The report focused on analysis of IKEA, a prominent retail organization, with global operations. The company vision and mission has been identified, pointing out the ambiguity in the mission statement, indicating an area of improvement for the company. The corporate objectives have also been outlined in this report. Furthermore, extensive analysis of the company has been undertaken using the various tools for situation analysis. For the evaluation of macro environment, PESTLE analysis was used, while micro-environment was analysed using porter’s five forces model which also provided an idea about the competitive rivalry in the retail industry. Moreover, Ansoff matrix has been used, which has resulted in the finding that IKEA has gained benefit from the market and product development approaches. Porter’s diamond framework has indicated that the supplier network has been serving as the key advantage for the company, especially in the context of China. ‘

In addition to this, McKinsey’s 7S framework has been used to conduct internal analysis of IKEA. SWOT analysis has provided insight into the internal and external situation of the organization, while the tool of value chain analysis has offered detailed understanding about the primary and support activities of IKEA and the role they can play in the implementation of strategic marketing. Furthermore, the stakeholders of the company have nee identified mapping them in terms of Mendelow’s framework, which indicated that the customers are key players for the firm. It was further found that KEA is using hybrid business strategy which require providing affordable products with good quality to the target market.

Another area that has been included in the report is the development of marketing objectives and offering recommendations for the implementation of the identified course of action for IKEA including the integration of CRM and refining IMC tactics. Moreover, the relevance of DRIP framework has been evaluated in this context. The possible problems that can occur during the process have been identified, offering feasible solutions in this regard. The report has also covered budgeting for the advertising, pointing out the use of competitive parity for managing the IMC budget.

1. Introduction

The sales and marketing function of organizations has evolved with the passage of time, involving different means of presenting the product in an appealing manner for the target market. Globalization has made it necessary for the organizations to position their marketing activities in a strategic manner, focusing on the utilization of the marketing personnel for achieving the marketing and sales related objectives. The intense competition has necessitated the adoption of strategic perspective for managing the sales and marketing function (Wilson and Gilligan 2012). Strategy of an organization is encapsulated in terms of the pattern through which a firm directs its resources to achieve a specific set of objectives. Johnson et al (2014) have included the component of management of resources as well as highlighted the importance of relationship management as a part of strategy. The organization selected for analysis is IKEA, which is operating in the retail industry, more specifically in the furniture retail industry.

This report aims to analyze how the sales function has evolved into strategic marketing and its application in the context of retail industry. It includes situation analysis of IKEA which would help in developing an understanding about the dynamics of the industry and the firm’s internal operations. Moreover, recommendations for the marketing strategy of the organization has been provided, identifying the implementation process and the possible challenges that can arise during implementation.

2. Company Background

IKEA has been able to establish a strong position in the industry by focusing on offering the customers different household and furniture items at affordable prices (IKEA Group, 2015). The company is renowned for the quality of its products and the focus on providing the customers with a set of products that meets their expectations. The strategic sales and marketing position of an organization can be inferred from the vision, mission and corporate objectives of the company. The following sections outlined the vision, mission and corporate objectives of IKEA:

2.1 Vision and mission

The vision upheld by the company is ““To create a better everyday life for the many people” (IKEA Group, 2015, p.3). The company has not specified any clear mission statement, however the business direction has been aligned with the company vision, depicting focus on the design, pricing and affordability of the products (IKEA Group, 2015). The mission statement needs to be clearly stated in order to identify the strategic direction for an organization. The lack of clarity in the mission statement creates issues in the setting up of a clear organizational strategic direction.

2.2 Corporate objectives

Corporate objectives of IKEA can be identified as centring on delivery of quality at affordable rates to the target market, while maintaining a high degree of profitability to support the business in pursuing growth and expansion (IKEA Group, 2015).

3. Situational Analysis

Situation analysis would help in understanding the external and internal environment of IKEA, facilitating the identification of suitable strategic marketing position for the company. The situational analysis has used various models to identify the key forces in the internal and external environment of the company.

3.1 PESTLE Analysis

Even though PESTLE analysis is a useful tool for identifying the forces in the macro environment, it has limitations due to the dynamic nature of the industry. Nevertheless it provides useful insight into the external environment, helping the management in shaping an appropriate marketing strategy.

