Swot Analysis Of Ikea

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Product market IKEA covers the markets of Europe, North America, Middle East and the Pacific Asia. The organisation has its largest product stores in China and Sweden. The IKEA distributes various products to its market that range from food products, furniture such as chairs and beds, household accessories and appliances. Therefore, IKEA’s product market is broad covering large geographical area. The company has a long history of operation and has experienced booms and depressions within the product market. The company has therefore gained a competitive position by virtue of experience within its product market (Baxter & Landry, 2012). IKEA has been able to clearly identify is areas of strength within the market and is therefore able to maximise on its strengths. The product market of the company has many competitors; however, it is comfortable with its position in the market. The product market has furniture which is sold at low prices for example the Wal-Mart company. IKEA has been successful in its product market because of its marketing mix strategy. It is therefore able to meet a diverse customer range because of its mix of products. Market segments Market segmentation has been put in place to categorise the market into smaller markets that are homogenous where the consumers within those categories have common interests, tastes and preferences. The segmentation of the market assists the companies to gain competitive advantage in the market and achieve more profits

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