IKEA :How to grow sales by 200% using Pricing STRATEGIES?: Business Case Study – YouTube

IKEA :How to grow sales by 200% using Pricing STRATEGIES?: Business Case Study



[ad_1]

  • Video Views: 424809
  • Published On: 2021-10-26 21:00:12
  • Video Published/Author: Think School
  • Video Duration: 00:13:49
  • Source: Watch on YouTube


Learn how to tell great stories from us: https://communication.thethinkschool.com/yt

Join this channel to get access to perks:
https://www.youtube.com/channel/UCKZozRVHRYsYHGEyNKuhhdA/join

IKEA is one of the most innovative companies of the 21st century! and the most astonishing thing about IKEA inspite furniture being a highly localised business, IKEA has been the pioneer in turning the furniture business into a global success by drawing a revenue 45 billion dollars from 445 stores spread across 30 countries!

And whats more important to note is not the growth of the company but the fact that IKEA taught the world how to use the most powerful psychological tactics to exponentially increase sales!and today you are going to learn one such strategy that makes IKEA stand apart from the competition and no matter which business you are in, no matter which field you are in, you can use these powerful psychological strategies to double your profits at zero cost!!

Check out Think School’s Online courses:
1. Learn how to communicate ideas like us: https://communication.thethinkschool.com/yt
2. Land your dream jobs: https://linkedinmasterclass.thethinkschool.com/yt
3. Create a Perfect Resume in less than 90 minutes: https://www.thethinkschool.in/resume-building-masterclass/

Study material
Importance of Democratic design by an IKEA’s head of Design
https://www.youtube.com/watch?v=wwQlbhmGoq8&t=721s

IKEA’s official note on Democratic design
https://about.ikea.com/en/life-at-home/how-we-work/democratic-design

Books
Misbehaving: The Making of Behavioural Economics https://www.amazon.in/dp/0241951224/ref=cm_sw_r_apan_glt_fabc_S5N574FSP67PM3K4Z2RJ

Nudge: Improving Decisions About Health, Wealth and Happiness https://www.amazon.in/dp/0141040017/ref=cm_sw_r_apan_glt_fabc_dl_52B6M9XB34YTE512N7P7

Thumbnail by nethulajangaiah@gmail.com

Want to buy the equipment we use?
1. Our Laptop: https://amzn.to/3z66odv
2. Our Mic: https://amzn.to/3liQQyi
3. Camera Stand: https://amzn.to/3z8l3ov
4. Mobile holder for stand: https://amzn.to/3xgCF25
5. Laptop: https://amzn.to/3gMYXRi

To support our work you can donate here: https://www.instamojo.com/@thinkschool

#thinkschool #IKEA #communicationmasterclass #Ikeacasestudy #businesscasestudy

[ad_2]

42 comments
  1. To whomever reading this here is a little pun… If you see the laptop section in the description you can see that it directs to think pad since it's suggested by think school 😃😀😂 I know it's not that funny

  2. Why on earth would anyone want digital and print? This kind of nonsense works for American consumers who are not really smart. Indian users will go for digital coz it’s cheap and there is no point of print as well for the same thing.
    The decoy effect is also used for Soda or coke. Small Medium and Large where medium doesn’t make sense and Large doesn’t look like it’s too expensive compared to small. But smart consumers either buy what they need or not buy at all. I personally don’t care for sugar drinks but will pick small if I have to coz most of them have free refills anyway.

  3. Lets hope Indians dont behave like idiots

    In western countries the furniture is costly while Ikea is 1/3 the cost of "normal" furniture shops so people buy IKEA

    In India, the cost of IKEA seems to be same as normal furniture shops. So except few innovative items, better buy from normal furniture shops for items like Sofa, Bed, Dining table, Dressing table, etc

  4. But if no one buys the decoy product then isn't it a waste in terms of dead inventory and the cost involved in manufacturing? Can the margins obtained from selling just budget and premium products be so much that they compensate for the zero sale of decoys?

  5. Good effort. Example of Ikea studying the cultures of its investing countries is a good point thereby they could retain the local flavor.
    As about pricing strategies, it is a good point but then the decoy product too has to be sold given the product categories they have.
    Somewhere I am sure they will sell off those too.
    Will just price alone bring the sales and revenue or it is one other strategy to sell say quality, delivery, options, affordability, branding and location.
    It is a good point that even our panwala might be using, not just MNCs though.

  6. I had appiled the same strategy while presenting thr candidates to my clients. I used to send the best candidates to my clients and they use to reject. One day i was so pissedoff because i knew I have given the best and i did not have a better candidate in the market, so I sent very average candidate who was readily available because i did not have a better choice. You know what the client compared the average guy with the best guy and choose the best guy. I realised that if we give 3 best it will confuse the client. from then I sent 1 average guy 1 poor guy and 1 best guy from that time I knew the result before the client would call me. Everything is experience. Your videos are so informative and motivating. Me being a new startup entrepreneur these content really means a lot. You are really inspirational and motivational.

Leave a Reply

Your email address will not be published.

Related Posts
Total
0
Share