Political

Political environment is concerned with the government and political environment prevalent in a specific region. Majority of the stores managed by IKEA are positioned in countries which are politically stable, such as USA, Germany, and China. However, regions such as Russia do not hold similar level of stability, creating higher risk for the company.

Economic:

IKEA was negatively affected due to global financial crisis, and similar to other brands, the company has faced some setback due to this problem. However the financial issues didn’t create massive challenge for IKEA and it was able to retain its prominent position (Ward, 2011). Other economic forces that shape the business decisions are related to increasing inflation rates, changes in interest rates and enhancement in the minimum wage rates, changing patterns of disposable income of the target market etc. Moreover, taxes and tariffs change with the change in government. This causes the tax percentages to change, as these are already progress in nature, the profits of Ikea are subject to fluctuations and becomes dependent upon regional tax office.

Social

IKEA has recognized the need of the people to purchase the low cost furniture that is easy to assemble and offers good value for money. The company products are renowned for their affordability and simple designs. However this focus has overlooked the need of the people to gain access to trendy furniture that offers them premium quality. Nevertheless, IKEA has been able to consider the focus on economical furniture and household items which has served in gaining a competitive edge. It is beneficial for companies like Ikea to be aware of the social factors. For instance aging population will not want to buy furniture as compared to a slightly younger generation. Younger generation may want to purchase trendy furniture. Hence, the demographics will direct Ikeas production plans.
Moreover IKEA has played its part in supporting the community through corporate social responsibility plan including providing funds for charitable activities with large organizations such as UNICEF and Save the Children fund (IKEA Group, 2015).

Technological

IKEA has been using technology to benefit itself and its customers, it has developed an online store to provide arm chair purchasing facility (Greenland et al., 2012). Further it has enhanced its production process by infusing technology which has led to higher quality products and lesser wastage.

Legal

IKEA is operating globally and has to abide by laws from all over the world. This creates a threat as to whether IKEA may be restricted from its operations and may lead to issues such as different labour laws etc.

Environmental

Since the beginning, IKEA has been conscious of the importance of social and environment responsibility. The management has been careful with its use of raw materials and energy, while the company has invested in sustainable energy (IKEA Group, 2015).

3.2 Porter’s Five Forces Model

The competitive landscape can be evaluated through different tools, porter’s five forces being one of the tool which helps in identification of the key forces in a specific industry, however the underlying assumptions of the model carries limitations. Therefore, the use of other competitive analysis models is needed to develop a more comprehensive image of the competitive environment in an industry (Johnson et al., 2014).

Threat of New Entrants

Currently the market is saturated by the bigger brands and there is very little chance that any business could emerge and pose a threat to a giant like IKEA. However, new companies can enter the market and establish the business operations if they have access to the capital and other resources. Therefore, the threat of new entrants is moderate.

Bargaining Power of Buyers

The customers have moderate level of bargaining power, owing to high competition, the customers have a large variety to choose from; therefore IKEA can’t compromise on losing the customers because of pricing issues (Smith, 2012).

Threat of Substitute Products

The threat of existing substitute products is moderate as the products available at IKEA are in low price range. However the customers who can compromise on quality, would favour purchasing from other sellers offering lower prices.

Bargaining Power of Suppliers

The suppliers of IKEA have moderate bargaining power as the raw material industry is saturated as well and IKEA has a large prospect of contracting with other companies. Loss of contract with IKEA carries more negative implications for the suppliers than IKEA.

Rivalry Among Existing Competitors

IKEA has a few leading competitors in the market which gives rise to intense competition, including Wal-Mart Store, ASDA, Argos (Nelson and Quick, 2012). The presence of other retail stores having a broad scope of operations makes the threat of rivalry a strong force in the retail industry.

3.3 Corporate Strategy Directions: Ansoff’s Matrix

The Ansoff Matrix highlights the strategies an organization can pursue to achieve growth in the scope of its business operations in the current or new markets (Johnson et al., 2014).  IKEA is following the market development approach for its existing products by expanding the scope of the target market to new regions. For instance, China and Russia are notable examples of emerging markets for the company. Moreover, in the existing markets, the company has been focusing on product development, using innovation to develop new designs for the consumers, thus innovation is highly valued at IKEA (IKEA Group, 2015).

