StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Target Market - Assignment Example

Cite this document
Summary
The Market Target Market The IKEA Application (Virtual Furniture) is designed as a Multi-platform application which means that the majority of Mobile phone and Tablet users have access to the Application. The Application is intended to not only make furniture more readily available but to help minimize excess time and money spent returning an incorrect product because of incorrect dimensions or colour…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
Target Market
Read Text Preview

Extract of sample "Target Market"

Download file to see previous pages

IKEA doesn’t just provide its clientele with high quality, low cost furniture; they also offer their clients delicious food from their restaurant, and provide transportation for larger items. IKEA’s in store revenue has been inclining quite steadily, and there has been a 9.8% increase on their online retail store, a 7.4% increase on online furniture category sales and a 2.9% increase in its total furniture sales throughout all their distribution channels (Fig 1). In order for IKEA to keep growing, and remain competitive is to provide a service that is readily available to the majority of the market, that service can be easily made available as a mobile and tablet application.

As part of the New IKEA Virtual Furniture Application, our team intends to integrate: the whole online catalogue (approx. 10,000 products), BESTA Planner (which is a feature on the IKEA website that allows the customer to design the colour, style and format of any of IKEA’s furniture’s), Create Cozy (which is another feature on the IKEA website that lets you design the layout of a room), ability to input dimensions (this feature will allow the customer to input the dimensions of their wall/room in order to distinguish if a piece of furniture is too large for that section of the room, see (Fig 3.)) The application will come in bended with a new feature called Draw Furniture which allows the customer to draw their own furniture and decide its dimensions and colours, and the feature will automatically select the closest furniture (from its online catalogue) that matches the dimensions and style of the furniture drawn.

If the furniture drawn does not have any matches, IKEA will promptly build it upon payment. (See Fig below for preview) The Android OS Smartphones are currently dominating the Smart Phone Market Share at 36% and the Apple I-OS is at 27% total market share (Fig 2). Now Windows Mobile is only just reaching 10%, but they’re mobile phones are increasing in processor speeds and storage space which will have a major increase in its future users. The IKEA will be made a multi-platform application making it available to the Android OS, Apple I-OS and the Windows Smart Phones, making it available to a total of 74% of the total Smart Phone Market.

A rental scheme will also be introduced for selected customers by making selected mobile smart phones and tablets available to rent to enhance the shopping experience and promote loyalty towards IKEA and also a way of goodwill from IKEA. Competition Our investigation has specified that there are currently no other retail applications offering all of their online features in an Application. Harvey Norman is in the process of developing an application that allows the customer to select a particular product such as kitchen-ware, furniture and other appliances but does provide all of their online features in the application itself.

There are also a few interior decorating applications but these do not offer the inbuilt purchasing capability that IKEA does. The IKEA Virtual Furniture Application is a one stop shop for any consumer looking to purchase furniture. Value Curve The value curve helps to understand what features a customer see will add value to their experience; in this case the curve compares in-store purchases, online purchases and the IKEA Virtual Fu

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Target Market Assignment Example | Topics and Well Written Essays - 750 words”, n.d.)
Target Market Assignment Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/business/1450106-business-planing-assignment
(Target Market Assignment Example | Topics and Well Written Essays - 750 Words)
Target Market Assignment Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/business/1450106-business-planing-assignment.
“Target Market Assignment Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/business/1450106-business-planing-assignment.
  • Cited: 0 times

CHECK THESE SAMPLES OF Target Market

The Marketing Mix: Golden Circle Orange Juice

The pricing is according to the ingredients used by the manufacturers and apart from that the Target Market has been kept as the factor in deciding the price.... The advertisement is properly designed for its desired Target Market as it has both its USP placed at the front of the package in order to make the customer know what the manufacturers are offering.... The Target Market is an essential factor in this case to decide the price of the product....
3 Pages (750 words) Essay

Being the Target Market

In the paper “Being the Target Market” the author discusses the issues that those that do not want to be a Target Market are an excellent Target Market.... Why do we need faceless annual reports and third-hand market research studies to introduce us to each otherThese are the statements of a desperate, whining man running into the open, welcome arms of defeat....
3 Pages (750 words) Assignment

Target-Market Selection

In the paper “Target-Market Selection” the author discusses some of the negative consequences a company might incur from not paying enough attention to selecting its Target Market.... Target Market selection is important because it gives an important measure of the way the market will be adequately segmented.... hellip; The author states that Target Market selection holds the key for finding out who to address the marketing towards as well as gauge their personal preferences, their shopping habits, the consumer attributes and so on and so forth....
5 Pages (1250 words) Research Proposal

Identify Target Market

The essay "Identify Target Market" states that the customer database is a highly efficient tool for identifying the Target Market for goods and services.... The identification greatly facilitates in preparing appropriate market communication strategies to influence the Target Market.... hellip; The mobile companies like Nokia, Samsung, etc evaluate and analyze customer database for introducing new products in the emerging new Target Market....
1 Pages (250 words) Essay

Target Market of Notedesks

In the paper “Target Market of Notedesk's” the author discusses Notedesk's primary market, which is universities, colleges, and other learning institutions which agree with them in providing exciting learning tools to the students.... These will be considered the primary Target Market of Notedesk company....
1 Pages (250 words) Case Study

TARGET MARKET & COMPETITIVE ANALYSIS

One of the Target Market identified for A diverse set of customers visit the Geary St.... A company that segments the market and identifies target segment(s) ends up delivering superior customer value (Dibb & Simkin, 1997).... What is important is that the company satisfies… The Cheesecake Factory located at 251, Macy's building, 8th floor, Geary St, San Francisco, CA 94102 can segment the market and target multiple segments....
4 Pages (1000 words) Essay

Target Market: Red Bull

This research paper “Target Market: Red Bull” describes the current situation of Red Bull, a global energy drink brand, in relation to current marketing strategy, Target Market characteristics, and the environment in which the brand currently operates.... Therefore, consumers seem to actively pursue the brand as their favorite choice of energy drink and, because of its affordable price in most market groups, makes it a best seller....
12 Pages (3000 words) Dissertation

Segmentation and Target Market

This work "Segmentation and Target Market" describes the Target Market segmentation of Apple.... The author takes into account the market segmentation strategy of Apple Company.... nbsp;From this work, it is clear that the firm ignores any specific market segments and goes after a single offer to cater to different segments.... hellip; The companies usually end up securing big competitive positions in the market if they successfully satisfy the fundamental requirement of the sub-sectors....
6 Pages (1500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us