IKEA website is offering more than 9,500 products from more than 423 stores in 52 countries and markets worldwide. With this scale of operation, IKEA is certainly facing severe competition both local and international brands.
There are many external environment factors like political, economic, social, and technological and many other factors affect brands and businesses
The first thing to know about a brand strategy is that it is a long-term endeavor with specific goals and outcomes which need to be met. These goals and outcomes need to focus on three aspects of a potential business, and its brand.
Not all products are consumed by every customer and every product is used by a distinct set of customers who are willing to purchase it. The target market is that set of customers who are in need of a particular product and for which the company,
Consumer decision making process involves the consumers to identify their needs, gather information, evaluate alternatives and then make their buying decision. The consumer behavior may be determined by economic and psychological factors and are influenced by environmental factors like social and cultural values.
Brand identity is basically the face of your business and amongst creative marketing strategies. Values, services, ideas, and personality are represented through brand identity. It is able to generate customer loyalty along with making employees proud to be a part of the organization.
Brand image is formed in the minds of customers based upon the experience and interaction of the customers with the brand, interactions can take place in different ways and not necessarily only the buying or using of the product and service.
