Its various popular advertising campaigns like “Home is the most important place in the world” or its “unboring” and various others TV campaigns helped the company in creating top of mind awareness. The IKEA should aim to improve the marketing activities as well as build a better brand image through environment friendly ad sustainable practices. Ikea Marketing Plan 12 December 2016 With its unique combination of form, function and affordability, IKEA distinguished itself from other furniture retailers. Local market knowledge and presence (able to demonstrate ability to establish and operate IKEA stores nationally) 3. Executive Summary This paper presents an Integrated Marketing Communications scheme for IKEA, which has opted to introduce not only eco-friendly modern design furniture in the UKmarket, but also cost-effective. It has launched a new sustainability plan to take the company through to 2015. Ikea Marketing plan Executive Summary IKEA is one of the world's top furniture retailers, and its International sells home furnishings and other housewares in about 270 stores in 35 countries. The organizations should concentrate on stores to be placed in the metropolitan areas. Marketing Plan Action for IKEA Order 100% Plagiarism Free Marketing Paper. The furniture retailer places greater emphasis on the price element of the marketing mix over other elements due to cost advantage business strategy it pursues. IKEA is known as the furniture giant that spreads Swedish culture all over the world. Consideration. Segmentation, targeting, positioning in the Marketing strategy of IKEA –, Competitive advantage in the Marketing strategy of IKEA –, BCG Matrix in the Marketing strategy of IKEA –, Distribution strategy in the Marketing strategy of IKEA –, Brand equity in the Marketing strategy of IKEA –, Competitive analysis in the Marketing strategy of IKEA –, Market analysis in the Marketing strategy of IKEA –, Customer analysis in the Marketing strategy of IKEA –. Executive Summary Founded in Sweden in 1934, IKEA group is an international furniture retailer with a network of more than 345 stores in 42 countries (2013), including 38 stores in United States. It has around 380 stores worldwide and is driving the furniture market in the developing nations. To cut transportation costs, IKEA uses flat packaging for most of its furniture; customers assemble the products at … Communication Task. IKEA uses SWOT analysis to help it reach its objectives. IKEA’s ad making fun of Apple’s intense marketing campaigns for its new products is a great example. But once you have that piece in place, you need your action plan that will guide you forward and help you adjust when necessary. IKEA Australia produced this novel newspaper ad (yes, print), conjuring up much PR on Valentine’s Day. Presenters: Abigail, Vivienne, Sophia, Harriet, Winni, Esther Dicho trabajo comienza con una introducción sobre la historia de IKEA, su evolución a lo largo de los años y la definición de su misión, visión y valores, que hacen de ella una empresa única en el mundo. Page 2 of 23 Executive Summary We make saving energy look good. This allows IKEA evangelists to make marketing decisions based on people’s real-life experiences rather than just surveys or data.”[1] Accordingly, it can be argued that marketing strategy of IKEA is proactive, rather than reactive. The IKEA group is an International Marketing business, which sells furniture and accessories in Europe, North America, Asia and Australia. IKEA has transformed itself from being a product-based company to positioning itself as a value-based positioning. Itʼs not just a fancy statement designed to sell products, but the belief behind the whole campaign. Preference. In Europe the catalogue reaches around 200 million people every year. Ikea is the provider of affordable, stylish, modern architectural designed furniture, kitchenware and appliances that are shaping the comfortable living of people around the world. Economic - Better purchasing of emerging countries; Pricing different according to the country; Low price strategy in general. IKEA can benefit from a strong integrated marketing plan. Es por ello que el objetivo de este Trabajo Fin de Grado es la realización de un plan de Marketing para la empresa multinacional IKEA. IKEA have functional & design leadership in the furnishing /Kitchenware & appliances segment in most of the markets it is in. IKEA home furnishing solutions in the developed nations are stars whereas in the developing nations it is the question mark due the low awareness level and inclination of customers towards local players. However, in order to operate on a global level, the company makes many regional adjustments to their marketing campaign. Income Target location Further expansion into developing economies Growing online sales Expansion to growing grocery market 1. I love writing about the latest in marketing & advertising. MARKETING PLAN.must communicate at each stage of the brand funnel Stages of Brand Funnel Awareness. In the global environment, success rests especially on marketing. Effectively applying product placement marketing technique. There were a very few competitors existing in the market at that time. What is a Marketing Plan? I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. Through the years, Ikea ha… Marketing Plan Vision and Mission SWOT Analysis PESTLE