Ikea
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IKEA was founded in 1943 by Ingvar Kamprad in Sweden. Its vision is to create a better everyday life for many people. IKEA owns 392 stores in 48 countries and has over 12,000 products on its website. It had over 2.1 billion visitors to its website from 2015-2016, making it one of the largest wood users in retail. IKEA customizes its stores and products based on local culture and reaches consumers through quirky ads, low prices, and expanding into new markets while considering luxury, eco-friendly products. The pros of its strategy are cost cutting through DIY assembly and wide product range while cons include difficulty of DIY and limited store locations.
Ikea
- 1. CHANGE begins at home !
- 2. Founded by Ingvar Kamprad in 1943 I- INGVAR K-KAMPRAD E-ELMTARYD A-AGUNNARYD
- 3. VISION TO CREATE A BETTER EVERYDAY LIFE FOR THE MANY PEOPLE
- 4. People have very thin wallets We should take care of their interests
- 5. IKEA owns and operates 392 stores in 48 countries. The IKEA website contains about 12,000 products. There were over 2.1 billion visitors to IKEAs website between September 2015 and August 2016. It is one of the largest users of wood in the retail sector.
- 8. What are some of the things IKEA is doing well to reach consumers in different markets?
- 9. CUSTOMISING STORES AND PRODUCTS BASED ON CULTURE AND REGION INTERNATIONAL VISIBILITY
- 10. QUIRKY ADVERTISEMENTS LOW COST PRODUCTS
- 11. What else could it be doing?
- 12. Expanding to new markets.
- 13. LUXURY AND ECO FRIENDLY PRODUCTS
- 14. WHAT ARE THE PROS OF IKEAS STRATEGY?
- 15. Cost cutting through DIY concept. Shipping, shopping and assembly by customers.
- 16. Wide range of products. Promotioonal offers.
- 17. WHAT ARE THE CONS OF IKEAS STRATEGY?
- 19. LIMITED NUMBER OF STORES
- 20. RECAP
- 21. DISCLAIMER Made by AYAN SAHA of SRM, Kattankulathur during a Marketing Internship under Professor SAMEER MATHUR of IIM Lucknow.