OVERVIEW OF IKEA I. HISTORY Ingvar Kamprad: The founder of IKEA‚ Ingvar Kamprad‚ began his business career as a young boy selling matches purchased in bulk individually for a profit to his neighbors near Agunnaryd. As his business grew‚ he expanded to selling fish‚ seeds‚ Christmas decorations and eventually‚ pencils and ball-point pens which were a new phenomenon in 1935. He was very clever in utilizing his resources - he delivered his goods by bicycle‚ and later used the local milk delivery
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goods. Kamprad was intuitive enough to see this as a great business opportunity. IKEA took a new approach to selling furniture in Sweden. Instead of an expensive product that would take weeks for delivery‚ IKEA offered a product with a good design and functionality at a price that almost everyone could afford. Kamprad focused on selling furniture to young buyers who were often looking to furnish their first apartment. Also instead of the stores being small and located in downtown‚ Kamprad placed
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BACKGROUND OF KEY PERSON My favourite legendary Entrepreneur Ingvar Kamprad was born in the south of Sweden in 1926 and raised on a farm called Elmtaryd‚ near the small village of Agunnaryd. At an early age‚ He reinvested his profits and expanded to fish‚ seeds‚ Christmas tree decorations‚ and pens and pencils. At the age of 17 he started IKEA with some money he received from his father. Within four years IKEA began distributing furniture manufactured by Swedish craftsmen. (From Scott Allen)
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Case Study 3 - IKEA Introduction and Background IKEA was established in 1943 by Ingvar Kamprad at the age of 17. His entrepreneurial nous has led to an integrated design‚ production and distribution network spanning 53 countries. Kamprad created a lifestyle model that mould consumer habits and attitudes. The purpose of the company was to provide fine-looking‚ quality furniture to the masses which Kamprad went about via the internal culture of the company. IKEA’s attention to detail can be described
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and eastern Europe‚ and more notably in North America‚ includ¬ing the USA. It has stores today in the Middle East‚ Singapore‚ and Hong Kong and is preparing to enter the Chinese market some time in the early part of the next century. Recently Ingvar Kamprad‚ the company’s founder‚ secured his position in Europe with the acquisi¬tion of British-based Habitat‚ IKEA’S chief rival in the UK and France. To provide some idea of its worldwide presence‚ IKEA receives annually over 120 million visitors in
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IKEA (Ingvar Kamprad Elmtaryd Agunnaryd) is a privately held‚ international home products Swedish corporation that designs and sells ready-to-assemble furniture‚ appliances and home accessories. The company is now the world’s largest furniture retailer.[2] IKEA was founded in 1943 by 17-year-old Ingvar Kamprad in Sweden‚ named as an acronym comprising the initials of the founder’s name (Ingvar Kamprad)‚ the farm where he grew up (Elmtaryd)‚ and his home parish (Agunnaryd‚ in Småland‚ South Sweden)
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com/reporting/2011/10/03/111003fa_fact_collins [accessed 7 August 2012] Cripps‚ P The Economist (2011) Furniture shops: The secret of IKEA’s success. http://www.economist.com/node/18229400 [accessed 30 July 2012] The Economist (2006) IKEA: Flat-pack accounting Forbes Magazine (2006) Ingvar Kamprad‚ The World’s Richest People. http://www.forbes.com/lists/2006/10/BWQ7.html [accessed 12 July 2012] Forbes Magazine (2007) The Frugal Billionaires The Guardian (2004) Ikea: The history. http://www.guardian.co.uk/lifeandstyle/2004/jun/17/shopping
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The IKEA Concept began when Ingvar Kamprad‚ an entrepreneur from the Smaland province in Sweden came up with a creative idea. It was only a few years earlier in 1939 that WWII began‚ causing trading between countries to become limited. In sight of this‚ Kamprad found a need to provide furniture at a lower cost‚ than manufacturers‚ to the farmers in Smaland. In the remote town of Agunnaryd‚ the people have a reputation for working hard and making the most of their available limited resources (Torekull
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Organizational Theory and Behavioral Problems/IKEA Ingvar Kamprad‚ founder of IKEA‚ has built a monumental business from the ground up. Through innovation and creativity‚ he gained valuable market share in an untapped market. By providing a great product at a great price‚ through exceptional customer service‚ IKEA has distinguished itself among some of the top international organizations. The common thread throughout the case is a patriarchal style of leadership. Although Kamprad’s style of
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furniture retailer in Sweden. What was the source of its competitive advantage at that time? Although there were competitive advantages in the furniture industry‚ the company had a tough time placing themselves and once the company was established‚ Kamprad began participating in Stockholm‚ Sweden ’s yearly furniture trade fair. IKEA’s products were not accepted by other retailers and as a result they were banned from selling directly to the customer‚ so orders were taken by the company. The following
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