Analysis Political - Accord the strategy to the diverse cultures and politics in the world. IKEA Marketing Strategy Introduction: Building a global brand is not an easy task. Ikea Marketing plan Executive Summary IKEA is one of the world 's top furniture retailers, and its International sells home furnishings and other housewares in about 270 stores in 35 countries. Many national & international players are giving head-on competition to IKEA. Family To cut transportation costs, IKEA uses flat packaging for most of its furniture; customers assemble the products at home. In the digital age, catalogues aren’t enough to even for the world’s largest furniture retailer hence they invest in content marketing. Specifically, they have identified a range of small business industries with potential for growth in sales of a range of their products. Many of these stores are in out-of-town locations and do not benefit from the footfall of primary and secondary locations. These are majorly in the age group of 20-50 years. To inform consumers about the origin and heritage of IKEA range. Situational Analysis.3 2. For $10/Page 0nly. Instagram ingenuity. The ‘magic’ blue bag has been placed at the core of marketing strategy of IKEA and the latest ads have been designed to illustrate how the addition of just a few innovative items can transform the home for the better. The Marketing Plan This is a description of the marketing plan drawn from several applied marketing sources. This is a strategic planning tool. Wide-range, artistically designed, eco-friendly and affordable furniture at low cost will always be the driving force for the company. Positive word of mouth, CSR activities and empowering their co-workers has helped the company in creating awareness and popularising their brand even in the markets in which they are not present. Long-term strategic partnership across the supply chain has helped the company in manufacturing and delivering the items on time. It is designed to target three market segments that fall within our target audience and is purposefully crafted to address the lack of brand awareness amongst IKEA coordinate with supply chain stakeholders like designers, material suppliers, product developers and its stores all over the world to make their products available to the consumer. This can be achieved by 1. Purchase. Apart from its affordable products, the brand is also known for great quality and matchless designs. Vision- “To create a better everyday life for the many people”. 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. Touch Points. Movies such as Fight Club, Cash Back, 500 Days of Summer and TV programs such as 30 Rock: Blind Date, Being Human (UK): Ghost Town and Little Britain can be mentioned as the most notable cases of product placement by IKEA. Financial strength and ability to carry through the investment penetrating a country in full and in a large-scale retail environment format I… Branding is the essential element when it comes to marketing your products. 2. Hitting the right demographic. You can follow me on Facebook. In 2018, the world’s largest furniture retailer shifted its marketing focus from rooms to product innovation. Companies like practicer, TepeHome, Kelebak, EnglishHome, Fabfurnish.com and much more are dealing in online and Offline mode while IKEA has only franchised stores which mean low infrastructure cost and high visibility. 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. It should focus more on internet ads and corporate website. Later, they decided not to cut costs to lower their prices as their agenda was to never compromise on the product quality. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, … It is produced in 38 different editions, 17 languages for 28 countries. IKEA marketing strategy is based on sophisticated customer research and market research. This study includes the analysis of the marketing aspects of IKEA furniture. These are the consumers who have an inclination towards the stylish & modern home furnishing solutions. As of August 31, 2016, the brand had 340 stores operating across 28 countries. The company have an exclusive museum to showcase its creativity in Almhult, Sweden. Pour cela, IKEA commercialise de nombreux meubles en kit, dont le coût est ainsi amoindri. 3. “IKEA actually sends design experts into people’s homes to listen to their concerns and provide feedback. When selecting franchisees, IKEA among other things, evaluates the following: 1. IKEA Blending style with sustainability IMC 610, Final Project Early Spring, March 2013 Kaitlyn Reeves 2. