Strategic management consist of analysis, decision and action in order to create and sustain competitive advantages. Strategies are the decision and action that determine the long-run performance of an organization. Business model is a strategic design for how a company intends to profits from its strategies, work processes and work activities. In addition, business model focuses on two things: * Whether customer will value what the company is providing * Whether the company can make any money doing that
Why is strategic management important?
* Higher organizational performance
* Requires that managers examine and adapt to business environment changes * Focus on organizational goals
* Involved in the managerial decision-making process
What is SWOT?
Case study on Strategic management process
In this case, I have study internationally known home furnishing retailer, which is (IKEA) the larger furniture retailer in this world. The purpose of this case study is to analyze the objectives and strategies used by IKEA, SWOT analyzing and discuss major issue that the company faced.
IKEA is a privately-held, international home products retailer that sells flat pack furniture, accessories and bathroom and kitchen items in their retail stores around the world. The company which pioneered flat-pack design furniture at affordable prices, is now the world’s largest furniture retailer. IKEA was founded in 1943 by 17 years old in Sweden and it is owned by a Dutchregistered foundation controlled by the Kamprad family.
The company that was originated in Småland, Sweden distributes its products through its retail outles. As of August 2009, the chain has 301 stores in 37 countries, most of them in Europe, North America, Asia and Australia.
The IKEA concept began when Ingvar Kamprad, an entrepreneur from the Småland province in...
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