Executive Summary of marketing strategies is a function of an inventory of the brand.
A comprehensive product profile and the essence of marketing strategies is a function of an inventory of the brand. To determine the level of brand quality and brand clarification, brand inventory is essential. The inventory can include the details required for a detailed brand assessment. An effective brand audit of a brand provides organizational character and its contributions to achieve particular corporate objectives. Brand inventory is a technique to measure the effectiveness of marketing.
Background of marketing strategies is a function of an inventory of the brand.
Ikea was founded back in 1943 by Ingvar Kamprad. The vision of the organization in 1943 at its outset was to deliver the quality products to its customers at relatively lower costs than the market. After eight decades, the mission of the organization is still the same. The organization thrives on providing its consumers with high-quality products at a low cost. Due to its vision, the organization managed to win the trust of thousands of its consumers. The targeted population of brand comprises young adults and students of the community (Keller, Aperia and Georgeson, 2012). Walmart and other furniture stores that target the same consumer audience and provide their products at low cost are the organization's competitors.
Initially, the organization's products comprised of wallets, pens and jewellery but with the passage of time, they included furniture in its product range, which is the most successful product of the selected organization. With the passage of time the organization that started its venture in Sweden also expanded outside of Sweden as well. (Christoph, et al., 2017) The expansion and the growth and development of the selected organization were primarily because of its effective marketing campaigns. The organization executed numerous marketing campaigns to raise the knowledge of its stakeholders about the brand's role in consumer satisfaction and environmental safety.
The Problem and Purpose of observe and analyze the brand inventory of the selected organization.
The purpose of this report is to observe and analyze the brand inventory of the selected organization. This report will thoroughly focus on brand inventory which will be based on brand audit reports of the organization. Secondary data will be employed to identify and resolve the issues in this regard. The project aims to conduct a brand inventory of Ikea, a Swedish furniture producer because the brand inventory played a crucial role in the international success of the selected organization. The effectiveness of marketing is focused on being analyzed in this report that caused the sustainable advantage for the business over its competitors in the market (Liu & Hou, 2011).
Brand Promise of observe and analyze the brand inventory of the selected organization.
Brand promise refers to the expectations of a consumer. A brand promise means that a customer should expect to obtain a benefit or experience each time and interacts with a product. In consumers and workers' eyes, the more a business can deliver on its promise (Davies et al., 2018). Furthermore, the value of the brand will become stronger in the minds of employees and customers when the brand takes somethings seriously and prefer to deliver on that purpose to its customers.
Brand Awareness of observe and analyze the brand inventory of the selected organization.
Brand Awareness has been explained as the degree to which consumer has been able to identify and recollection of the brand under various situations. As well as brand awareness has been taken as one of the two dimensional from the brand knowledge and connective network memory model. Moreover, brand awareness is the main thought in customer’s behavior and brand management (Huang & Sarigöllü, 2014).
Brand Personality of observe and analyze the brand inventory of the selected organization.
The identity of a brand is a collection of human features attributed to a brand name. A successful brand increases its brand value by providing a cohesive collection of functions which a particular customer group can enjoy (Keller and Brexendorf, 2019). A brand individual is a product the customer can identify with. It is an intangible added benefit that a company receives besides its functional advantages (Azoulay & Kapferer, 2003).
Brand Elements of observe and analyze the brand inventory of the selected organization.
The brand consists of numerous measurable elements, which build and establish a brand recognition that creates the natural and intrinsic brand elements of the sensory brand identities. For example, the company logo, a color spectrum and all advertising and promo resources are all recognizable manifestations of the brand which shape its sensorial identity on the market, in our customers' minds (Ilicic and Webster, 2014). As a full-service marketing firm, a dynamic client creates a recognized brand with the best experience and expertise. For the whole brand experience and all Brand Components, the logo is the standard-bearer (Farhana, 2012).
Brand Portfolio of observe and analyze the brand inventory of the selected organization.
A brand portfolio is a range of various labels under one more prominent framework. Although each brand has its own organizational structure, it profits from shared capital and advertising tools with other brands. The creation of a brand portfolio has many benefits for an organization. Those benefits may involve bringing a product into different markets, joining up with multiple target sectors, promoting the cross-promotion of products, and producing younger companies with their reputation (Schivinski and Dabrowski, 2014).
Brand Strategies of observe and analyze the brand inventory of the selected organization.
The brand policy is a long-term approach for the successful growth of a company to accomplish those goals. A well-defined and implemented brand plan impacts all facets of an organization and is associated closely with customer expectations, attitudes and professional environments (Becerra and Badrinarayanan, 2013).
Description of gathered data
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Brand Element
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The brand element of the selected organization includes logo, packing,
and advertising pamphlets.
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Brand Promise
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Ikea primarily focuses on people over process. The organization aims
to improve the lives of ordinary people by providing them with awareness. The
organization seeks to provide high-quality products to its consumers across
the globe. The organizational aim just does not only involve the provision of
quality products but also the organization aims to provide the products and
services to its consumers at lower prices (Sasmita
and Mohd Suki, 2015).
