The paper "Marketing Plan for IKEA Company" is a perfect example of a marketing case study. Globalization, sustainability, and technological innovation are some of the biggest drivers of business in any market. In this respect, companies should maintain the agility to gain competitive advantage. Competitive marketing strategies are robust when a company’ s strength is positioned against the competitor’ s weakness. As such, companies must demonstrate their ability to use their strengths to take advantage of these opportunities in order to provide desirable products to their clients. It is difficult to demonstrate consistency across different countries and cultures with different value systems.
Simply put, a strong marketing plan is imperative in this regard. IKEA is a global furniture manufacturing company that prides itself in the manufacture and sales of high-quality furniture at the lowest prices. The criteria argued in this retrospect paper, highlights a number of variables that justifies an effective marketing plan presented for IKEA. It explicates an approach by which the strategies will result in superior financial performance. Tentatively, an outline of various dynamics that impact the company’ s performance, an analysis of its major competitors and recommendations for products, pricing and promotions, are highlighted. 1.0 Introduction The foundational knowledge that supports competitive advantage, posits the need for an effective marketing plan.
These strategies call for creative and systematic analysis of various businesses attributes. It is imperative that an effective marketing plan covers extensively its internal and external environment. Such variables offer an in-depth understanding of the marketing approach attuned to the industry. While competitive advantage necessitates for value creation, understanding the market is significant guiding a company’ s approach. Since its inception, IKEA has championed as an iconic image of sustainability and provision of high-quality product – at affordable prices.
The company has stores and subsidiaries in many countries and has been the subject of art exhibitions. It is acknowledged to its global presence in various global locations. IKEA represents Sweden, with its stores having the signature blue and yellow national colors of the country. It has also become a representation of a whole culture and generation and what the modern millennial stands for. The early fifties, however, posed significant challenges in adopting strategies that enabled it to gain competitive advantage.
Amid pressure from Swedish furniture competitors, IKEA opted to source suppliers and shift its production abroad. The new locations offered the production of available products, where production was easily realizable through reduced labor cost. This allowed them to produce high quality at low prices. This was a cornerstone to the company’ s robust brand name. 2.0 Strategies In the face of growing competition and a constantly changing market base, the most appropriate strategy should be an integrated marketing communications plan. Integrated market communications plan optimizes the effectiveness of the marketing communications plan across different channels.
Integrated marketing communications has three advantages. The aim is that if the communications reflect the same imagery, themes and values, then they will reinforce the message. Using different media channels also increases the chances of reaching larger audiences. Integrated marketing communications also gives the company an element of control. Instead of ceding control to media specialists when passing different messages and the communications strategy will be easy to control from a single point. Brand portrayal is one of the most important aspects of marketing communications.
Elg, l. (2015). Innovations and new technology- what is the role of research? Vinnova Analysis, 2-62.
Fagerberg, J., Feldman, M., & Shrolec, M. (2011). Technological Dynamics and Social Capability: Comparing U.S: States and European Nations. CIRCLE Electronic.
Fromm, J., Lindell, C., & Decker, L. (2011). AMERICAN MILLENNIALS: Deciphering the Enigma Generation. Boston: Barkley.
Goyat, S. (2011). The basis of market segmentation: a critical review of literature. European Journal of Business and Management, 45 -55.
Hackley, C., & Hackley, R. A. (2015). Advertising & Promotion. London: SAGE Publications.
Hunt, S. D. (2011). Sustainable Marketing, Equity and Economic Growth: A resource Advantage Economic Freedom Approach. Journal of the Academy Marketing Science, 7-20.
IKEA. (2015). PEOPLE & THE ENVIRONMENT. IKEA.
Jordan, J. J., & Grant, R. M. (2015). Foundations of Strategy. John Wiley & Sons.
Keinan, A., & Kivetz, R. (2011). Productivity Orientation and the Consumption of Collectible Experiences. Journal of Consumer Research.
Kotler, P. (2012). Marketing Management. Pearson Education.
Kotler, P., & Amstrong, G. (2011). Principles of Marketing, global edition. London: Pearson.
Matko, A. E. (2013). The Role of Organizatioal Culture and Leader Characteristics in Regional Competitiveness at The Municipalities of the North Great Plain Region. Debrecen: University of Debrecen.
Norton, M. I., Mochon, D., & Ariely, D. (2011). The “IKEA Effect”: When Labor Leads to Love. Boston, MA: Harvard Business School.
Paliwoda, S., & Borland, H. (2011). Marketing Responsibility in an Era of Economic and Climactic Challenge. Marketing Intelligence & Planning, 49-62.
Pape, J., Rau, H., Fahy, F., & Davies, A. (2011). Developing Policies and Instruments for Sustainable Household Consumption: Irish Experiences and Futures. Journal of Consumer Policy, 25-42.
Porter, M. E., & Kramer, M. R. (2011, January 2011). Creating Shared Value. Harvard Business Review.
Seretny, M., & Seretny, A. (2012). SUSTAINABLE MARKETING -A NEW ERA IN THE RESPONSIBLE MARKETING DEVELOPMENT. Foundations of Management, 63-76.
Sklyarova, M., & Kobets, T. (2011). Eco-efficiency for sustainability: IKEA’s environmental policy in Russia. Gotland University.
Taneja, B. (2015). SEO Case Study & SEO Strategies. Vidushi InfoTech.
Waddle, M. (2015). IKEA Integrated Marketing Communications Plan. West Virginia University.