IKEA Marketing Plan
To: John Daly, MRK428MS
Team #4: Rachael Sammut, Lauren Wagman,
Stephanie Cheyne, Brandie Siomos
April 7, 2011
TABLE OF CONTENTS
Work Breakdown 3
Executive Summary 4
The Internal Environment | 5 |
The Customer Environment | 8 |
The External Environment | 10 |
SWOT Analysis| 12 |
SWOT Matrix | 16 |
Marketing Goals and Objectives | 17 |
Marketing Strategy | 19 |
Marketing Implementation | 21 |
Tactical Issues | 23 |
Evaluation and Control | 25 |
Work Cited | 29 |
1. Executive Summary: Rachael Sammut
2. Situation Analysis:
a. The Internal Environment: Stephanie Cheyne
b. The Customer Environment: Brandie Siomos andRachael Sammut
c. The External Environment: Lauren Wagman
3. SWOT Analysis: Rachael Sammut
4. Marketing Goals and Objectives: Rachael Sammut and Brandie Siomos
5. Marketing Strategy: Lauren Wagman
6. Marketing Implementation: Stephanie Cheyne
7. Evaluation and Control: Rachael Sammut and Brandie Siomos
Creating a better everyday life for many peoplehas been IKEA’s vision statement since
the beginning, something admired by not only by customers but employees, and
competitors alike. With locations in 25 countries, the company has begun to break out
of its native home of Sweden, and is on its way to creating an empire of modern, high
quality, low cost furniture and home décor items. While they have begun to expand
around the world, IKEA’smain goal is to overtake the United States furniture market,
currently being held by competitors such as Walmart, Target and Home Depot. Within
this marketing plan, a strategy including implementation tactics such as the increase of
online convenience and promotion, traditional marketing and improved customer
service, has been created to allow IKEA to meet their short and long-term goals ofpenetrating the North American market, while continuing to offer their cost efficient,
high quality products. It is apparent that in a market of technology savvy, original
customers, IKEA will need to increase their online presence, selection and convenience
before they can consider dominating a market such as the one they are in. With the
tactics suggested, it IKEA is expected to increasetheir presence within the North
American market, while properly meeting the needs of their American consumers.
THE INTERNAL ENVIRONMENT
Review of Marketing Goals and Objectives
Currently IKEA aims to penetrate the U.S market.
The company is achieving this goal by opening up an additional 14 stores to make a total of 50 stores across the country.
These goals are not consistent with thecurrent economic environment worldwide, especially with the U.S being at the forefront of this recession and one of the countries, which was hardest hit.
Environmentally, this is a very consistent goal because IKEA offers eco-friendly products seeing as being environmentally friendly and reducing carbon footprints is a current cultural trend in the U.S.
Review of current marketing strategy andperformance
IKEA’s current marketing strategy is to provide low cost, high quality products
that are as eco-friendly as possible to its customers.
IKEA has many suppliers (1400, in 54 countries) which enables the company to find the lowest production price for each product, the company also cuts costs by placing products in flat packaging to reduce space needed in transfer and storage.This portion of the marketing strategy allows IKEA to continuously cut costs for the consumer and keep pricing competitive, and it also shows the company as socially responsible because of the efforts made to keep the operation as eco friendly as possible.
While IKEA has many options when looking for products and resources, its customers do not. Most of the products shown on the company...
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