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Global Marketing Management

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Table of Contents INTRODUCTION .......................................................................................................................... 5 TASK 1 ........................................................................................................................................... 5 Micro and macro environment analysis 600 ............................................................................... 5 TASK 2 ........................................................................................................................................... 9 Global marketing objectives, corporate strategy and business strategy ..................................... 9 TASK 3 ......................................................................................................................................... 15 Market entry mode and marketing tactics which support entry mode of IKEA ....................... 15 TASK 4 ......................................................................................................................................... 17 Marketing mix activities and timeline ...................................................................................... 17 Entering time line plan for IKEA.............................................................................................. 19 Conclusion .................................................................................................................................... 21 References ..................................................................................................................................... 22

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List of Table Table 1 Entering time line (Gantt chart) plan for IKEA ............................................................... 20

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List of Figures Figure 1 Ansoff matrix for IKEA ...................................................................................................11 Figure 2 BCG matrix for IKEA Company .................................................................................... 12 Figure 3 Porter's Generic strategy for IKEA ................................................................................ 14

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INTRODUCTION Global marketing management is method which is used to promote the products and services of a company at international level. This strategy is suitable for those products which demands at global level and they have high frequency of consumption. The following report is based on global marketing management of IKEA who plans to expand its business in Indian market (Lee, Kiefer and Carter, 2011). IKEA is an international home products retailer that sells its wide range of products at international level. This research report explains the different micro and macro environment, marketing objectives at global level, business and corporate strategy, the important entry mode in Indian market with some marketing tactics and various marketing mix with some timeframe for IKEA.

TASK 1 Micro and macro environment analysis 600 IKEA is an international retrial company and situate inn Netherland. In the present time, it’s operates more than 300 outlets in 35 countries and offers various household products at low cost with good quality (Hair, Joseph and et.all., 2000). Now IKEA is planning to expand its business in India and also invest the huge amount. Indian market is very potential market and the competition level is very high. So it’s needed to analyze some external and internal environment of India that gives benefits at the time.

Micro environmental factors: These factors easily controlled by IKEA and can be analyzed by the following ways.

SWOT analysis

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Strength: In the present time, GDP of Indian market growing very fast and gives the strength to the economy of the country. It gives the stability of the economy and strong the stock market to influence the foreign investors to invest more and more in India. On the other hand, India has the strong supply chain and logistic facility to transport the commodities (Keegan, Warren and et. all., 2001).

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Opportunities: Due to the high competition in Indian market, it will give the opportunities to the foreign companies to invest in India and get the best results. The large segment of India is moving to transition from poverty into consumer class (Pelton, Lou and et all., 2002 ).

Threats: The threats in Indian market are related to the availability of land and real state, human capital, technology, supports of government etc.

Porters’ five force model Bargaining power of suppliers: Bargaining power of the suppliers is low because there are large numbers of suppliers who are dealing in different sectors. So, IKEA would build a strong relationship with suppliers and make contact with more than one supplier to reduce the dependency level on single supplier (Lusch, Robert, Vargo and Malter, 2006).

Bargaining power of consumers: Bargaining power of Indian consumer is high because they have the many options to buy the products. So for this, IKEA would launch those products at low prices so that consumers will purchase the goods by low bargaining.

Threats of substitutes: This threat is low because there is no substitute available in the market. It would be opportunity for IKEA to expand the business in Indian market (Kotabe, Mike and Helsen, 2009).

Threats of new entrants: The threats of new entrance is high because there are already well established retail brand in India and it would be tough competition for IKEA in Indian market.

Rivalry: The entry and exit barriers of new rivalry are easy and there are various products available in the market. This increased the switching cost of the consumers. This helps IKEA in getting the growth in Indian market (Hair, Joseph, Bush and Ortinau, 2003).

