Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Strategy formulation, corporate strategy
Strategy formulation, corporate strategy
Strategy formulation, corporate strategy
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Strategy formulation, corporate strategy
Marketing Principles and Business Practice
Table of Contents
1 Introduction: 1
2 Definition of different terms and their relation to customers’ need and customer focus: 1
2.1 Brand: 1
2.2 Business Strategy: 1
2.3 Price Sensitivity: 1
2.4 Franchises: 2
2.5 Retail sector: 2
3 Average customer per store and cost per customer and their use in business planning: 2
3.1 Average customer per store and cost per customer: 2
3.2 Mission Statement: 3
3.3 New Mission statement: 3
4 SWOT Analysis: 4
4.1 SWOT analysis and contribution to IKEA’s business growth: 4
4.2 SWOT analysis for “IKEA”: 6
5 Marketing Objectives: 7
5.1 SMART Approach 7
5.2 Two Marketing objectives of IKEA: 8
5.3 Marketing Mix: 9
5.4 IKEA’s Marketing Mix: 9
5.5 New Marketing Mix proposal: 10
6 Strategic ways to minimize threats and Business, Marketing Strategies for rapid Growth: 10
6.1 Strategic ways to minimize threats 10
6.2 Marketing and Business Model behind the rapid growth of IKEA: 11
7 Conclusion: 12
8 References 13
1 Introduction:
IKEA is a widely famous furniture retailer company which has started its operation since 1943. Now it has wide variety of 9500 product items. It has been operating in 24 countries with 253 stores among them 32 are run by franchisees. 560 million people visited their stores in 2008 by physic and 455 million on their website. For that they earned 23 billion Euros as sales revenue. The competitive advantage of this company is its low price and sustainable marketing strategy. To compete in the market and to win the customers’ mind they took many business strategies. In this assignment, the definitions of different terms, their engagement, different business strategy, marketing programs, SWOT analysis, SMAR...
... middle of paper ...
...nancial Economics, 18(2), pp.401--420.
Cadogan, J., 2009. Marketing strategy. 1st ed. London: SAGE.
Eisen, P., 2000. Accounting. 1st ed. Hauppauge, N.Y.: Barron's Educational Series.
Feng, X., 2002. On the Conception Connotation and Marketing Promotion of MICE Tourism [J]. Tourism Tribune, 4, p.010.
Fine, L., 2009. The SWOT analysis. 1st ed. [S.l.]: Kick It.
Griffin, R., 1990. Management. 1st ed. Boston: Houghton Mifflin Co.
Kabata-Pendias, A., 2004. Soil--plant transfer of trace elements—an environmental issue. Geoderma, 122(2), pp.143--149.
Kent, T. and Omar, O., 2003. Retailing. 1st ed. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.
Kotler, P. and Armstrong, G., 1991. Principles of marketing. 1st ed. Englewood Cliffs, N.J.: Prentice Hall.
Kotler, P., 2000. Marketing management. 1st ed. Upper Saddle River, N.J.: Prentice Hall.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Company.
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Jobber,D & Ellis-Chadwick, F (2012). Principles and Practices Of Marketing. 7th ed. : McGraw Hill Higher Education. p19-21 & 352-354.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
1. What were the sources of IKEA’s successful entry in furniture retail business in Sweden?
Schultz, D.E., et al., 1994. The new marketing paradigm: integrated marketing communications. NTC Business Books, pp. 105-156.
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...
The purpose of this essay is analyze the case of IKEA, which has involved in the HR management. Meanwhile, choose two topics to identify the IKEA current situation, including training and development and cross-cultural management. From those two points, give some forward suggestions on the IKEA HR management practice.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
Jobber, D. (2013), and Ellis-Chadwick, F, “Principles and Practice of Marketing, 7th edition.” McGraw Hill.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
In advertising its products, the IKEA catalogs played a primary role as they were attractive and easy to use. The efficiency of IKEA products and quality of design were emphasized in the catalogs. Every household in the area surrounding a new store received a copy of the catalog during the busy years of expansion. Although direct mail-order sales usually represented a very small portion of the total sales. The whole IKEA range was not offered by the catalogs. To attract new customers to the stores, they were always a key factor. Throughout the world, IKEA continued to open stores in different locations and attracted various customers. It was interesting to look at a company offering the same basic products at all stores and do well in many different cultures with different tastes. Lastly, the IKEA’s current number of employees in retail and expansion functions is 116,500 as of 2015. Thus, the total sum of employee worldwide in 2015 was 155, 000. Literally, the rate of employee would be increased in terms of business development in the future. (Brammer, Jackson, and Matten,
The selected organization for the marketing Audit is IKEA Group. As part Phoenix University marketing course, the author of this document (hereafter referred as “author”) will review the marketing process of IKEA and will provide an audit report at the end of the course.