3.4 Porter’s Diamond: Determine National Advantages

The porter’s diamond model helps in developing understanding about the role a nation’s outlook can play in creation of competitive advantage for an organization (De Wit and Meyer, 2014). IKEA’s position in the context of Porter’s diamond shows that in the domain of factor conditions, the company has established its manufacturing units in China and other regions that offer low cost of production. The manufacturing facilities carry out the production processes following the designs provided by IKEA. The demand conditions favour IKEA for supplying its products to Germany, USA, with the recent focus on other regions such as China and Russia, owing to the significant growth prospects presented by these markets (IKEA Group, 2015). China is renowned as a production hub for various organizations, providing IKEA a source of advantage in the international market, thus depicting the relevance of related industries in helping the company to gain a national advantage. Moreover, the component of firm strategy, structure and rivalry shows that the flexibility and openness to cultural differences has enabled the company to manage its operations in different regions, including China. However, the threat of competitors is intense which can decrease the competitive advantage of the organization in some countries where the rival companies have stronger consumer base.

3.5 McKinsey 7 S framework

The McKinsey 7 S framework is based on the hard and soft elements that are used to identify the degree of alignment existing between various organizational functions and the improvement needed in this regard (Johnson et al., 2014). The application of this framework on IKEA is provided below:

Strategy

The strategy of IKEA focuses on asserting the image that the company products offer good quality and affordable prices to the consumers. However, the issues in the quality of the products has been an area of concern. Furthermore the company needs to address the threat of rising competition from retail firms such as Wal-Mart who are pursuing cost leadership strategy.

Structure

The organizational structure adopted by IKEA reflects the dependence on different franchises to reach the customers in the international market, while the absence of hierarchy makes it a flat structured business (IKEA Group, 2015). This structure enables the company to manage its global operations, maintaining smooth flow of products from the productions facilities to the retail outlets. The structure seems to fulfil the purpose of the organization and support it in managing its operations effectively.

Systems

The systems of the organization need to focus on customer demand and product safety. The issues pertaining to product safety depicts flaws in the existing R&D, production and quality management systems. On the other hand, the human resource management systems seem to be working well, using the diverse workforce and selecting people with the required competence to manage work responsibilities, while offering them growth opportunities (IKEA Group, 2015).

Shared values

The culture at IKEA supports the use of innovation and creativity among the employees. Moreover, the values at IKEA promotes a sense of collaboration and team work, which supports the company to manage its production and supply chain processes (IKEA Group, 2015). IKEA focuses on empowering the people involved in its supply chain system.

Style

The leadership style at IKEA emphasizes employee empowerment and providing the personnel with the flexibility to take actions in accordance to the situation. However, a more directive leadership approach is needed to manage the central decision making and to implement code of conduct across all stores, upholding quality as the highest priority.

Staff

Workplace diversity holds great importance for IKEA, therefore personnel from diverse backgrounds are a part of the organization. Moreover, the leadership positions at IKEA depict gender equality. Furthermore, the employees are provided with opportunities to attain work-life balance which positions the company as a favourable employer among the workers.

Skills

The skills of the employees at IKEA are enhanced through providing them with the required training and development opportunities.

6. SWOT analysis

The SWOT analysis for IKEA is presented as follows:

7. Porter’s Value Chain

The porter’s value chain is based on the resource based view of a firm, which evaluates the primary and support activities to identify the strengths and weaknesses of a company (Thompson et al., 2014) implementation on IKEA covers the primary and support activities in the organization.

Primary Activities:

Inbound logistics:

The inbound logistics involves gaining access to raw material used for the production of household and furnishing items. IKEA has formed strong relationship with its suppliers which enables it to purchase raw material as needed.

Operations:

IKEA operations include purchase of raw material, development of furniture items and household products and distribution of these products in different retail outlets in the international market. The strong ties with suppliers and use of latest technology helps the company in achieving its production targets as well as development of competitive products (IKEA Group, 2015).

