Forging partnerships to improve market penetration has become commonplace, particularly for “new economy” businesses. For those of you who are too young to recall what happened in Chernobyl, let me recap. In 1986 Reactor 4 of the power plant exploded into the air and the resulting radioactive fallout forced 350,000 people to leave their homes forever and contaminated large parts of Europe for centuries to come. The fire burned uncontrollably for 9 days and released 100 times the radiation of the Hiroshima bomb. The then modern city of Pripyat, which was only 4 kilometres away, was evacuated a day later. Most of the 50,000 inhabitants of the city were plant workers and their families. The people were told to pack lightly, as the evacuation would only be short-term. They never returned and now the town has an abandoned ghostly atmosphere that is frozen in time.
The problem, though, is that they do not know where to get access to leadership development opportunities. It is therefore important for them to look for the programs organized by non-government organizations and by the government, too. Through these programs, they will be able to come up with a list of skills that they will need to become successful in their business endeavors. They can also look for possible opportunities online. Employment creation: Entrepreneurship generates employment. It helps in gaining experience and provides training to the employees. Also, digital marketing campaigns are targeted, hence efficient. It helps you catch hold of your audience at the right moment and also incurs less cost. Since digital marketing offers great flexibility and adaptability, it’s reason enough to count on its benefits. Almost all consumers turn to the internet to shop for products and services – a change expedited by COVID-19 pandemic.
Collaboration with Designers. IKEA also collaborates with upcoming and established designers to create product lines. The company believes that it is not the name that they really want to share, but it’s the designers’ experiences that the company wants to learn from in order to deliver better. Their creations are then imbibed in the global product range. Localization according to country: Every country has its own culture, and as IKEA is business plan expanding into newer markets it should also understand the local needs and lifestyles of the country’s natives and modify its offerings accordingly. Just like McDonald’s has been successfully doing over the years. In an example, of how in 2018, it entered the Indian market, where Do-It-Yourself concept does not exist, it will be easier for the brand to have higher brand equity in the market if it adapts to the lifestyles of the market.