Macro environmental factors Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

STEEPLE analysis Social: In India, the social values are change with the time. The purchasing power of the people is increasing and this leads to they start saving. The attitude of consumers, population growth, age structure etc are change and these all can gives the benefits IKEA in expanding the business.

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Environment: Most of the Indian companies are moving in the direction of reducing the wastage and save the environment. These policies help in secure the nature and reserve the nonrenewable resources.

Economic: The GDP rate is growing very well and it gives the stability to the economy of India.

This is good for the investors and they are getting the good return on their investment. So it will be beneficial for IKEA if it expand its business in India (Ioana, Adrian and et.all, 2009).

Political: The political environment of India is much stable and helps the new ventures to establish the business in India. This will also help IKEA at the time of expansion of business in India.

Legal: Indian government makes some laws such as consumer right protection; minimize the waste, factory act, TAX, Vat etc. So at the time of expansion, IKEA would remember these laws and follow them in a right manner (Fleisher, Craig and Bensoussan, 2003).

Ethical: It helps the company to find and compare what is right and what is wrong. So, it would be required for IKEA Company to check their ethical factors that help in expansion of business in India and run it very successful (Byrom, John, Medway and Warnaby, 2003).

TASK 2 Global marketing objectives, corporate strategy and business strategy Global marketing objectives For expanding a business ta global level, IKEA has to decide some objectives on global level. These objectives will work as a milestone for company in achieving its goals of business.

These objectives also help the firm to make a strong grip on Indian and other market. These are Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

the base of expansion of business in various countries. The various global marketing objectives are as follows (Moran and Theodore, 2001). 

To bring the countries closer for free trading by exchange of culture, knowledge and experience.



Increase the sales and customer retention ratio.



By increasing the brand awareness and reduce the final cost of commodities.



To provide the better life to the customers by giving them complete package of excellent services.

Corporate strategy Corporate strategy is a strategy which is used in finding those factors that affects the business and its competitors in present and future time. As per the given case study, IKEA would be set some corporate strategies for Indian market which are as follows.

1. Ansoff matrix: This matrix supports the growth and expansion strategy for a business and in the case of IKEA, it is most suitable option. The important dimension of ansoff matrix is market development and diversification (Froot, Kenneth and et.all., 2008). The strategies on the basis of both dimensions for IKEA are as follows.

Market development: From the given case study, it is clear that Indian market for IKEA is completely new. So for capturing the large market share and attract the customers towards the products, company can go for market development strategy. In this method, firm can serve its existing products to the Indian market (Killing and Peter, 2012). Developing of new market for the existing products may be a good strategy for IKEA if its core competencies are related to the services which are offering by company as compare to its experience with a specific target segments.

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Figure 1 Ansoff matrix for IKEA (Source: Marketing market ansoff matrix, 2015) Diversification: It’s used in that case where the market as well as products which are offering by company is new. In the case of IKEA, Indian market is new for company and if it’s brings new products with some new innovation that it counts in diversification strategy. In this context, company can leave its core competences and deal in new sectors (Kostelecky, et al., 2002).

Justification: From the above discussion, the most strategy for expanding the business in India is market development. It reduce the risk factors of failure of business and if it will use in other countries than it will count as universalist strategy with the help of this strategy, IKEA can standardized it’s all products in some specific segments (Manchanda, Puneet, Rossi and Chintagunta, 2004). It helps in diversion from company’s core competences and can be a good example of other companies.

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2. BCG matrix: It is a growth-share matrix which defines the various categories of a business according to its relevant market share. As per the given case study, IKEA counts in question mark segment because its plan the expansion of business in India. To bring the company from question mark to star category, it requires making a strategy (Håkansson, Håkan, and Waluszewski, 2002). Question mark is a stage where IKEA has a small market share in high growth Indian market. In this stage, company requires some resource to enlarge its existing market share. To increase the market share, IKEA can go for joint venture, franchisee, mergers, acquisition etc with those companies who have already a large market share in India and doing good business. These are some ways which makes IKEA to count in star category. In the star segment, company will gain the large market share on Indian market and expand the business in other areas of India with the time (Edvardsson, Bo, Enquist, and Hay, 2006). This process helps IKEA to earn more and more profits and understand the expectations of Indian customer’s.

