Here, the company should follow Integrated Marketing Communication IMCwhich means coordinated use of promotion mix to send a consistent message. In its widest sense every offering that is being marketed can be called a product.
IKEA, a Swedish firm sells furniture, household goods and kitchen accessories through catalogues across the world. These efforts can attempt to stimulate product interest, trial, or purchase. A firm undertakes sales promotion with the following objectives: Further the finished product is delivered In pieces to be assembled by customers which saves cost.
These are traditional speciality stores and deal in one product line.
The Price the 2nd P: Group or Bundle Pricing Package to contain two or more products and the package is priced, like tour to Europe Price includes air fare, transfers, sight-seeing, hotel, and food 3. Reference Pricing Pricing at moderate level a product kept next to a more expensive product, so that customer can differentiate between moderate and better products 2.
These are an amalgam of supermarkets and discount stores. In its then president Mikael Ohlsson made a statement in their annual report outlining his view on the business and its future.
IKEA relies on design innovation to bring only great quality and beautiful designs to the market and its stores. IKEA makes its own wood by owning sawmills and produces high quality furniture. A product offering has three independent elements Kotler et al call it as 5 product levels.
These products are primarily focused at the tastes and needs of the customers. There are a number of public relations disciplines falling under the banner of corporate communications, such as analyst relations, media relations, investor relations, internal communications and labor relations.
Promotion mix contains four elements: All these give an overview of all the products and goods which are available at IKEA stores.
However, to afford designer furniture and great looking home furnishing products is not possible for all. IKEA launched a UK-wide advertising campaign which was named home is the most important place and used signs like "Not for Sale" written on them as a part of the campaign.
The effectiveness of sales force depends upon performance appraisal. Closely related with packaging is labeling.IKEA has a wide range of furniture for children’s rooms, kitchens, bedrooms and living rooms. Products include coffee tables, side tables, TV solutions, DVD storage, shelves, sideboards, bookcases, sofa beds, armchairs, leather sofas and fabric sofas, as well as many other products.
So within these segments IKEA then subdivides again. For example in children’s bedrooms there will be play accessories, beds. Transcript of 4P's in IKEA What is product?
Product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
IKEA is present globally in 28 countries where it sells its products from its stores. Traditionally, its stores were located on the fringes of the towns to provide.
Keywords: ikea marketing mix, b and q marketing mix As the biggest competitor of IKEA, B&Q is a leading company in home decoration and gardening in Europe. It was founded by Richard Block and David Quayle in Portswood, Southampton in IKEA, a furniture retailer and franchisor, provides an excellent case study in the application of the 7 Ps in the expanded marketing mix.
The company's core product is furniture retailing, including decorations for the home and home office under its "Work IKEA" concept (calgaryrefugeehealth.com, ). Marketing Mix of IKEA analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the IKEA marketing strategy.
The article elaborates the pricing, advertising & distribution strategies used by the company.Download