ENGN 2120 Final Exam

Customer Discovery/Marketing Research (10 points)

  1. IKEA is planning on opening its first store in South Korea. What data should IKEA collect before making a decision if and how they should enter the country?

 

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Financial Aspects of Marketing (10 points)

  1. IKEA is planning to launch a new mattress product. The mattress will sell for $500. The product cost is $300. Please answer the following questions:
    1. What is IKEA’s per unit profit margin for this product in dollars and percentage?
    2. If IKEA were going to spend $1MM to advertise the product, how many units does IKEA need to sell to break even? What do dollar sales need to be to break even?

 

 

 

Target Market (15 points)

  1. The case explains that IKEA’s target market is young families furnishing their first home. Keeping this mind, answer the following questions:
    1. What other market segments might they have considered?
    2. Why does this market segment make sense for IKEA? Answer this question within the context of what is important to young families, IKEA’s strengths as a company, brand positioning, products, pricing, and the IKEA shopping experience.

 

 

 

 

Brand Positioning (10 points)

  1. Write what you think is IKEA’s Brand Positioning Statement using the format provided in class.

 

How well does IKEA’s strategy and operations fit this positioning statement?

 

 

 

 

Product (15 points)

  1. Should IKEA expand into higher end furniture? What are some pros and cons? Answer this question within the context of target market, business opportunity, and fit with IKEA strengths and brand.
  2. Looking at IKEA’s end-to-end design and supply chain process, describe the things IKEA does to minimize costs.

 

 

 

Place (15 points)

  1. In 2015, IKEA launched its first ‘click-and-collect’ store moving away from the traditional brick-and-mortar retail model after 40 years? Does this make sense to you? Explain. Discuss the following in your answer:
    1. Finances
    2. Brand fit
    3. Customer trends
    4. Risks

 

 

Price (10 points)

  1. A discount furniture chain has opened stores near IKEA stores, offering lower prices. Do you recommend those IKEA stores to reduce price to meet competition? Provide a rationale for your recommendation.

 

 

 

Promotion (15 points)

  1. What should IKEA’s primary goal be for its promotion to grow sales? Increasing trial/purchases or increasing repeat purchase or quantity per purchase? Consider IKEA’s long-term business growth objectives and their target market.
  2. How is promoting furniture to young families today different from promoting 40 years ago? What promotion (advertising/media) opportunities have changed in the last 40 years?

With the target market of young families, give your recommendation for the following three of the “Six M’s” of promotion:

  1. Mission
  2. Message
  3. Media

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