3 DEFINITIONS………………………. Pg. 4 EXTERNAL ANALYSIS pg. 5 STEPP Analysis CONCEPTS a. Socio-Cultural/demographic issues affecting business. b. Technological Factors c. Economic factors d. Political and legal factors e. Physical/Environmental Factors IDENTIFICATION OF INDUSTRIES OPPORTUNITIES AND THREAT pg. 7 a) A Model For Industry Analysis- Porter’s Five Forces b) Rivalry
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Introduction IKEA is an international home furnishing retailer. Its vision is ’to create a better everyday life for many people’. It carries a range of nearly 10‚000 products. IKEA has 18 UK stores as well as online ordering through its website. IKEA has responded to the public’s rising concern for sustainability. It believes a strong environmental stance is good business practice. SWOT analysis IKEA uses SWOT analysis to help reach its goals of sustainability and environmental design. It is a
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What are IKEA’s competitive priorities? IKEA’s competitive priorities basically fall into two major categories: price and design. It wants to have the greatest number of people afford‚ at the lowest cost possible‚ its good quality and functional products. They put logic in the design of their products which helps IKEA to price lower than competition while maintaining certain quality standard. 1. Describe IKEA’s process for developing a new product. IKEA’s process for developing
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What is Strategy & Competitive Advantage? Strategy is the creation of unique and valuable position involving a different set of activities.1 A firm is said to have competitive advantage when it is implementing a strategy which is not is being implemented by it’s current or potential competitors and also sustains profits that exceed the average for it’s industry. " Is Competitive Advantage enough? The goal of much of business strategy is to achieve a sustainable competitive advantage
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A competitive advantage is an advantage over competitors gained by offering consumers greater value either by means of lower prices or by providing greater benefits and services that justify higher prices. Competitive strategies 1. Differentiation-this involves selecting one or more criteria used by buyers in a market. It is about charging a premium price that more than covers the additional production cost and about giving customers clear reasons to prefer the product over other‚ less differentiated
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facing IKEA in the US market 3 Recommended Strategic Alternatives 4 Conclusion 4 Exhibit A: Issue Tree 5 Exhibit B: Porter’s 5 forces 7 Exhibit C: Smile chart 8 Exhibit D: 4Ps of Marketing 10 Exhibit E: SWOT Analysis 11 Exhibit F: Strategic Gameboard 12 Exhibit G: Ansoff’s Matrix 13 Exhibit H: Cost-Benefit Analysis of Recommendations 14 Executive Summary The following report delineates the furniture retail market in the US‚ a brief starting point assessment of IKEA‚ the issues facing IKEA in expanding
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United States‚ over a decade ago‚ IKEA has continuously made a name for themselves and faced some issues. This case analysis explores the many aspects of the furniture retailer‚ including the culture of the company‚ its operation methods‚ its marketing strategies‚ primary and secondary issues associated with the company‚ possible recommendations for the company‚ as well as potential obstacles and risks associated with the organization. Within this case analysis about IKEA‚ a total of four issues are identified
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on this. Competitive advantage is when a firm sustains profits that exceed the average for its industry‚ the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage. There are two main types of competitive advantage. Cost advantage and differentiation advantage. A competitive advantage exists when the firm is able to deliver the same benefits as competitors but at a lower cost(cost advantage)‚ or deliver
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of comparative advantages‚ does international trade always benefit the lower income group in a poor country? Who do they trade with? Who are the poor countries? Define by using GDP per capita (usual gauge). Thus China can be considered as a poor country. Among the poorer group‚ they are richly endowed in labor. Poor countries tend to have more workers than machines. They’re comparative advantage lies in their labor industries. According to theory of comparative advantage‚ the workers will
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IKEA 1. Explain‚ in detail‚ the aspects of IKEA strategy that make it a Hybrid strategy. IKEA is clearly a follower of a “strategy clock” approach‚ which is characterised by two distinctive features: it is more focused on low prices to customers‚ not only low costs to organisation‚ and its strategic decisions are made to create the balance between price/cost leadership and differentiation‚ creating unique benefits and features that provide competitive advantage. Home furnishings market is highly
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