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SWOT Analysis for IKEA Assignment Paper

SWOT Analysis for IKEA

SWOT ANALYSIS: IKEA 2

In business, the acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is an effective strategic management technique that helps to identify a company’s essential strengths and weaknesses and to explore and exploit new opportunities in the market. It also helps to identify threats and devise strategies to counter them. Therefore, SWOT is a management tool that helps organizations reduce their weaknesses and counter potential threats.

This is important in business as it heightens a business’ chance of achieving success. It is crucial
for companies to conduct a SWOT analysis before embarking on any new strategies or before
they make critical business decisions such as investing in new products. The following is a
SWOT analysis of IKEA Company.

Background
IKEA is a favorite brand known for its quality and affordable home and office furniture.
Because of affordable pricing and quality furniture, IKEA has managed to achieve significant
sales, and high popularity, as well as a large customer base. The company has achieved this
success by using a combination of factors. IKEA provides quality, design, values, and utility in
its products and has managed to prove its sustainability (Edvardsson and Enquist, 2015). From
design to packaging, to sourcing, and distribution, the company’s focus has strongly been
founded on quality and affordability of its products. The company aims to provide people with
beautiful and exquisite lives inside their homes. The company majorly distributes its products in
brick and mortar stores as well as through online channels. According to IKEA, its design
process is democratic because it includes customer ideas and opinions (Edvardsson and Enquist,
2015). Some of the factors that make IKEA such a favorite brand are attractive and novel

SWOT ANALYSIS: IKEA 3
designs, a vast array of products, excellent product quality, and also a great chain of distribution.
All these factors contribute to IKEA being considered a great brand.

SWOT Analysis
The table below shows a summary of IKEA’s SWOT analysis.

Strengths
• Worldwide presence
• Brand image
• Affordable products
• Excellent product designs
• An enormous range of products
• Leading brand with a strong financial
position
• excellent store design

Weaknesses
• No strong position
• Demographic design concept may not
be a source of competitive advantage

SWOT ANALYSIS: IKEA 4
Strengths
IKEA has made its presence visible worldwide with over 377 stores in major countries
across the world. Its products are also available online through the company’s website and can be
purchased via the IKEA online store app. The company has over time managed to maintain a
strong brand name, and it is best known for its quality and affordable products. The products are
attractively designed to meet the needs and attention of a wide variety of customers (Torekull and
Kamprad, 2016). The company also prides itself in an extensive product range that customers
can choose from.

IKEA is also a creative and innovative brand that makes homes beautiful by offering a
wide range of furnishing products. It has a separate category of indoors products for beautiful
interiors and outdoors products for beautiful exteriors. The company has strong global brand
recognition and attracts major demographic clients. IKEA has a unique business model that
ensures that it has no direct competitors on a like-for-like basis (Keegan and Green, 2015).

Opportunities
• Business opportunities in emerging
markets
• Strategic partnerships with other
brands
• Production in India and China
• Adding premium quality products

Threats
• Increase in demand for premium
products
• Increased competitive pressure from
the rival brands

SWOT ANALYSIS: IKEA 5
In 2017, the company’s sales grew to 31.9 billion Euros standing at 11% higher than in
2016 (IKEA.com). This is an indication of financial strength. Another significant advantage is in
its stores. IKEA sells 9500 products through its regional stores, and it, therefore, considers
essential to design modern and stylish products majorly designed for the Gen Y customers. IKEA
should continue with these strategies to sustain its competitive advantage and should also look in
to creativity and innovation to keep up with emerging trends.

Weaknesses
IKEA has not managed to perform well in the Asian market as compared to other
markets. In the Asian markets, the company has a low presence as well as demand. Additionally,
the company has seen heightened competition from other stronger brands in the Asian markets
which also provide high quality and affordable furnishing products. The company has also failed
in its demographic design concept. This concept has been unsuccessful in ensuring a sustainable
competitive advantage (Keegan and Green, 2015). Although IKEA’s presence in Asian markets is
improving, this growth is slow-paced and takes a longer time. The company has to involve a lot
of advertising and product branding to strengthen its brand awareness.

