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Master of Business Administration (MBA)

Lord Ashcroft International Business School

Global Marketing Management

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Marketing Plan 2015

Launch of the IKEA brand in

India

By MD TAUHIDUL ISLAM

ID-1331601

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Executive Summary:

The aim of this report is to present global strategic marketing plan of IKEA to enter

into a new market. To implement this plan IKEA has an opportunity presented in

emerging markets like India.The report begins with an introduction of IKEA and

macro, micro environment factor analysis, which supports to enter into new

market.Then it develops appropriate global marketing objectives with the supporting

corporate and business strategies, to assist the launch of the IKEA brand in India.

Further, it supports the selected entry mode of the new market. Finally, the discussion

is concluded by the develop and implementation of a planned marketing mix

activities for the new Indian market .

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Table of Contents

Table of Contents Page Number

Executive Summary 03

1 Introduction 06

1.1: Aim and Purpose

1.2 At a Glance IKEA

06

06

2 Current Market Environment 07

2.1 Overview of India

2.2 Micro Environment Situation

2.3 Macro Environment situation

07

08

10

3 Proposed Marketing Objectives & Strategy 13

3.1 Marketing Objectives

3.2 Marketing Strategy

3.2.1 Corporate Strategy

3.2.2 Business strategy

13

13

14

14

4 Market Entry method

4.1 Market Entry strategy

4.2 Market Entry method

15

15

15

5 Develop & Implementation of planned marketing mix activities 17

6 Recommendation 20

References 21

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List of Figures

Figure 1:Micro Environment factors of IKEA India 08

Figure 2 : IKEA India product offering matrix 17

Figure 3: Promotional strategy of IKEA India 18

Figure 4:Gantt chart for the IKEAmarketing mix activities 20

List of Table

Table 1 : IKEA at a glance 07

Table2: Competitors market position 09

Table 3 : Different type of Entry mode 17

Table 4: Implementation of marketing Activities 20

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1 Introduction :

The essential act of entrepreneurship is new entry. New entry can be accomplished by

entering into a new or established markets with new or existing goods or services.

New entry is the act of launching a new venture, either by a start-up firm, through an

existing firm, or via"internal corporate venturing"(Lumpkin,G.T.,Dess,Gregory G.,

1996).

1.1: Aim and Purpose

The Netherlands-based Swedish company IKEA, is the largest furniture retailer in the

world with its presence in 27 countries.

Nonetheless,it didn't enter into the Indian business till 2013.Following a lengthy

campaigning and persuading with the Indian politician and administrators,on May

2013,IKEA's $1.95 billion venture proposition to set up 25 stores was acknowledged

by the Indian government(Roy,R.,2013).

IKEA is now a new enter in the Indian market with their existing products.Now i will

look into the IKEA’s business which operated through retail and food division.

1.2 IKEA at a Glance:IKEA basically fabricates, conveys and retails furniture and

home adornment items. The organisation offers merchandise through organisation

claimed stores,catalogue and e-trade destinations crosswise over four geographic

segments,North America, Asia,Australia and Europe.(IKEA,2015)(Global data

report,2015).

IKEA was founded in Sweden in 1943 by 17-year-old Ingvar Kamprad. IKEA was an

acronym of Ingvar Kamprad, Elmtaryd (the farm where he grew up) and Agunnaryd

(his hometown in Småland, South Sweden).(Slideshare,2015)

IKEABusiness Number No of Country

IKEA Stores 315 27 countries

Trading Service Office 28 24 countries

Distribution centres 32 16 countries

Customer distribution centres 11 16 Countries

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Industry Production units 44 11 Countries

IKEA sourced its merchandise from

Suppliers

1046 52 Countries

E-trade site www.ikea.com which had 1.30 billion visits by the customers

The company also provides IKEA Catalogue printed in 29 languages and in 62

editions.

In FY2013, the Retail division accounted for 95.09% & Food division accounted for

4.91% of the total revenue.

