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Solved by verified expert:Write a brief introduction about the company Products, business statement, vision and objectives.Describe the Marketing Plan for Ikea company.Discuss how do Ikea manage all of their products and services? What are the steps in the best development process for new products/services?How do Ikea marketers use pricing strategy and pricing objectives to achieve their goals?
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College of Business Administration
MGT201- Marketing Management
2019-2020
Assignment-2
Course Name: Marketing Management Student’s Name:
Course Code: MGT201
Student’s ID Number:
Semester: 1
CRN:
Academic Year: 1440-1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks Obtained/Out
of
ruction
Level of Marks: High/Middle/Low
Assignment Regulations – PLEASE REATHEM CAREFULLY

The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.

Assignments submitted through email will not be accepted.

Students are advised to make their work clear and well presented, marks may be reduced
for poor presentation. This includes filling your information on the cover page.

Students must mention question number clearly in their answer.

Late submission will NOT be accepted.

Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.

All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).

Submissions without this cover page will NOT be accepted.
Learning Outcomes
1. Ability to formulate marketing strategies that incorporate psychological and sociological
factors which influence consumers (Lo 1.9).
2. Ability to carry out objective and scientific analysis of consumers’ needs and wants (Lo 2.3
& 2.6).
Assignment Question(s):
(Marks- 05)
Case study
Ikea is the leading company in selling furniture store in the world. In 2018, the global revenue
generated by the IKEA Group amounted to 38.8 billion euros. (statista.com). The IKEA vision is
to “create a better everyday life for the many people. Our business idea supports this vision by
offering a wide range of well-designed, functional home furnishing products at prices so low that
as many people as possible will be able to afford them”. The main goal of IKEA is to help
customers improve their home and professional environment by offering a wide range of furniture,
textiles and utensils at reasonable prices.
At IKEA, the design of furniture products is based primarily on the study of the daily needs of
people at home, especially those with low incomes and living spaces. This is how IKEA is able to
offer well-adapted and functional products to the needs of its customers with reduced prices that
most people can afford.
IKEA collaborators responsible for product design and development focus primarily on three
peers: price and quality, design and function, environment and health. The objective is to make the
products saleable and right for the IKEA identity. This is why elements of the design are often
decided on the factory floor, where designers and manufacturers work together: “At IKEA we
design the price tag first and then develop the product to suit that price. IKEA product developers
and designers work directly with suppliers to ensure that creating the low prices starts on the
factory floor. They consider maximizing production equipment, using raw materials efficiently and
applying technical innovations and the best possible design. It is all about making the most of our
production process, keeping waste to an absolute minimum and considering flat-pack
transportation and self-assembly”.
IKEA believes that low prices are possible even with high product quality. This combination
became IKEA’s veritable strategy and driving force for the sustainable growth of its business.
Source:
IKEA company website (2019). https://www.ikea.com
Questions
1. Write a brief introduction about the company Products, business statement, vision and
objectives.
2. Describe the Marketing Plan for Ikea company.
3. Discuss how do Ikea manage all of their products and services? What are the steps in the
best development process for new products/services?
4. How do Ikea marketers use pricing strategy and pricing objectives to achieve their goals?
Answers:

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