does the firm collect information about the five Cs?......................................................................2Issue 4..........................................................................................................................................................3Marketing strategy..................................................................................................................................3Issue 5..........................................................................................................................................................3Marketing mix..........................................................................................................................................3Conclusion...................................................................................................................................................3Bibliography.................................................................................................................................................4

OPERATING ENVIRONMENT OF IKEA3IntroductionEvery kind of industry makes an effort to use an efficient and effective strategy for the business that will permit them to stay at a position which is progressive by nature. This strategy holds trueespecially in the international market. In connection to this, the objective of the report is based on presenting a position analysis for the furniture giant like IKEA (Larsson, 2016). The report will discuss in detail about different aspect of IKEA and how the company is functioning in the present time.Issue 1Brief description of IKEA and furniture industryThe company IKEA was founded in 1943. The company started with the idea of selling furniturebased products and when it started getting recognition, the company opened its first store in 1958. In the present time, the company owned more than three hundred stores in more than fortycountries.1 The complete sales revenue is estimated to be more than twenty one billion euro with the assistance of more than one lakhs coworkers. The economic downturn on global platform hasaffected many businesses. IKEA also suffered the brunt of the global downturn and the outcome was the losses of jobs at the organization (Ngai & Falkheimer, 2017). The vision of the company is always aimed at inspiring the consumers and encourages the workforce to accomplish goals. The mission statement of the company is based on communicating the objectives of the company clearly with consumers including all stakeholders.1Grant, R. M. (2016).Contemporary Strategy Analysis Text Only. John Wiley & Sons.

OPERATING ENVIRONMENT OF IKEA4The company has worked hard to present a wide range of product for customers and the company only wants the company to have a good time. The overall brand image of the company is the workforce with the help of hard work and sustaining the brand image for over fifty years worldwide. 2The products they manufacture and tagged the price with huge range of collection based on home furniture and the data provided to the customers (Prange, 2016).Issue 2Five Cs of the IKEACompany The main idea of the company to meet the demand and needs of the consumers with huge range of home furnishing products and for that the consumer must not have any kind of second opinionwhile buying it from some other firm. The customer visits the IKEA store with an expectation ofwide range of products. They also expect good and effective services. The initial stage is when raw material is bought in the company along with all the procedure until the final stage (McNamara et al, 2016).CustomersThe company main target of the company is middle class consumer all across the world. The company has taken extra effort in a stress free shopping experience for the consumers. The complete stores are actually assembled in the form of one circle that allows consumers to have anoutlook about every unit of the store. 3The board market of the company was based on middle class who has a mutual kind procurement attitude (Grant, 2016). With the help of all kind of 2Grant, R. M. (2016).Contemporary Strategy Analysis Text Only. John Wiley & Sons.

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