Nobody downloaded yet

Business Consultancy: IKEA - Essay Example

Comments (1) Cite this document
Summary
The survival of firms in the global market is depended not only on the market trends but also on the strategic choices employed. Firms with a well-known brand name, like IKEA, have to continuously alternate their strategies in order to secure their position within their industry. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.1% of users find it useful
Business Consultancy: IKEA
Read TextPreview

Extract of sample "Business Consultancy: IKEA"

Download file to see previous pages The methods used for the implementation of these strategies are critical for the success of such projects. In the case of IKEA it has been made clear that the change of a firm’s existing operational strategies is feasible only if the relevant plans are fully supported by the organization’s stakeholders.
IKEA is the most powerful firm – in terms of its market position – in the Home Furnishings & Housewares Retail industry (Hoovers 2010). The success of the firm in the global market has been related to the following strategies: a) the emphasis given on innovation, b) the offering of fine products at competitive price, so that most consumers are able to buy them, c) the facilitation of shopping – ‘tape measures, pencils, shopping list and catalogues’ (Kendrick et al. 2010, p.340) are available in the firm’s stores for facilitating shopping. IKEA has become popular for ‘the design and layout of its stores’ (Griffin 2006, p.344); at the same time, the low prices of its products – compared to similar products of competitors – has been a key reason for the firm’s high level of sales – as of the particular industry – within the global market. ...
The criteria for the alteration of the firm’s existing practices are presented and analyzed focusing on the strategic choices that are most feasible – taking into consideration the current market context but also the prospects of the particular industry in the future. 2. IKEA - Situational analysis 2.1 Market context of IKEA IKEA is the leading firm in the Home Furnishings & Housewares Retail industry worldwide. The important distance between the profits of the firm and those of its competitors reveals the effectiveness of the firm’s policies but also its potentials for a further growth (Table 1, Appendix). For 2010, the sales of the organization have been estimated to 32,475.05 m (in millions) where the sales of the industry’s second competitor, the Bed Bath & Beyond Inc, have been estimated to 8,758.50 m (Table 1, Appendix), an impressive difference in terms of performance. In accordance with a report published in Internet Retailer (online periodical), in 2008 the sales of the industry’s firms have been increased ‘by 20% to $3.9 billion from $3.24 billion in 2006’ (Briggs, 2008). It is explained that the above increase has been mostly facilitated by e-commerce. The above increase indicates the prospects of the industry, under the terms that appropriate strategic choices are implemented. 2.2 SWOT analysis The current position of IKEA in the global market is significant; the prospects for further expansion are many. However, the delays in the development of the firm’s daily operations have not been avoided. Through the SWOT analysis, the operational status of the firm and the conditions of its environment ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Consultancy: IKEA Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved de https://studentshare.org/business/1390443-business-consultanlcy
(Business Consultancy: IKEA Essay Example | Topics and Well Written Essays - 2250 Words)
https://studentshare.org/business/1390443-business-consultanlcy.
“Business Consultancy: IKEA Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/business/1390443-business-consultanlcy.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
go
goyettetrenton added comment 6 months ago
Student rated this paper as
At first, I thought 9 of pages is too much for such a issue. But now I see it could not be done better. As the author starts you see the difficulty of the subject. I’ve read all at once. Terrific text

CHECK THESE SAMPLES OF Business Consultancy: IKEA

IKEA's Globalization Strategies

.... Portfolio valuation of the securities is also found to reflect an increment in the valuation which increased from 2.5 billion to around 15.2 billion Euros during the same period. The above statements thus reflect a healthy financial position for the furniture retailing company and a healthy performance matrix. The same can be reflected through the use of different diagrams which can be rendered as follows. 4 Figure 1 (Source: IKEA, 22) Figure 2 (Source: IKEA, 23) Figure 3 (Source: IKEA, 24) Figure 4 (Source: IKEA, 25) Evaluation of IKEA based on the BCG Matrix The BCG Matrix or the Boston Consulting Group Matrix is designed to compare...
19 Pages(4750 words)Essay

Business research and consultancy

...? A Reflective Report: Business research and consultancy College: Introduction Business researchers and consultants specialize in the best practices of marketing research on behalf of business for their most critical decisions of strategic marketing. A meaningful positive differentiation commences with competitively advantaged consideration of market forces, the growth opportunities as well as the current, potential, and former customers of a business. For a number of years, business researchers and consultants have focused on taking leadership on recommending, deploying and designing of the optimal...
12 Pages(3000 words)Essay

