IKEAMarketingAnalysisProject.docx
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IKEAMarketingAnalysisProject.docx
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IKEAMarketingAnalysisProject
IKEA
Bulgaria
IKEAassignment
Preparedby:
GeorgeGeorgiev
EvgeniyaMincheva
ZornicaRasheva
ExecutiveSummary
Furnitureremainsthelargesthomefurnishingsandhousewaressector.
Bulgaria’sfurnitureindustryisadynamicallydevelopingsectorinthepastfewyears.Itiswellknownthatmostfurniturecompaniesinthecountryarebasedonstrongtraditionsandgoodcorrelationbetweenpriceandquality,but(asinmanyothercountries),althoughthemajorpartofthecustomersontheinnermarketpreferBulgarian-madefurniture,highpricesareseenasasignofhighquality,somostfurniturepiecesproducedbythecompaniesareconsideredhighpricedandhardlyaffordableforthemajorityofpeople.
IKEAwasfoundedin1943byIngvarKamprad.Itstartedasaplacewhereapersoncanbuypens,pictureframes,watches,etc.andwiththetimeturnedtobetheworld’slargestfurnitureretailer.Oneofthemainaimsoftheorganisationinclude:
keepingcostslowandassistcustomersandproductscombininggoodquality,durabilityandfunctionalityandthisrepliestotheneedsoftheBulgariancustomer.
TroughanalyzingthesituationwithinthecountryandIKEAthedecisiontoopenanIKEAstoreinSofiawastaken.
APESTanalysiswasheldtorecognizeallthefactorsthatmighthaveaneffectonthecompanyenteringtheBulgarianmarket.ThecurrentsituationofthefurnitureindustrywasanalyzedandtroughthatthetargetmarketandthepositioningofIKEAwereidentified.Thecompetitors’andcustomers’analyzesthatweremadeshowwhatIKEAhastoadapttowhenenteringthemarketofthecountry.TheInternalandSWOTanalysisshowwhyIKEAhastheopportunitytoenter,developandgainamarketshareintheBulgarianfurnituresector.TheMarketwasresearchedandbasedonallthatthemarketingmixstrategiesweredeveloped.AndaPERTanalysiswasalsoheldtoshowhowthedecisionsmadewillbeimplemented.
HistoryofIKEA
IKEAwasfoundedinÄlmhult,Sweden,in1943byIngvarKamprad.Hefoundedthecompanyattheageof17.IKEAisanacronymincidentallysimilartotheGreekwordοικία[oikia]whichmeans(home)andtotheFinnishwordoikea(correct,right),butactuallywasoriginallyanabbreviationfor"IngvarKampradElmtarydAgunnaryd".IngvarKampradElmtarydAgunnarydcomesfromtheaddresswhereIngvarKampradstartedthecompanyIKEAinitially.
Originally,IKEAsoldpens,wallets,pictureframes,tablerunners,watches,jewelryandnylonstockingsorpracticallyanythingKampraddecidedisaneededproductonreducedprice.FurniturewasfirstaddedtotheIKEAproductrangein1948.In1955,IKEAbegantodesignitsownfurniture.Thecompanymottois:
"AffordableSolutionsforBetterLiving."
Atfirst,Kampradsoldhisgoodsoutofhishomeandbymailorder.LaterastorewasopenedinthetownofÄlmhult.ItwasalsothelocationforthefirstIKEA"warehouse"storewhichcametoserveasamodelforIKEAestablishmentselsewhere.OnMarch23,1963,thefirststoreoutsideSwedenwasopenedinAsker,aNorwegianmunicipalityoutsideOslo.
IKEAhasgrownstepbystepintotheworld’slargestfurnitureretailer.Thereare202Ikeastoresin32countries.Ofthese,180storesbelongtotheIkeaGroup.Theremaining22storesareownedandrunbyfranchiseesoutsidetheIkeaGroup.
ProductsAvailable
IKEA’sproductsareusedfromthecustomersforthewholefurnishingofahome.Customersmayfindeverythingtheyneedandbasicallyfurnishtheirhouses“fromtheforkstothechairs”.
Theproductsavailableare:
∙Storagefurniture;
∙TVsolutions;
∙Smallstorages;
∙Sofasandarmchairs;
∙Tablesanddesks;
∙Chairsandlighting;
∙Decorationandmirrors;
∙Floors;
∙Textilesandrugs;
∙Bedsandmattresses;
∙Cookingandeating;
∙Furniturecareandhardware;
∙Kitchencabinetsandappliances;
∙Bathroomfurniture;
∙Clothesstorages;
∙Safetyproducts;
Children’slineofproducts
PESTAnalysis
PoliticalFactors:
-ThepoliticalenvironmentinBulgariaisconstantlychangingduetofinancialinstabilityandchangesinlowsandregulationsthatarecloselyrelatedtotheeconomicdevelopmentandtradepolicyinthecountry.
