- Corporate strategy begins with marketing and understanding the key elements of the marketing plan. For IKEA, describe the following elements of its marketing strategy:
- How do IKEA’s products, services, and related attributes satisfy the wants and needs known as its value proposition?
- How does IKEA create a well-defined market position that appeals to customer wants and needs and differentiates its offering from competitive offerings in a process known as positioning and differentiation?
- Assess IKEA’s strategy using the criteria listed below:
- Value Chain (1 page)
Analyze the three sources of value (economic, social, and environmental) in IKEA’s value chain.
- Explain sources of value as they relate to the wants and needs of IKEA’s core customer.
- Explain how IKEA’s supply chain supports its value proposition.
- Explain how IKEA’s focus on customer value (economic, social, and environmental) is reflected in its supply chain.
- Intangible Products (1 page)
- Explain IKEA’s intangible products and benefits.
- Explain how other firms employ this concept of intangibles to erect barriers to entry for competitors.
- Explain how the concept of intangible benefits is used to increase profits.
- Value Chain (1 page)
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