centercenterMANASVI VINAYAK POTE
centercenterMANASVI VINAYAK POTE
Student id: 47576839 Word Count800IKEA Jewellery
8820090900MANASVI VINAYAK POTE
Student id: 47576839 Word Count800IKEA Jewellery
Table of Contents
TOC o "1-3" h z u Purpose: PAGEREF _Toc130734861 h 2IKEA Jewellery: PAGEREF _Toc130734862 h 2The target market of IKEA Jewellery PAGEREF _Toc130734863 h 2Target Consumers of IKEA:3Geographic segmentation4Demographic Segmentation4Psychographic segmentation5Factors affecting consumer buyer behaviour51.Sales Promotion & Reference Group Influence:52.Customer Loyalty:63.Brand Loyalty:6Conclusion6References8
Consumer Insight Report
Purpose:
Despite the strange ways in which the pandemic continues to affect many other industries, the jewellery industry is nonetheless thriving because of new talent, uncharted territory, and a growing customer base. (Team, 2023) In the jewellery industry, millennials and women who buy jewels for themselves make up the two main customer categories. (Rosengart, 2020) Middle-aged women tend to buy more jewellery which includes necklaces and earrings whereas millennials tend to buy more rings and bracelets. According to a study, 44% of males have purchased jewellery throughout their life. (Classy Women Collection, 2023).
IKEA Jewellery:IKEA began as a one-man mail-order business and has since grown into a household name known for its well-made, reasonably-priced furniture. (This is us, 2022)
The single most endeavour of the company is to launch a new line of jewellery and accessories called IKEA Jewellery. The store already sells storage kits, boxes, organisers, necklace holders and stands, drawers, trays, etc for jewellery but its time to launch its brand jewellery.
IKEA already has an extensive customer base that makes several small purchases and this new campaign has the potential to increase the overall sales of the company.
The target market of IKEA JewelleryThe Australian jewellery market is predicted to expand annually. by 4.63% (CAGR 2023-2026). (Statista, no date)
The target market for most jewellers consists of people with annual incomes between $50,000 and $100,000, whose combined purchases account for 30% of all jewellery. Younger customers make up the jewellery market in terms of age. Consumers under the age of 35 make up over a quarter of the jewellery market.. (Targeting the Largest Consumer Jewelry Market Segments, no date)
(Classy Women Collection, 2023).
Throughout their lives, 44% of males have purchased jewellery, compared to 56% of women.. (Classy Women Collection, 2023)
(Classy Women Collection, 2023).
Regarding marital status, married people made up a whopping 55% of jewellery buyers. Only 12% of jewellery purchases worldwide were made by couples; 30% of them were by single people. (Classy Women Collection, 2023)
Target Consumers of IKEA:Based on our target market, we need to analyse the target audience for the campaign. The target audience is a more specific group within the target market. (CopyPress, 2023)
Women aged 27 40
Young individuals
Professional professions; education
Earns between $40,000 and $60,000 every year
Has interests in local companies, travel, and fashion target locations might include larger cities and their surrounding smaller areas. (HalsteadBead, 2022)
Geographic segmentationleft2794000
Lives in Australia
Resides in a state where there is an IKEA shop, but travelling there requires several hours.
Live in a medium-sized or large city. Pmd (2016)
(Redirect Notice, 2022)
3435350304800Demographic Segmentation
Young individuals
Married average-income women
Average income range $40000-$60000
Inclined towards fashion, travel, etc.
Students and professionals. Pmd (2016)
(Redirect Notice, 2022)
left22542500Psychographic segmentationTake pride in their appearance.
Willingness to risk.
Place a premium on affordable goods.
Enjoy customization.
Self-confident.
Enjoy online shopping.
Open-minded.
Disposable income.
Free time: entertainment, travel, etc. Pmd (2016)
(Redirect Notice, 2022)
Factors affecting consumer buyer behaviourconsumer behaviour is the process the process whereby
services. However, to determine consumer behaviour, marketers use a number of behaviour models.
consumer behaviour is the process the process whereby
Consumer behavior is the study of how people make purchase decisions to satisfy their needs, wants, or desires and how their emotional, mental, and behavioral responses influence the buying decision.services. However, to determine consumer behaviour, marketers use a number of behaviour models.
(Before you continue, 2022)
Sales Promotion & Reference Group Influence:
The most effective marketing strategy for winning over customers is sales promotion. Many customers change brands in order to take advantage of better offers from other brands.
Special sales promotion
Publicity gifts/discounts
Holiday events
Seasons Sales Representatives Influence
Display of jewellery
Friends/Family Influence
Store ambience (Ramya and Ali, 2016)
Customer Loyalty:When a customer has a good experience with you, loyalty develops naturally and contributes to building trust. (What is Customer Loyalty, 2022)
Post-purchase services.
Reputation of the retailer.
Consumer service and care.
Product fulfilment.
Problem-solving.
Policy.
Self-image.
Brand Loyalty:Expensive price.
