Marketing Mix of IKEA
Understanding 4Ps of Marketing Mix of IKEA
A Swedish-founded multinational group, Ikea is the world’s largest furniture retailer that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories.
With a presence in over 49 countries, IKEA has a total of 415+ stores from where customers can buy their favorite piece of furniture.
Founded in the year 1943, IKEA has grown multifold not only in terms of popularity but also in customer experience.
Ikea takes you on a journey from the moment you enter the store right through to the moment you leave, and everyone has an Ikea story to tell; there is simply no other store like it.
This article talks about the Marketing Mix of IKEA and explains how and the company managed to capture customers attention and achieve a market leader position in a short span of time.
Let’s check out the Marketing Mix of IKEA.
IKEA sells a wide range of products to cater to different customer segments. Its vast product range includes nearly everything that you would need or want to furnish your homes.
Offering a wide choice of furniture styles at affordable prices is what differentiates IKEA from its competitors.
Before setting up a store in a particular city, IKEA takes due notice of the local cultures and people’s lifestlyes through extensive research. This research is then used for designing different furniutre and home furnishing products.
IKEA flaunts a deep product mix having following product line and product depth:
- Outdoor furniture
- Baby & children’s products
- Eating
- Bathroom storage
- Desks
- Mirrors
- Beds & mattresses
- Chairs
- Cooking
- Clothes storage
- Decoration
- Leisure & safety products
- Sofas & armchairs
- Small storage
- Lighting
- Kitchen cabinets & appliances
- Textiles & Rugs
- Storage furniture
- Swedish food
- Tables
- Wireless charging
- TV & media furniture
- Tools & hardware
Pricing is what makes IKEA ahead of its competitors. Over the years IKEA has perfectly cracked its pricing strategy.
Affordable Pricing – IKEA provides high-quality furniture products at affordable prices to its customers. IKEA products are not expensive but they are neither too cheap as well.
Having a presence in over 49 countries, IKEA has a total of 415+ retail stores spread across different countries.
Recently, IKEA has altered its strategy and adopted two new store model. Its smaller stores located inside town display a limited range of products. There are bigger stores at city centers that display a larger range of products are present on the outskirts of the town.
IKEA spends millions of dollars annually on promoting their products and create a top of the mind recall in the consumers’ mind. The company uses a proper mix of ATL, BTL and Digital channels for creating awareness and promoting their products.
The print ads of Ikea are known to be smart and to the point which grabs customer attention.
Ikea heavily uses are sales promotions and trade promotions to attract maximum customers.
Coupons, special product discounts, festival promotions are other marketing tactics which are used by IKEA to gain new customers and maintain their existing customer base.
This concludes the Marketing Mix of IKEA
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