Answered Essay: Provide a substantial written response for the following financial evaluations of IKEA

Provide a substantial written response for the following financial evaluations of IKEA (the swedish home furnishing store) with NO Plagiarism. (Please provide references for each piece of information when using source materials).

SWOT

Create an initial and original SWOT (not a SWOT copied from an external/existing source) – research AND CITE each S/W/O/T element (4 in each category) noted.

Strengths Weakness
Opportunities Threats

Competitive Analysis

Identify who Ikea’s competitors are (at least 2). Determine the basis of competition with that particular organization. Assess where Ikea is placed against that organization. Discuss/support your placement of Ikea and its competitors.

Competitors Comparative Metric Rank Discussion of Placement against the Competition

(Evaluation better/worse – BECAUSE …)

Elements of StrategyAnalysis

Which are the most important elements of IKEA’s strategy?

How does Ikea compete in the existing markets?

How do they try to ‘beat the competition’?

How do they try to exploit existing demand?

How do they compete – low cost or differentiation?

Expert Answer

The organization IKEA is a Swedish-based retail company where their concept of make by you ensures operating cost of the organization is low and provides a great value proposition to its customers. Products of IKEA are fundamentally readymade and they are flat assembled which means they can be organized by the customers themselves. They do online marketing and also offline retail outlets sales which spearhead the overall 1 billion dollar business.

SWOT Analysis:

Competitor Analysis:

Most important elements of IKEA’s strategy: Right marketing strategy through targeting the appropriate demographic features, not segmenting themselves in poor quality furniture’s, moderate pricing strategy, world-class stores are the key elements of IKEA’s strategy.

Ways in which IKEA compete in the existing markets:

  • Increased use of renewable energy sources
  • Waste Product management through reduce, recycle and reuse of smart usage of raw materials
  • IKEA commit to long term relationship with their larger clients through economies of scale
  • Decreased transportation cost by sourcing raw materials in their nearby supply chain
  • Established Wholesale market through direct product delivery from supplier to stores thereby reduced handling and transportation expenses.
  • Decreases use of raw materials by establishing world class technology chair.
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