Research: Competitor Analysis and Ikea
1. Introduction
IKEA is an internationally known home furnishing retailer. It has grown fast since it was founded in 1943. Today it is the world 's largest furniture retailer, recognized for its Scandinavian style and the low priced high quality furniture items. Most of IKEA 'S furniture is flat-pack. This allows a reduction in costs and packaging. IKEA has around 9500 products, including home furniture and accessories. The products are available in all IKEA stores and customers can order them as well online through IKEA 'S website. There are about 140 IKEA stores in the world in 30 different countries. IKEA stores include restaurants and café’s serving typical Swedish food. They also have small food shops selling Swedish groceries, everything from the famous meatballs to jam.
2. Analysis of current situation
Current mission:
IKEA’S mission is to offer a wide range of home furnishing items of good design and function, excellent quality and durability, at prices so low that the majority of people can afford to buy them. They aim to attract customers who are looking for quality products at reasonable prices, but who are willing to assemble their furniture themselves and participate in a self-service culture. The typical target customers are young families with a low to middle low income.
- Goals:
Their recent goals is that all new stores will be built to a certified green building standard and sell more organic goods. And to encourage their customers to travel with public transport to visit their store. They want to be more recognized as an eco-friendly business.
Strategies:
The basis of IKEA’S strategy is a mixture of innovate their own modular designs, mass produced components and a dedicated supplier network all geared towards serving price conscious customers while still maintaining a to high standard of goods and workmanship. They design their own furniture and it’s a self-service, that is a big part of their strategy. They also
IKEA is an internationally known home furnishing retailer. It has grown fast since it was founded in 1943. Today it is the world 's largest furniture retailer, recognized for its Scandinavian style and the low priced high quality furniture items. Most of IKEA 'S furniture is flat-pack. This allows a reduction in costs and packaging. IKEA has around 9500 products, including home furniture and accessories. The products are available in all IKEA stores and customers can order them as well online through IKEA 'S website. There are about 140 IKEA stores in the world in 30 different countries. IKEA stores include restaurants and café’s serving typical Swedish food. They also have small food shops selling Swedish groceries, everything from the famous meatballs to jam.
2. Analysis of current situation
Current mission:
IKEA’S mission is to offer a wide range of home furnishing items of good design and function, excellent quality and durability, at prices so low that the majority of people can afford to buy them. They aim to attract customers who are looking for quality products at reasonable prices, but who are willing to assemble their furniture themselves and participate in a self-service culture. The typical target customers are young families with a low to middle low income.
- Goals:
Their recent goals is that all new stores will be built to a certified green building standard and sell more organic goods. And to encourage their customers to travel with public transport to visit their store. They want to be more recognized as an eco-friendly business.
Strategies:
The basis of IKEA’S strategy is a mixture of innovate their own modular designs, mass produced components and a dedicated supplier network all geared towards serving price conscious customers while still maintaining a to high standard of goods and workmanship. They design their own furniture and it’s a self-service, that is a big part of their strategy. They also
Bibliography: ●Continuing Case by Alan Hogarth ● http://businesscasestudies.co.uk/swot-analysis-and-sustainable-business-planning/swot-analysis.html#axzz2eJ2NvcnR ● http://www.slideshare.net/FenellaAndrade/ikea-9167089 ● http://www.strategicmanagementinsight.com/swot-analyses/swot-analysis.html ● http://research-methodology.net/porters-five-forces-analysis/ 9 IKEA