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Business Consultancy: IKEA - Essay Example
Pages 9 (2259 words)
The survival of firms in the global market is depended not only on the market trends but also on the strategic choices employed. Firms with a well-known brand name, like IKEA, have to continuously alternate their strategies in order to secure their position within their industry. …
The methods used for the implementation of these strategies are critical for the success of such projects. In the case of IKEA it has been made clear that the change of a firm’s existing operational strategies is feasible only if the relevant plans are fully supported by the organization’s stakeholders.
IKEA is the most powerful firm – in terms of its market position – in the Home Furnishings & Housewares Retail industry (Hoovers 2010). The success of the firm in the global market has been related to the following strategies: a) the emphasis given on innovation, b) the offering of fine products at competitive price, so that most consumers are able to buy them, c) the facilitation of shopping – ‘tape measures, pencils, shopping list and catalogues’ (Kendrick et al. 2010, p.340) are available in the firm’s stores for facilitating shopping. IKEA has become popular for ‘the design and layout of its stores’ (Griffin 2006, p.344); at the same time, the low prices of its products – compared to similar products of competitors – has been a key reason for the firm’s high level of sales – as of the particular industry – within the global market. ...
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