In FY2013, Europe contributed 69.00% ,North America 16.00%, Asia and Australia

8.00% and Russia7.00% towards the total revenue.

Table1:IKEA at a glance Source :(IKEA ,2015) (Global data report,2015)

2 Current Market Environment

IKEA business was first started in Sweden which was at the national level, then to the

provincial level in Europe, and lastly it went to the global or universal market.To

implement the global marketing strategy its now planning to enter into the Indian

market.To achieve this goal,IKEA needs to consider techniques and factors which

would help them to realise the market and customers.

IKEA’s mission is to offer a wide range of quality and well designed home furnishing

product at low price that as many people as possible can afford (IKEA,2015).IKEA

needed to change its worldwide store model to fit in with the Indian Foreign Direct

Investment (FDI)regulations and sourcing necessities.This mission would be possible

if the factors like location, customer buying behaviour, market environment and

rivalry from existing Indian furniture retail can be considered appropriately.

2.1 Overview of India

The total population of India is approximately 1.2 billion. Among them 400 million

are middle class people,who will be 5th largest middle class consumer economy by

2025.Its GDP $2.048 trillion with +7% growth rate and fourth-largest economy in the

world(World Bank, 2015).

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2.2 Micro Environment Situation

Market environment can be described where a business can consider factors and

forces that affect its ability to grow up and keep a successful relationships with

customers.Micro environment factors are considered as variables for a business that

have a direct effect on its business operations and achievement.IKEA need to do a

full investigation of their micro environment before implementing their marketing

strategy in Indian market.

Now report will analyse the Micro environment factors in Indian market for

IKEA

Customers/Consumers:All business should be orientated around customers.IKEA

also have a marketing plan which aim to attract and hold customers through their

products.These products meet the customers’ needs and play a role to provide

excellent customer service.

Figure 1:Micro Environment factors of IKEA India

IKEA core business model includes Low cost -Low price-Large volume sales

(IKEA,2015).So firstly, in Indian market IKEA will get a competitive advantage with

the rivals to provide a quality product with low price,which is the basic need of the

Indian customers.

IKEAIndia

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Secondly, in the case of shopping experience in Do -it -yourself (DIY) store, Indian

customers are used to their large shopping bags being reached to their cars by helpful

shop assistants(Bansal ,S.,2012).

Thirdly, another alarming issues for IKEA is that Indian customer does not like the

concept of Do it yourself (DIY).There is a need for assistance to assemble the

furniture in their home (Prezi,2015).

Fourthly,The scale of the shopping area need to be considered because the lack of

self-regulation among Indian consumers, especially those who go to shops with little

children,where jumping over display furniture and running across

corridors(Bansal ,S.,2012).

Finally, IKEA makes clean, functional designs furniture but Indians are used to

heavy teakwood furniture with intricate design. So it needs to be re-worked to suit

Indian tastes.

Competitors

Competitor analysis and monitoring is crucial for IKEA as the Indian furniture

market is highly competitive.Competitors such as Godrej Interio, Damro, Nilkamal,

Style Spa and plethora of furniture retail stores are the competitors in the market

(Introspectmarketing,2015).

Competitors Market Share Pricing Stores

Style spa 24% Premium to mid range 109

Interio 20% Premium to mid range 95

Durian 12% Affordable range 50

Home centre 6%-8% Affordable range 15

Table2: Competitors market position (Prezi,2015)

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Suppliers

Suppliers provide materials for IKEA which they have to use in their business. IKEA

has already around 50 local suppliers in India (The Economic times,2015).Supplier's

behaviour will directly impact on the business.For example if IKEA’s Indian

suppliers provide a poor service and increase raw material price that could affect on

IKEAmarketing strategy and may forces price increases.

Employees

Relevant and experience employees are the essential part of the IKEA’s Indian new

market .Training and development play a vital role in achieving a competitive edge;

especially in customer convincing in the new market and presenting the new product

to customer. If IKEA employs staff without motivation, skills or experience it will

affect customer service and ultimately sales(Learn marketing,2015).