Outbound logistics

The domain of outbound logistics involves supply of the products to the retailers which is managed by the efficient supply chain system of the organization.

Marketing and Sales

Marketing and sales function of IKEA is managed through social media and traditional means of marketing. For instance, the socially responsible behaviour of the organization has been used through posting updates about “Home Tour Squad” on YouTube.

Service

The aftersales service holds an important position in the primary activities of IKEA. However, issues have been reported depicting the poor delivery of aftersales services (Smithers, 2014).
Support Activities:

Company infrastructure

The infrastructure of IKEA involves use of local production units, as well as taking support from the suppliers and other manufacturers. Therefore the infrastructure of the company as well as the entities involved in its supply chain process hold importance for the management of operations. IKEA has access to technology, labour and other resources needed for the production of different items, thus this component has become a source of value for it.

Human Resource Activities

The human resource management activities at IKEA centres on selecting people who have the competence to manage their work responsibilities and providing training to those personnel who need to develop their skills. The HR department endorses the notion of equal employment opportunity, giving rise to the diverse background employees working at the company. Nonetheless, Marques (2010) has asserted the need to communicate about the diversity practices in a clearer manner through social media and other tools.

Technology Development

Technology is one of the most critical driving forces for IKEA as the integration of technology in its production facilities and in the supplier’s companies, which results in efficiency of the company operations.

Procurement

The procurement function marked by efficient flow of products is a core strength of the organization. The markets that are being served by the company are also used as a location for manufacturing of the different products. For example, the product development and supply in China is dependent on the local manufacturing entities and suppliers (Wei and Zou, 2007).

3.8 Stakeholder Mapping

The internal and external stakeholders, both hold importance for n organization. In case of IKEA, the internal stakeholders include the employees, board of directors and shareholders, while the external stakeholders can be seen in the form of shareholders, customers, suppliers and government. Reach stakeholder requires a different level of input from the company in terms of the efforts to create positive interest in the company and to maintain positive relationship. The stakeholder mapping developed by Mendelow has been implemented on IKEA:

The framework shows that customers are the key players for the company and their level of satisfaction can drive the company towards growth and success.

3.9 Business Strategy:

Porter has provided a framework for identifying the business strategies adopted by an organization, classifying the strategies into cost leadership, differentiation ad focus (De Wit and Meyer, 2014). According to Needle (2010), Ikea has been using a combination of cost leadership and differentiation strategy. The company has been offering good quality products with an economical price range. The ability of the company to maintain flow of input and output on a large scale enables it to maintain profitability while managing quality with a low price.

4. Marketing objectives:

The current sales and marketing strategies at IKEA involve different marketing tools such as company website, social media, electronic and print advertisement and public relations. Even though the marketing plan of the company depicts the use of integrated marketing communications (IMC), there are some areas in need of improvement. Based on the situation analysis of IKEA, the following marketing objectives have been recommended:

•  To gain 10% increase in the market share of IKEA in Asian regions in 1 year.
• To open 10 more stores in emerging Asian markets in 1 year.
• To achieve 20% increase in the number of customer making purchases through online stores in 1 year.

5. Recommended Strategies:

The customers have become top priority for different organizations, therefore, the sales and marketing function has to adapt with the evolving customer needs and preferences (Nijssen and Frambach, 2001). The change in technology has not only made things easier for the customer and the retail marketers but the way they can be approached has changed. The customer relationship management has become key area of consideration for organizations, expanding the trend of customer relationship beyond providing after sales services. Contemporary organizations use sales and strategic marketing tools to generate customer loyalty and retention (Jobber and Lancaster, 2015). The following strategies are highlighted for IKEA to increase the effectiveness of its strategic sales and marketing:

5.1 Linkages between Mission Statement, Functional and Business level Strategies:

One of the first areas of consideration for IKEA is development of a more comprehensive and clear mission statement, connecting the strategic marketing with this mission. This step would enable the company to create an alignment between the business level strategy and sales and marketing function. De Wit and Meyer (2014) have suggested that it facilitates an organization in gaining a competitive edge over the rival companies.
Currently, IKEA is using a hybrid business strategy, which can be further strengthened by refining the mission statement that outlines the company’s business objectives in terms of providing the customers with products that contribute value. Instead of emphasizing the product design and customer needs, the business strategy should use other means of creating a differentiated image of the product from the rival companies. Wal-Mart and ASDA are two renowned brands that are operating in the retail industry, supplying household and furniture related items to the global customers.

