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Strategic Management in IKEA - Case Study Example
Pages 11 (2761 words)
The global economy has passed the 'tipping point' in the transition from an industrial, goods - centered to an innovation, service centered logic and in the competitive world of business, dominant logic and innovative technologies, methods and concepts evolve in a particular way to create new product or service (Davenport, Leibold and Voelpel, 2006, p.22).1 Dyck and Neubert (2008, p.260) described strategic management in four step process which includes reviewing of mission and vision of the organization, analyzing the organizations external environment and internal resources, choosing and developing the appropriate strategy and implementing the selected strategy.2 Hence the present paper att…
Businesses usually define their goals and objectives through mission statement and vision that are imprinted on the organizations product. According to Knapp (1999, p.75)3, mission and vision statements generally represent the purpose of the organization which is evident in the present case study of IKEA where IKEA's mission is to
Whereas the vision is to provide better everyday life to all and IKEA formulates its strategies based on the mission and vision which aims to provide better life by offering its products at lower cost than in the market. Austin and Pinkleton (2006, p.19)4 mentions that mission statement sets out strategic focus for accomplishing long term outcome and vision conveys the long term ideal which is evident in IKEA's scenario. Further vision shares the organizations values that are intended to support their mission. ...