Executive Summary
IKEA is well-known for its low-priced, well-built quality furniture and different types of home accessories. It seeks to satisfy consumers who are price-conscious and who are constructing a dream home of their own.
The report identifies IKEA’s target market and its consumer segmentation to create a better understanding of IKEA as a whole. IKEA positioned themselves well to price-sensitive consumers who are looking for low-priced home furnishings with an acceptable quality. IKEA has also developed various effective promotional mix such as advertising and direct marketing to effectively create a greater exposure of their new kitchen system, Metod. Additionally, IKEA also launched sales promotion such as contests and in-store …show more content…
This would create a positive brand image and enable IKEA to cater better to their target market’s needs. Lastly, the report has also made suitable recommendations to further enhance IKEA Singapore’s growth with regards to their new kitchen system, Metod.
1.3 Research Methodology
Market research such as store visits, internet and print references was carried out to analyse IKEA’s retail marketing strategies. Store visits were conducted to gather first hand information and understanding of IKEA and their new kitchen system, Metod. The first hand experience of Metod had also benefited the team in coming up with effective promotional tools. Analysis of IKEA were also made through its website, Metod catalogue and search engines such as …show more content…
IKEA has set-up play areas for kids near the store entrance, allowing parents to focus on their shopping while their children are being well-taken care of. (Refer to Appendix 1) In addition, IKEA also has the Children’s IKEA selling a huge variety of children’s furniture and toys thus giving IKEA the image of a family-friendly store. (Refer to Appendix 2) Moreover, the in-store IKEA restaurant provides convenience for families to take a break from shopping and have their meals there. Furthermore, IKEA caters to this market’s needs by offering good quality home furnishings at low
IKEA is well-known for its low-priced, well-built quality furniture and different types of home accessories. It seeks to satisfy consumers who are price-conscious and who are constructing a dream home of their own.
The report identifies IKEA’s target market and its consumer segmentation to create a better understanding of IKEA as a whole. IKEA positioned themselves well to price-sensitive consumers who are looking for low-priced home furnishings with an acceptable quality. IKEA has also developed various effective promotional mix such as advertising and direct marketing to effectively create a greater exposure of their new kitchen system, Metod. Additionally, IKEA also launched sales promotion such as contests and in-store …show more content…
This would create a positive brand image and enable IKEA to cater better to their target market’s needs. Lastly, the report has also made suitable recommendations to further enhance IKEA Singapore’s growth with regards to their new kitchen system, Metod.
1.3 Research Methodology
Market research such as store visits, internet and print references was carried out to analyse IKEA’s retail marketing strategies. Store visits were conducted to gather first hand information and understanding of IKEA and their new kitchen system, Metod. The first hand experience of Metod had also benefited the team in coming up with effective promotional tools. Analysis of IKEA were also made through its website, Metod catalogue and search engines such as …show more content…
IKEA has set-up play areas for kids near the store entrance, allowing parents to focus on their shopping while their children are being well-taken care of. (Refer to Appendix 1) In addition, IKEA also has the Children’s IKEA selling a huge variety of children’s furniture and toys thus giving IKEA the image of a family-friendly store. (Refer to Appendix 2) Moreover, the in-store IKEA restaurant provides convenience for families to take a break from shopping and have their meals there. Furthermore, IKEA caters to this market’s needs by offering good quality home furnishings at low