Media

Media can play a positive or negative role for IKEA marketing strategy.Media

promote the Brand image and products. IKEA can employ public relations officer to

help them managing a particular event. In India media has a vital role such as

television programmes with a wide and more direct audience(Learn

marketing,2015)which may have a very powerful impact on the success of IKEA.

Shareholders

Any company needs investment to grow their business and they always decide to

increase money by the shareholding process.So IKEA in India can not initially

introduce the public shareholder for their new business.After opening new stores they

could try to initialise the public share.It should manage the relationship with

shareholders carefully as it might bring a long term success in the Indian market.

2.3 Macro Environment situation

Macro Environment is the external forces that IKEA can't directly control, instead it

needs to manage their macro environment in a way that benefits them.Porter

Diamond is an effective macro environmental tools which analyse the international

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competitive advantage of countries. Each factors of Porter diamond are interrelated

and from these relations IKEA can realise their competitiveness of the Indian new

market.

Factor Conditions

Factor conditions are values of the firm’s skill to supply those factors of research

production that allow a unit to compete (Bakan,I., Doğan,I.F.,2012).

For the case of India, IKEA has created its own important factors such as skilled

resources and technological base infrastructure.The resources needs to be deployed

over time to meet the customer demand.Other factors are-new innovations and wide

range of quality and functional products that provide the comparative advantage of

IKEA.

Before entering into Indian market IKEA should consider a few factors,which

influence the entering the new Indian market .

From(World Bank,2015) ease of doing business index,India scores 143 which

indicate that the regulatory environment is moderate to business operation.( Ease of

doing business ranks economies from 1=Good to 189=Bad).

This depends on internal and external factors. For IKEA in India, external factors are

major issues to entry such as cultural differences, language barrier, organised (15%)

& unorganised (85%) furniture competitors,complex political rules and violation.

For example: There have been concerns about that the entrance of big name retailers

like IKEA,which may hurt the small retailers in India. As a result, some of the

opposition political parties in India have voiced their concerns against the movement

of foreign direct investment (BBC News 2013).

Demand Conditions

The characteristics of this element that drive industry success include the presence of

early home demand,market-size,its rate of growth and sophistication

(Hollensen,S.2014).For IKEA in India,the local market demand is around 54%

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among the young people;who are interested in flat pack furniture.And the local strong

trend of market settings gives the competitive national advantage.IKEA core model

may influence the economics of scale production and growth in the market share and

From (Pawar,P.A,Veer,N.B,2013) stated that urbanisation in India is right indicator of

development and growth engine of economy. purchasing ability of any country is

depending on disposable income of country. Disposable incomes of Indian consumers

have increased significantly in the recent years.

Related and Supporting Industries

Local competition has created innovations and cost effectiveness for the IKEA. It has

also put the pressure on local suppliers . IKEA home line competitors in the New

Delhi region are Godrej Interio,Durian, Zuari,Modfurn, StyleSpa,Gautier,Heritage,

Damro,Featherlite , Mobel Furniture,Irony, Neelkamal, Giani, Supreme, Swagath

Moulded,Steelco,Hettich,Featherlite,Estillo(Businesstoday,2013)(ukessays,2015).whi

ch display its products on the line of IKEA. Simultaneously it has a general and work

line competitor such as Inter wood.IKEA could get an opportunity from their wider

range of products in comparing with the related companies in the existing Indian

market with better quality and competitive prices.

Firm strategy ,structure and rivalry

IKEA strategies can be affected by the local conditions and local rivalry.Their

marketing strategy will need to look at consumer awareness regarding the products

that they offer, develop the customer base,and work towards building customer

steadfastness and referrals.

Government and Chance

Governments and chance can influence and is influenced by each of the four main

factors (Hollensen,S.2014).In IKEA case, government could make the paperwork

easier for foreign investment and help to create more skilled labours and provide

infrastructures to attract more industries(Pawar,P.A,Veer,N.B,2013).Sometimes in

India laws prepared by the political government affect the marketing strategy.