-LatelytheBulgariangovernmentisfamouswithitsinadequatedecisionswhichdirectlyreflectonthebusinessenvironmentinthecountry.Thefurnitureindustryaswellasmanyothersishandicappedbythehighvalueaddedtax(20%VAT);
-Anofficialcodeofethicsisconductedbythegovernment;howeveritisnotwidelyadoptedbythecompaniesandorganizationsinthecountry.TheBulgariangovernmentdoesnotforcethecompanieswithinthecountrytofollowtheethiccode;
-Thegovernmentpolicy’sontheeconomyischangingconstantlyduetothefactthatBulgariajoinedEUin2007.thereasonforthisisthatoureconomyisstrivingtoreachthelevelofotherEuropeancountries’economies;
-Thegovernmentistryingtoremainneutralwhenconsideringandreligiousissuesinthecountry.ItisstrivingtoprotecttheofficialreligioninBulgariawhichisOrthodoxChristianity.Nonetheless,thegovernmentallowstheexistenceofotherreligionsinthecountryanditistryingtokeepthetolerancebetweenreligions.Thereislackofgovernment’sinvolvementintheprotectionanddevelopmentoftheculture
-BulgariaisamemberoftheEuropeanUnionandamemberofWTO(WorldTradeOrganization);
EconomicFactors
-AccordingtotheEuropeancommissionstatement,therealannualGDPpercapitaisacceleratingforthepasttwoyears.In2006,theGDPwas6.1%whichwasalmostdoubletheGDPofEU.In2007itreached6.5%andfor2008itisexpectedtotop7%.Thelevelofemploymenthasbeenrisingalsoforthepasttwoyears.In2007itreached9%percapitaanditisexpectedtoreach7%inthefirsthalfof2009.In2007,thelevelofinflationhasdroptdawnto4.1%.However,accordingtothedatagatheredbytheNationalStatisticInstitute(NSI),theshrinkingofthelabormarketandtherisingofsalarieswillbethemainreasonforhighinflationin2008and2009.In2006theinterestrateswere3.9%,in2007;ithasincreasedto4.8%.Presently,theinterestratesare4.78%.
Socio-culturalFactors
-ThedominantoneisOrthodoxChristianity.TheaverageageoftheBulgarianpopulationis75years.Theoldergenerationsarenotwealthy.Womenandmenshareequalrights.However,itisstillnoticeablethefactthatgreaterpercentageofthewomenarestillbeingonlyhousewives.Apositiveattitudetowardsforeignproductsoccursonfirstplace.TheaverageBulgarianpersoncannotallowtohimselflongtimeforleisure.Onlyasmallpercentageofthepopulationhastimeforleisure.AccordingtoaresearchdonebytheNationalStatisticalInstitute,theannualincomepercapitais2831BGN.
TechnologicalFactors
-theadoptionofnewtechnologiesinBulgariaopensnewmarketsfortheBulgarianproductsandservicesandalsoincreasestheirquality;
-distributionhasalsochangedduetotechnologicaldevelopment(onlinedistribution);
-Newtechnologiesalsoreflectedonthecommunicationwithconsumersbymakingthembetterandmoreintensive(includingonlinemarketing);
CurrentSituationAnalysis
MarketDefinitionandMarketSize
ThefurnitureindustryinBulgariaiswelldevelopedandthereisanumberofcompanieswithhighreputationthatservethemarket.
ThefurnituremanufacturinginBulgariaisgrowingrapidlyandaproofforthisisthe30%increasesince2007.Theriseinsalesisalsoverynoticeable.AccordingtotheAnalysisondevelopment,manufacturingandsalesoffurnitureinBulgariadonebytheNationalStatisticalInstitute,thelevelofsalesistwicehigherin2007comparedtothesalesperformedin2006.
Theimportoffurnitureisbecomingmoreandmoreintensiveduringthelasttwoyears.In2006,theimportedfurnitureincreasedwith38%inthesecondhalfoftheyearandin2007itreached44%.
Theexportoffurnitureisrisingslower.Only15.8%growthintheexportisnoticedforthelasttwoyears.
MarketSegmentationAnalysis
Analysishasbeencarriedoutinordertooutlinethetargetmarkets.Severalsegmentshavebeenexamined.Theseare:
-Householdswithaverageincome500-1000BGN;
-Offices;
-PublicInstitutionssuchasschools,universities,hospitals;
-Hospitalitybusinesses;
1.Householdssegment
TheapproximatenumberofhouseholdsinBulgariais2 369 100accordingtoaresearchdonebytheNationalStatisticalInstitutein2007.Thefollowinggraphicpresentsthenumberofpotentialconsumers.
Accordingtotheresults,70%ofallBulgarianhouseholdswouldbeinterestedintheproductsofferedbythecompany,butcouldnotaffordthem.However,only35%ofthemor829 185householdsarepotentialconsumers,astheiraverageannualincomeishigherthantheBulgarianstandards.
2.Officessegment
Theapproximatenumberofmiddleandlarge-sizedcompaniesinBulgariais80 000.Thefollowinggraphicpresentsthenumberofpotentialconsumersamongthem.
Approximately48%ofthesecompanieswillbeinterestedintheproductsprovidedbythecompany.Thereasonforthisisthecompany’spolicyofself-assemblingfurnitureandunwillingnessoflargebusinessestopurchasethistypeofproducts.However,25%ofallcompaniesor20 000firmsareconsideredaspotentialcustomers,becausemiddlesizedbusinesseswillbuytheproductsinordertoreducetheirexpenses.
3.PublicInstitutions
Asalreadyexplainedabove,thismarketsegmentconsistsofeducationalinstitutionsandhospitals.
Atthemomentthesecondaryschoolsperforminginthecountryare2843accordingtotheNationalStatisticalInstitute.Only30%ofthemwouldbeinterestedintheproductsavailable,astheyare
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