FUNDAMENTALS OF MARKETING (MKT 243)

MARKETING PLAN REPORT

COMPANY NAME : INGVAR KAMPRAD AND ELMTARYD, AGUNNARYD (IKEA)

GROUP : AC110 5G

NAME STUDENT’S ID

NUR AUNIL ATHIRAH BINTI ADNAN 2018290124

AMIRAH SHAZWIN BINTI ABU HASAN 2018230586

NAJWA NAJIHA BINTI MOHD RADZI 2018627628

NUR AINA NAJWA BINTI ANUAR 2018239604

SITI NURHUDA BINTI AHMAD FAUZI 2018231566

LECTURER : MISS FAZLUN FARHANA BINTI MAZLAN

DATE OF SUBMISSION : 15 JANUARY 2021

 TABLE OF CONTENT

Contents Page

Acknowledgement

Executive Summary

Introduction

Body of Report :

1. Segmentation
5-7
2. Product
8 - 12
3. Place 13

4. Promotion 14 - 15

5. Pricing 16

6. Conclusion and recommendations 17

7. References 18 - 19

8. Appendices

8.1. Pictures of product and company 20 - 22

8.2. Turnitin Similarity Report

8.3. Project Declaration

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 ACKNOWLEDGEMENT

In the name of Allah the Most Merciful and Most Gracious, alhamdulillah, we are thankful that we have
completed successfully everything within his blessing and permission we can finally finish our marketing plan
report for subject Fundamentals of Marketing (MKT243), University of Technology MARA (UiTM).

First and foremost, we would like to dedicate this appreciation speech to Miss Fazlun Farhana binti
Mazlan for giving us space and opportunity to carry out this assignment. His guidance and guidance has helped
us a lot to complete this task successfully. She also never tires of giving assistance, inspiration, encouragement
and advice about how to do the research project as per to the set criteria in order to obtain excellent research
results. Insya-allah, this course work assignment will give us many benefits in form of expertise and experience
when doing our future study and profession.

We would like to express our infinite appreciation to all our colleagues and team members Nur Aunil
Athirah binti Adnan, Amirah Shazwin binti Abu Hasan, Najwa Najiha binti Mohd Radzi, Nur Aina Najwa binti
Anuar, and Siti Nurhuda binti Ahmad Fauzi who cooperated and helped each other in completing this project
work. Without their support we may not have been able to complete such work successfully.

There are a variety of obstacles that we'll have to tackle, including finding the project's resources and
documents. In addition, particularly during this CMCO via the online learning system, we have to go through a
lot of difficulties. In coping with issues that arise during our study, we tend to become more structured and
stable through these issues. This market plan covers segmentation, product, place, promotion, and pricing which
is an element of marketing mix (4Ps) component of approaches intended to generate mutually satisfactory trade
with the customer base.

Last but not least, we would also like to thank both of our parents who also helped us to complete this
work until it was completed. This is because the process work to complete the course work requires a lot of
motivation, effort, ideas and money. Finally, thank you to all the people who are directly or indirectly involved
in implementing this assignment. Thank you.

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 EXECUTIVE SUMMARY

The conduction of this study aims to analyze and identify the marketing plan of the world's largest
retailer of home furnishing, IKEA. Leading the furniture industry for years, IKEA continuously amazed its
customer with every aspect of its products and services. The following paper introduces this renowned company
first.

For segmentation, the company applies four segmentation bases to reach the millennials, their target
market. They use undifferentiated targeting as the strategies to select the target audience. Regarding the product,
its furniture provides significance for both consumers and the market. Having a modern and contemporary
design besides helping the user to save more space are a part of the benefits and functions of this specialty
product.

As the biggest retailer worldwide, IKEA applied intensive distribution as their level of distribution
intensity. To influence their target market in purchasing their product, this company commonly does
advertisement and conducts sales promotion. Since its focusing on status-quo pricing objectives, there is no
doubt that they are customers' first choice in the furniture sector.

