MKTG 2030 Chapter Notes - Chapter 5: Brand Equity, Ikea, Marketing Mix
Document Summary
Core product home, furniture, showrooms (displays the different products in context, does cover more than half of the area, more of the experience that they are trying to create for their customers) Functional product flat packed + self assembly customer is more involved in the building of the product + efficiency of price + able to fit a lot of things in it. Augmented product - food (not central to furniture, but can also do things), smallland (kids playground), showrooms (displays the different products in context), send out catalogues to customers. Potential: affordable furniture that is easy to transport. 3 lessons: customers do not buy product features or attributes, they buy the potential product - what the product can do for them, build your brand from the inside out, but always communicate from the outside in. If you focus on the potential product, there are infinite opportunities to differentiate: customer needs are not only infinite, but are constantly changing.
