Ikea’s Understanding of the Targe Market
Ikea is a company, which perfectly comprehends its target market. It is a one-stop-shop, which offers household items at a discounted price. The best Ikea is doing for its customers is the affordable pricing of its products compared to other enterprises. The second advantage of Ikea is the wide variety of items available at the store since it has over 12000 objects in its product range, giving customers a thousand options to choose from (Jansen, 2020). Their combination is essential for sustainable development and, therefore, efficiently adopted under the initiative promoting progress.
Although this business has a clear understanding of its customers’ needs, there are some areas they can improve on, such as their stores’ organization, which is maze-like. Hence, people cannot easily find what they want to buy. Thus, Ikea needs to enhance its physical shop environment to increase their satisfaction (Jansen, 2020). Another disadvantage, which the manufacturer can work on is the quality of its items, especially its furniture. In this way, the threat for its successful activity is presented by the inappropriate premises’ management and competitors with better offers.
Primary Target Market for the Business Idea
The selected business idea can be better realized on the planned primary market of millennials. Its suitability for the initiative can be explained by the values inherent in the representatives of this population group, which are convenience and affordability of services (Jansen, 2020). Considering these factors, it will be reasonable to suggest that most customers would be young male and female visitors living in the neighborhood. They are supposed to willingly accept the services of a hair salon not far from their homes and benefit from a variety of options offered in one place because these conditions correspond to their preferences. Thus, the specified circumstances sufficiently justify the choice of this target market for ensuring the proposed business’ sustainable development.
Reference
Jansen, C. (2020). Ikea goes after urban millennial consumers. Retail Dive. Web.