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Brand Personality
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The Ikea brand provides consumers with comfort and joy. While shopping
with Ikea, the consumers feel relaxed as they trust the organization. The
organization offers excellent support to its consumers, along with quality
products and services in its stores. The environment-friendly stores and the
reception of staff make it easy for consumers to shop with the brand. The
consumers feel happy about the quality of products and services that are
being provided at its stores. The organization also provides those products
and services to consumers at low rates for the maximum satisfaction of the
clients (Zentes, et al., 2008).
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Brand Portfolio
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The organization started its business with wallets, pens, and other
this sort of material, but with the passage of time, the organization
introduced a variety of furniture for its consumers. Today, the product of
furniture is the main product for the organization. Additionally, the
selected organization Ikea also deals in storage solutions along with kitchen
accessories at its stores. The quality of these products includes excellent
designs and quality. The other plus point for consumers is that Ikea provides
these storage solutions and kitchen accessories at relatively lower rates
than its business rivals in these markets as well (Swan,
2018).
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Current Brand Strategy
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Ikea is an international business. Thus, the organization uses its
catalogues in a different language. Additionally, the organization uses
social media platforms as well to reach a more significant number of
consumers in the international market (Jin-Yuan, et al., 2016).
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Analysis and findings of observe and analyze the brand inventory of the selected organization.The emphasis on delivering premium goods at competitive prices causes Ikea to rely on a variety of specific variables for market segmentation. Focusing on earnings, gender, lifestyle, and a style of living are the secret to Ikea's success. Ikea furniture is best known not for its design, but for its low prices. That is the reason that Ikea relies on the age, wealth and family period patterns. Ikea designs a growth model to introduce young people with lower wages. Ikea is a big target for both university students and young adults (Nathan and Scobell, 2012).Brand Personality of observe and analyze the brand inventory of the selected organization.The Ikea brand is proud to deliver premium goods at competitive prices and still rely on its customers. Ikea consumers are satisfied and relaxed with shopping as a customer-centred business. A consumer knows that he will get a decent commodity at an excellent price as well as the consumer will also enjoy shopping, fun stores, playfields at children and even food courts. Ikea is known for its community to have such dedicated consumers. Through giving back to its clients, Ikea appreciates Ikea's mission to be helpful, affordable and generous to many individuals with similar aims (Tarnovskaya & de Chernatony, 2011).What to purchase goods from a brand, since they realize Ikea is essential for their societies, of which they will feel positive. Several main features for Ikea are their enterprises built for families, with cafes and restaurants, to share a buying experience. Their partially assembled and sleek packaging (Nathan and Scobell, 2012).Brand Elements of observe and analyze the brand inventory of the selected organization.Since 1967, the Ikea logo has remained basically the same and is world-famous. Once it started, Ikea has preserved its brand identity and goals in order to give its consumers quality goods and competitive prices. They are also well known for their flat packaging and the products that the consumers will have to put together. (Rico, et al., 2018) Ikea has launched a variety of initiatives to demonstrate its commitment to a healthy community of mates. Advertising, including the second-hand effort in which Ikea picked Ikea furniture from clients to be resold to increase national sustainability consciousness.Brand Portfolio of observe and analyze the brand inventory of the selected organization.Ikea's core product is furnishings and storage options, kitchen appliances and food products, although the relationship is weak. Ikea offers everything of low rates and high quality, including its furniture products as well. Ikea is innovative and functional with crafts drawing a wide variety of customers. By recycling, wastes reduction, minimal packing and home construction, they keep the prices low. Ikea goods are grouped into primary groups and then separated into many separate parts, each with its own specific name. For example, there are around 36 series or individual labels in the United States of America in the Living Room segment only (Nathan and Scobell, 2012).Brand Promise of observe and analyze the brand inventory of the selected organization.Ikea works primarily on supporting more customers in their households to change their lives. It is a consumer-focused organization that strives to do this. All goods are designed to suit the needs of the consumer. The ideas begin by giving people inexpensive products by mixing feature, efficiency, architecture and meaning, also taking into account sustainability. Any part of the organization has the Ikea Philosophy, from construction, production, manufacturing and delivery to our business model (Nguyen et al., 2015). Ikea is providing the high-quality products to its customers in very affordable prices that successfully made a good impression in the customers and employees minds.Current Brand Strategies of observe and analyze the brand inventory of the selected organization.In 17 different languages, Ikea has also kept its standard catalog