5.2 Positioning Customer Value as Focal Point

Relationship management has gained an important position among the organizations in the recent era, offering the prospects to form a long term relationships with the different stakeholders (Peelen & Beltman, 2014). The stakeholder analysis conducted for IKEA has indicated that the customers are the key players which determine the level of profitability and growth chances of the organization. In case if the customers experience higher levels of dissatisfaction from the products manufactured by the firm, the sales of the company and the resultant profits can be negatively affected. Therefore, customers need to be at the centre of the strategic sales and marketing decisions.

5.3 Relationship Management and CRM

The effectiveness of relationship management is dependent on the ability of the management to instil a sense of trustworthiness among the stakeholders while providing them with value for their investments (Payne and Frow, 2013). In the context of sales and marketing, relationship management can strengthen the ties of the company with its key stakeholders. IKEA’s key players have been identified using stakeholder mapping which has indicated that the company’s sales and marketing strategies should be customer driven rather than product or supplier driven. The company has made efforts to establish positive relationship with the customers, however the aftersales component is in need of improvement as it can result in low value and trust among the target market.

Ferrell and Hartline (2014) have pointed out that CRM is much more than a technological tool to manage the customer relationship management process. It enables an organization to strategically handle and manage its various stakeholder groups. IKEA can use CRM as a means of establishing long term relationship with the entities involved in the primary and support activities, as depicted in the RBV framework. Each component of the RBV of IKEA involves input from stakeholders and CRM can help in creation of trust based relationship with the different stakeholders, including the key stakeholders, i.e. the customers. The use of CRM would enable IKEA to not only gain new customers but in maintaining positive ties with the existing customers. The following stakeholders should be focused through strategic marketing and CRM as they can enable IKEA in development of a competitive edge over the rival retail companies:

Customers: Customer satisfaction can be enhanced by identifying the components that hold value for them and integrating those components as a part of the product features and quality. The emphasis on quality can facilitate IKEA in pursuing its differentiation related activities. In addition to this, the occurrence of issues related to customer dissatisfaction can be decreased. The changes in consumer needs which constitute a part of the macro-environment (as identified through PESTLE) should be at the core of designing, production and marketing processes.

Employees: The employees can be provided with tangible and intangible incentives in order to retain those employees who contribute to sustainable growth of the company.  Supply chain partners: IKEA is managing its business operations through different suppliers, trying to make sure that the suppliers adhere to the company guidelines. The management of suppliers is crucial not only in terms of gaining access to the quality raw material and the distribution of the products, but also for implementation of the sustainability initiatives of the organization (IKEA Group, 2015).

External Stakeholders: Governmental bodies and investors need to be managed as a part of the CRM plan as support from these players in important for an organization. IKEA can use CRM as a tool for implementing the strategic marketing objectives, and taking support from these two external stakeholders to establish new stores in different regions in the emerging economies.

5.4 Enhancing IMC strategy:

The IMC strategy at IKEA cab be enhanced by bringing improvements in the components of advertising, public relations management and sales promotions. The negative image that has developed as a consequence of low quality furniture items can be rectified through advertising as a part of the IMC strategy. The mission statement and marketing objectives need to be driven by the advertising process.

Another component which needs to be a part of the integrated marketing communications is public relations management. IKEA has been using this tool to connect with the target market and to establish a significant degree of credibility in the market. The use of human resources in this domain is critical as the employees who have high degree of competence can manage PR communication for implementing the strategic marketing plan and to achieve the marketing objectives (Baker, 2014). For instance, increasing the percentage of company customers requires skilful use of PR. IKEA can use its press releases and organizational reports to communicate with the key stakeholders about its socially responsible activities, which is likely to support in forming stronger ties with them, thus depicting the use of the strategy of social bonding.