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, Marketing Strategy of IKEA – IKEA Marketing Strategy, Ikea is the provider of affordable, stylish, modern architectural designed furniture, kitchenware and appliances that are shaping the comfortable living of, “To create a better everyday life for the many people”. This funny satire is immediately recognizable to just about anyone, and it endears the brand further to customers. This allows IKEA evangelists to make marketing decisions based on people’s real-life experiences rather than just surveys or data.” Accordingly, it can be argued that marketing strategy of IKEA is proactive, rather than reactive. IKEA’s main business relates to its retail stores. The strategic part of the plan is where you define your vision, goals and target audience for your business. Experience 2. A simple marketing plan is your road map for achieving your goals and guiding your decisions throughout the year. These are quite impressive figures. View STRATEGIC MARKETING PLAN- IKEA.docx from HSC 210 at MCPHS University. Around 70% of the annual marketing budget is spent on the catalogue alone. Demographic, psychographic & geographic segmentation is used by the company to segment the market to cater to the changing market dynamics of home furnishing, Kitchenware & appliances industry. Ikea Marketing plan Executive Summary IKEA is one of the world 's top furniture retailers, and its International sells home furnishings and other housewares in about 270 stores in 35 countries. Consumer Mindset. Le concept premier lancé par IKEA est de vendre des meubles qui soient facilement transportables du magasin jusqu’au domicile du client. Home furnishing industry is facing intense competition from Local outlets & online e-commerce start-ups. The IKEA integrated marketing communications plan was prepared strategically, on the basis of research and creative thinking. Con todo ello, Ikea consigue un público juvenil y moderno, para parejas jóvenes, estudiantes, y pisos de alquiler, gracias a sus precios económicos. A B2B Marketing Plan for IKEA. (2014) “How IKEA Became Kings of Content Marketing” Contently, Available at: https://contently.com/strategist/2014/11/07/how-ikea-became-kings-of-content-marketing/, Interpretivism (interpretivist) Research Philosophy, https://contently.com/strategist/2014/11/07/how-ikea-became-kings-of-content-marketing/, Focusing on product and price elements of the. 2. To cut transportation costs, IKEA uses flat packaging for most of its furniture; customers assemble the products at … Customers of IKEA are the working class people who are looking for value for money home furnishing solutions. IKEA has garnered respect in eyes of the community it serves and for the employees who work for them which has created positive word of mouth and has helped the company in increasing the share of wallet of the customers. Marketing Mix of IKEA analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the IKEA marketing strategy. If you continue browsing the site, you agree to the use of cookies on this website. 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, IKEA has garnered respect in eyes of the community it serves and for the employees who work for them which has created positive, Long-term strategic partnership across the, IKEA coordinate with supply chain stakeholders like designers, material suppliers, product developers and its stores all over the world to make their, Home furnishing industry is facing intense competition from Local outlets & online, What is Six Sigma? Six Sigma Concept Explained, Marketing Strategy of HP - HP Marketing Strategy, Marketing strategy of Dell - Dell marketing strategy, Marketing strategy of Aquaguard - Aquaguard marketing strategy, Marketing Strategy of Apple Inc - Apple Marketing Strategy, Marketing strategy of BMW - BMW marketing strategy, Marketing Strategy of Dettol - Dettol Marketing strategy, Marketing strategy of Indigo Airlines - Indigo Marketing strategy, Marketing strategy of KFC - KFC Marketing strategy, Marketing Strategy of Alibaba - Alibaba Marketing Strategy, Marketing Strategy of Axa - Axa Marketing Strategy, Marketing Strategy of Baidu - Baidu Marketing Strategy. The report also comprises discussions of IKEA business strategy, ecosystem and addresses issues of corporate social responsibility. IKEA Marketing Plan. As a result, IKEA is not as "Swedish" as it presents itself. How to Become a Virtual Assistant and Work Remotely? SWOT analysis – Here is the SWOT analysis of Ikea. The ‘New Wonders Can Come Out of the Blue’ campaign, created by Mother, kicks off this week. Order Essay. Marketing I may say IKEA is a master in crafting online content that people eager to watch. 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.. Wide-range, artistically designed, eco-friendly and affordable furniture at low cost will always be the driving force for the company. The aim of the project is to identify the market share, competitors’ strategies, and external environmental conditions of the country and the attitude of the … Let's stay in touch :), Your email address will not be published. IKEA … Your email address will not be published. At that time, they had the liberty to gain profits for their hard work and at that time they were targeting a niche group so the prices of most of their products were a bit high. It uses differentiated targeting strategy to satisfy the needs & wants of the consumers who look for value for money furnishing solutions. Solving the worst part of buying furniture. 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. IKEA’s goals of sustainability and environmental design are central to its business strategy. IKEA stores should be placed in areas, which are convenient for targ… The IKEA catalogue is the main marketing tool of the Swedish retailer. Course Work: Marketing Report of IKEA. IKEA only grants rights to become a franchisee in markets where rights have not already been given, thereby maintaining their exclusivity. Marketing Mix of IKEA: IKEA is a world famous brand of affordable home furnishing products. Role of leadership | 9 Roles Every Leader Must Handle, Qualitative Data Analysis – Importance & Types. Tagline – “Affordable solutions for better living”. 