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 INTRODUCTION

IKEA is a company that designs and sells ready-to-assemble furniture. In southern Sweden, Ingvar
Kamprad, 17-year-old founded IKEA in 1943, and the iconic name IKEA is the product of the first initials of its
founder and the first letters from Elmtaryd and Agunnaryd, his farm and village. The fortune of Kamprad stood
at $33 billion, but the vast majority of his economic interest in the retailer was shifted to his philanthropic
foundations. It is the Inter IKEA Holding B.V. group's holding firm, consisting of three main companies
franchise, range and supply. IKEA operates in 36 countries, but in Malaysia it has 4 stores. In its 70 years of
service, it has come a very long way. IKEA seeks to be a responsible organisation and offers home or workstation
products at low and reasonable prices.

The aim of the business is “to create a better everyday life for the many people” while the vision goes
beyond home furnishings as well. IKEA intends to build a better daily life for all those affected by our business.
IKEA provides a range of functional items and products which were well crafted to fulfill and accomplish the
vision for the client's home. It produces and sells moderate products so that as many people can afford to purchase
them as practicable as necessary. Nevertheless, it is unable to modify its ideals by generating at low prices. What
IKEA says is "Low price but not at any price" this implies that it needs the organization to be profitable. In a
way that has an overall positive impact on people and the climate, IKEA sells products to customers. All across
the world, clients have reacted positively to the philosophy of IKEA. In its growing revenue, this is evident that
shows the company receives a good response from the community. IKEA had a group profit of almost 18 billion
euros in 2006.

The core business of this company is home furniture and home accessories, and every product they
produce is an idea to make people's homes a better place and it sells 9,500 products. Besides that, the supply
organizer is known for the supply chain of products in the warehouse and guarantees their functionality in the
shops. The company director is responsible for securing a productive meeting between the product portfolio
and the end customer. In facts the items and materials from both a well-being and environmental point of view,
IKEA home outfitting products must be safe. It is very strict on an enactment on chemicals and substances,
which is a prudent way of dealing with chemicals for all businesses, in accordance with IKEA.

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1. Segmentation

The process of dividing the market into significant, reasonably similar, and recognizable
segments or classes is market segmentation. As the marketer is able to customize its marketing mixes
so that it can serve the needs of each specific segment, this market segmentation is very important.
They could also describe their customer requirements and want to be more precise, and it is essential
as it differs from one another.

1.1. Target Market

Target market is an individual or organization with needs or wants with the ability and
willingness to buy that organization implements and maintains a marketing mix suited to the
needs of that group. As a result, the organization should concentrate on its market strategies
based on the business ability to meet the needs and desires of its customers.

As we know IKEA is a famous modern stylish home furnishing that can be afford at the
minimum cost. By this means, the target market that has been focused by this company is the
millennials from any gender and occupation also with many different life-cycle stages.

1.2. Segmentation Bases

Market segmentation consists of five main bases which are geographic segmentation,
demographic segmentation, psychographic segmentation, benefit segmentation and usage rate
segmentation. For IKEA, there are four segmentation bases that have been applied which are
geographic segmentation, demographic segmentation, psychographic segmentation and lastly
behavioral segmentation.

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 Geographic segmentation is market segmentation by region of the country or the world,
market size, market density or climate. IKEA has been divided mainly into the geographic
segmentation of the European market and the Asian market. Based on the data provided, the
large majority of sales are from the Scandinavian region with a percentage of 80 per cent
followed by the North American region with 15 per cent and the remaining 5 per cent from the
Asian and Australian regions. Looking at this statistical measure, it shows that IKEA's target
market is based on Europe, the United States and, lastly, the Asian region.

Demographic segmentation is divided by age, gender, income, ethnic background and

family life. As for this company, IKEA has mostly been visited by females with an average age
of 38 years. Recently, the company is targeting young couples who own houses and apartments
and who are willing to try out price, design and equipment when it comes to furniture. IKEA's
target base also includes students, young adults, urban professionals and first-time furniture
shoppers.

