The paper "Individual Situation Analysis and Marketing Objectives Company: IKEA" is a wonderful example of an assignment on marketing. IKEA's story began when its founder Ingvar Kamprad was born in southern Sweden in 1926. IKEA is an internationally known furnishing retailer with an online order option and is known to have approximately 9,500 different products (Daniles, 2004, p. 6) The ever-dynamic technology is acting as the platform of benefits towards increasing the market share, however it faces ranging from Social trends such a reduction of the new buyers in the housing market, the issue of market forces whereby many competitors enter cheap household and furniture and economic factors which are attributed to the financial crises/recession which slows down consumer spending and disposable income decreases. This document will describe how marketing will be of great aid to the business in IKEA and how strategic marketing procedures can help boost the market share throughout Australia. The first part will include market situation analysis.
Secondly, the SWOT analysis and Competitive advantage considered. Finally the marketing objectives and how their implementation will be of great help in achieving the objectives of the firm. This part is a summary of the current internal environment of IKEA and its Competitors. Current marketing goals and productsCurrent IKEA marketing meets the demand of customers both low and high-income earners and works towards satisfying all the stakeholders (Howell, 2006, p. 38).
It becomes the leading furniture company in Australia, which is working towards making the life of the customers more satisfying and better. Moreover, IKEA improves on communication more so online and keeping the prices low and the quality of the products high. The IKEA’ s use waste materials for its products; for instance, knotty birch wood which is a waste from other retailers is reused to making Norden tables, while Ogla chairs are made from sawmills and finally Lack tables made from stiff card and wood sheets (Panagiotou, 2003, p. 45The company’ s website is currently improved to the benefit of the customers.
It is made possible for customers to order products online which are faster and easier for the customers. There is a need to improve online marketing and customer care so that the coverage can be big and in the long run increase that market share.
There is also a need to communicate to the stakeholders in time and in making sure that everybody is aware of the products which are pocket-friendly even in the current financial crises. IKEA has adopted a business to computer strategy which enhances business to directly offer to the market segment and the target market via online distribution methods reducing the involvement of other marketing intermediaries. However, in order to penetrate into a wider market share, there is a need to incorporate other methods like printouts, newspapers, TV and outdoor adverts so as to reach a wider segment.