How Ikea Turned Price Into a Win

The folks at Ikea have become major players in merchandising by being quick on their feet.

Today, I saw a humorous story at Adweek about Ikea’s reaction to an expensive competitor.  It seems someone developed a very pricey bag almost mirroring Ikea’s 99 cent bag.  It was an opportunity to use the huge difference in price as a marketing tool.

A psychology professor once told me we buy images and not products.  For example, when I bought a Wrangler many years ago, a friend explained I had just bought lifestyle instead of a 4-wheel drive utility vehicle.