Psychographic segmentation is a segmentation of the market on the basis of personality,

encouragement, lifestyle and geodemography. In Europe and North America, the customer tends
to prefer to choose their products simply and naturally in terms of style, but when it comes to
furniture, durability starts to wear. Furniture can be substituted at any time in line with their own
preferences, their lifestyle trends and demands. However, in Asia, the customer prefers home
decoration to the pursuit of a luxury lifestyle.

Segmentation of behavior. Certain products are based on the customer's substantive

purchasing behaviour. Impact of consumer purchasing behavior, consumer demand, a range of
income groups, commodity prices and consumer attitudes. The income ranges from the low-
income, middle-income and high-income classifications that IKEA had already divided into. The
status of national economic development will be considered by IKEA. In Europe and America,
the strategic market primarily focuses on lower- and medium families in those regions for their
affordable pursuit. But in Asia, the aim of IKEA is to get a booming sector.

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1.3. Strategies for Selecting Targeting Markets

Undifferentiated targeting is a method for selecting the target market for IKEA.
Undifferentiated targeting is a marketing approach that includes the market to be a single massive
market with no individual segments and thus requires a single marketing mix. This strategy
assumes that individual customers have similar needs that can be met by either a common
marketing mix. For instance, IKEA supplies general household appliances, kitchen appliances
and ready-to-assemble furniture. This makes the company choose this market target strategy
because of IKEA's huge, huge appeal. In addition, IKEA was popular online or offline. IKEA
did receive 957 million store visits and 2.5 million web visits in 2018.

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2. Product

Products are the goods or services received by the customers in a trading transaction. The product
can classify into two categories which are tangible and intangible. Goods are tangible because they can
be touched and seen such as books and cars. Meanwhile, services are intangible because they do not
have a physical presence such as the business of car wash and repair of electronics. For this company
they produced goods. They are selling a lot of home furnishing. For instance, sofa, wardrobe, bed frame,
kitchen cabinet, bathroom sink and others.

2.1. Significance of the Product to Consumer and Market

The significance of the furniture from IKEA to the consumer having a comfortable home
to stay in for a long period. Like the vision statement of this company is to create a better
everyday life for many people. For individuals, a cozy home would create a happier life.
Especially during Conditional Movement Control Order (CMCO), all family members stay at
home to do their routine like children attend online learning and parents need to work from home.
Thus, they need a functional design of furniture to make their life easier and more comfortable.

The significance of IKEA's furniture to the market is increasing the income tax for the
country. The duty import is charged to IKEA's furniture because it is imported goods from other
countries. Furthermore, creating job opportunities for local people is one of the importance of
IKEA to the market. It will help to decrease the rate of unemployment in Malaysia.

2.2. Type of Consumer Product

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 There are four types of consumer products which are convenience products, shopping
products, specialty products and unsought products. Furniture from IKEA is under specialty
products. This is because the customers can buy the furniture only at IKEA stores which are
IKEA Damansara, IKEA Cheras, IKEA Tebrau and IKEA Batu Kawan. Besides, this product
needs to have much planning and shopping effort. For example, the customer needs to have a
specific design and measurement of the furniture that he wants.

2.3. Specification of the Product

For the specification of the product, IKEA avoids using chemicals and substances in
manufacturing all products that can damage people and the environment. They complied with
the rules and standards from the European Union (EU) REACH legislation on chemicals and
substances. Other than that, they strive to reduce waste in their production by transferring the
waste from one production to use for another production since they use large amounts of raw
materials such as wood, paper, cardboard, glass, metal and plastic. The fewest resources is one
of the strategies to achieve the use of materials efficiency. Without neglecting the quality of the
product, this company believes to make the best product using the fewest resources. They used
renewable and recyclable materials such as rattan, cotton, wood, metal, glass and plastic in their
production. Last but not least, there is a testing of safety for a product done by this company's
third-party accredited test laboratory in Älmhult, Sweden. They will ensure the product is safe
for the customers based on international safety standards.