Figure 2 BCG matrix for IKEA Company (Source: Strategic Management, 2010 ) Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

Business strategy: It is a strategy which is set to achieve the desired goals and objectives of business. It can also be said as long term planning for company. As per the given case, IKEA is planning to expand its business in India and in this context; it’s required to set some kind of business strategies that helps in achieving the business objectives of company (PÎndiche ,2013). For this, cost leadership and differentiation strategies are most suitable that supports IKEA expansion plan.

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Kindly Mail us at: help@instantessaywriting.com Cost leadership: In this strategy, IKEA can sell its products either at average industry prices to make large profits as compare to its existing competitors or below the average industry prices to capture large market share (Strategic Management, 2010). In both given above option, IKEA can Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

go with any alternative and expand its business in India. It is prices of war between IKEA and its competitors such as Wal-Mart, Tesco, ASDA, American Woodmark, Sears and Barn Furniture.

During adoption of this strategy, IKEA would be maintaining quality and services.

Figure 3 Porter's Generic strategy for IKEA (Source: Generic strategies, 2015) Differentiation: It is a strategy, in which a company develops a new product lines which are unique and different from its competitors. At the time of development of new services, firm gives the more emphasize on characteristics of the products which will be valued by the customers at the time of buying (Marketing market ansoff matrix, 2015). IKEA may also be going with differentiation strategy where it can manufacture those goods which will be different from its existing competitors.

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Justification: From the above discussion, we can say that, IKEA would be first opt cost leadership strategy for making a strong grip on Indian market and capture large market share.

May be it will affects the profits of company at initial level but after some time, it will gives the benefits. After this, IKEA would be going with differentiation strategy in which it brings some innovation as per the Indian customers’ expectations and needs (Generic strategies, 2015).

TASK 3 Market entry mode and marketing tactics which support entry mode of IKEA Market entry modes To enter into a foreign market, it is required to select a suitable mode that helps in entering into a market. As per the given case study, IKEA is planning to expand its business and invest million funds in India (Lee, Kiefer and Carter, 2011). At this stage, the selection of right method helps IKEA to enter in new market. Some suitable entry modes are as follows.

FDI: It is direct investment method in which owner of a company invests the required facilities in the target country. These facilities include capital, technology and human resources to run business in new market. In the case of IKEA, it can adopt this mode to enter into Indian market by bringing technologies, capital and personal (Hair, Joseph and et.all., 2000). Company can direct invest the funds by acquisition of existing organization of retail in India. By following this entry mode, IKEA can keep high degree of control on the various operations of business in India and get a chance to understand the expectations and needs of the customers. So the whole process requires the high investment and high level of commitment from the side of IKEA. Franchising: When a company grants rights to use its trademark, business system, process, produce and sell the products etc to the other party under the agreement. This is called franchising. In this method, IKEA can give some rights to the other firm who sell the products to Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

the customers under the name of IKEA (Keegan, Warren and et. All., 2001). These rights can be given to those entities that already running its business in same sector and has large market share.

Joint venture: This is a strategic alliance in which two companies made an agreement about sharing all the resources with each other. IKEA can go with JV in India with those firms who are run their business at large scale and sever large number of customers. This helps IKEA to stable business in India at initial stage of expansion (Anderson, Carol and Vincze, 2000). This will save the extra cost of the company but on the other hand, JV firm can use the important information of IKEA for its own benefits.

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Marketing tactics are those methods which helps a firm to increase the sales of the products and create brand awareness in the people. As per the case, at the stage of expansion, IKEA would be used some marketing tactics to increase the sales at initial level. Some marketing tactics for improving initial sales of IKEA are as follows (Pelton, Lou and et all., 2002 ).

