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Global Economic Environment and Marketing - Essay Example

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Author : lubowitzfrancis

Summary

Global Economic Environment and Marketing Contents Contents 2 Introduction 3 Potential economic impact on marketing strategies 3 Potential economic impact on customer behaviour 9 Specific growth opportunities in macro environments 12 Conclusion 13 13 Reference List 14 Introduction IKEA is one of the leading retailer’s of the world…

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Global Economic Environment and Marketing

This has lowered the cost of production for the company which in turn has provided them cost leadership. This also allows the company to maintain its environmental standards (The Times Newspaper, 2009). The key economic factors are: Firstly, the use of renewable raw materials and smarter use of them along with a dedicated relationship with suppliers have contributed to the company’s performance. Secondly, the economies of scale enjoyed by the company in terms of huge production scales. This has further lowered production costs. Thirdly, it has strategically placed its sourcing materials close to the supply chain to reduce costs. This factor further reduces the cost of handling by the company and contributes to its profit. Lastly, the use of innovative technologies has increased the profits of the company over the years. This paper aims to understand the impact on the marketing strategies of IKEA on account of globalization and the impact on the changing customer behaviour. Potential economic impact on marketing strategies IKEA initially operated with ten stores at the time it had opened. The increasing integration of the world economies on account of globalization has made IKEA operate a large number of stores to present day. The number of stores has raised to 345 in 42 countries in 2013 (IKEA Group, 2013b). ...
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