2.4. Benefits and Function

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 The furniture from IKEA has many benefits and functions for the customers. First, the
design of the product is compact. Nowadays, many people are looking forward to compact and
multifunctional furniture since their house has small space such as an apartment, dorm room,
and studio house. Most of IKEA's furniture has storage space and this can save more space in
the house or room such as a loft bed. Second, the design of the furniture is modern and
contemporary. Young people tend to have a modern concept because it needs less time to
decorate and also create calmness in their house. Not only that, the design of furniture has the
same pattern or concept that is suitable to use for a long period. Third, the packaging of the
furniture is friendly to carry everywhere. It is packed in a flat box that saves space and easier for
the customer to bring the furniture only using their car. Thus, it can cut the cost pay rental of a
lorry.

2.5. Warranty Period

A product should have a warranty period to protect the customer as well as to give the
necessary information about the product. A warranty also gives a good view as a customer about
the high quality of the product. For instance, a product that has a warranty gives a good view of
the customer about the products are strong and durable for use in a long period. There are two
types of warranty which are express and implied warranty. Furniture from IKEA applied express
warranty. They have written guarantees starting from 2 years until 25 years depends on the type
of furniture. During the period of warranty, the cost of repair and replacement of spare parts will
be borne by the company if it is covered.

2.6. Picture of the products

Appendix 1

2.7. Labelling

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 Labelling is playing an important role in marketing a brand. It is displayed on packaging
or product itself about information, ingredient and instruction about a product. There are two
forms of labelling which are persuasive labelling and informational labelling. For IKEA’s
furniture, they used informational labelling to assist the customer to make proper decisions in
choosing suitable furniture. For example, the company had labelling all furniture at the
showroom with the tag. The tag has information about the name of product, price, measurement,
material, instruction and location to get that furniture. (Appendix 2)

2.8. Positioning Strategy

Positioning strategy is the technique of the company to have a place in the customer’s
mind about the specialty of a brand or a product. As everyone knows, IKEA has a unique store
that can create memorable memory for its customers. The customers can explore the design and
concept of the room that is designed by IKEA’s designer such as kitchen, bathroom and bedroom.
It is such a short trip with the family or friends when they visit different sections and observe the
furniture and decorations without interruption. From the moment the customers reach the shop
right up to the moment they exit, Ikea takes them on an amazing trip. After that, the uniqueness
of furniture from IKEA is the customers need to assemble the component of furniture by
themselves using the instructions given. This can create value and increase customers’
satisfaction after they see the result of their work.

2.9. Trademark

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 Trademark is an identifiable phrase, word or symbol to the product. It is important to
have a trademark in a business to differentiate one product from another product. The history of
IKEA started when the founder, Mr. Feodor Ingvar Kamprad, from Elmtaryd, Agunnaryd, in
Sweden used the initials of his name and address for his business. The trademark for this
company is the iconic logo created in 1967 changed throughout the years. In 1977, the
introduction of the blue and yellow colour showed the company's origin from Sweden (the
Sweden flag is blue and yellow). Since 1983, the coloured logo has been used by the company
as the primary trademark. Although this company is recognized as a Sweden company, the
trademark was founded in the Netherlands in 1983 and registered under the name of Inter IKEA
Systems B.V., which is the owner of the IKEA Idea and the IKEA franchisor worldwide. In
2018, Yougov Brandindex listed IKEA as ranked seventh in the list of the world's best
trademarks. Besides, the company was ranked as the most relevant 2018 trademark by Progress
with Purpose Summit (PRPS). The company's trademark is well-known globally, not only
because of the term as a trademark but because the business concept is a trademark in itself
(Petter Rindforth, 2018).

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3. Place

3.1. Type of Marketing Channel

The location or distribution channel is the path by which services flow in one direction
(from business to customer) and the payments they receive flow in the opposite direction (from
consumer to the agency). The direct channel, retailer channel, wholesaler channel, agent/broker
channel are five types of marketing channel.

