Overcome the Identified Weaknesses and Threats
Performance SWOT analysis
IKEA is amongst the biggest retailers of furniture in the world. It has grown rapidly since it was founded in 1943. It sells more than 10,000 furnishing products from well over 300 stores in around 40 countries. The company has in excess of 600 million visitors to its stores, and it is very successful website attracts in excess of 600 million visitors every year. IKEA is a Scandinavian company famous for furniture from living rooms to children's bedrooms. The majority of IKEA's furniture is flat-pack, ready to be assembled by the consumer.
Strength
* IKEA is an environmentally friendly business with a keen focus upon sustainability. In years gone by the company had been accused of encouraging wastefulness since it made a very large numbers of furniture products at low prices. As part of an integrated public relations campaign - IKEA now focuses on sustainability and made it an underpinning principle of its business philosophy.
* A democratic design reaching an ideal balance between function, quality, design and price. IKEA Cost Consciousness means that low prices are taken into account when each product is designed from the outset.
* IKEA likes satisfied customers. The business manages to score highly in customer satisfaction surveys. Many marketing research companies rank IKEA in their top 10 companies for customer satisfaction. They managed to enhance their brand association with such great results.
* IKEA has maintained long-term partnerships with its suppliers. By committing to buying large volumes over a number of years IKEA can negotiate lower prices. This ensures that the company has access to high-quality materials at reasonable prices. This also benefits the suppliers because they enjoy the greater security of having guaranteed orders.
Weaknesses
* The business is experiencing problems in one or two home markets. For example in the European market of the United Kingdom, IKEA has recently opened more
IKEA is amongst the biggest retailers of furniture in the world. It has grown rapidly since it was founded in 1943. It sells more than 10,000 furnishing products from well over 300 stores in around 40 countries. The company has in excess of 600 million visitors to its stores, and it is very successful website attracts in excess of 600 million visitors every year. IKEA is a Scandinavian company famous for furniture from living rooms to children's bedrooms. The majority of IKEA's furniture is flat-pack, ready to be assembled by the consumer.
Strength
* IKEA is an environmentally friendly business with a keen focus upon sustainability. In years gone by the company had been accused of encouraging wastefulness since it made a very large numbers of furniture products at low prices. As part of an integrated public relations campaign - IKEA now focuses on sustainability and made it an underpinning principle of its business philosophy.
* A democratic design reaching an ideal balance between function, quality, design and price. IKEA Cost Consciousness means that low prices are taken into account when each product is designed from the outset.
* IKEA likes satisfied customers. The business manages to score highly in customer satisfaction surveys. Many marketing research companies rank IKEA in their top 10 companies for customer satisfaction. They managed to enhance their brand association with such great results.
* IKEA has maintained long-term partnerships with its suppliers. By committing to buying large volumes over a number of years IKEA can negotiate lower prices. This ensures that the company has access to high-quality materials at reasonable prices. This also benefits the suppliers because they enjoy the greater security of having guaranteed orders.
Weaknesses
* The business is experiencing problems in one or two home markets. For example in the European market of the United Kingdom, IKEA has recently opened more