In order to fulfill their social duties, they both have actions in making contribution to the society. Such re-conceptualization and extension of TPB is consistent with psychographic segmentation theory (e.g., Barry & Weinstein, 2009) which argues that … It is important in marketing strategy, with a goal of satisfying consumers’ needs. It is also recommended that the two companies perform routine market research so as to know well of consumers’ feedbacks. The products of Both B&Q and IKEA are complementary. The bases of segmentation could be demographic and psychographic. The sales volume could be better if they can reduce the price to some extent. This group works together with UNICEF and Save the Children, with the purpose of giving all children a better life. The IKEA Catalogue includes commodities’ details, such as colors, sizes and prices. Activitiesconsists work, hobbies, social events, vacation, entertainment, community, club membership and social event of consumers. Lifestyle segmentation is one of the types of marketing segmentation and comes under the psychographic segmentation. Social class 2. Do you have a 2:1 degree or higher? IKEA segmentation, targeting and positioning involves a set of consequent marketing decisions that constitute the core of company’s marketing strategy. Amazon.com Inc. Report contains a full analysis of Amazon segmentation, targeting and positioning and Amazon marketing strategy in general. Discount is an effective promotion B&Q uses to attract consumers. SWOT analysis – Here is the SWOT analysis of Ikea. Blog. In 1989, Emanuel Demby, who coined the term psychographics, revised his original definition of the market segmentation tool, as conceived in 1974, to read: We're here to answer any questions you have about our services. Psychographic Segmentation Psychographic Segmentation: Opportunities and Challenges There are four major types of market segmentation; geographic segmentation, demographic segmentation, psychographic segmentation, and product-related segmentation. When it comes to market entry in China, a consumer is a central interest. Market segmentation consists of four types, including geographic, demographic, psychographic and behavioral type. Further, there are floor pained arrows to lead consumers quickly find the items they need. The following table 2 illustrates IKEA segmentation, targeting and positioning: Type of segmentation Segmentation criteria IKEA target customer segment Geographic Region Europe, Americas, Asia & Australia, Russia Density Urban Demographic Age 22 and older Gender Males & Females Life-cycle stage Bachelor Stage young, single people not living at home Newly Married … I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. 3.3 Psychographic Segmentation and IKEA target markets Based on lifestyle, social class, mental or emotional, value and needs of consumers. Opinions 9. Segmentation, targeting, positioning in the Marketing strategy of IKEA – Demographic, psychographic & geographic segmentation is used by the company to segment the market to cater to the changing market dynamics of home furnishing, Kitchenware & appliances industry. SmartThings message is turning your home into a Smart House in other to make a living better. In comparison, IKEA’s targets are mainly young people who love innovative items, while B&Q focuses on one stop shopping with people who have not much spare time as its major consumers. If the market is small, it may make it smaller. The aim of this service is to provide convenience for customers who do not have much time to deal with decoration. Religion 8. Segmentation allows you to better develop your product because there will be a more precise match between the product and each segment needs and wants. Moreover, the two companies have websites to offer online shopping. (Guangzhou IKEA, 2010), B&Q fixes most commodities with appropriate prices for the average consumer. Another concept concerned with market segmentation is marketing mix. The basic promotional tool of IKEA is its free catalogue with a list of its products. Consumer selections and the reasons that they will lean towards a product more than others are affected by their … You can follow me on Facebook. However, its current product design, market segmentation strategy and target consumers strategy cannot help IKEA achieve that aim. This section Segmentation refers to dividing population into groups on the basis of their common traits and characteristics. Geographic Segmentation. Psychographics was a term first Lifestyle is how a person lives his life. According to statistical data, there are over three million customers walking into B&Q per week. VAT Registration No: 842417633. Social status 7. As for B&Q, there are 371 stores in total, with 41 stores in China. As for this, B&Q makes great efforts on environment protection in the procedures of product design, packaging and the use of materials. One of the bases of segmentation is to market the product sustainability. In final result, both IKEA and B&Q are successful furniture sales businesses. Marketing Psychographic segmentation enables businesses to predict their next customer with a great deal of accuracy, through the inspection of appropriate psychographic variables. Coordinating with designers across the world and testing their ideas so as to provide the growing home furnishing needs is one of the biggest advantages that Ikea has over other players in the, IKEA has garnered respect in eyes of the community it serves and for the employees who work for them which has created positive, Long-term strategic partnership across the, IKEA coordinate with supply chain stakeholders like designers, material suppliers, product developers and its stores all over the world to make their, Home furnishing industry is facing intense competition from Local outlets & online, Marketing Strategy of IBM - IBM Marketing Strategy, Marketing Strategy of Parle - Parle Marketing Strategy, Marketing strategy of Dell - Dell marketing strategy, Marketing strategy of Aquaguard - Aquaguard marketing strategy, Marketing Strategy of Apple Inc - Apple Marketing Strategy, Marketing strategy of BMW - BMW marketing strategy, Marketing Strategy of Dettol - Dettol Marketing strategy, Marketing strategy of Indigo Airlines - Indigo Marketing strategy, Marketing strategy of KFC - KFC Marketing strategy, Marketing Strategy of Alibaba - Alibaba Marketing Strategy, Marketing Strategy of Axa - Axa Marketing Strategy, Marketing Strategy of Baidu - Baidu Marketing Strategy. 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