The Key Ingredients Between A Successful Company And A Non Successful One

1650 WordsOct 23, 20147 Pages
How to you define the key ingredients between a successful company and a non-successful one? Although there might not be one singular determinant factor, efficient marketing is bound to get a company to their desired outcome, regardless in what business field they are in. Ikea, a global furniture company, has created a strong marketing strategy along with a strong marketing planning process that has help their brand a lot. They have really strong brand recognition, loyal customers, and are increasingly growing. Their marketing efforts have truly help set them apart from their competitors. In other to have a great marketing strategy, they developed their marketing mix, which is constituted into the following: a) Product – Creates value Ikea offers a wide range of home furniture and accessories, from bedroom furniture to kitchen appliances. It also has a wide variety of style which it represents in all of the various showrooms within the store. It’s able to produce low price products that are high in quality. b) Price – Captures value Ikea’s most advantage is that it offers furniture at a lower cost than most furniture stores. That puts them at the advantage. To the customers, the lower price is an attractive component to their services. Other than the actual price, IKEA ensure that all of its products are made through an effect production process that minimizes waste; this technique provides a green value to the company. c) Place – Delivers the value proposition There are

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