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Strategy Context Report : IKEA - Essay Example

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Strategy Context Report: IKEA Executive Summary IKEA has always been known for its convenient and stylish furniture range at affordable prices and also offers customised services to the customers. In spite of the bleak prospects of the furniture industry IKEA has been generating decent amount of profitability…
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Strategy Context Report : IKEA
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Download file to see previous pages The company can yield high amount of profitability along with enhancing its business model through the varied recommendations given by the author of the study. The main motive of the strategic group and competitor analysis would be to identify the company’s current market and strategic position in the market. The author of the study has focused on the current strategic issues faced by the company with respect to the current situation of the furniture industry. Thus, IKEA could not only enhance its business model but also formulate varied strategies to improve the existing business systems. The analysis would also ensure the increase in the organizational outcome along with its brand restoration. Table of Contents Executive Summary 2 Introduction 5 Industry Overview 5 Scene Setting of UK Furniture Industry 5 UK Furniture Industry Size & Growth 6 Macro Environment Analysis of UK Furniture Industry 7 PESTLE Analysis 7 Competitive Environment Analysis 10 Porter’s Five Forces Analysis 10 Strategic Group Analysis 10 Competitor Analysis 10 Evaluation of Business and Corporate Strategies 11 Purpose, Mission and Objectives 11 Resources & Activities: Value Chain Analysis 11 Organizational Culture & Stakeholders 13 Value Proposition Model 14 Identification of Major Strategic Issues Facing Organization 15 Conclusion 16 Recommendations 16 References 18 Appendices 20 Porter’s Five Forces Analysis 20 Value Proposition Model 21 Introduction IKEA is one of the world’s renowned and successful brands of furniture industry and has attained success through sheer innovation, creative thinking and cautious planning and design. The company was established by Ingvar Kamprad of Swedish origin who had introduced the concept of “democratic and innovative design” in the furniture industry. The concept revolved around the fact that the designs of the furniture reflected modernity and are available at affordable prices (IKEA, 2013a). The first store was opened in Almhult, Sweden which showcased modern and innovative designs of the furniture range to the common people (IKEA, 2013c). The main objective of IKEA has always been to cater to the needs and requirements of the common people since its inception (IKEA, 2013b).The study will deal with the effectiveness of the IKEA management in providing its goods and services to the common people. The author of the study will also highlight the effective strategies devised by the company to retain its strong position in the furniture industry and gain competitive advantage over its competitors. Macro environment and competitor analysis will be done to understand the impact of the external forces on the company. Finally, the study will conclude with recommendations for the betterment of the company with respect to the current situation of the furniture industry. Industry Overview Scene Setting of UK Furniture Industry Presently, the furniture industry is recovering from the economic slowdown in UK and the entire European region. It also had a considerable effect on the UK economy. Since the year 2012, the sales of UK furniture have been declining gradually due to the effect of the difficult furniture trading environment. Customer confidence and spending was considerably very low during the tenure 2010 to 2012 due to the decrease in the purchasing power of the common people and non introduction of the innovative design by the UK furniture companies. The UK furniture co ...Download file to see next pagesRead More
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