Marketing and Ikea
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Group Project
Marketing Management and Strategy
On
IKEA
Table Of Contents
Title Page
A. Introduction 3 B. About IKEA 3 C. Marketing Strategy ( 4P & Strengths) 4 I. Product 4 II. Price 5 III. Promotion 5 IV. Place 6 D. Marketing Strategy (Weakness) 6 E. Recommendations 8 F. Conclusion 9 G. Reference 9 H. Word Count and Contributions of each members 9
A. Introduction
This project is to study the current marketing strategies being adopted by IKEA Hong Kong (IKEA) in the local market. We will identify the strengths and weaknesses of their current strategies. Finally, recommendations to their management for better market performance will be made. IKEA was chosen as it is famous towards furniture industry. The brand name IKEA in Chinese means “the proper home” is good meaning for every family. With three stores located accordingly in Hong Kong Island, Kowloon and New Territories which are near MTR or railway stations, its blue and yellow logo is easy to be recognized and well-known for its unique and attractive designs.
B. About IKEA
IKEA founded in 1943 from a small furniture warehouse to a global furniture franchiser, the Swedish-based company has over 301 stores across Europe, North America, Middle East and Asia which is one of the world’s largest furniture retailers.
IKEA provides a range of 9,500 products, including home furniture and accessories. Many people associate Sweden with a fresh, healthy way of life. In fact, this Swedish lifestyle is reflected in the IKEA product range. The vision of IKEA is to create a better everyday life for the people by offering a wide range of well-designed, functional home furnishing products at low prices that as many people as possible will be able to afford them. Do- it-yourself (DIY) young adults’ ages from twenty to thirty-five are target market of IKEA. They are
Group Project
Marketing Management and Strategy
On
IKEA
Table Of Contents
Title Page
A. Introduction 3 B. About IKEA 3 C. Marketing Strategy ( 4P & Strengths) 4 I. Product 4 II. Price 5 III. Promotion 5 IV. Place 6 D. Marketing Strategy (Weakness) 6 E. Recommendations 8 F. Conclusion 9 G. Reference 9 H. Word Count and Contributions of each members 9
A. Introduction
This project is to study the current marketing strategies being adopted by IKEA Hong Kong (IKEA) in the local market. We will identify the strengths and weaknesses of their current strategies. Finally, recommendations to their management for better market performance will be made. IKEA was chosen as it is famous towards furniture industry. The brand name IKEA in Chinese means “the proper home” is good meaning for every family. With three stores located accordingly in Hong Kong Island, Kowloon and New Territories which are near MTR or railway stations, its blue and yellow logo is easy to be recognized and well-known for its unique and attractive designs.
B. About IKEA
IKEA founded in 1943 from a small furniture warehouse to a global furniture franchiser, the Swedish-based company has over 301 stores across Europe, North America, Middle East and Asia which is one of the world’s largest furniture retailers.
IKEA provides a range of 9,500 products, including home furniture and accessories. Many people associate Sweden with a fresh, healthy way of life. In fact, this Swedish lifestyle is reflected in the IKEA product range. The vision of IKEA is to create a better everyday life for the people by offering a wide range of well-designed, functional home furnishing products at low prices that as many people as possible will be able to afford them. Do- it-yourself (DIY) young adults’ ages from twenty to thirty-five are target market of IKEA. They are
Links: (Philip, Kotler & Kevin Lane, Keller (2009) Marketing Management. 5th edn. United States of America: Pearson Prentice Hall, pp.18) 3) ‘To be branded, products must be differentiated (Philip, Kotler & Kevin Lane, Keller (2009) Marketing Management. 5th edn. United States of America: Pearson Prentice Hall, pp.321) 4) ‘As competition intensifies, design offers a potent way to differentiate and position a company’s products and services (Philip, Kotler & Kevin Lane, Keller (2009) Marketing Management. 5th edn. United States of America: Pearson Prentice Hall, pp.325) 5) IKEA Hong Kong Website < http://www.ikea.com/hk> (Louis W. Stern et al., Marketing Channels, (Prentice-Hall, 7th ed., 2006)) 10) Customerization is the customization of products or services through personal interaction between a company and the customer (Turban, Efraim (2002). Electronic Commerce: A Managerial Perspective.) 14) Sandhusen, Richard L.: Marketing (2000, S 15) http://www.ikea.com/hk/en/customerservices/faq 16) Anonymous, (2006), Ikea tops loyalty brand survey in Hong Kong, pp 11 http://0-proquest.umi.com.lib.cpce-polyu.edu.hk/pqdweb?did=1157579851&sid=9&Fmt=3&clientId=91179&RQT=309&VName=PQD (Assessed at 21 November 21 2010) H