As for IKEA, it is known it was the biggest furniture retailer since 2008. This company
consists of 445 stores worldwide in total by the end of August 2020. This retail store exists as it
can cut down the cost that will be charged to the customer for all transactions and make an
assortment of goods available in one location. The uniqueness of IKEA’s retail store is that it
acts as a warehouse which means, the retail store is also a warehouse itself.

3.2. Levels of distribution intensity (intensive/selective/exclusive)

The distribution intensity level consists of three distributions which are intensive
distribution, selective distribution and exclusive distribution. As we know, IKEA is the biggest
retailer in the world and the product has also been sold at a reasonable price. The company was
using intensive distribution as their level of distribution intensity. Intensive distribution is a
distribution with aim of having a product available in every outlet where the target consumers
might want to buy. The objective of the IKEA company is to achieve mass market purchases and
more for convenience goods.

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4. Promotion

Promotion is a communication attempt by marketers to notify, persuade, and remind target consumers
of a product to influence their notion and elicit a response.

4.1. Types of Promotion Tools

There are various types of promotion tools available to marketers. Personal selling,
advertising, sales promotions and public relations are the prime ones. All these types of
promotions help the marketers focus on reaching the target audience besides fulfilling the
organization's overall goals.

IKEA integrates several promotion strategies in conducting its business operations.

Advertising is one of them. Advertising refers to any impersonal paid form of unilateral mass
communication where the company or sponsor is identifiable. IKEA rarely fails to leave people
speechless with its advertisements. Either on outdoor media, the internet, in magazines, or any
other advertising media, they are all eye-capturing. Diagram 1 and Diagram 2 in Appendix 3 are
some of the proofs that IKEA has an astonishing knack for using fun and brilliant commercials in
attracting their customers. Not exclusively focusing on creating advertisements solely to build their
brands, this renowned company also produces a lot of user-generated content relating to IKEA's
products. For example, Diagram 3 in Appendix 3.

As the world's greatest retailer of furniture and fittings, IKEA invariably finds alternatives
to connect with everyone in their target market. Having a high segmented customer group leads
them to come up with a localized approach to adapt the cultures in the countries. For example,
IKEA American's promotion strategy might differ from the one in Malaysia. Video 1 linked in
Appendix 4 is the advertisement by IKEA Taiwan that uses hot pot in a family dinner tables' related
campaign. In Asia, the hot pot is a special dish that draws families and friends together.

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 Besides advertising, sales promotion is the other promotion strategy implemented by this
Swedish furniture company. It is an incentive aiming to motivate the customers to acquire the
goods sold instantly. IKEA’s sales promotion is mostly consumer-based. Apart from providing
coupons, and sales discounts, IKEA also held festival promotions to their valued customers. For
instance, the promotion during lunar new year shown in Diagram 4 in Appendix 3.

Point-of-purchase promotion is another salient tool of IKEA's sales promotion. It includes

any set up of promotional displays at the retailer's location aiming to advertise the product or
induce impulse purchases. IKEA's astonishing store design not only contributes a pleasant
experience for the customer, but it also manipulates the customers' purchasing decision.
Customer’s exclusive experience from shopping at the store will lead more customers to visit and
revisit the place. Diagram 5 attached to Appendix 3 is an example of IKEA stores' design.

4.2. The Appeal and Execution of Message

For the appeal and execution of the message applied, AIDA's concept is implemented.
AIDA is the model outlining the process aiming to achieve promotion goals involving consumers
with the message. It stands for Attention, Interest, Desire, and Action.

In gaining attention, IKEA creates an eye-catching advertisement to attract customers.

To raise interest or awareness for the target audience to purchase products, the company makes
use of online platforms such as the company's website to show demonstration in setting up the
furniture and tips in decorating rooms with IKEA's products. The customers will desire the
products sold by the fact that their small room can turn into a beautiful place with the product
sold by IKEA at a reasonable price. Lastly, the persuaded customer who has not yet made a
purchase will do so when there is a continuous advertisement from the company.

