Basic Marketing Analysis For Ikea

2190 words - 9 pages

About IKEA's 7Ps, strategic marketing, consumer behavior and branding! ! ! The main concept of IKEA is to offer a wide range of household goods which are beautiful and practical at an affordable price for anyone.From the early days, IKEA already decide to stay with the largest group of customer in the market of household goods. Which means IKEA have to meet the demand for people who want to improve their living environment and create a better home. They all have different needs, tastes, dreams, and the pursuit of money. For these demands, IKEA focus on household goods which is attractive, durable and at low price range. At western countries, IKEA locate itself as provider of household goods for the general public. IKEA have three key factors, reasonable price, new styles of furniture and good service. Because of these characteristics, IKEA is welcomed by the majority of Med-Low income families. In China, market orientation of IKEA made some adjustments. Because although China's market is very wide, level of consumption is low generally. The fierce competition between local cheap furniture manufacturers is close to saturation, and there are only few people interested in foreign expensive furnitures which already existed in the market. Therefore IKEA set their sights to the bigger cities which have more affluent class relatively. The market position in China is for the office workers who want to buy luxuries but cannot afford for the expensive price. This is a very clever and accurate positioning and gets fairly good results. But why this works in China? There are several reasons. First, IKEA is a global brand, which meets the psychological needs of office workers in China. Second, it is full of exotic culture in every corner of IKEA stores and operational concepts. Third, all IKEA products are assembled by the customers themselves with complimentary promotion literatures. These already catch a lot of eyes from the classes of intellectuals and office workers. Coupled with relatively good quality of products, helps IKEA attract more new customers. At the same time, stabilize their fixed repeat customers. Beside from these, because there are also huge demand of household goods for children, and this area of competition is not that intense. IKEA began to consider the needs of children for household goods since 1997. In order to design products which more appropriate to the needs of children, IKEA and two teams of experts collaborated to develop products. Professors of child psychologists and children's play help IKEA to design, develop products that can help to develop children's athletic abilities and creativities. Meanwhile, IKEA use children to help them rate the winning products from the designs they have done. Now in almost every showroom of IKEA, have set up children's play area and showroom for children. Also there are specific child's food in the restaurant section. All of these have been the children's favorite, making them more willing to...

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