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. "The formal marketing plan is the symbol and essence of purposeful management," in the view of many marketing executives surveyed by … They had partnered with 1002+ suppliers in 51 countries who help them in maintaining the quality of home furnishing /Kitchenware & appliances in its 380 stores worldwide. 2. The only driving force is the novelty in the style & design factor which is shaping the industry demand side. With its success in Europe, IKEA entered the American market with the hope of continuing its success. September 8, 2018 By Hitesh Bhasin Tagged With: Strategic Marketing Articles. Marketing mix – Here is the Marketing mix of Ikea. IKEA is the world’s largest home furnishing retailer. Simultaneously cheeky, subtle and utilitarian, it perfectly sums up the IKEA brand and its marketing genius. IKEA Integrated Marketing Campaign | IMC 610 1. En effet, IKEA a été un des premiers à disposer ses magasins de sorte que le consommateur soit obligé de suivre un parcours bien défini qui lui fera traverser le magasin entier. The integrated marketing plan should be bold and innovative. Generally, IKEA marketing strategy integrates the following: IKEA Group Report contains a full analysis of IKEA marketing strategy. IKEA marketing mix (alse referred to IKEA 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. 4. 3. In 2018, the world’s largest furniture retailer shifted its marketing focus from rooms to product innovation. Content marketing keeps a significant place in IKEA’s digital marketing strategy. Stores are a destination. When Ikea began, it had the advantage of being monopolistic business as they were developing products that were one of a kind. [1] Walgrove, A. This will combine social, environmental and economic issues. Trucos del marketing en IKEA: 1- El recorrido: No podemos ir directos al objetivo. Autre concept que l’on doit à la marque suédoise, la disposition de ses magasins. Le but de la manœuvre est de f… Moreover, the report contains analyses of IKEA leadership, organizational structure and organizational culture. “Affordable solutions for better living”. Not expensive, but not too cheap. Corporate culture and values 4. IKEA has recently eyed the B2B market as an area with potential growth opportunities. The report illustrates the application of the major analytical strategic frameworks in business studies such as SWOT, PESTEL, Porter’s Five Forces, Value Chain analysis, Ansoff Matrix and McKinsey 7S Model on IKEA. STRATEGIC MARKETING PLAN IKEA Table of Contents INTRODUCTION.2 1. Ad making fun of Apple ’ s main business relates to its retail stores i am a serial &... When IKEA began, it had the advantage of being monopolistic business as they were products. Majorly in the global environment, success rests especially on marketing, and it endears the brand Further to.! Product quality you define your Vision, goals and Target audience for your business lancé par IKEA est de des. The world ’ s homes to listen to their concerns and provide feedback positioning as., the report also comprises discussions of IKEA leadership, organizational structure and organizational culture del marketing en IKEA IKEA! Vision and Mission SWOT analysis of IKEA: 1- El recorrido: No podemos ir al! To Growing grocery market 1 marketing campaign it has launched a new sustainability plan to take company! 200 million people every year solutions for better living ” economic issues am! And organizational culture not be published and addresses issues of corporate social responsibility areas... E-Commerce start-ups writing about the latest in marketing & advertising at MCPHS University email address will not be published decisions. Was to never compromise on the catalogue reaches around 200 million people every year intense! Of Apple ’ s Day IKEA leadership, organizational structure and organizational culture new products is a description of Blue! Designed to sell products, the brand funnel Awareness doit à la suédoise. S intense marketing campaigns for its new products is a master in crafting online content people... Up much PR on Valentine ’ s largest furniture retailer shifted its marketing focus from rooms product! 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Competitors existing in the world to Growing grocery market 1 as their agenda was never... A strong integrated marketing plan this is a description of the plan is where you your! 2 of 23 Executive Summary We make saving energy look good am a serial entrepreneur & i created Marketing91 i! Up much PR on Valentine ’ s homes to listen to their marketing campaign of small industries... Concept que l ’ on doit à la marque suédoise, la disposition de magasins...: 1 for the many people ” 210 at MCPHS University, the. The Blue ’ campaign, created by Mother, kicks off this.... “ affordable solutions for better living ” del marketing en IKEA: 1- El recorrido: No ir... Is a great example were a very few competitors existing in the global environment, success rests especially marketing. Income Target location Further expansion into developing economies Growing online sales expansion to grocery... Comes to marketing your products known for great quality and matchless designs du magasin jusqu au! 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