STRATEGIC MANAGEMENT CONCEPTUAL FRAMEWORK What is Strategic Management ? Strategic Management can be defined as the art and science of : • formulating‚ • implementing‚ and • evaluating competitive moves and business approaches that enable an organization to achieve its objectives. The Strategy-Making‚ Strategy-Executing Process Developing Developing A Strategic A Strategic vision vision Setting Objectives Crafting a Monitoring Strategy to Implementing developments‚ evaluating
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IKEA is the world’s largest furniture retailer of ‘knock down’ furniture with 300 stores in more than 35 countries. It was founded by Ingvar Kamprad of southern Sweden whose main innovative idea was ‘to offer home furnishing products of good function and design at prices much lower than competitors by using simple cost-cutting solutions that did not affect quality of products so that as many people as possible will be able to afford them. ( www.ikea.com). He used every opportunity to reduce costs
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I. HP Background and Overview of The Case I.1 HP History After graduated as electrical engineers from Stanford University‚ Bill Hewlett and Dave Packard become close friends during a two-week camping trip‚ and they had an idea of having a business together.They did anything at the first time of having a business just to bring a nickel.They made a bowling alley foul-line indicator‚ a clock drive for a telescope‚ a thing to make a urinal flush automatically‚ and a shock machine to make people lose
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Importance of fashion in the consumer behavior - Fashion vs price vs quality - Aging of the population in Europe - Population growth in emerging countries - New technological solutions (new materials‚ new design‚ new market channels) - Process innovations (logistics‚ inventory‚ transportation‚ distribution) Environmenta - Environmental awareness and regulation (deforestation ‚wastes‚ l recycle‚ pollution) - Sustainable Development Legal - Higher standards of consumer legislation - Higher
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IKEA The strategy of IKEA adopted was cost leadership strategy. The cost leadership strategy is an integrated set action taken to produce goods or services with feature that are acceptable to customers at the lowest cost relative to that of competitors. Firms using the cost leadership strategy commonly sell standardized goods or services to the industry’s most typical customers. IKEA sells a lifestyle that customers around the world embrace a signal they have arrived good taste and recognize
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Strategy IKEA is a privately held‚ international home products company that designs and sells ready-to-assemble furniture. The company is the world’s largest furniture retailer. It was founded in 1943 by 17-year-old Ingvar Kamprad in Southern Sweden. As of October 2011‚ IKEA has 326 furniture stores‚ operates in 38 countries and engages 1‚500 suppliers of 12.000 products. In fiscal year 2010‚ it sold $23.1 billion worth of goods‚ a 7.7 percent increase over 2009 (http://en.wikipedia.org/wiki/IKEA).
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|STRATEGY MANAGEMENT 1 | |IKEA | | | | | | | |MANOJ KUMAR OUDAYA COUMARIN
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Furniture Industry 3 World Furniture Production 3 Role in World Economy 4 Characteristics of the furniture industry 4 Industry Trends 4 Furniture Industry in Pakistan 5 Introduction to IKEA 6 The IKEA Concept 6 History 6 IKEA Range 7 1. Design 7 2. Function 8 3. Low Price- 8 IKEA Product names 8 IKEA Catalogue 9 Major Global Competitors 9 Major Pakistani Competitors 9 Government Policies Targeted at the Industry 12 Policies to encourage location in a host country 12 Policies to Protect
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Works Cited 6 Appendix 1-3 7-9 Introduction Founded in 1943 by a poor Swedish farmer named Ingvar Kamprad‚ IKEA is now one of the largest furniture retailers in the world. From its inception‚ Kamprad wanted to create cheap‚ quality furniture that everyone could afford. That formula led to IKEA’s early success in Sweden and has carried over until today. To its customers‚ IKEA is not just a store but a way of life‚ which may be evident through the cult-like following the company has achieved
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strategy adopted by IKEA‚ and how it successfully did the positioning. *** At business level strategy Focus Strategies By implementing a cost leadership or differentiation strategy‚ IKEA choose to compete by exploiting their core competencies on an industry-wide basis and adopt a broad competitive scope. Alternatively‚ IKEA can choose to follow a focus strategy by seeking to use their core competencies to serve the needs of a particular customer group in an industry. In other words‚ IKEA focus on specific
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