Business strategy of IKEA

... on where to place their resources to enable maximum utilization. Also referred to as the Boston Consulting Group growth share matrix, it displays various business segments of a firm on a graph of the market growth rate vs the market share relative to competitors (Giffin 2010). This model was verified into the priority matrix. The priority matrix focuses on importance and performance of business functions. This model will apply to IKEA in the context of its cost focused strategy of furniture production. The fact that the economic environment is not suitable post recession, IKEA should focus on its cash cow strategy of producing cost affective furniture to cater to Bs and Cs of the public, rather than investing in highly stylish... and...
8 Pages(2000 words)Essay

The IKEA Business in the UAE According to the Market Demand

...in the UAE, a proper system would be introduced which would reduce the long lines and parking issues. Similarly, a home consultancy service will be initiated in the UAE which will not only help the customers assemble the furniture but also provide home styling services. This would not only help bring in new customers but it will also help in developing long-term relationship with the existing customers. Conclusion In conclusion, Ingvar Kamprad created a strategy that has made IKEA one of the leading businesses in today’s world. Stores are designed in a manner that offers a complete shopping experience rather than just a purchasing experience. With millions of copies of catalogues...
8 Pages(2000 words)Research Paper

Business strategy IKEA group

...A Study to Evaluate Business Strategies of IKEA Introduction IKEA group has been founded by Ingvar Kamprad who has successfully led the company to become a profitable global venture (Nattrass and Altomare, 1999). The company opened its first furniture showroom in 1953 and is now present in thirty one countries across five continents (Rothacher, 2004). This home furnishings retailer owes its success to its low priced and wide product range, smart purchasing and distribution activities and retail function (Nattrass and Altomare, 1999). Based on the history of IKEA given in the Appendices section, this report aims to evaluate the business strategies of IKEA. Using secondary research this report will present the emergent and direct... ...
8 Pages(2000 words)Case Study

IKEA Business Ethics Dilemma

...10 May 2008 IKEA Business Ethics Dilemma IKEA is an international home retailer dealing with diverse customer target. In this company, ethical problems arise when a man's assignment forces him to emphasize a single job objective--say, maintaining the profit margin on a particular product. But suppose that in order to meet this objective his only alternative is to sacrifice quality. Choices of this kind must be forced upward in the corporation; for--as one assumes increased obligations toward employees and stockholders-profit itself represents an ethical standard. IKEA adopts social corporate responsibility policies in order to meet ethical and moral questions and respond...
9 Pages(2250 words)Case Study

Business Strategy - IKEA

...as individuals and the organizations that utilize our services need to show collective responsibility towards each and every aspect of our society. One of the best ways this can be achieved is by continuing to use resources and developing better processes for managing our businesses, albeit in an efficient manner without causing any harmful impact on the environment and by foreseeing how best we can preserve our economy and nature for our future generations. IKEA is one such organization that has been demonstrating corporate social responsibility over a long period. The company is popular worldwide for selling low-cost furniture across outlets around the globe. The range of products produced by...
12 Pages(3000 words)Essay

IKEA

...IKEA Consumer and Organisational Behaviour Consumers’ Level of Involvement and IKEA’s Marketing Plan The perceived level of risk of consumers is high when it comes to buy furnishing products therefore, consumer involvement level is high. Perceived Risk It has affected IKEA’s marketing plan in the following way. Post Purchase Evaluation at IKEA and its Impact on Marketing Plan IKEA is offering its products worldwide however; company has been offering its standardised products until it accessed US market. When the sales of IKEA declined after entering into US market, company had to conduct a research based on which it found that consumers in US did not like European furniture styles and dimensions. Based on consumer feedback, IKEA... ...
1 Pages(250 words)Case Study

Consultancy business report

...Human Resource Management Plan for Implementing the New Corporate Strategy Developed For Sedibeng Breweries Company Lecturer: : Executive Summary This research work has been written as a form of business proposal. It covers the whole aspects of human resource management and their roles in the implementation of the cooperate strategy. The overall purpose of the research is the achievement of a comprehensive human resource strategy that will be incorporated in the new corporate strategy for Sedibeng Breweries Company. All the data in the research was gotten from the company’s website and from a comprehensive literature review. Table of Contents Executive Summary 2 Table of Contents 3 1.Introduction 5 2. Corporate Strategy and Human... The...
25 Pages(6250 words)Term Paper

Ikea

...IKEA Contents Contents 2 Introduction 3 Methods of International Market Entry 3 Motivation for International Expansion 9 Retailers Expansion StrategyModels 13 Success of IKEA in the International Market 17 Conclusion 20 20 Reference List 21 Introduction In the current era, extent of competition among corporate firms has significantly increased with rise in scope and scale of business internationalization. The success of a business firm in the contemporary world can be analyzed from its nature of international business expansion and proficiency. This portfolio report tries to throw light on the business of IKEA, which is a multinational company of Sweden. The firm was first established in 1940 and engages in designing and selling... .) was...
20 Pages(5000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Business Consultancy: IKEA for FREE!

Contact Us