IndexPESTLE AnalysisPoliticalEconomicSociologicalTechnologicalEnvironmentalLegalMarket SegmentationDemographicGeographicalPsychographicBehavioralPESTLE AnalysisPoliticalCurrent corporate tax is gradually being reduced from 30% to 25%, but regulations may affect investment foreigners. Furthermore, the government frequently changes in power and each focuses on its own agenda, posing a power and budget risk to the furniture market. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayEconomyIndia has one of the fastest growing economies with annual GDP growth of around 7%, supported by increased investment (India average in 2018), and employment, and therefore spending . However, the introduction of Goods and Services Tax could slow down India's economic growth rate (GST). Sociological With globalization, Indian culture, typically traditional and religious (Overgaard 2010), has increasingly shifted towards imported furniture, also due to the influence of the international lifestyle. trends as well as higher disposable income. TechnologicalIndia had poor results in research and development, but improved them with an increase in budget and investment. India has an impressive network of science and technology institutions with expert manpower. Competitors in the local Indian furniture market are increasing with the e-commerce market. Environmental The furniture market can produce electronic waste, increasing the carbon footprint. Furniture transportation may include additional packaging materials such as plastic or cardboard, increasing waste if they are not recyclable. Legal Employment laws in India differ from state to state. India has no specific privacy and data protection laws, but the Information Technology Act, 2000 protects electronic data to some extent, such as the collection, processing and storage of personal data. Overall, IKEA's entry into India is feasible as regulatory laws are gradually becoming less stringent and it is increasingly interested in global lifestyle trends, making it a great business opportunity. Market Segmentation Demographics IKEA should focus on adult customers, both male and female, who may be students or professionals with a certain disposable income. Since IKEA focuses on a variety of household items, it could focus on all stages of the life cycle; singles or married couples who improve their homes, with products also aimed at children. Geographic customers who preferably live in urban and modern spaces, which fit the ideal demographic. Middle income or working class psychographic customers with high disposable income and a personality to continue spending on products they don't necessarily need or impulse purchases. Behavioral Middle-income customers who would visit IKEA for inexpensive, quality products, and potential or first-time users who would retain and then become loyal customers are ideal. These customers should be heavy users of IKEA products and promotional efforts should be focused on them to maintain their loyalty. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Due to IKEA's mass production, the above market segmentation best suits its needs and ability to deliver quality and quantity. However, the geographical terrain of India and the amount of languages ​​could.