Marketing strategy “ Ikea”

Description

Part I: Brand Profile

1. State your selected brand and it’s geographical headquarters.
2. Provide a brief overview of the brand and their ethos. What makes this brand different from others currently on the market? How does the brand address a current need/want?
   Research the selected company’s annual report to gain insight into their core ethos and recent business initiatives
   Part II: Market Research
   From your research, create a customer profile including the following considerations:
3. Market Segmentation

• Demographics
• Psychographics [lifestyle profile, product-specific profile, general lifestyle segment,
  product-specific segment,
• Elaboration Likelihood Model of Persuasion [high involvement vs. low involvement
  consumers]
• Key Value Drivers

1. Consumer Research

• Primary research: survey, focus groups, interviews, observational research
  

[30 people minimum] Secondary research: annual reports, Statistics Canada Map out the customer journey from pre-purchase activities to post-purchase

evaluation and activities

1. Key Opportunities

• Based on your findings from Part 1 and Part 2, Identify 5 Key Opportunities to
  influence consumer behaviour through marketing strategy
  Part III: Proposed Marketing Strategy
  Using the 5 Key opportunity areas, it is now time to take the role of a marketing consultant. You will propose a new marketing strategy for each of the opportunity areas (by addressing one of the 4P's product, price, place, promotion) for the global brand of choice.
  Process:

1. For each of the 5 key opportunity areas, determine a strategy to influence consumer behaviour and improve business results through one of the 4 P's (product, place, price, promotion)
2. Carefully develop your strategy and provide examples and visual wherever this would benefit the reader (Ie. proposed advertisements, new product features and benefits, pricing strategy)
3. What approach does your proposed strategy take? Why is this an appropriate approach for the company and product selected? Explain.
   For example, an advertising strategy might be based on key theory or appeal taken from various concepts below
4. Sensory marketing [focus on: sight, smell, hearing, touch, taste] Ch. 02
5. Adaptation Factors: [intensity, duration, discrimination, exposure, relevance] Ch.02
6. Stimulus [size, colour, position, novelty] / von Restorff effect Ch. 02 & 03
7. Gestalt Psychology [closure, similarity, figure-ground] Ch.02
8. Classical vs. Instrumental Conditioning, Backwards Conditioning Ch. 03
9. Stimulus Generalization [family branding, product-line extensions, licensing, look-alike]
10. Memory makers [nostalgia] Ch. 03
11. Needs vs. wants [ biogenic, psychogenic, utilitarian, hedonic] [need for achievement,
    affiliation, power, uniqueness] [Maslow’s Hierarchy of Needs] Ch. 04
12. Motivational Conflicts [approach-approach, approach-avoidance, avoidance-avoidance]
    Ch.04
13. Emotion [Happiness, Envy, Fear, Guilt, Embarrassment] Ch.04
14. Mood congruency Ch.10
15. The Self [self-esteem, extended self, symbolic self-completion theory, gender roles,
    sex, body image, beauty ideals] Ch. 05
16. Brand Traits [extroversion, innovativeness, self-consciousness, need for cognition]
    Ch. 06
17. Zajonc’s Model of Hedonic Consumption [hedonic motivations, emotional contagion]
18. Fishbein Model [capitalize on relative advantage, strengthen perceived product/attribute linkages, add a new attribute, influence competitor ratings] Ch. 07
19. Changing Attitudes in Communication Ch.08
    a. reciprocity, scarcity, authority, consistency, consensus]
    b. celebrity as communication source
    c. visual vs. verbal
20. Comparative Advertising Ch.08
    Similarly, a promotional strategy to enhance your product / ad campaign might be based on
    any of the following key concepts:
    a. Weber’s Law / Just Noticeable Difference [ differential threshold] Ch.02
    b. Guerilla marketing [attention & involvement] Ch.02
    c. Classical Conditioning [repeated often > ex. attitude object paired with catchy jingle] Ch. 03
    d. Instrumental Conditioning [Operant] [frequency marketing, gamification] Ch. 03
    e. Repetition [two-factory theory] Ch.08
    f. Reinforcement Schedules [fixed-ratio, variable-ration, fixed-interval, variable-interval]
    g. Relationship marketing Ch. 01
    h. Database marketing Ch. 01
    i. Point-of-purchase stimulus Ch.10
    Be sure to include a writeup of the Rationale for using the strategy and theory you have chosen and make sure to describe the desired/expected results of implementation of your proposal.