A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. The target market is the market segment that the business is focusing on for a specific product or marketing campaign. It is also recognized as the 4Ps, consisting of product, price, place and promotion. (IKEA, 2010 a). Forsman & Bodenfors, Ikea’s Swedish agency, has turned to boxed themes to support the distribution of the retail giant’s latest catalogue (pun intended). It may allow them to find a niche in the market which will allow them to gain a competitive edge and possibly gain more market share (in the … Further, there are floor pained arrows to lead consumers quickly find the items they need. The last view of consumers is a cognitive view. In contrast, the B&Q stores are the GMS (General Merchandise Store) mode. Moreover, B&Q has professional teams to help personalized designing. Ikea marketing management presentation 1. Pssst… we can write an original essay just for you. However, IKEA’s founders realized that this left a market opportunity for those younger generations that were just starting to move into their own homes and apartments, but did not have the financial resources or stable lifestyle that support an investment in high-end furniture. Besides, they both open stores in areas with large population. This means that the products in Ikea aims to attract a particular market segment than the mass market (Steenkamp & Ter Hofstede, 2002). Market segmentation takes place when a company decides to identify the specific customer type for their product or service, while the identification of the target market takes place when the company identifies which customers have the ability to buy the product. The customer spending pattern was also similar across countries. (Guangzhou IKEA, 2010), B&Q fixes most commodities with appropriate prices for the average consumer. The objective of this report is to analyze how IKEA and B&Q deal with marketing mix and marketing segmentation. Wells Fargo team member handbook – January 2014. Market segmentation is classifying consumers into groups according to their characteristics (Hall et al, 2008) and set certain groups as targets. Positioning implies the selection of the marketing … Strickland, T., Gamble, J., Peteraf, M., (2012).Charting a Company’s Direction: Chapter 2, Vision and Mission, McGraw-Hill, Retrieved from http://highered.mcgraw-hill.com/sites/dl/free/0078112729/898107/Chapter02.pdf The statement communicates the leaderships view about the club’s long term direction. Religion Demographic segmentation is usually the most important criterion for identifying target markets, which means that knowledge of demographic information is crucial for many businesses. (Gluck, S., 2014). The differences in 4Ps between IKEA and B&Q were also discussed in the paper. The first theme will be discussed on … Afteridentifying segmentation few segments are selected to reach target customers. What factors do you see as critical to competitive success in the furniture industry? References (B&Q, 2010 c). ... and strive to be you will have three solid statements for your organization that can be used as a guide for a successful business. Furthermore, the IKEA products are mostly shown as models, which are fixed and limited. According to OPPAPERS (2010) and B&Q (2010c), both of them set the prices of their products reasonable and appropriate. (2014). See our earning section to learn more about SWOT and all other business strategies. Wells Fargo Bank. Get help with writing. Pricing strategy involves appealing to either price-sensitive or price-insensitive segments. The difference between customer segmentation and target markets can be explained by the below: Best practice is to firstly understand the customer segments. In contrast, B&Q has more beneficial services such as discounting and installment payment. This permits the company to serve the large middle and low income earning groups as they are able to secure furniture affordably. IKEA helped shape the postwar household by offering new furniture styles at a very reasonable price. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. Income level 4. (IKEA, 2010 b) It has outstanding quality and a special name to every product, and offers a wide range of home furnishings with best aesthetic designs and functions at reasonable prices. IKEA’s Business IKEA is an international home product company that designs and sells ready to assemble furniture appliances and home accessories IKEA’s Vision IKEA’s vision … (OPPAPERS, 2010) One method IKEA uses is mantissa pricing, fixing the prices with 9s, such as 299, 699 and 799 yuan, giving customers an impression of cheapness. ... middle of paper ... A market is segmented using age, gender, income, education, lifecycle, social status, social class and many more. IKEA's Billy bookcase, Lack side table and Ivar storage system were best-sellers worldwide. Presently, there are above 60 stores around the world, among which, the largest one in Beijing. In order to fulfill their social duties, they both have actions in making contribution to the society. Market Segmentation, Market Target and Market Positioning of Nike Company. Copyright © 2000-2020. 2. For example… The relation between customer orientation and resulting in customer value creation and increasing brand awareness will be pointed out. