The Marketing Plan section of the business plan demonstrates how a company will penetrate the market with its products and services. IKEA is a Swedish-founded multinational group founded in 1943, by Ingvar Kamprad. The brand name represents the founder’s initials (IK) as well as the initials of the names of the farm and village that he grew up in, Elmtaryd and Agunnaryd (EA). Initially, it started as a mail-order sales business but five years later, it began to sell furniture. The company is popular business plan for designing and selling ready-to-assemble furniture, kitchen appliances, and home accessories. During the 1980s, the company expanded dramatically into new markets, such as USA, UK, France etc. And from there on it went on expanding in size and exploring markets. By 2008, it became the world’s largest furniture retailer. IKEA is known for its do-it-yourself furniture’s modern designs, the eco-friendly simplicity of its offerings, and affordability. Today, it operates in over 49 countries.
Get these right and there are real profits to be made. We are excited by the opportunities the CE presents, and are bringing together our capability and insight in both business design and transformation, and in product and technology development and manufacturing. As previously mentioned, it is important to have brand consistency, but differing markets would like particular marketing approaches. Moreover, marketers have to consider at which channels it would be best to market, based on market behavior. 35. Life insurance is time. The time you might not have. If you need time you need life insurance. â€¢ Additions to existing product lines – New items that supplement a firm’s established product line. These items may be moderately new to both the firm and the customers in its established product markets. They also may serve to expand the market segments appealed to by the line (26 per cent).