marketing plan part1

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Company Description

Ikea first originated in 14 by Ingvar Kamprad. He would buy matches by the bulk and then sell them to his neighbors. This led him to the realization that he could sell his products at very low prices and still make good profit. Pretty soon he started to sell anything that would result in a product at a very low price.

Past

With the help of a local furniture manufacturing company near Ingvarfs home, in 147 they had come out with their own line of furniture and received a positive feedback. This had lead to the companyfs expansion. By 16, Ikea had opened their location in Norway outside of Oslo, which also happens to be their first location not located in Sweden. Throughout the years, Ikea had designed and redesigned furniture to fit their standards of low priced products for every wallet. Of the expansion of products, Ikea had no choice but to take their company world wide. With the continuous success from Ikea, in 000, they had joined UNICEF to build a community in India.




Present

Ikea, does it not only experience selling products, but it is also a retail concept. With this concept you will find only its own products at their own locations. With Ikeafs products being only available only at Ikea, there are several locations found in over countries over the world. These products can also be purchased online at www.ikea.com and/or through the Ikea catalogue.

At the moment, Ikea has already incorporated a small factor of interior designing, as per it has employees who help you set up your kitchens. They assist you with by telling you what products would suit your home better, what products are of better use to you and the way you would arrange the products in your space available.

In their showrooms, at their locations, you will find various showroom types for the bedroom, living room, entertainment room, den, bathrooms and kitchens. By having them set up various showrooms, it allows the customer to gather ideas on how to set up their rooms by combining the available style of furniture to suit their individual styles.

Future

For the future Ikea, we would like to see them offering a new product Interior Designing; which is incorporated with their own products. Taking this new step, will allow customers to experience and appreciate the products and quality of Ikea for the better.

Strategic Focus and Plan

Vision/Mission Statement

The vision statement for Ikea is gto create a better everyday life for the many people.h1 Ikeafs business idea is to offer a wide variety of home furnishings with good design and function at really low prices that as many people possible, will be able to afford them and still have money left.

Ikeafs strives to look after their customers by preparing for their needs. They provide stimulation and dreams, also encourage people to feel and use the products on display to imagine how it would suit their home. Ikeafs outlets provide a comfortable atmosphere with the help of their family restaurant.

Goals

� Non-Financial goals

For the upcoming three years, IKEA seeks to accomplish the following goals

1. Create long-term relationships with clients.

. Expand product range.

. Free delivery with the purchase of products.

4. Satisfy customers every time with every service.

5. Begin interior design project within Toronto, New York, and Berlin.

For the upcoming six yearsc

1. Expand product range in every location.

. Begin interior design project in every location.

. To be the top home furnishings outlet in the industry.

� Financial goals.

Within the next three yearsc

1. To increase last yearfs profits by twenty-five percent.

. Reduce financial turnover rates by at least thirty percent.

. Increase stability within each region, North America, Asia, and Europe.

Core Competency and Sustainable Competitive Advantage

Ikeafs competitive advantage is its wide variety of products of high quality for low prices. Ikea uses their unique ability of packaging and letting the customer do the assembly to sell their products at a minimal price. Ikea has a wide range of products so you wouldnft have to run from one store to the next to furnish your home.



Ikeafs competitive advantage is its many locations around the world. Each location is full of friendly staff to offer assistance to customers. Ikeafs unique store set-up gives their customers independence by letting them choose their furniture themselves and pick it up at the self-serve warehouse. Ikeafs designers work with manufacturers to find innovative ways to make furniture using the existing development processes. Then Ikea tries to find good suppliers with the most appropriate raw materials and they purchase all their goods/materials in bulk. Which in return, the customers receive the lowest prices.

Industry Analysis

For over a decade now many people have been trying to improve the appearance of their homes. People want their homes to reveal their way of living. This would include culture, beliefs, attitude and values. As Faith Popcorn states, gHome improvement is a $14 billion business.h1 Many industries have realized that people want to focus on their homes and make them look as personal as possible.

The lives of people are very active and challenging. Many people work full time and they do not have time to come home and renovate their home. The most reasonable thing for them to do is hire an interior designer. The cocooning era has increased sales in furniture and home design expenses. Data was found from 7 participant vendors who stated that 40% of sales came from accent furniture. The vendors also stated that the top selling products came from tables, armoires, cabinets and large chests.

Competitorsf analysis

The companyfs main competitors are the Crate & Barrel, Habitat, and the Pottery Barn. These companies are well recognized and have all been in business for over 0 years, each with over 100 locations around the world. Crate & Barrel, Habitat, and the Pottery Barn all offer low prices for their stylish and high quality products. Ikea is often more favorable over its competitors due to their prices. Ikea offers all their products at a low price for the average consumer to be able to afford. Ikeafs low price is a result of their original flat-packaging idea. Flat-packaging reduces Ikeafs transportation costs greatly. Ikeafs prices are generally 0% less that those of other furnishing stores.

Company Analysis

Ikea has been running for over 40 years, thatfs over 40 years of experience. Ikeafs unique line of products for a low price makes them exceptional in home furnishings. By constantly updating their products IKEA is able to stay up to date with the latest trends and gives them the ability to sell to those who desire modern style furnishings. IKEA has the ability to cut costs by not having customers pay for the assembly of the products. They cater to people with different needs, dreams, desires, and aspirations. IKEA already uses computer technology to quickly design a kitchen to give customers ideas of how to use their products. They can easily expand that technology into other rooms of the house and hire designers to put it together.

Customer Analysis

September 11, the wars in Iraq and the corruption all over the world have made people fearful of their economies. There is not a single day that goes by that a tragedy will not be mentioned in the front of a newspaper. There is so much evil out there and people are responding in a trend referred to as ghivingh or gcocooningh. People want their homes to serve as shelters to protect them from the outside world.

gThe hiving trend means less time in front of the television and more time playing board games and other low-tech parlor games.h Patrick OToole. The median time spent watching television went from in 18 to 1 hours in 00.

People want window seats, kitchen alcoves with bench seating to eat breakfast together, a place where they can do homework and play games at night time. They are setting up home offices, renting movies and watching them in their pajamas with friends and families, getting food and catalogs delivered to their homes. These people want their homes to be cozy, casual and pretty.

Technology has increased drastically in last two years versus the past ten. Even though technology is still searing its mechanization has gone from % in 000 to 4% in 001. This does not mean that technology is not important to people anymore, it just means that people are more concerned on their families and homes.



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