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The secret of IKEA’s success on the global market lies in its perfect execution of all components of the marketing mix. The company has adapted its strategy to each market with precision, flexibility, and creativity that made its products highly recognized. The ingenuity of its marketing mix proposal can serve as an example for other companies in Europe and worldwide. In this paper, the four components of IKEA’s marketing mix will be discussed.
This Swedish company has gained renown for the quality, accessibility, and innovativeness of its products. First of all, the firm’s pricing strategy is focused on affordability, as the structure and logistics of its stores are optimized for a maximum price reduction (O’Neill, 2021). Promotions of this store chain are widespread through all communication channels, ranging from local radio stations to social media accounts made for each region individually. IKEA stays on top of modern advertising strategies and employs influencers to reach younger audiences (O’Neill, 2021). Regarding its locations, IKEA continuously selects places where it will remain accessible for the public while keeping its prices at the lowest. However, the most notable feature of this company is its products. Its home furniture is easy to recognize for its style, modularity, and reusability (O’Neill, 2021). There is a constant stream of new products in IKEA, giving customers a reason to keep visiting it on a regular basis.
In conclusion, IKEA’s marketing mix shows how affordable, stylish, and recognizable products are able to capture customers’ hearts and solidify a company’s success for decades to come. There is a piece of furniture for every need and every customer’s taste, as their modularity enables creativity beyond compare. IKEA’s drive to provide its customers with products they desire gave it an immense competitive advantage in Europe and worldwide.
Reference
O’Neill, M. (2021). IKEA marketing strategy: 7 tactics and takeaways. Brafton. Web.
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