4.3. Sample of Printed Advertisement and a Copy of CD that Contain TV Advertisement/

Radio Advertisement

Appendix 3 and Appendix 4

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5. Price

Pricing refers to an operation of fixing the value which an industrialist will acquire or receive in
the process of exchanging goods or services. The pricing method is implemented to alter the cost of the
producer’s contributions appropriate to both manufacturers and customers.

5.1. Pricing Objective

In this situation, IKEA’s pricing objectives are specifically focusing on status-quo as

their pricing objective which helps them to be the number one customer-first-choice furniture
brand. The noteworthy pricing objectives toward the product are due to the company having set-
up their price similar to other competitors in the industry such as Casa Furniture, Etsy and CB2.
Other than that, the status quo pricing assists IKEA to maintain the existing price and meets the
competitor price. IKEA implements its objective by setting up price akin or alike to its
competitor by undergoing survey competitor’s price.

5.2. Factor Influence Pricing Objective

There are various factors that influence the price objective chosen. One of the factors that
influence the objectives is the pricing strategy that is selected by the business entity. IKEA is a
well-known company which sells numerous types of furniture line with unique and lavish
concepts at an affordable price. Moreover, IKEA is currently using competitive pricing as their
strategy which drives the consumers to see higher quality perception by creating a higher price
range.

5.3. Tactic of Setting the Price

The tactic used by IKEA’s company in order to set their price is a competitive pricing
strategy. This tactic is working by setting a strategic price point to take advantage of a product
or services based on what the competition charges. Moreover, the furniture industry has reached
its level of equilibrium which happened due to several substitutes for the product can be found
in the market. Therefore, IKEA has made a wise decision by choosing competitive pricing as its
tactic of setting the price.

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6. Conclusion and Recommendation

There are various things that should be highlighted from the above content. From the strong
target market which enables the business to stand in the industry for a long period of time to numerous
types of furniture with exquisite and lavish concepts to attract its customer’s desire. Moreover, IKEA’s
showroom and store is located at a mostly strategic location which is developing and millennial and
well-known cities. As for the recommendation, IKEA should improve the delivery service to satisfy the
customers. Other than that, IKEA should find other alternatives to ship its furniture to other countries to
save up shipping time and decrease the shipping cost.

6.1. Limitation

As for the limitation, IKEA faced innumerable limitations in their daily operation. As for
the cost of the products, IKEA should bear that the cost of selling their product line in the USA
is much higher as compared with Sweden, even though the prices of the products are dropping
every year in Sweden. This is owing to the fact that the cost of shipping and dismantling the
products from Europe to every country are quite expensive which takes about 2 to 3 months of
shipping time.

6.2. Learning Experience

Now, we expert about the marketing mix which is the 4P’s that conclude product, place,
promotion and price. We are also gaining knowledge on how a multi-million worth company
like IKEA is expanding their company all around the globe and how they overcome all the
barriers and problems with wise decision making processes.

6.3. Product’s Future Expectation

In the future, we predict that several ranges of furniture concepts will be produced from
time to time. Moreover, IKEA will expand its business throughout the entire globe including the
middle east region and more others. Other than that, IKEA will invent more furniture that consist
of ingenious and high-tech features such as expendable and portable furniture.

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https://mpk732t12016clusterb.wordpress.com/2016/05/15/marketing-strategy-in-distribution-and-logistics-
ikea/
Langford, S. (2019). Market Targeting: Why it Pays to Differentiate. Hurree.Co.
https://blog.hurree.co/blog/market-targeting

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 APPENDICES

Appendix 1 - Picture of the Product

Sofa Wardrobe

Table and chair Loft bed

Kitchen cabinet Bathroom sink

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Appendix 2 - Picture of Labelling

Appendix 3 - Sample of Printed Advertisement

Diagram 1 Diagram 2

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 Diagram 3 Diagram 4

Diagram 5

Appendix 4 - Link

1. Link 1 (Advertisement)
https://youtu.be/3qw7Gigsctk

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