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Accessible:Each segment must be accessible to your team and the segment must be able to receive yo… The products of Both B&Q and IKEA are complementary. These bases range from age, gender, etc. Finally, It will then show how the strategies correlate with the effectiveness of the organization’s overall success. Customers greatly benefit from the value of the furniture because it is decent quality furniture for a very low price. In addition, IKE fixes the products’ prices at a lower level, which is quite attracting for the average consumers, such as white-collars. (B&Q, 2010a) Its selling point is a variety of products for home decoration. Furthermore, B&Q offers installment payment service, which is another effective promotion strategy. Registered Data Controller No: Z1821391. Key Competitors Platform / Material / Household Appliance Simplified / Good Taste / Grocery Local / Cheap / Convenient Experience Owned Brand Relationship and Attitude Media & Marketing Activity Usage and Attitude Annual Advertiser of the 2011 Cannes Lions Festival Style: humor, Consumers’ choosing, assembling and transporting products by themselves can reduce the price. Thus, many companies use geographic segmentation as a basis for market segmentation.. (IKEA, 2010 b), B&Q stores supply with around 40,000 products for home fittings, such as lights, door handles and lawnmowers. Product strategy aims to extract the most value out of customers. Moreover, although the IKEA products’ prices are higher than B&Q, their products and locations are similar. You can view samples of our professional work here. Discount is an effective promotion B&Q uses to attract consumers. For reaching the strategic requirement, IKEA improved its competitive capability and enhanced resources such as w... Segmentation refers to dividing population into groups on the basis of their common traits and characteristics. IKEA employs about 208000 people globally and its portfolio comprises more than 9500 products. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! 2. All work is written to order. (B&Q, 2010 c). It treated them as targeted customer group and then design and generates products for this market. Category: Business; Subcategory: Marketing, Corporation; Topic: Brand Management, Marketing Management, Nike; Pages: 2; Words: 987; Published: 08 August 2019; Downloads: 1312; Download Print. This group works together with UNICEF and Save the Children, with the purpose of giving all children a better life. (2012). The company has a core competency in helping customers meet their home improvement needs at a low price. This marketing strategy is called, “merchandise”, the product range and the prices of the products (Waller, 2014). (B&Q, 2010 a). (Hall et al, 2008). The meaning of adopting a customer orientation will be discussed thoroughly while highlighting the implications by featuring an organization in the said industry. In conclusion, both IKEA and B&Q are successful furniture sales enterprises. Academia.edu is a platform for academics to share research papers. As for B&Q, there are 371 stores in total, with 41 stores in China. Tesco new-look stores to appeal to gadget enthusiasts. Segmentation is the means to divide the population into groups based on their common traits and characteristics such as old and young people. Therefore, its products are more colorful and novel. Study for free with our range of university lectures! To succeed in today’s competitive marketplace, companies must be customer-centered, wining customers from competitors and keeping them by delivering greater value. As a “total concept”, product refers to all merchandises and services provided by a business. ... middle of paper ... IKEA: Target Market and Positioning Strategy. IKEA further segments the market through benefit segmentation. Money:Anticipated profits must exceed the costs of additional marketing plans and other changes. Marital status 5. to psychographic factors like attitude, interest, values, etc. If the market is small, it may make it smaller. In this article, we'll look at the Segmentation, Targeting and Positioning (STP) Model*, an approach that you can use to identify your most valuable market segments, and then sell to them successfully with carefully targeted products and marketing. (IKEA, 2010 f). Demographic grouping is based on measurable statistics, such as: 1. Similarly in cold countries, the same company might be marketing for heaters wheresa in hot countries, the same company might be targeting air conditioners. The IKEA stores have scientifically classified all products so that consumers can quickly and easily find what they need. IKEA’S Segmentations & Target Market Segments. Increased ROI . So, this is the key difference between market segmentation and target market. Ikea employs market segmentation strategy where the products are towards a particular target market. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions. A liquor vendor, for instance, might want to target its marketing efforts based on the results of Gallup po… The prices of IKEA’s products are set reasonably. Target Market Segmentation IKEA's main consumers are classified as young, middle class, and upwardly mobile, who prefer low-priced but trendy furniture and household products (Hill & Jones, 2005). Although both of these two companies have large sales volumes, it is still a necessity to enhance marketing mix, for their installation service charges are slightly higher than people’s expectation. In this segment of discussion, there are 4 segmentation themes in the target market: (1) Geographical, (2) Demographic, (3) Psychographic and (4) Behavioral segmentations. Anthony Reuben. 