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Now depending on the micro and macro environment situation IKEA can consider

and verify their internal (Strengths & Weakness) and external (opportunity & threats)

factors using the SWOT analysis where IKEA strength in Indian market is demand of

modern furniture,renowned outsourcing centre and board geographic reach.This

strengths will take an opportunity to enter a new emerging market and reduce labour

cost.Other side IKEA weaknesses in Indian market for their too focused Scandinavian

brand and design which will be a threat of IKEA in related to existing furniture

market.

3 Proposed Marketing Objectives & Strategy

3.1 Marketing Objectives

IKEA marketing objectives in India will be established by setting up a business

which will promote its product to potential consumers that should be achieved within

a given time frame.It is very important to ensure that objectives are - specific,

measurable, achievable, realistic and time-specific(SMART). Following this process

IKEA objectives are -

Establish IKEA brand in the Indian market

Increase customer market share against rivals

Identify the target group customer and achieve them by strong strategic planning.

for example: young, low to middle income group

Gaining advantage over the established competitor

IKEA will achieve the objectives in two phases-10 store in first decade and 15

store in second decade(Bloomberg Business,2012).

3.2 Marketing Strategy:

Marketing strategies is the path that shows how to achieve marketing objectives of a

company.A business always has two levels of strategies - Business strategy and

Corporate strategy. IKEA has same strategies to enter into the Indian new market .

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3.2.1 Corporate strategy

Corporate strategies involve those objectives that determine the future of a company.

It includes the long term objectives of a company(Harvard Business School,2015).

IKEA’s main corporate strategy focuses on offering customers low priced

contemporary designed, functional products (Harapiak,C.2013).In India, it is not easy

to establish corporate strategy because of the competitor’s low prices and customer

are not used to Scandinavian plain design. The customer will also look at IKEA as an

aspirational brand as a Chinese customer(Business today,2013).So for long term

business plan IKEA should prepare proper strategy.

They could considered market development -new market with existing products for

new growth in targeting Indian market and diversification-new market with new

product, where it will require new pricing,new promotional and distribution strategy

to engage the new customers in Indian market.

3.2.2 Business strategy

Global competitive business strategy covers a comprehensive field like branding,

positioning, product, price, distribution channel, promotion etc (Temiz,S.,

Yaroshyk,T.,2008).

In case of IKEA business strategy in India it need to be tweak its basic strategic

model.It should be customise the basic strategy and turn into the (global+ local) =

glocal or adaptation strategy which based on the local needs. IKEA consider a

marketing mix strategy, which is a set of controllable strategic marketing

tools–product, price, place and promotion– that firm uses to produce the response it

wants in the target market(Armstrong, G., Kotler, P. 2006).With the mix strategy

they will consider cost leadership and differentiation for the board Indian market.

In low price cases they use the cost leadership strategy to attract the target customers

and differentiated their product from their rivals industry. Now analyse the strategy of

IKEA in case of customer segmentation and targeting :

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Customer segmentation is a major part of a new entry market.According

to(Slideshare,2015),in India there are three types of segmentation in customer which

are- 1.Affluent class ( consumption share 7%-20% )

2.Middle class and (consumption share 5%-51%)

3. Economically disadvantaged class (consumption share 61%)

According to (hetv,2015),more than 50% of India's current population is below the

age of 25 and over 65% below the age of 35. About 72.2% of the population lives in

rural areas and the rest 27.8% in towns and urban areas.

Therefore in the case of IKEA it is important to consider the customer segmentation

and targeting which include the lower class to upper middle class people age between

25 to 35 years old. It may be include single, young couple or mature family.More

over,they will consider geographic segment by choosing highly populated state and

whose are most live in centre city and urban areas like-New Delhi,

Maharastha,Andhra Pradesh (Appendix A). For example- Ikea has recently agreed to

purchase 50,000 square metres of land in Hyderabad of Andhra Prades (The

Economic times,2015)

4 Market Entry method

4.1 Market Entry strategy:As a foreign retailer IKEA can choose different type of

entry strategies for Indian new market. According to (Root,F.R.,1994) Companies are

choosing three different entry strategies for foreign investment .

