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Ikea marketing strategy
Ikea marketing strategy
Ikea marketing strategy
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Brand is something to be created by deep understanding of culture, traditions, fashion updates, trend in market and demand in market. An organization or firm, which fulfills the requirements of all the qualities of the market by using branding strategies, will stand first and will have good name in the society. IKEA will stand as a good example, as it fills all the requirements of a perfect retail brand strategy. Ethical branding and ethical market make the brand famous and increases the reputation of the company brand choices are done by keeping various specifications in mind and there are traditional large scale retailers or modern apparels producers, all of them contribute to the growth of the market.
The whole story of retail brand strategy started in Sweden in its southern part. We will actually be surprised to know that owner of this company was just in his teens and he started this company by transporting the goods with the help of milk transport service to railway station. The company has grown large and is having around 70,000 people working in it and has a billion turnover. In IKEA brand strategy can be particularly said as group of ideas, belief and moral values that communicate with a set of brand choices modifying them to convert into a well groomed product, very rich in values, inheriting tradition.
This paper starts by giving a critical review on four recent articles regarding Retail Branding Strategy in an international perspective, followed by the identification of a research gap derived from the very same articles. Furthermore a research question shall be formulated for possible future research, in addition an illustration shall be giving what this research could look like and how it could provide a ...
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... in Italy, International Journal of Retail & Distribution Management, Vol. 40, No. 2, pp. 109-127.
Swoboda, B. & Haelsig, F. & -Klein, H.S., & Morschett, D., (2009) Moderating role of involvement in building a retail brand, International Journal of Retail & Distribution Management, Vol. 37, No. 11, pp. 952-974.
McColl, J. & Moore, C., (2011) An exploration of fashion retailer own brand strategies, Journal of Fashion Marketing and Management, Vol. 15, No. 1, pp. 91-107.
Burt, S. & Davies, K., (2010) From the retail brand to the retail-er as a brand: themes and issues in retail branding research, International Journal of Retail & Distribution Management, Vol. 38, No. 11/12, pp. 865-878.
Ailawadi, K.L. and Keller, K.L., (2004) Understanding retail branding: conceptual insights and
research propositions, Journal of Retailing, Vol. 80, No. 4, pp. 331
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
Norms for consistency was another determinant of why Abercrombie decided to commit to reinvesting in its brand. Leaders are expected to take action when they encounter difficult situations. This expectation derives both from the public and from the employees as well. Thus, it was necessary for Abercrombie’s executives to act. Abercrombie believed that if they stay consistent with their efforts, the results were going to be positive. However, rebranding has proven to failed for several years
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
More important than product, people, and advertising, branding is going forward as one of the most important factors in a business. While Klein has a bias against branding and wishes the reader a word of warning, in this specific essay she focuses on what branding means for the future. Klein starts off her minor claims with the bloating of corporations. “A consensus emerged that corporations were bloated, oversized; they owned too much, employed too many people, and were weighed down by too many things (Klein 769).” Through the use of branding, these same businesses could cut down all of their problems and payrolls through importing and simply putting their brand name on the product. Then when the dreaded “Marlboro Friday” happened, and it seemed that all brand significance was for naught, Klein showed us examples of businesses that thrived from a new age of marketing. “For these companies, the ostensible product was mere filler for the real production: the brand (Klein 774).” With brand driven marketing rather than product driven sales, businesses soared with selling the idea of their products more than their products quality. Using the example of Starbucks, Klein also supports her claims of branding not through marketing but weaving its name into products and culture. “The Starbucks coffee chain was also expanding during this period spinning its name into a wide range of branded projects: Starbucks airline coffee, office coffee, coffee ice cream, coffee beer (Klein 775).” By spreading its name not through marketing, but through spreading the brand through new and different products Starbucks found success in turning their brand concept into a virus and sending it through cultural sponsorship, political controversy, consumer experience and brand extensions. These forms of image building could make a company like Starbucks successful with branding over
1. What were the sources of IKEA’s successful entry in furniture retail business in Sweden?
This paper argues why both brand identity and packaging are vital to a successful marketing strategy, and that they are more powerful intertwined, than as two separate elements.
...of brand equity in an organizational-buying context. Journal of Product & Brand Management, Vol. 6(6), pp. 428-437.
Another example of IKEA’s international strategy in building good relationships with suppliers is in Asia, especially in Vietnam, where IKEA expanded its own supply base. Vietnam manufacturers offers low cost labor force and not expensive raw materials, while IKEA provides the view of creating a long-term, high-volume business relationship, and advice on finding the best according to the price raw materials, setting up and bulding factories, choosing what machines, equipments
IKEA is more than a furniture store they are a company driven by values (IKEA, 2014). The company seeks to make their consumers lives easier by providing them with modern, innovative, inexpensive products which they use to tackle daily home activities. IKEA Group has 298 stores in 26 different countries (IKEA, 2014). The company’s vision is “to create a better everyday life for the many people” (IKEA, 2014, para 1). Using innovative techniques for creating, producing, and marketing their products IKEA can provide consumers with durable products for reason...
12. Raman, K., and Naik, P.A., (2005), Integrated Marketing Communications in Retailing, [online] Available at: http://ramanassoc.com/yahoo_site_admin/assets/docs/IMC_in_Retailing.26100503.pdf, Accessed on: 1st April 2014
One of the fundamental parts of successful brand creation process is developing the strong brand image and communicate brand ID across all available media channels. This essay will discuss and evaluate companies NIKE marketing strategies in terms of companies brand development efforts. The company’s success in the footwear, apparel and accessory markets will be linked with marketing branding concept. Furthermore, the discussion on NIKE marketing strategies and their efforts to preserve and increase the leading market position and marketing activities to increase brand equity will be discussed and critically evaluated.
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
Identity based brand management has its main cause for repositioning, if a brand’s consistency and continuity are harmed. Continuity requires the retention of a brand’s essential characteristics over time. Consistency refers to the avoid-ance of controversy within the repositioning strategy in comparison to its former positioning. The major importance is to not overstretch the repositioning by changing too many characteristics of the brand, which would otherwise lead to a destroyed brand identity (cf. Kapferer 2008, p.
...& MAKLAN, S. 2007. The role of brands in a service-dominated world. Journal of Brand Management, 15, 115-122.