Potential Market In IKEA
Potential market is the part of the market that one may be able to capture in the future. It includes all the people are not buying today can be potentially become customers in future. (Lake, 2017) This shows that potential markets are the most important part of a business’s future growth.
IKEA is an internationally known as home furnishing retailer, which has been the world’s largest retailer, offering wide variety of home furnishing, kitchen appliances, sofas, beds, mattresses and more. This makes people who are demanding for furniture can go to IKEA and shop for all kinds of furniture in the store.
Furthermore, IKEA has a generous return policy which customers have at least 30 days to bring back purchases products for a full refund regardless
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Once IKEA decided to start up its business in Brunei, it definitely will incur a huge amount of initial cost. This is due to the reason that it requires capital, such as raw materials, human resources and so forth, to produce goods and services. Hence, it needs to obtain a large sum of finance resources in order to support its business. According to The Richest in the World (n.d.), Brunei was ranked at the fifth place for the richest countries in the world. Therefore, it is appropriate for IKEA to develop its business in Brunei. This is because it is able for IKEA to obtain potential investors in …show more content…
According to Hays (2015), there are 65.7% Malays, 10.3% Chinese, 3.4% Indigenous people and 20.6% of other races in Brunei. Since the majority of people in Brunei is Malay residents who are Muslims, its culture is therefore deeply rooted in its Malay origins, which are reflected in the nation’s language, architecture, ceremonies and customs governing daily life (Hays, 2015). Thus, they may adopt some restrictions due to their beliefs and cultures. However, it does not limit IKEA enters into Brunei’s market. This is due to the reason that IKEA’s ideas are to offer goods and services that are suitable for everyone. With this concept, it does not apply any restriction on its goods and services, such as age, gender and so forth. IKEA did not classify and limit its goods and services to any special group of customers. In short, IKEA is welcomed everyone, no matter you are an existing customer or a potential customer from any
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