Perceived excellence.
Status emblem.
Brand affiliation.
Some other factors like payment mode customer convenience and customer preference also affect the consumer buying behaviour. (Ramya and Ali, 2016)
ConclusionAlthough IKEA Jewellerys target market consists of both men and women who earn an average income and are inclined towards fashion. However, we cannot ignore the power of non-core customers, which include the younger generation, millennials, etc. The non-core customers who are sophisticated with their personality and influenced by fashion are suitable. We are trying to overcome our competitors like Amazon, eBay, Etsy, etc and conquer the jewellery market through digital online and in-store marketing.
References Rosengart, K. (2020)Finding your target market for jewellery,Diamond Melee Specialists Educational Blog. K. Rosengart. Available at: https://blog.krosengart.com/finding-your-target-market-for-jewelry#:~:text=Often%2C%20when%20we%20talk%20about,who%20buy%20jewelry%20for%20themselves. (Accessed: March 23, 2023).
Classy Women Collection (2023)Jewelry market statistics,Classy Women Collection. Available at: https://classywomencollection.com/blogs/fashion-guide/jewelry-market (Accessed: March 23, 2023).
This is us(no date). Available at: https://www.ikea.com/au/en/this-is-ikea/.
Targeting the Largest Consumer Jewelry Market Segments(no date). Available at: https://www.rough-polished.com/en/expertise/40526.html#:~:text=For%20most%20jewelers%2C%20the%20target,households%20segmented%20by%20income%20levels.
CopyPress (2023)The Difference Between Your Target Market and Target Audience. Available at: https://www.copypress.com/kb/content-marketing/difference-between-target-market-and-target-audience/#:~:text=The%20target%20market%20is%20the%20largest%20group%20of%20people%20you,group%20within%20the%20target%20market.
HalsteadBead (no date)Jewelry Marketing Tips: Understanding Your Customers. Available at: https://www.halsteadbead.com/articles/targeting-jewelry-customers-marketing.
Pmd, H.S.M. (2016)IKEA IMC Plan. Available at: https://www.slideshare.net/HishamSalah/ikea-imc-plan-58984585.
Statista (no date)Jewelry - Australia | Statista Market Forecast. Available at: https://www.statista.com/outlook/cmo/accessories/watches-jewelry/jewelry/australia#:~:text=The%20market%20is%20expected%20to,(CAGR%202023%2D2026).
What is Customer Loyalty(no date). Available at: https://www.oracle.com/au/cx/marketing/customer-loyalty/what-is-customer-loyalty/#:~:text=Customer%20loyalty%20describes%20an%20ongoing,and%20works%20to%20create%20trust.
Chaisuriyathavikun, N.,
and Punnakitikashem, P.,
(2016), A Study
of Factors Influencing
Customers Purchasing
Behaviours of Gold
Ornaments, Journal of
Business and Retail
Management Research, 10(3), pp. 147-159.
Team, P. by M. (2023) The Future of the Jewellery Industry: Trends & Insights | Matter Of Form. Available at: https://www.matterofform.com/news/articles/jewellery-industry-trends.
Redirect Notice (2022). Available at: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-03-31%2Fwhat-it-s-like-to-visit-sydney-australia-now-food-festivals-camping-sports&psig=AOvVaw1RRMqHWk4Um-ezrpQMBlzH&ust=1679921551934000&source=images&cd=vfe&ved=0CA8QjRxqFwoTCNj4jM7R-f0CFQAAAAAdAAAAABAI.
Redirect Notice (no date). Available at: https://www.google.com/url?sa=i&url=https%3A%2F%2Fthomassabo.com.au%2Fpages%2Fwomen&psig=AOvVaw0hqjzZPWKdewx_v1WLeQXN&ust=1679921616889000&source=images&cd=vfe&ved=0CA8QjRxqFwoTCPCymuzR-f0CFQAAAAAdAAAAABAE.
Redirect Notice (no date b). Available at: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.theladders.com%2Fcareer-advice%2Fwhen-you-hang-out-with-happy-people-you-tend-to-feel-happier&psig=AOvVaw3FVKZJr4zQLjXa_GIESoGa&ust=1679921751323000&source=images&cd=vfe&ved=0CA8QjRxqFwoTCJCIw6zS-f0CFQAAAAAdAAAAABAD.
Radu, V. (2023) Consumer behavior in marketing - patterns, types, segmentation - Omniconvert Blog. Available at: https://www.omniconvert.com/blog/consumer-behavior-in-marketing-patterns-types-segmentation/#:~:text=What%20do%20you%20mean%20by,responses%20influence%20the%20buying%20decision.
Before you continue (no date). Available at: https://www.google.com/search?q=consumer+buyer+behaviour+process&rlz=1C1FKPE_enIN981IN981&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjdnM-V2vr9AhWb4GEKHacpDeoQ_AUoAXoECAEQAw&biw=1280&bih=601&dpr=1.5#imgrc=KdU6NePfjrt_hM.