Improve email campaigns: IKEA can send the emails to the potential customer about the features, characteristics, offers, upcoming products etc. Another way to improve the email campaigns is sending a welcome mail as soon as a customer sings up on company websites.

Generate more products review: This helps customer to differentiate the IKEA products to the other goods and take a right decision of buying the right commodities. The reviews can contain the positive and negatives aspects of the services in accurate form (Lusch, Robert, Vargo and Malter, 2006).

Broadcasting advertising: By giving the ads on TV and radio, IKEA can easily attract the customer and influence them for buying the products. This also helps company to increase the sales in initial stage (Kotabe, Mike and Helsen, 2009).

Shows and displays: By organizing the consumer expos, trade shows and various fairs and conferences time to time and influence the consumers for purchasing. These ways also attract the various wholesalers, suppliers, distributors etc for taking licensing or franchising of IKEA. Public relation: With the help of media relations, organizi8ng special events, making promotions etc helps IKEA to build good public relations as well as increase the sales at initial stage of expansion (Hair, Joseph, Bush and Ortinau, 2003).

TASK 4 Marketing mix activities and timeline Marketing mix

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It is a business tool which is used in marketing of the particular service or a product by a company. It is an important part of success of the firm to increase the sales of the commodities.

Some time it may be crucial when it is related to the some special and frequently consume product or services (Zou, Shaoming and Cavusgil, 2002). The elements of marketing mix are 7P’s. There are different marketing mixes activities require for IKEA to promote the brand in Indian market. The 7 marketing mix are as follows.

Product: The complete product rang are customized, standardize and for promoting the services, IKEA can take the suggestions from the customers (Ioana, Adrian and et.all, 2009). For example, in the furniture concept, company can bring new innovation such as followed Indian traditions and designs to give rich look to furniture. This may be a good option to promote the brand and its products.

Price: By price skimming method like by owing the prices of the goods for some time and after some time increase the prices, IKEA can easily capture the large market share by marketing of the products and increase the sales (Fleisher, Craig and Bensoussan, 2003).

Place: For marketing and increase the sales of goods, IKEA can provide the products in those areas where all type of customers can easily reach. These places may be shopping malls, small shops, online shop etc (Moran and Theodore, 2001).

Promotion: By giving advertisements, public relations, personal selling, sales promotion, various promotional strategies etc can communicate the message of IKEA services. These tools give the right messages to the target audiences (Byrom, John, Medway and Warnaby, 2003).

People: IKEA can hire right employees at workplace so that they can give the right suggestions to the customers, making effective strategy to increase the sales and solve their problems and issues. These people are essential part of the organization and helps in promoting the brand as well as products of the company (Froot, Kenneth and et.all., 2008).

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Physical evidence: IKEA can display some demo of the goods in the stores to let the people know about the services offers by the company. This will gives the assurance to the customers about the buying products and its quality (Killing and Peter, 2012).

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Process: The process of manufacturing, delivery of the products can be effective so that it can give the value to the customer investment. This is also helps in marketing of the services of IKEA. Entering time line plan for IKEA The following plan is related to the entering of IKEA in Indian market. This plan is divided into sub activities with specific time frame. This time line plan will helps the company to Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

compare the actual results with the desire results (Kostelecky, et al., 2002. This will also work in finding the feasibility of the various strategies and minimize the possible risk factors.

