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Case Study : Ikea 's The World 's Most Valuable Brands Essay

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The brand I will focus on for my project will be ‘IKEA’. My rationale in choosing IKEA is to examine how ‘IKEA” the furniture and home goods retailer as of 2016 without any major repositioning is in the #62nd, position on the Forbes List of ‘The World’s Most Valuable Brands’. Although the brand first opened its doors in 1942 (Frede, J, 2015), and currently holds the 62nd place on ‘The Forbes List’, the brand as of 2016 has experienced little or no growth in Europe or US markets. The brand, on the other hand, has lost its ‘cult’ status with the 18-44 target market and is hurting from the lack of convenient urban locations, making it easier for consumers to look to competitors i.e., Target, Pottery Barn, and Walmart for moderately priced furniture and home goods. As a prior employee with ‘IKEA, I believe using repositioning, I’ve identified several concepts for ‘strategically changing the distinct image and identity that its product or brand occupies in consumer minds’ (Schiffman. L, Wisenbilt. J, 2015 ). Target Market IKEA’s, target market are considered ‘the millennials’ the 18-35 demographic, male and female and middle and low income are greatly attracted to the wide variety of well designed, hard to pronounce, functional merchandise. To attract them, Will Mckitterick, a research analyst at IBISWorld, stated “Ikea has stepped up its strategy for accommodating small living spaces, whether in Moscow, Tokyo or New York City, which should go a long way toward appealing to
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