Marketing Report Coursework Example | Topics and Well Written Essays - 3000 words

Marketing Report - Coursework Example This has also been done for understanding the external environment. The findings derived after analyzing the market for IKEA revealed that IKEA is one of the major players in the furniture retailing market and though the company has many competitors, but due to certain Unique Selling Proposition (USP) the competitors would not be able to shake the strong foundation of the company. The company might face problems due to the economic slowdown that is prevailing around the world, due to which the sales might get affected. Introduction IKEA Furniture is private furniture retail chain in UK, which sells furniture and home products. The company also deals in customized furniture which has to be assembled according to the preferences of the customers. IKEA is one of the world’s largest furniture retailers and it sells furniture like beds, desks, chairs, tables, home appliances and accessories. The company was founded by Ingvar Kamprad in the year 1943, in Sweden. IKEA is best known f or stylish, designable and easy to handle furniture. Their furniture is eco-friendly and simply designed. Apart from its products, the company is also known for its cost control aspect. The company has always maintained a standard in controlling its internal cost, paying ample attention to the operational details and continuously developing and improving their product. IKEA is now owned and operated by both profit and non-profit organization. So the corporate structure of the company is segregated into two parts, namely: franchising and operations. The aim of this study is to analyze the functions and developments of IKEA furniture, conduct a complete market analysis of the company so as to understand the present position of the company in the industry and finally recommend strategies for improvement (IKEA, 2012). Procedure The aim of the study is to conduct competitor, market, environmental, customer and internal analysis for IKEA Furniture, so that the actual position of the compa ny in the global market can be identified. Competitors’ analysis can be done by first identifying the competitors, understanding their strategies for the customers, predicting the future steps of the competitors, assessing the value chain of the competitors and developing strategies to challenge their method. The market share of the competitors has to be estimated. The environmental analysis can be done by analyzing the external environmental of the country where IKEA has planned to open up a retail store. Similarly customers’ analysis can be done by studying the behavioural and psychological patterns of the consumers. Finally the internal analysis of the company would be done by assessing the human, financial, and physical resources within the company. Findings Competitor Analysis The major competitors of IKEA are ASDA, Ashley, and Bassett Furniture Industries among others. According to the CEO of the company, their brand awareness is must more than the size of the co mpany. This is because IKEA is not just a furniture merchant like the competitors, but it sells lifestyle to its customers. Apart