This article will explain the marketing mix of Ikea. The marketing mix of Ikea will include the four P’s involved. Ikea was found in the year 1943 in Sweden. They then in the later years expanded their company and it reached a wider audience in other countries. The furniture company has emerged as one of the well-known names in the industry over the years. The popularity can be judged by the fact that most of the people now view the name Ikea as a synonym to furniture.
Product
Ikea has always focused on delivering to the needs of their customers, so that the customers are retained for a longer period. They are very careful in studying their customers and then developing the products according to their needs. Their product categories include a range of furniture items and fittings. It includes home furniture, office furniture, kitchen fittings, bathroom fittings, book cabinets, closets, kids’ furniture and many more. There are further categories in these types as well. Ikea has always focused on developing and expanding their product portfolio which eventually adds up to the growth of the company. For that, they focus on their research and develop products that are needed by their customers and in that way they keep their strategies similar to what they had in the very beginning.
Price
When Ikea began, it had the advantage of being monopolistic business as they were developing products that were one of a kind. There were a very few competitors existing in the market at that time. At that time, they had the liberty to gain profits for their hard work and at that time they were targeting a niche group so the prices of most of their products were a bit high. Later, they decided not to cut costs to lower their prices as their agenda was to never compromise on the product quality. Through the years, Ikea has been able to manage the quality and with so many competitors now, they are not very pricy and are affordable in most of the countries. It is also one of the reasons why they have been able to retain their customers.
Place
Ikea is currently available to many regions around the world and it keeps on expanding to other countries focusing on the growth of the company. Moreover, when we talk about the placement in the consumer’s mind, we can say that Ikea has always been viewed as one of the high quality furniture place where most affordable furniture can be bought.
Promotion
Ikea has been using various forms of promotions but for them, mostly their sales and trade promotions work the best. It is because of the fact that they have established a brand name for themselves. Ikea gives out coupons, price discounts, and promotions. They mostly have their sales around festive seasons all around the world so that the customers are able to find the best deals in holidays.
References
About IKEA – IKEA. (n.d.). Retrieved from https://www.ikea.com/ms/en_ID/this-is-ikea/about-the-ikea-group/index.html
Z. (n.d.). IKEA Marketing Mix (4Ps) Strategy. Retrieved from https://www.mbaskool.com/marketing-mix/services/17066-ikea.html