1.Naive rule:Same entry mode all foreign market .

2.Pragmatic rule:Company uses a workable entry mode for each market.

3.Strategy rule: Compared and evaluated alternative entry mode before decision

making process.

4.2Market Entry method

Now based on the pragmatic market entry strategies IKEA can choose an appropriate

entry mode for Indian market .

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Table 3 : Different type of Entry mode (Suwaris,S.,2015)

From the business case justification, the investment policy in India is favour for the

IKEA and it has to enter by foreign direct investment (FDI ) entry mode as a new

wholly-owned subsidiary,which also called the green field entry

methods.From(A.T.kearney,2015) published report on FDI confidence index where

India is 11th position in the world which consider a reliable direct invest in India .

So there is another chance for IKEA to choose an alternative FDI entry mode like

-acquisition of the existing brand company which prefer to quick access to enter the

market, which called the brownfield entry method. Because at the initial stage IKEA

will face a problem to find out a right location in major cities, with easy access to

public transport and a good transport network(Roy,R.,2013).

In case of international market entry there are few key consideration can considered

by IKEA. Such as: Speed, Cost , Flexibility, risk factor etc.In speed case- acquisition

is the most suitable for entry mode for IKEA which can access quickly in the Indian

market.If they consider new wholly owned subsidiary initially, it is too complex,

costly, time consuming and high risk in competitive established furniture Indian

market. For acquisition mode justification IKEA marketing tactics will be use the

existing retailer brand image and their communication process to targeting the

customer.

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Moreover, there are some potentially quite challenging requirements to use 30%

from local suppliers.Unlikely as a foreign retailer it is difficult to find and meet the

requirement to source 30% of goods from small Indian suppliers without access to

good local knowledge and expertise(Khaitan & co,2012).

But It has already get flexibility for IKEA, because for more than 25 years, India has

been an important market for IKEA from a sourcing perspective,and they will now

continue to increase their sourcing from both existing and new

suppliers(IKEA,2015).So in this case justification FDI method as a joint venture

partner with will be the an another way to enter the Indian market as a single brand

retailer like IKEA.

5 Develop and implementation the of planned marketing mix activities :

From the adaptation business strategy IKEA can consider a favouring adaptation

marketing mix activities which will be helpful for their expansion in Indian emerging

market.

Suggested Product strategy:In Indian market IKEA will define its wide range of

products offering according to the need of customers. Products available different

section of the society . For example- According to the Indian chief of IKEA-we are

looking to provide to the real middle-class in India aiming to offer good quality

furnishing products and solutions at affordable price (Slide share,2015).

IKEA basic product and price matrix

Figure 2 : IKEA India product offering matrix (Slide share,2015)

From the matrix,IKEA can modify their basic strategy and concentrate more in the

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country(neo-traditional ) and modern style with medium and low price based on the

adapted market.

Suggested Price strategy: IKEA should keep its Good-value strategy pricing, which

entails medium to high product quality at a low price (Armstrong, G., Kotler, P. 2006).

In India scenario, they can offer competitive price against branded competitors .

Globally IKEA prices are 30%-40% lower than competitors, but in India given

intensive competition in price IKEA could maintain a 10%-15%(Slide share,2015).

IKEA could try to lower down the price by shifting its production locally every year

gradually (Wisesaputri ,H.2009).

Suggested Place strategy:IKEA had to customise its store location strategy as the

customers in Europe and USA use their own vehicle and stores are located in the

suburbs area . However, in India most of the customers use public transport.Now it is

the highest priority for IKEA to find out right places for its stores in the major cities

with easy entrance to public transport and good transport network(Slide

share,2015).IKEA’s FDI can be concentrated in five cities in India namely, Mumbai,

New Delhi, Bangalore, Ahmedabad, and Chennai (Soundararaj,J.J 2012).

