Ikea Global Marketing Strategy Case Study Pdf

Ikea Global Marketing Strategy Case Study Pdf

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Founded in 1943, Ikea operates 422 stores in 50+ markets. The favored furniture brand has an impressively wide customer base, with nearly 70% of its stores in Europe. Ikea added 19 stores last year, including its first in India. The Ikea marketing strategy includes some of the most iconic logos, campaigns and companies in recent history.

From the Swedish national colors on its buildings to rich meatballs in its store cafeterias, Ikea's marketing strategy reflects its cultural heritage proudly. It infuses all elements of their identity with a sense of self-assuredness that maintains their identity in the market of stiff competition.

Understanding that a simple tiered strategy won't encourage repeat business, Ikea extends customization, flexibility, and mix-and-match furniture modules. It effectively combines the elements of affordability and sustainability in its marketing strategy to ensure success.

IKEA-sponsored comedic series Easy to Assemble. Its innovative content marketing was way different from a furniture product demo. Incorporating sponsored digital marketing campaigns and social media influencers have boosted the Ikea marketing strategy.

Ikea's marketing strategy aims at enhancing the site's visibility for relevant searches to attract the attention of new and existing customers. It includes the right product-specific keywords and Google advertisements to further augment its organic ranking.

Its Instagram bio links to its website. The website also has links to its various social media posts. Its 'view shop' and 'call' options for product catalog and direct assistance, respectively, are a testament to a well-crafted Ikea marketing strategy.

Ikea relies on its content marketing strategy to create a distinguished presence amongst furniture brands. Its commercials, print ads, social media, and website stands out with attention-grabbing content. It combines innovation and humor to present the brand's core values and inspire people.

Ikea Marketing Strategy bears testimony to a well-thought and structured marketing venture. Sign-up for our Post Graduate Program in Digital Marketing and learn more about marketing case studies published by Harvard Business. You will be taught by experts from facebook and Purdue University. Sign-up for the course TODAY!

Building a global brand is not an easy task. While excellent product quality and affordable prices can be good for penetrating new markets, the way a brand is marketed decides its fortune in the long term. In the global environment, success rests especially on marketing. IKEA is a well-known global brand of home furnishing products. Behind its global presence and excellent performance is an excellent marketing strategy. However, IKEA has not achieved its success without being through its fair share of troubles. It too has experimented and been through ordeals before being successful in the foreign markets.

Cultural sensitivity has grown important in the 21st century. The one size fits all strategy will not work any more. IKEA too had to face cultural hurdles while trying to penetrate new markets. Today, it is a highly recognized brand and behind it is the power of marketing. The Swedish brand of furniture sells a wide range of home furnishing products. Its affordably priced but good quality products have grown popular in several countries globally. This is an analysis of the marketing strategies and techniques IKEA utilized to achieve global success.

IKEA uses a variety of promotional techniques to promote its brand. Most unique and most successful among the tools used by IKEA to promote its brand are the promotional catalogs. It is also the most used and most effective of all its marketing communication channels. These catalogs of IKEA products are printed in several languages and different catalogs are served in different markets. Apart from unique home furnishing ideas, there are real life stories and a wide range of products showcased through the hundreds of pages of the catalog. The catalog is available both in print and online. Apart from that an extended version of the catalog is available in the IKEA app. The IKEA websites, publications, brochure, advertising and public relation campaigns are also used for the promotion of the brand.

To keep design and furniture at an affordable price, Ikea also adopts a global standardisation strategy so that its products, services, branding, and marketing strategies retain a level of 'sameness' everywhere.

Focus strategy is essentially a core marketing strategy that allows organizations to identify the specific needs of a niche market and develop products aligned with these needs. The focus remains solely on providing value to customers within this niche market.

The Inside the Case video that accompanies this case includes teaching tips and insight from the author (available to registered educators only). Traces the history of IKEA's response to a TV report that its Indian carpet suppliers were using child labor. Describes IKEA's growth, including the importance of a sourcing strategy based on its close relationships with suppliers in developing countries. Details the development of IKEA's strong culture and values that include a commitment "to create a better everyday life for many people." Describes how, in response to regulatory and public pressure, IKEA developed a set of environmental policies that grew to encompass a relationship with Greenpeace and WWF on forest management and conservation. Then, in 1994, Marianne Barner, a newly appointed IKEA product manager, is surprised by a Swedish television documentary on the use of child labor by Indian carpet suppliers, including some that supply IKEA's rugs. She immediately implements a strict policy that provides for contract cancellation if any IKEA supplier uses child labor. Then Barner is confronted by a German TV producer who advises her that he is about to broadcast an investigative program documenting the use of child labor in one of the company's major suppliers. How should she react to the crisis? How should the company deal with the ongoing issue of child labor in the supply chain?

Amazon's global corporate strategy is centred around diversification (B2B and B2C). Amazon has also managed to develop several competitive advantages which help the company remain competitive globally.

The marketing strategy put in place by the company encourages consumers to spend more time in the showrooms thus increasing the chances of purchases. Having understood the consumer purchasing behavior, IKEA developed an aesthetic interior design with great ambience in which the customers enjoy a walk through. The arrangement of the furnishings and the furniture in the storerooms gives consumers desire to make more purchases (Torekull and Kamprad 247).

The case study didn't highlight Retention, though there are many ways to increase loyalty around sign up to mailing lists or social platforms which offer news about offers and events, discounts on product ranges, discounts according to the frequency of visit, etc.

In September 2021, Wise (previously TransferWise) launched a new service called Assets for UK customers. The service lets customers earn returns on their balances by investing in stocks. Stock investments are in an index-tracking fund (iShares World Equity Index) managed by BlackRock. As of now, Assets is only available to customers in the UK, but Wise plans to roll it out in other countries in the future. Students played the role of an outside consulting team tasked to propose a marketing strategy for launching Assets in a new global market:

We have already talked about the value of case studies before, but we cannot stress enough how our readers can benefit from complete and detailed case studies. At ContactPigeon, we love writing about all-things-retail, and case studies about retail giants is our cup of tea. Therefore, this time we will extensively inspect IKEA, a conglomerate mostly known for its ready-to-assemble furniture, kitchen appliances, and home accessories. The IKEA omnichannel strategy is an exemplary model that made the brand the leading furniture retailer in Europe and one of the most valuable retail brands in 2021 worldwide.

Before proceeding to the definitive aspects that form the IKEA omnichannel strategy, first things first. A retailer such as IKEA has gained enormous recognition and has been nominated on a global scale for various awards. After careful consideration, we have gathered the most important distinctions for its marketing campaigns, designs, and sustainability practices over the years.

IKEA also adapted its store location and services to the 'inner-city' format for the expansion in China, unlike other countries where IKEA stores for economic and planning restriction reasons tends to be more commonly just outside city centers due to planning restrictions. In China, planning restrictions are less of an issue than in other country markets due to the lack of cars for much of its customer base. Accordingly, in store design alternatives, IKEA has had to offer store locations and formats closer to public transportation since few customers had access to cars with which to buy and take-home DIY flat pack furniture. The store design alternative thinking and strategy in China has been to locate stores to facilitate access for non-car owning customers.[60] In fact, in some locations in China, IKEA stores can be found not in the usual suburban or near airport locations like in other countries, but rather places such as downtown shopping center with a 'mini-IKEA' store to attract shoppers. For example, one store design alternative trend that IKEA has implemented has been 'pop-up' stores along social media platforms in their advertising strategy for the first-time as a company to reach new customers demographics while still reinforcing its global brand locally in China.[61] 2b1af7f3a8