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Ikea Summary - Case Study Example

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The paper "Community Service" describes a multinational organization of Sweden known as IKEA. The firm engages in manufacturing and designing furniture that can be independently assembled. The company had begun its business in 1943 and has henceforth expanded the scale and scope of business…
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Ikea Summary

IKEA is known to conduct business in 38 countries with 325 stores spread across the world (IKEA Group, 2013b). In 1984, IKEA had made its first attempt to penetrate the market of the U.S. In order to enter the U.S. retailing industry, the company implemented the global strategy in business. It should be noted that the global strategy was based on the principles of standardization, but not differentiation (Jonsson, 2008). Through this strategy, IKEA manufactured and sold standardized products in both the European and U.S. marketplaces. However, the company was quick to realize that the taste and preference pattern of potential buyers in the U.S. are greatly different from that of the Europeans. Hence, in order to enhance utility levels of the U.S. customers, IKEA had implemented the transnational or differentiated strategy of internationalization therein. Under this process, the organization started to design and manufacture furniture according to local taste and preference patterns in the U.S. (Jonsson, 2008). IKEA also entered in other emerging markets such as China, with its transnational internationalization strategy. It entered into the market of China in 1998, through a legalized venture business agreement. The transnational operational strategy of IKEA was highly successful, which helped to tap a wide base of potential customers for its products worldwide. Nevertheless, it was noted that local Chinese companies recruited inexpensive laborers and procured cheaper raw materials than that of IKEA. ... Read More
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