The purpose of this report is to provide brief information about the success of the two companies that are IKEA and Apple Inc. The report explains background of both the cases and along with the market strategies used by the companies to gain success in the target market. Marketing strategies are very important for the business as it helps them in promoting the products and services of the company are gaining success in the target market. Marketing is regarded as one of the most important tool that helps the business in increasing their success rate by satisfying the customers in the market. The case study of IKEA published in International Journal of Business Knowledge and Innovation in Practice in the year 2013, explains the analysis of business environment for the company along with the use of various marketing tools with the help of which the company became competitive in the market. Moreover, the journal about success of Apple Inc. published in International Journal of Economics and Finance in the year 2015 talks about the success factors of the company in the external market. Further, the report evaluates marketing strategies used by the company and sustained marketing success evidence as well. More details about the report are discussed below:
The initial case study of the company IKEA aptly explained the marketing strategies used by the company such as SWOT analysis, target market segmentation, PESTLE etc. for the growth of the company. IKEA is an organization based in Europe along with different parts of the world; the company is into furnishing industry and successfully earned sustainable competitive advantage in the industry. IKEA works with a motive to provide quality products to people at low price (Hill 2017). The case study successfully explained the strategic position that they have achieved using the Key Performance Indicators and complying with the long term goals of the company as well. The reason for advantage of this organization is its clear objective and activities presented in the market. As the company said that, they want to serve goods to the people at low prices for which they organized their strategies and target market in such a way that they can successfully work to achieve the same (Dolata 2017).
Apple Inc. is an organization that is globally famous for its high quality product differentiation in the market. The company operates its activities worldwide and works with a motive to provide premium quality products at high prices to its customers in the target market. Until now, no organization has become competent to match iPhones manufactured by Apple. The given case study explained the success of the company’s new product launched in the market. There are various factors for the success of the iPhones in the market; these factors are product uniqueness, good market knowledge and synergy between production, technology and business proficiency (Yoffie, and Cusumano 2015). The case clearly explained the success factors of the company and the ways with the help of which they earned sustainable competitive advantage in the target market. The company used various marketing tools and techniques to make decisions in the market and attain success as well. The company Apple made the best use of market and earned success as well, various marketing strategies were used by the organization to evaluate the market potential as well.
Sustained marketing success of an organization can be clearly evaluated using the Key Performance Indicators of the company. In the given case of IKEA earned success in the market using its marketing expertise in the target market. The strengths of the company helped them to achieve the key performance indicators as well. The KPIs helped the company to assess the progress and attain the long term goals as well. The KPI of IKEA aimed to approve the suppliers by IWAY. IWAY is IKEAs Way of Purchasing Home Furnishing Products, these guidelines define the social and environmental requirements IKEA expects of its suppliers (Gillespie, and Riddle 2015). It should be noted that the KPI acts as an evidence of the marketing performance of the company. Similarly, the company had developed the KPI to achieve holding of their product in the global market and increment in product development strategies as well. Further, the consumer base of the company is strong evidence that shows the performance and growth of the company in the external market. Company’s activity to increase the use of renewable resources helped them to produce more products than competitor firms in the target market (Harapiak 2013).
Product development and market share captured by the company Apple is the biggest evidence that clearly shows its success in the competitive market. The KPI measures the performance of the company in the target market. Apple has trained more than 130000 workers in their organization that shows the progressive growth of the company along with which, the company initiated a supplier program for the growth and expansion of product in different international markets. Sales and profits of the organization are the biggest evidence that shows the actual growth of the company in the target market. Growth of the company can be clearly seen through different business lines in which the company is entering; Apple Pay application helps the people with online payment services. Expansion of the company in different streams apart from their basic product line is the evidence of their growth in the external competitive market. The technology resource used by the company helps them to get sustainable competitive advantage in the target market (Capatina, and Draghescu 2015).
The SWOT analysis is a marketing concept that clearly explains the capabilities of an organization to succeed in the target market. IT also explains the resources available with the organization that help them to succeed in the target market. Further, the marketing success of the company through SWOT is discussed below:
Thus, it should be noted that the above mentioned analysis successfully helped the company to analyse their internal as well at external market capabilities on the basis of which they can successfully growth in the target market.
As the fact is known to all that the company Apple is the only company that has attained such a strong brand image in the competitive industry, so the below mentioned Porter’s Five Force Analysis will successfully explain the marketing success of the company in the target market.
Thus, it should be noted that with the use of available market features, the company Apple Inc. attained success in the external market.
Conclusion:
Thus, in the limelight of above mentioned events, the fact should be noted that the above mentioned report successfully explained the marketing features with the help of which the companies IKEA and Apple gained success in the target market. The report successfully explained the marketing success of the company using various marketing theories as well. Both the companies have significantly used their available resources and capabilities and moulded them in such a way to attain marketing success for the organization.
References:
Capatina, G. and Draghescu, F., 2015. Success Factors of New Product Launch: The Case of iPhone Launch. International Journal of Economics and Finance, 7(5), p.61.
Dolata, U., 2017. Apple, Amazon, Google, Facebook, Microsoft: Market concentration-competition-innovation strategies (No. 2017-01). Stuttgarter Beiträge zur Organisations-und Innovationsforschung, SOI Discussion Paper.
Gillespie, K. and Riddle, L., 2015. Global marketing. UK: Routledge.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. Australia: John Wiley & Sons.
Harapiak, C., 2013. IKEA’s International Expansion. International Journal of Business Knowledge and Innovation in Practice. 1(1), pp. 3-14.
Hill, T., 2017. Manufacturing strategy: the strategic management of the manufacturing function. Macmillan International Higher Education. https://books.google.co.in/books/about/Manufacturing_Strategy.html?id=SjpdDwAAQBAJ&printsec=frontcover&source=kp_read_button&redir_esc=y#v=onepage&q&f=false
Hultman, J., Johansson, U., Wispeler, A. and Wolf, L., 2017. Exploring store format development and its influence on store image and store clientele–the case of IKEA’s development of an inner-city store format. The International Review of Retail, Distribution and Consumer Research, 27(3), pp.227-240.
Jonsson, A. and Foss, N.J., 2011. International expansion through flexible replication: Learning from the internationalization experience of IKEA. Journal of International Business Studies, 42(9), pp.1079-1102.
Nenonen, S. and Storbacka, K., 2018. Smash: using market shaping to design new strategies for innovation, value creation, and growth. Emerald Publishing Limited.
Weinstein, A. and Winston, W., 2016. Defining your market: winning strategies for high-tech, industrial, and service firms. UK: Routledge.
Wensley, R., 2016. The basics of marketing strategy. In The marketing book (pp. 75-107). UK: Routledge.
Yoffie, D.B. and Cusumano, M.A., 2015. Strategy Rules: Five Timeless Lessons from Bill Gates, Andy Grove, and Steve Jobs. New York: HarperBusiness.
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