Marketing Strategy of IKEA _ Assignment (GC0310)

Table of Contents

Executive Summary.

1.0 Introduction.

2.0 Business Overview of IKEA.

3.0 IKEA’s Market Research Objectives.

4.0 Marketing Mix.

5.0 Target Market of IKEA.

6.0 Marketing Techniques.

1. Paid advertising.
2. Relationship marketing.
3. Undercover marketing.
4. Word of mouth (WOM)
5. Internet marketing.
6. Transactional marketing.

7.0 Conclusion.

References.

Executive Summary

Marketing is a set of instructions, a process, or an activity to create, communicate, deliver, and exchange different offerings of products/services which have great value for the customers, and the society at large. IKEA is selected for this assignment. IKEA is the largest and well-established organization for home furnishing around the world. This company has to launch a new home product for its customers. As a result, I have been asked by IKEA’s marketing manager how I would market its new home product.  This assignment’s first section provides IKEA’s business overview. Then, the second section discusses IKEA’s market research objectives IKEA. After that, the third section explains the ‘4Ps marketing mix’ of IKEA to market their new home product. Moreover, this assignment’s fourth section discusses IKEA’S target market. Finally, the fifth section explains several marketing techniques used by IKEA to market their new home product.

1.0 Introduction

According to American Marketing Association (2018), Marketing is a set of instructions, a process or an activity to create, communicate, deliver, and exchange different offerings of products/services which have great value for the customers, and the society at large. Marketing covers different key areas such as branding, pricing, publicity, advertising, market research, public relations, direct marketing, social media marketing, and online marketing. IKEA is selected for this assignment. IKEA is the largest and well-established organization for home furnishing around the world. This company has to launch a new home product for its customers.

As a result, I have been asked by IKEA’s marketing manager how I would market its new home product.  This assignment’s first section provides IKEA’s business overview. Then, the second section discusses IKEA’s market research objectives of IKEA. After that, the third section explains the ‘4Ps marketing mix’ of IKEA to market their new home product. Moreover, this assignment’s fourth section discusses IKEA’S target market. Finally, the fifth section explains several marketing techniques used by IKEA to market their new home product.

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2.0 Business Overview of IKEA

IKEA is the largest and well-established organization for home furnishing around the world. It is a Swedish founded multinational organization. The vision of this company is to make everyday life better for people (IKEA, 2019). IKEA mainly designs home products as well as sells kitchen appliances, furniture, and other home products, and provides different home services. In addition, this company offers different well-designed home furnishing products at low prices that their customers are able to afford the products and services (IKEA, 2019).

3.0 IKEA’s Market Research Objectives

According to Business Jargon (2018), market research is an organized collection, interpretation, and analysis of data that is relating to marketing conditions. The key reason to carry out market research is to discover different changes in customers’ behavior because of changes in marketing mix elements (including product, price, place, promotion). Thus, market research is a key term for IKEA.

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