Table 1 Entering time line (Gantt chart) plan for IKEA Activities in weeks

1

2

3

4

5

6

7

8

9

10

Selection of country for expand the business Setting of global marketing objectives Selection of the market entry mode Market research Segmentation Targeting Positioning Formulation of the marketing activities Implementation of marketing plan Monitoring and controlling of plan Taking actions for change in plan The above Gantt chart is a time plan for IKEA for entering into the Indian market. The whole plan takes the 10 week to complete and estimate cost for this plan is $ 50. The first step is regarding the selection of the country in which IKEA wants to expand its business and invest huge capital (Manchanda, Puneet, Rossi and Chintagunta, 2004). This work takes 1st week for Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Science Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

completion. Second step is setting of global marketing objectives for select options which will do in 2nd week. Next step is selection of the entry mode in Indian market and this will take 3 rd week after second activity (Håkansson, Håkan, and Waluszewski, 2002). After entering into the market, next stage is market research on Indian market to analyze those factors which will affect the business of IKEA in positive or negative way. It will complete in 4th week and then next step is segmentation, targeting and positioning of firm in 5th week.

Formulation of marketing activities to increase the sales of IKEA which will be placed in 6th and 7th week (Pîndiche, 2013). After this, implementation of the plan will do in 8th week by the company. Next step is monitoring and controlling of the plan which will start same week of implementation of plan and end it in 9th week. Final stage is taking corrective actions to resolve the issues within the plan in 10th week.

CONCLUSION From the above report it can concluded that global marketing management helps IKEA to expand its business in India. With the help of SWOT, Porter’s five force model and other techniques, it’s easy to analyses the micro and macro environment of Indian market. The most suitable market entry mode for IKEA is Foreign direct investment. The appropriate corporate strategy is market development and business strategy is cost leadership. The 7 P’s helps IKEA to prepare the marketing mix and various activities with the help of timeline.

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REFERENCES Books and Journals Anderson, Carol H., and Vincze, J., 200. Strategic marketing management: meeting the global marketing challenge. Houghton Mifflin..

Byrom, John, Medway, D. and Warnaby, G., 2003. Strategic alternatives for small retail businesses in rural areas. Management Research News 26(7).pp. 33-49.

Edvardsson, Bo, Enquist, and Hay, 2006. Values-based service brands: narratives from IKEA. Managing Service Quality: An International Journal 16(3). Pp. 230-246.

Fleisher, Craig S., and Bensoussan, B., 2003. Strategic and competitive analysis: methods and techniques for analyzing business competition. Upper Saddle River, NJ: Prentice Hall.

Froot, Kenneth A. and et.all., 2008. Foreign direct investment. University of Chicago Press.

Hair, Joseph and et.all., 2000. Marketing research: A practical approach for the new millennium.

Irwin Professional Publishing.

Hair, Joseph, F., Bush, R. and Ortinau, D., 2003. Marketing research: Within a changing information environment. Richard d Irwin.

HĂĽkansson, HĂĽkan, and Waluszewski, A., 2002. Managing Technological Development. IKEA, the environment and technology.

Ioana, Adrian and et.all, 2009. Analysis of service quality management in the materials industry using the bcg matrix method. Amfiteatru Economic Review. 11(26). Pp. 270-276.

Keegan, Warren J., and et. all., 2001. Global marketing management: A European perspective.

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Killing and Peter, 2012. Strategies for Joint Venture Success (RLE International Business). Vol. 22. Routledge.

Kostelecky, J., et al., 2002. Center For Earth's Dynamics Research (cedr)-A Join Venture Towards Research In Geosciences In Cei. EGS General Assembly Conference Abstracts.

Kotabe, Mike, M. and Helsen, K, 2009. Global marketing management. Wiley Global Education.

Lee, Kiefer and Carter, S., 2011. Global marketing management. Strategic Direction.

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Lusch, Robert F., Vargo, S. and Malter, A., 2006. Marketing as service-exchange:: Taking a leadership role in global marketing management."Organizational Dynamics. 35(3). Pp. 264-278.

Manchanda, Puneet, Rossi, P. and Chintagunta, P., 2004. Response modeling with nonrandom marketing-mix variables. Journal of Marketing Research 41(4). 467-478.

Moran and Theodore H., 2001. Foreign Direct Investment. John Wiley & Sons, Ltd

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