Suggested Promotional strategy:IKEA promotional activities will be implemented

by traditional and non traditional marketing strategies .In India , IKEA is planning to

use traditional strategies such as magazine e.g. India’s Time magazine,Billboard at

most of the major cities ,TV advertisement e.g. use celebrity model.

Figure 3: Promotional strategy of IKEA India

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In the area of non-traditional marketing IKEA has to plan Digital marketing e.g

digital catalogue applications from app store, social media campaign

e.g.facebook ,twitter, google+ and outdoor campaign. All these activities will help to

build up a strong brand awareness,value proposition of IKEA , quality product with

low price and finally attract customer to the store.

Now an effective marketing mix activities of IKEA can bring competitive advantage

for Indian market.Now here is a model of implementation process in Indian Market

for first five years and a Gantt chart show the marketing activities are taken place

before the opening:

Time-line Marketing Activities

Year 1 Market Research e.g.meet Indian customer and visit their home

Research for prominent store location

Already IKEA has been sourcing from India for about 25 years

(Roy,R.,2013).So it should be identified -how can build up a strong relation

with supplier

Year 2 Make IKEA display store in renowned shopping centre

Create brand awareness among customer via medium advertising

Collect customer satisfaction data and ceaseless touch with customer

Start to build first store

Year 3 Opening first store in Noida or Gurgaon in the Delhi region

Start production in India from source of local supplier

Identified the marketing plan elements such as -product position against

competitor, price of product , Promotion , Mass media etc.

Use strong Mass media advertising for increasing brand awareness, if

possible, use e-marketing such as - Internet advertising, Social media etc.

Year 4 Review the previous year performance and customer satisfaction before

continue to year 4

Promotion should be continue on brand advertising and attract to the target

customer such as - young people , new married couple, modular designs

and frequently changed consumers(Slideshare ,2015).

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Table 4: Implementation of marketing activities with five time-line

2014 2015

Figure 4:Gantt chart for the IKEAmarketing mix activities

6 Recommendation

By using effective marketing strategies it could be possible for IKEA to enter into the

Indian market which was also successfully carried out in China. They can use

effective and appropriate product localisation strategy.

As an evaluation of the report it is recommended that, initially IKEA can consider the

foreign direct investment entry mode by acquisition method to enter into the Indian

market. if they consider wholly owning subsidiaries method it can be a long term

process to open stores because of high risk of cost,existing organised and non

Start research for Second store

Year 5 Evaluation of the year 4 performance on Indian market and continuing the

market search

Opening the second in a suitable place

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organised furniture competitors.On the other hand, if they acquired existing brand

retailer, it will be benefited from their free marketing advertising to the customer as a

foreign IKEA brand. In the mean time they can review on profitability and cost of the

existing store.If the result of the review seems positive then IKEA could consider

expanding its business to the other cities in India by wholly owned subsidiaries.

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Appendix A

Top Five State/ Union territory with highest population

State/Union territory Population Population percentage

Uttar Pradesh 19,95,81,477 16.49

Maharashtra 11,23,72,972 9.29

Bihar 10,38,04,637 8.58

West Bengal 9,13,47,736 7.55

Andhra Pradesh 8,46,65, 533 7.0

Source: Census of India,2011 & Family Welfare Statistics in India,2011

Five least populated State/ Union territory

State/Union territory Population Population percentage

Sikim 6,07,688 0.05

Mijoram 10,91,014 0.09

Arunachal pradesh 13,82,611 0.11

Goa 14,577,23 0.12

Nagaland 19,80,602 0.16

Rural & Urban Proportion of population

State/Union territory Distribution of population (%)

Urban Rural

New Delhi 97.50 2.50

Goa 62.33 37.37

Uttar Pradesh 22.28 77.72

Maharashtra 45.23 54.77

Chandigarh 97.25 2.75

Source: Census of India,2011 & Family Welfare Statistics in India,2011