Marketing Principles and Business Practice: IKEA

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...

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