Marketing Excellence IKEA Keadine Harris Columbia Southern University IKEA is doing a number of things to reach consumers in different market by offering a unique value proposition to consumers. One of the corner stone concept that IKEA exercise is offering low prices to its consumers which prompt them to buy. The company is able to offer these low prices because most of the items come in boxed and require the customer to assemble them at their comfort. By applying this concept results in
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1. What are the core competencies and end products of IKEA? How are they linked with each other? The most important core competencies for IKEA is that they design their own products to fit the customer criteria, they focus on low-price furniture, they also have an open-warehouse where their customers are able to choose their furniture and compare them to the competition. One of the end products of IKEA is that they provide ‘flat packaging’ furniture, so customers could easily transport the products
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Situation Analysis IKEA vision “To create a better everyday life for the many people” truly reflects corporate philosophy of this value-driven company with a passion for life at home. Started by 1st generation entrepreneur Ingvar Kamprad , In 2002 IKEA was world’s top furniture retailer with 286 million customer, $12 Billion sales and 154 stores in 22 countries. Even though IKEA was founded in 1943 , the self service store journey started in 1965 and by 2002 IKEA became the world’s most prominent
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Marketing manegment IKEA (Swedish pronunciation IPA: [ɪ'keː.'a][3]) is a privately held, Dutch company of Swedish origin that designs and sells ready-to-assemble furniture (such as beds, chairs, and desks), appliances, and home accessories. The company is the world's largest furniture retailer.[4] Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, who later became one of the richest people in the world,[5] the company's name is an acronym comprising the initials of Ingvar Kamprad, Elmtaryd
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Brief History IKEA was born in 1943, when Ingvar Kamprad decided to put his youth’s values (hard work, personal responsibility and independence) into a business. In fact, the main idea of IKEA was to bring style, value and a better life all over the world, by revolutionizing the concept of retailing, by permitting customers (“visitors”) a shopping experience in the IKEA stores (1953) and by offering flat packs (1955) for the delivery of furniture. At the beginning IKEA was projected to sell
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undertake a ‘rational’ analysis which raised questions about the traditional role of a newspaper. But, in the same afternoon, when it came to what they should do, the paradigm ‘newspapers are about news’ drove their thinking. IKEA In the mid-2000s the Swedish company IKEA was the leader in the European ‘flat-pack’ householder furniture business. It had a presence in some 30 countries and was famous for its good-quality products marketed at low prices. This had been achieved by the vision of the
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Strengths * IKEA has maintained long-term partnerships with its suppliers. This ensures that the company has access to high-quality materials at reasonable prices. * IKEA has a global reach * IKEA provides designer furniture at lower costs. * IKEA enjoys economies of scale. * Highly focussed on quality. * IKEA’s flat packaging reduces costs and makes it easier for customers to transport * The company culture matches its external image of cost saving. * Strong in-store
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IKEA Describe the extent to which an organisation meets the objectives of different stakeholders. When IKEA opened first store in 1953, it was the largest furniture store in Scandinavia. IKEA started to work at different business ideas to gain and increase amount of customers, make customers happy, produce low cost but high quality products affordable for all people. IKEA is now the world’s largest furniture retailer. The needs and expectations of suppliers which are supplying materials to the
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COMPANY PROFILE Ikea Group REFERENCE CODE: 6878C795-4BCB-4C85-A319-6F33C508FD80 PUBLICATION DATE: 14 Aug 2014 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. Ikea Group TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts.....................................................................................
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Problem Recognition Should IKEA become less Swedish and more multicultural? Objectives ▪ To deliver its brand promise to consumers; which is “to create a better everyday life for many people” ▪ To preserve IKEA’s culture and well-define values; togetherness, cost-consciousness, respect and simplicity ▪ To combine fundamental product offerings between low price, well-designed and high quality in order to create consumers’ satisfaction ▪ To take responsibility for people and
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