The Marketing Characteristics Of Ikea's Marketing Strategy

Marketing Strategies There are innumerable businesses across the globe that are competing for market share in their respective business segments. Each must earn this market share by: building brand recognition or differentiating itself from its competitors, offering its product for less than its competitors through cost leadership, or have the ability to deliver its product faster than its competitors by responding more quickly. This will take a look at each of these three strategies; differentiation and how it works for Zendesk, cost leadership and what makes Ikea a leader in managing this strategy, and the response Amazon is able to offer its members.

Zendesk Differentiates Itself

In order to sell a product or service, one needs to have something that

Every home, apartment, and dorm room will often require some piece of furniture. One important way to remain competitive in this market is to be competitive with price without sacrificing quality; thereby, maintaining a cost leadership over any competitors. In fact, to become a cost leader would give a firm such as Ikea a competitive cost advantage and add customer value in an efficient and sustainable way over its competitors (Heizer and Render, 2014).

How does one become a cost leader? For Ikea, it started with its frugal beginnings and it has not looked back once since. In fact, according to Hirst (2014), “The name Ikea is an acronym derived from the first letters of Ingvar Kamprad, Elmtaryd—the farm on which he was raised and Agunnaryd—the small town nearby (para. 8). Ikea didn’t become cost conscious, it was born that way. In fact, Hirst went on to state that Kamprad was famous for his frugality, he never flies first class or by private jet, even though he could afford a fleet of them. Kamprad could afford to buy just about anything he likes, yet he has been said to often still clip