The different sales promotions can be used to appeal the customers towards purchasing the company products. For instance, the opening of new stores can be initiated with a limited time discount or promotional offer on selected items. This could enable the company to create a framework of push and pull which increases the flow of consumption of the products and results in more efficient distribution.

The marketing communication models such as DRIP framework is useful for devising a suitable marketing strategy for an organization (Czinkota and Ronkainen, 2012). The company is using differentiation as a part of its hybrid business level strategy, therefore, the features that make IKEA’s products different from the other organizations needs to be highlighted. Moreover, the advertising message, incentives offered to the customers and the bonding strategy can reinforce the positive buying behaviour among the target market. The component of inform can be implemented through the use of different advertising means, such as print, electronic and online advertisement which can provide the market with information about the range of products and the promotional offers. Last component of the model is related to persuasion, which can be done through social bonding and illustrating the socially responsible behaviour of the company.

6. Implementation of Sales and Marketing Strategy

The implementation of sales and marketing strategy can be carried out on the basis of the recommendations provided above. Support from internal stakeholders including employees and management is essential for the successful implementation of strategic marketing approach in the organization. There are some issues that IKEA can face during the implementation of the suggested strategy. For instance, changes need to be made in the organizational culture to support the management and employees to embrace the notion of customer relationship management and customer retention across all the business activities. The employees may resist the implementation of the required changes which can create barriers to the effective implementation of the strategy.

IKEA needs to make changes in the domain of customer relationship management and after sales services as failure to fulfil the customer concerns has resulted in increased dissatisfaction among the target market (Smithers, 2014). Failure to retain the customers can result in loss of market share and declining sales, therefore the barriers to change need to be managed effectively. The employees snagged in customer relationship management can be provided with training opportunities to help them in interacting with the customers in an effective manner and to facilitate them in resolving the customer issues in a timely manner. The monitoring of employee and customer interaction needs to be improved and the management needs to offer the workforce incentives on the basis of their ability to quickly settle down customer issues.

Another problem that the management need to be war of is that the external environment is likely to change (Johnson et al., 2014), which would require the company to monitor these changes, analyse them and make alterations in the marketing strategy accordingly. The changes in the external environment would also necessitate making adjustments in the marketing function and marketing strategy.

One of the main areas of concern for the company during the development and implementation of strategic marketing plan is budgeting. The analysis of financial capital needed by the marketing function is important as it helps the management in the identification of activities that need to be a part of the marketing and promotional mix and identify those strategies that can be adopted at a later time. Furthermore, the component of budgeting facilitates the company to understand the return they have been able to gain on the expenditure that has been made on different components of integrated marketing communications.

The budget allocated to the strategic sales and marketing plan can be developed using the competitive parity method (Chitty et al., 2011). For the purpose of allocating capital investment for advertising, IKEA can use this method, estimating the expenses of its rival firm and investing in the advertising process keeping this estimation into consideration.

7. Conclusion

Key conclusion drawn from the analysis of IKEA through the different models is that the company has some areas which have helped in strengthening its market position and pursuing its hybrid business strategy. The macro and micro environment analysis have helped in understanding the external forces that can support the company in the successful implementation of the marketing plan. On the other hand there are some internal issues of the organization as observed through the RBV model which can limit its ability to increase profitability and enhance and retain its customer base. The identification of those areas has been made, along with the outlining a suitable strategic sales and marketing plan which can help in addressing these limitations. The provided recommendations have been developed, while focusing on the linkages between the situation analysis tools, company’s marketing objectives and the future prospects that can be supportive in offering growth to the organisation. It can be further concluded that the integration of suggested marketing tactics as a part of the strategic marketing process can enable the company to successfully achieve the marketing objectives. Furthermore, the issues related to the quality of the product can be managed in an effective manner while at the same time the goal of retention of valuable customers can be pursued. Each of the models used in the analysis have some limitation, however their usefulness in the strategic context can’t be overlooked. IKEA should engage in frequent situation analysis to update its sales and marketing strategy and to revise it according to the changes occurring in the business direction and strategy.

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