In this particular case study, you will be studying about the internationally known home furnishing retailer, IKEA which is also considered as to be the world’s largest furniture retailer. Here, the IKEA case study help experts of Instant Assignment Help Australia have explained various challenges, strategies and a few analyses that are faced by IKEA.
According to our professional writers, it is essential to understand the IKEA case study writing at the university level. It is because case studies are often used to conduct exploratory research that in turn results in gaining in-depth knowledge about the company. Along with this, you also learn to implement various marketing strategies in your academic career and real-life as well. With IKEA case study help, our writers ensure to cater to every aspect related to the case study where you can stuck. To help you with all your difficulties, let’s begin with gaining some insight into the roots of the IKEA company first.
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History of IKEA | How It Changed the Home Furnishing Market Globally?
IKEA was founded back in 1943 by a 17-year-old Swedish boy named Ingvar Kampard. When he started, he was selling greeting cards, seeds, et cetera from his own farm. Most of the people around him had figured out that he has some ability that drives him in changing the people’s thinking by satisfying their needs. Initially, he attempted to cater to consumers need by lowering down the production cost and offering it to the general people. It is the exact reason that resulted in changing the home furnishing market globally from then to now.
When you study IKEA case study 2020, you will get to know that the company is now providing its service to around 1.3 million customers per day. Since Ingvar believed in keeping the cost of the product down to the minimal, it resulted in achieving the success by offering a unique value proposition to consumers. The mission statement of IKEA is, “Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.” This is the reason they are earning fame from 1943 to this date.
With the help of IKEA case study solutions, you must have learned the reason behind its success, and what mission statement is driving their success to the fullest. Now, it’s time to understand the company’s certain factors through SWOT and PESTLE analyses that have contributed to its success.
What Is SWOT Analysis? How Has IKEA Implemented Marketing Strategies?
SWOT analysis is the technique that helps in understanding and identifying the various strengths, weaknesses, opportunities, and threats associated with the business. If we talk about IKEA case study SWOT analysis, then you should know that they have adopted specific best measures that have helped them in achieving the fame and retaining it since 1943.
Let’s have a look at SWOT analysis of IKEA.
Strength: Strength of IKEA involves marketing expertise and its location. According to our expert writers, any aspect of business that helps in adding some sort of value to its product or service is considered as strength.
With the IKEA case study help, you can know the areas of strength that the business has until this date.
- Powerful mission statement that helps in maintaining the brand image.
- IKEA has a wide range of products that makes them the leading manufacturer of home furnishing.
- It has an affordable and wide range of easily accessible products.
- IKEA has strong global sourcing capabilities.
- IKEA lets its customer enjoy one-stop shopping of various home furniture.
Weakness: IKEA has to acknowledge its specific weaknesses to improve all the inefficiency and manage them appropriately. With the IKEA case study SWOT analysis help, you will get the insight into the weaknesses and how IKEA is developing certain new strategies to overcome it.
Some of the distinctive weaknesses of IKEA involves:
- The size and scale of the global business operation affects the management of certain products.
- Assembling of various furniture yourself may some time look unappealing to some customers.
- The Swedish designs may not satisfy everyone’s taste and preference with ease.
- Weak advertising is leading to losing their customers or we can say it is resulting in not creating a new customer base.
- Relatively few locations in comparison to other competitors.
Opportunity: With the IKEA case study help, strength and weaknesses of the business to take advantage of the various opportunities that arise with the time and help of certain customers. Some of the opportunities that IKEA takes advantage of through its sustainability agenda are:
- IKEA has drastically growing demand for greener products.
- Consumers fascination towards low priced products.
- Trends in the current financial climate may result in consumers trading down from more expensive stores.
- Demand for reduced water usage and lower carbon footprints.
- IKEA is doing reasonably better in implementing the concerning laws in comparison to its competitors.
- The business still has some untapped markets.
Threat: If IKEA is aware of all the possible external threats, it can plan to counteract them. By generating new ideas, IKEA can use a particular strength to defend against all the threats in the market. With the help of IKEA corporate level strategy, managers analyse the social trends and market forces that drive their success away from them.
Some of the major threats that IKEA recently has encountered are as follows:
- Entire world is experiencing a social shift in the area of doing a cultural survey at large is becoming moral savvy.
- Legislation is invariably passed, including various elements related to the business.
- Technological innovations are happening very frequently.
- More competitors related to their business are entering in the low price household and furnishings markets.
- Current recession is slowing down consumer spending.
After the SWOT analysis of IKEA case study, our writers are going to explain various marketing strategies that have been implemented by the company. It has also resulted in achieving all the objectives and goals of the business effectively and efficiently.
With the IKEA case study help, you will get to know 7 marketing strategies IKEA uses to grow their business and engage their customers.
So, are you ready? Let’s dive right in.
- They have created an experience, not just a product.
- IKEA has strong and globally-known brand image.
- Their managers invest in content marketing.
- They are using social media channels for promotion and advertising their products.
- They always understand the taste and preference of their customers.
- IKEA constantly adds new offerings for their customers.
- They take customers feedback too seriously.
You can include these strategies in your assignment writing. Along with these strategies, our writers have also explained PESTLE analysis that helps in understanding business framework of macro-environmental factors.
What Is PESTLE Analysis? Understanding Various Factors That Drive IKEA Business
The PESTLE analysis is a tool that helps in conducting a thorough external and internal analysis of the business environment. It is also considered to be the most vital step in planning the business strategies to adapt to all the future changes accordingly.
PESTLE analysis includes:
Political: Every impact that is driven by the political factor that influences the profitability of the business is certainly dependent on the external environment and level of political stability. IKEA has always dealt with these sort of pressures effectively.
Economical: Economic factors are closely related with the economy of the country. According to IKEA case study help providers, these factors, and their resulting impact on aggregate supply, aggregate investment and the business climate, in general, have the potential to make a company highly profitable, or extremely likely to incur a loss.
Social: The social factors that affect IKEA business operations are related to demographics of the population. Kitchen appliances are the product that are mostly designed to impress the household women, but targeting male population would be considered less.
Technological: As per the IKEA case study help providers, you need to understand that every technology gets outdated with the time. So, IKEA always ensure to adopt new technologies to produce an excellent product that possess the ability of impressing the customers in one go.
Legal: According to IKEA case study PESTLE analysis, IKEA has its business operations in many countries and the laws of those countries are definitely different. To cater to these changes in laws, they appoint several legal advisers who handle all the issues accordingly. This way, they drive their business operations without any hassle.
Environmental: IKEA case study help in understanding that every business has different standards that are influenced by some of environmental factors. These factors includes weather conditions, climate change, etc. No business can accurately deal with this sort of difficulties that are occurred by the act of god.
So, these were the factors that drive the IKEA business operation on the both side either positive or negative. To understand it better, you need to take help from Instant Assignment Help Australia & the writers will help you with the best of their ability.
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