Essays on Strategic Marketing Objectives & Target Market - IKEA Case Study

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The paper "Strategic Marketing Objectives & Target Market - IKEA" is a perfect example of a marketing case study.   This section will look forward to providing the different strategic marketing objectives, marketing strategies which IKEA can look forward to so that they can perform better in the market. This will thereby help to identify the target market and also the different marketing issues which they need to address so that the overall framework helps to improve their performance in the future. Objectives of Marketing Plan The objectives which IKEA has identified and wants to achieve through their marketing plan areas To ensure better penetration in the market so that they can reach every customer who stays at different nook and corner of the country.

This will help to improve the market presence and will provide a wide market to cater to. To increase their market share by consolidating their position in the market and at the same time working on the same business model and ensuring that customer satisfaction is maximized. To retain customers so that their bench of permanent and loyal customers can be increased which will thereby help to improve the overall functioning and will provide the required dimensions through which better results will be achieved (Gabbot, 2004).

This will help to improve the overall business and would guide towards smooth functioning of the different services To ensure consistency with the environmental and legal environment and continue to develop policies which will look at the well being of the society and contribute towards positive growth and impetus which will help to ensure better results Marketing Strategies The marketing strategy which IKEA has adopted is something different when compared to other players working in the same business.

IKEA spends around 8% of its budget on advertising which is very small compared to other giants who have a substantial budget on advertising (IKEA, 2015). The majority of the expenditure is made on catalogues which are circulated free to households and other places. Since the catalogue is updated on a regular basis as a different type of furniture, price and offers are displayed so it is used as the main medium of marketing their product and the catalogue designed for 2015 is (Amey, 2015) The catalogue serves as a main medium of marketing and helps to generate business not only through creating awareness but instead results in actual sales.

In addition to it, the catalogues are designed in such a manner that it gives the customer a feel of the different products which are being sold (Capell, Sains, Lindblad 2005). This thereby helps a customer to understand the manner in which they will be better by using IKEA furniture and helps to bring about the required change in the mindset of people. Despite working on a global level the marketing strategies are designed and developed keeping in mind the local market.

The organization focuses on the relationship and looks to tap the local customers with the help of independent agencies so that long term business can be established. IKEA also uses the different form of media to advertise like cinemas, hoarding, television, press, radio and internet. The amount of budget which has been allocated is low but IKEA looks at using the different medium for marketing their product. The Internet has helped IKEA immensely as people can visit their website, gather information and also purchase products directly.

This has thereby acted as a platform through which not only awareness is generated and information is passed but along with it, customers are persuaded to purchase the product which thereby contributes to their bottom line. Along with it IKEA participates and organizes different events which are telecasted across the globe using a different form of media. In addition to it, IKEA sends newsletter and emails to customers who have subscribed to them (Hochwald, 2000).

This helps the customer to keep updated about the new products, offers, discounts and other important areas through which customer different needs and wants can be met.

References

Amey, K. (2015). Introducing the bookbook, it comes fully charged and the battery life is eternal': IKEA creates hilarious advert for new catalogue poking fun at Apple products. Retrieved on October 1, 2015 from http://www.dailymail.co.uk/travel/travel_news/article-2747974/Introducing-bookbook-comes-fully-charged-battery-life-eternal-IKEA-creates-hilarious-advert-new-catalogue-poking-fun-Apple-products.html

Björk, S. (2000). IKEA: Entreprenøren – Forretningsideen – Kulturen, Index Publishing AS, Oslo

Capell K., with Sains A. in Stockholm, Lindblad C. (2005). in New York, Palmer A. T., IKEA, Business Week. New York: 3959, 96

Cuthbertson, R. (2007). Ikea's card is a global drive for local people, Promotions & Incentives, London: 13, 1

Gabbot, M. (2004). Introduction to Marketing: A Value Exchange Approach. Pearson Education Australia, Frenchs Forest.

Gosselin, K. (2004). To its furniture store rivals, IKEA's not a threat yet. Knight Ridder Tribune Business News, 31 Jul, pg. 1.

Hochwald, L. (2000). Tuning in to the right channel. Sales and Marketing Management, 152 (3), 66.

IKEA. (2015). Financial Report of IKEA 2015. Retrieved on October 1, 2015 from http://www.ikea.com/

Lee, H., Smith, K., Grimm, C., Schomburg, A. (2003). Timing, order and durability of new product advantages with imitation. Strategic Management Journal, 21 (1), 23.

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