Learning objectives: Identify Objective function and Constraints Identify Feasible region Apply Corner-point solution Describe how to formulate linear models Use Graphical method of LP 2 Types of LP 3 Types of LP (cont.) 4 Types of LP (cont.) 5 LP Model Formulation Decision variables mathematical symbols representing levels of activity of an operation a linear relationship reflecting the objective of an operation most frequent objective of business firms
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IKEA and Its Cultural Diversities International business is used to collectively describe all commercial transactions whether it is private or governmental‚ in terms of sales‚ investments‚ logistics‚ and transportation that takes place between two or more regions‚ countries‚ and nations beyond their political boundary. Private companies embark on such transactions for profit. This refers to all those business activities which involve cross border transactions of goods‚ resources and services between
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Summary: IKEA is a company established in the early 1940s. The company has 140 stores spread over 30 different countries. IKEA is a retailer that sells furniture‚ home furnishings and house wares. IKEA has a clear mission: selling a wide range of furniture and accessories at a reasonable price so that most people can buy them. IKEA is mainly active in Europe and the US. 78 percent of IKEA’s income derives from these markets. The customers are mostly youngsters or families. Currently IKEAs strategy
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IKEA case study 1. What are IKEA ’s firm-specific advantages? Country-specific advantage? Oversea investing is mainly due to that the transnational corporation has the firm-specific advantage‚ for example‚ the brand reputation‚ production tec.‚ scale economy‚ marketing strategy‚ and so on. That is why when firm can’t gain big profits by exporting directly or patent authorization‚ foreign investment is more comparative within those firm-specific advantages. This firm-advantage is referring
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"Ikea: How The Swedish Retailer Became A Global Cult Brand IKEA is a well-known global brand with hundreds of stores across the world. In order to improve performance‚ it must assess its external and competitive environment which will reveal the key opportunities to analyze there advantages and threats. IKEA responds to both internal and external issues in a proactive and dynamic manner by using its strengths and reducing its weaknesses. This helps IKEA to retain its strong identity in market.
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penetration pricing enables IKEA to gain significant market share. Low prices are a result of large-quantity purchasing‚ low-cost logistics‚ store location in suburban areas and a DIY approach to marketing. IKEA also benefits from economies of scale and healthy supplier-firm relationships. IKEA enters into long-term contracts‚ provides leased equipment and technical support in exchange for exclusive‚ low-cost manufacturing from suppliers. For new markets‚ IKEA should retain its price-image
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Ikea has grown into a worldwide phenomenon with an almost like cult following and the world’s largest furniture retailer due in large part to its founder Ingvar Kamprad’s charismatic personality combined with his own philosophy of business management and the Scandinavian style of open management he has parlayed a fortune that will be left to one of his children who has proven their own business acumen by running one of his many companies profitably. According to Kamprad himself in his July 23‚ 2008
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parties respect the agreements between the MNCs and the government. This will help IKEA ensure the healthy business environment. However‚ In Poland after the fall of communist government make the political situation changed drastically. That has bad impact to relationship between the supplier and IKEA such as the supplier tried to raise price. Economic factors The economic crisis is the good economic factor for IKEA when the US dollar the importing cost of raw materials from Sweden was getting more
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The IKEA storeThe IKEA store is large. It has to be in order to offer a wide and deep range of products that people can take home immediately and enjoy the same day. As well as to inspire people in realistic room settings and real-life homes. | | Making the IKEA product range come to lifeThe IKEA store is where the IKEA range is sold. It is also where the range comes to life. Visitors are encouraged to take their time and get comfortable with IKEA home furnishing solutions and products in realistic
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Vision of IKEA The business idea behind the IKEA is to offer a better everyday life. To meet different people’s needs‚ tastes‚ dreams‚ and aspirations‚ IKEA provides all its customers with the products which are wide range with good design and function at the low prices that as many people as possible are able to afford them.. A wide range Firstly‚ the product of IKEA is wide range. In order to be more convenient to its customers‚ the IKEA stores gather plants‚ living room furnishing‚ toys
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