printed. They do have a website to buy quickly for those who are not close to a store. Stores are set up with screens for consumers to pick the look and feature as sales points. The organization uses all the social media platforms to address the consumers across the world. Ikea owns accounts for every social media platform to record consumer feedback and also to enhance communication between the managers and consumers (Laroche et al., 2012). The selected organization Ikea is surrounded by some of the better business rivals across the globe. Walmart is the top competitor for the business, and it offers rivalry to the business across the world as it is also an international brand. The core reason for the organization's success lies behind its strong branding management and policies (Wilden, Gudergan and Lings, 2010). The brand management and strategies were successful for attracting consumers to its stores and website from all over the world.Recommendations of observe and analyze the brand inventory of the selected organization.The organization should reconsider its marketing strategy to improve its brand awareness. The marketing should not be limited to only one department of the organization, but the marketing should also focus on other departments of the organization as well. The organization Ikea started its business with the products including pens, wallets and other these sorts of things with the passage of time the organization shifted to furniture. The scenario represents the inability of the organization to market effectively for particular goods and services. From then on, the organization only focused on furniture products and failed to gain excellence in other departments. Currently, the organization is also offering kitchen accessories along with storage solutions, but it is still focused on furniture in its marketing campaigns. (Jenni & Wight, 2017)The organization should also focus on other products and services to be more productive in the market.The organization adopts all the means of advertising its message to the consumers. Ikea should consider the ways of advertisement that are appropriate for them. Focusing on multiple platforms may cause the distraction of the organization regarding its target consumers. The selected organization should focus only on those platforms that are widely used by young adults and students. The organization aims to focus the target consumers of a young age for its products (Laroche, Habibi and Richard, 2013).Ikea should consider its rivals seriously to be competitive in future. The business rivals of Ikea are expanding the businesses through the models of brands management with creativity and innovation. On the other hand, the products of Ikea are not attractive for the consumers now as the organization focuses more on cost-effectiveness than the designs. The marketing strategy for the branding of Ikea does also need to be modified according to the latest trends in the market (El Dameh & Ghadeer, 2019).Reference of observe and analyze the brand inventory of the selected organization.Becerra, E. P. and Badrinarayanan, V. (2013) ‘The influence of brand trust and brand identification on brand evangelism’, Journal of Product and Brand Management, 22(5), pp. 371–383. doi: 10.1108/JPBM-09-2013-0394.Davies, G. et al. (2018) ‘Brand personality: theory and dimensionality’, Journal of Product and Brand Management. Emerald Group Publishing Ltd., 27(2), pp. 115–127. doi: 10.1108/JPBM-06-2017-1499.Ilicic, J. and Webster, C. M. (2014) ‘Investigating consumer-brand relational authenticity’, Journal of Brand Management, 21(4), pp. 342–363. doi: 10.1057/bm.2014.11.Keller, K., Aperia, T. and Georgeson, M. (2012) ‘Strategic Brand Management: A European Perspective, 2/E’, Strategic Brand management, (6), p. 54. doi: 10.1002/14651858.CD003123.pub2.Keller, K. L. and Brexendorf, T. O. (2019) ‘Measuring Brand Equity’, in, pp. 1409–1439. doi: 10.1007/978-3-658-13342-9_72.Laroche, M. et al. (2012) ‘The effects of social media based brand communities on brand community markers, value creation practices, brand trust and brand loyalty’, Computers in Human Behavior, 28(5), pp. 1755–1767. doi: 10.1016/j.chb.2012.04.016.Laroche, M., Habibi, M. R. and Richard, M. O. (2013) ‘To be or not to be in social media: How brand loyalty is affected by social media?’, International Journal of Information Management, 33(1), pp. 76–82. doi: 10.1016/j.ijinfomgt.2012.07.003.Nathan, A. J. and Scobell, A. (2012) How China sees America, Foreign Affairs. doi: 10.1017/CBO9781107415324.004.Nguyen, B. et al. (2015) ‘Brand innovation and social media: Knowledge acquisition from social media, market orientation, and the moderating role of social media strategic capability’, Industrial Marketing Management, 51, pp. 11–25. doi: 10.1016/j.indmarman.2015.04.017.Sasmita, J. and Mohd Suki, N. (2015) ‘Young consumers’ insights on brand equity: Effects of brand association, brand loyalty, brand awareness, and brand image’, International Journal of Retail and Distribution Management, 43(3), pp. 276–292. doi: 10.1108/IJRDM-02-2014-0024.Schivinski, B. and Dabrowski, D. (2014) the Consumer-Based Brand Equity Inventory: Scale Construct and Validation. Available at: http://hdl.handle.net/10419/173318 (Accessed: 1 May 2020).Swan, K. S. (2018) ‘ Design Roots : Culturally Significant Designs, Products and Practices ’, The Design Journal, 21(6), pp. 873–878. doi: 10.1080/14606925.2018.1525831.Wilden, R., Gudergan, S. and Lings, I. (2010) ‘Employer branding: Strategic implications for staff recruitment’, Journal of Marketing Management, 26(1–2), pp. 56–73. doi: 10.1080/02672570903577091.
Christoph, B., Riley, N. M. & Halaszovich, T., 2017. Strategic Brand Management. In Identity-Based Brand Management, pp. 91-172.Jenni, R. & Wight, S., 2017. Brand awareness: revisiting an old metric for a new world. Journal of Product & Brand Management .Rico, P., Grace, D. & Burmann, C., 2018. Internal brand management: introduction to the special issue and directions for future research. springer , pp. 197-201.