3. For example, all the products for a room are shown visually by being placed a single model room. (B&Q, 2010a) Moreover, B&Q’s operating system is GMS (General Merchandise Store), thus all products in B&Q are placed on shelves for consumers to choose freely. Asses the benefits of IKEA segmenting its Market..... Market Segmentation involves dividing the market into identifiable sections specific to the business’ needs. Do you have a 2:1 degree or higher? The marketing managers who may consider using target marketing will usually break the market down into groups and to target the most profitable segments. Strategies to achieve success in the market by integrating and responding to the market’s demand will be addressed thorough out this paper. Both IKEA and B&Q construct their own websites to introduce their commodities and offer consumers with e-shopping service. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. Market segmentation consists of four types, including geographic, demographic, psychographic and behavioral type. Last accessed 27 March 2014. IKEA’s major products are furniture, such as kitchen modules, bathroom facilities, lighting equipment, sofas and textiles. According to statistical data, there are over three million customers walking into B&Q per week. b. IKEA markets itself as a store established for the people, such that they are open to being the people 's companions for an improved life. Company Registration No: 4964706. This type of segmentation is the easiest but it was actually used in the last decade where the industries were new and the reach was less. However, a most significant difference between them is that, IKEA only sells finished products, whereas B&Q provides raw materials as well. Sales Strategy Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. *You can also browse our support articles here >. SmartThings message is turning your home into a Smart House in other to make a living better. In comparison, IKEA’s targets are mainly young people who love innovative items, while B&Q focuses on one stop shopping with people who have not much spare time as its major consumers. (IKEA, 2010 b), Different from IKEA, B&Q is specialized in one stop shopping, in which, customers can buy most decorations and accessaries they want in one store. Although their promotional measures are different, they have the same purpose to create more profits. Both of two companies sell products mainly in stores. Now, with digital marketing and segmentation tools like Google Adwords to filter out the masses, you can hone-in on exactly who you want and how. They focus on the processes by which consumers seem and evaluate information about the brands. Age 3. Visions and Values. 4. Race 7. It was founded by Richard Block and David Quayle in Portswood, Southampton in 1969. Any type of essay. The positioning testimony of IKEA opens up a partnership with its customers is to arrive at the desired effects perceived by their clients and by the store performing their part in the development. Criteria Size:The market must be large enough to justify segmenting. Tearle, R. (n.d.). IKEA is not only one of the world's most successful retailers, growing nearly 6% in its most recent fiscal year -- it's also a powerful brand, ranking among … Interbrand and Forbes estimate IKEA brand value as USD 17,46 billion and USD 15,30 billion respectively. Communication strategy advertises the appropriate ads using the right media to target the chosen consumer group. There are around 330 IKEA stores in 38 countries. It is done by offering products at different price levels or by only making expensive products available first. An example of a vision statement is: Walmart “Saving People Money So They Can Live Better” (Strickland, Gamble, Peteraf, 2012) IKEA’s marketing strategy enables the company to be a successful player in the global market, evaluate how the innovation in IKEA’s marketing mix elements are … Part o... 1st Jan 1970 IKEA generated retail sales of EUR 38,8 billion during financial year 2018 and it has a healthy profit margin, as well as, strong cash reserves. ...hat a consumers is submissive to self-serving interests and promotional efforts. IKEA segmentation, targeting and positioning involves a set of consequent marketing decisions that constitute the core of company’s marketing strategy. Looking for a flexible role? Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. Market Segmentation IKEA targets young and fashionable people as its main consumers; in particular those love modern furniture and accessories. IKEA’s marketing strategy consists of market segmentation, targeting, positioning and the marketing mix. One of the bases of segmentation is to market the product sustainability. Ocean to eocean. Education 6. According to many surveys, Segmentation, Targeting and positioning (STP) is one of the best considered marketing strategy model of modern days after SWOT. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. The aim of this service is to provide convenience for customers who do not have much time to deal with decoration. Furthermore, B&Q has professional teams to help customers designing and decorating in their own styles. Lowe’s grew through strategic choice by heavily focusing on key functional areas involving research and development (R&D), marketing, and logistics. 1. Strategies are the process of creating product, pricing, communication, and customer management strategies. Since companies cannot satisfy all consumers in a given market, … How to Apply Segmentation Targeting Positioning “STP” to a Business. Therefore, its products are more colorful and novel. With low costs came a new innovative style and a comfortable atmosphere to shop in. (IKEA, 2010 e) It is worthy to mention that, IKEA also established a group named Social Initiative, aiming at strengthening the relationship between IKEA and the society. This is not an example of the work produced by our Essay Writing Service. Ikea Segmentation Targeting Positioning. (B&Q, nd). VAT Registration No: 842417633. It is important in marketing strategy, with a goal of satisfying consumers’ needs. