Marketing Analysis : Marketing Mix

1628 Words Jul 30th, 2015 7 Pages
Marketing mix is one of the most frequently marketing tool that company use to launch and promote its products. 4Ps associated with the marketing mix which are product, price, place and promotion. IKEA used the marketing mix to describe the essential elements of a marketing strategy. It is important to IKEA because it can help to determine the suitability of the product or service for a particular consumer base.
Product
Product is the first variable in marketing mix because product decisions are the first decision that companies need to take before making any marketing plan. As IKEA is an internationally known home furnishing retailer and also the world’s biggest furniture retailer, one of the reasons is IKEA has a wide range of products. It carries a range of approximately 9,500 products and this wide range is available in all IKEA stores. The wide range of products include home furnishings, furniture, kitchen fittings, bathroom fitments, book cabinets, closets, kid’s beds, home extensions, accessories and so on. Moreover, IKEA’s products respond to eco-efficient requirements and approximately 50% of IKEA’s products are made from wood or wood fibres. The intended result is flexible, adaptable home furnishings, scalable to small home and also dwellings as well as large home.
From the very beginning, IKEA understood the needs of its customers and target prospects, and provided variety of option to their customers, so they were highly attached and relied upon its name…

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