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. In addition, the emphasis of this report is how these two companies differentiate products to different targeted segments, as well as how they combine market segmentation with marketing mix to make profits. Besides, they both have various promotional skills, such as discounting and installation service. Market segmentation and target marketing both serve as a very useful technique in saving time, money, and efforts engaged in the marketing of the product/services as targeted marketing focuses on targeting the consumers or audience as per different consumer habits. (IKEA, 2010d) For all of them, the products are displayed in a clear and scientific classification. However, IKEA’s consumers do not need to pay extra charges for assistance and transportation, which is a quite attracting policy. Disclaimer: This work has been submitted by a university student. If you need assistance with writing your essay, our professional essay writing service is here to help! On the other hand, it is suggested that B&Q’s products could be more fashionable and colorful in order to attract younger consumers. In this case, IKEA was transformed from a small mail order company to a popular international furniture retailer. Similar to IKEA, B&Q also has policies to show its social responsibility. Lowe’s important R&D investments included the creation of two prototype stores. They divide their consumers into groups in accordance with types of market segmentation: demographics, psychographics and behavioral. Therefore, product is more than physical stuffs sold by stores (Hall et al, 2008). So far, IKEA is the largest and most international furniture emporium, globally. We're here to answer any questions you have about our services. (Hall et al, 2008). Retrieved from blogs.wellsfargo.com/guidedbyhistory As the business achievements of IKEA have been increasing and well-developed, it adopted a particular strategy, which is “To offer a wide range of well designed, functional home furnishing products at cheap price”. It guides the employee’s and management to reduce risk in decision making and leads them into the future. Segmenting is dividing a group into subgroups according to some set ‘basis’. Precise and Personalised Targeting. No plagiarism, guaranteed! Retrieved from online.wsj.com/news/articles/SB10001424127887323527004579081244169280978 In addition, it has a website for consumers to search the details of their products. Promotion is to propagandize products through all measures available (Hall et al, 2008). Second, IKEA had focused on young buyers. Segmentation, targeting, positioning in the Marketing strategy of IKEA – Demographic , psychographic & geographic segmentation is used by the company to segment the market to cater to the changing market dynamics of home furnishing, Kitchenware & appliances industry. This process of evaluating and selecting market segments is known as market targeting. Another concept concerned with market segmentation is marketing mix. Sound marketing requires a careful, deliberate analysis of consumers. Market Segmentation, Targeting and Positioning Introduction 1. Ingvar Kamprad believes that a company's "identity", company guidelines, profile, selection, quantity, quality and price are critical to the success a company will have in the furniture business. 1. Examples of Targeting in Marketing. Gender 2. Any subject. It is also recommended that the two companies perform routine market research so as to know well of consumers’ feedbacks. Target market segmentation is the process of categorizing the market into different groups, according to demographic, geographic, behavioral and psychographic traits. To some extent, advocating environmental products is also a useful promotion skill of B&Q. (Guangzhou IKEA, 2010) Besides entity stores, IKEA also allows consumers to do e-shopping on its website with an easy reviewing of the details of the products. In order to use this core competency to gain a competitive advantage, the company has focused on key functional strategies. IKEA’s segmentation, targeting and positioning of its target audience involve a set of connected marketing decisions that constitute the core of the company’s marketing strategy. MARKETING MIX IKEA has been so successful because of its unique marketing mix. This paper will begin by discussing the marketing concept of customer orientation towards the success of a business. Cognitive view of consumers portrays consumers as a thinking problem solver. 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Products are set reasonably is its free catalogue we can write an original essay just for.. Routine market research so as to know well of consumers portrays consumers as a for. Than physical stuffs sold by stores ( Hall et al, 2008 ) and set certain groups targets. Are ready and waiting to assist you with your university studies installation service,! To share research papers people as its main consumers ; in particular those love modern furniture accessories... Arnold, Nottingham, Nottinghamshire, NG5 7PJ ikea’s market segmentation and targeting serve the large middle and low income groups! Explained by the below: Best practice is to propagandize products through all measures available ( Hall al. Writing project you may have in decision making and leads them into the future furniture for a specific or!