Opportunities
IKEA can obtain significant opportunities in Emerging Markets. The company can
increase its revenues and profits if it can be able to improve its brand presence and demand in
these markets. Furthermore, the company can get involved in strategic partnerships with other

SWOT ANALYSIS: IKEA 6
popular brands in emerging markets; especially in Asian markets. Ultimately, Asian countries
have cheaper raw materials as well as labor. IKEA can, therefore, set up production facilities in
countries like India or China to take advantage of cheap labor and raw materials to reduce its
production costs (Garvey, 2017). IKEA also has an opportunity to add premium products and
services to its kitty. This will enable the company to expand its customer base. The company
should also focus on CSR to gain loyalty and brand awareness in countries that it operates.

Threats
The recession period has already passed, and this means that economic activities have
increased globally. The demand for premium products has also gone up as a result of improved
economic conditions. This can be a significant threat to the affordable range of products that the
company provides. Also, more competitors are entering the low price furnishing market, and
therefore the company needs to reinforce its unique products to gain competitive advantage
(Schirone, 2012). Another threat is that IKEA has been unsuccessful in building a strong position
in the Asian Markets and so other similar brands in these markets pose a significant threat to its
overall sales here. Another significant risk to the company is the cost of production. IKEA’s
primary strategy is providing high-quality products at low and affordable prices. However, with
the rising global economy, the number of raw materials, labor, and production are increasingly
becoming high (Garvey, 2017). This can be a threat to IKEA in terms of providing low-cost
products because it risks incurring losses. To counter this the company should try to find a

SWOT ANALYSIS: IKEA 7
balance between the low cost and the cost of production. The company may have to re-evaluate
its production cost and measure it against future production costs to limit losses.
Recommendations
The company should prioritize its focus on improving its presence and demand in the
Asian Markets. IKEA should actively pursue effective marketing strategies to increase its brand
awareness in countries like India and China. Additionally, the company should look in to
partnering with local retail brands to enable it to gain a foothold in emerging markets and also
add new premium quality products to its portfolio. Also, IKEA believes that there cannot be a
compromise between low prices and high-quality products. However, the company needs to
balance its need for low-cost products against that of producing high-quality products. It needs to
differentiate its products from its competitors.
Additionally, IKEA needs to foster good communications with its customers and
stakeholders concerning its CSR and environmental activities. Currently, the company produces
print and online publications and also carries out radio and TV campaigns to enable it to
communicate with its audiences effectively. The company should keep up this trend and improve
on it to gain customer loyalty. The company is also currently focusing its design on Gen Y. This
is a good differentiation strategy, but with the current demand for premium products, the
company should consider including plans for all age groups. Overall, IKEA has made a strong
market position for itself and acquired a strong brand name. However, it may be time for the
company to expand its brand to more corners of the world and grab an even larger market share
through the introduction of products for all age groups and prices.

SWOT ANALYSIS: IKEA 8

References

Edvardsson, B., & Enquist, B. (2015). Values-based service for sustainable business: Lessons
from IKEA. Routledge.
Garvey, P. (2017). Unpacking IKEA: Swedish Design for the Purchasing Masses. Routledge.
Keegan, W. J., & Green, M. C. (2015). Global marketing. Upper Saddle River, NJ: Pearson.
Schirone, D. A. (2012). Customers’ behavior analysis in the furniture field: IKEA case in the
Northern Part of Bari province. Journal of Knowledge Management, Economics and
Information Technology, 2(6), 54-73.
Torekull, B., & Kamprad, I. (1999). Leading by design: the IKEA story. HarperBusiness.

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E-commerce and related technologies

Compare and contrast two organizations in the same industry that use e-commerce and related technologies.

Identify and describe both companies, noting what industry they are in.

What types of e-commerce and other related technologies does each use?

From the standpoint of a customer, which one do you think uses these technologies more effectively? Why?
From the standpoint of a business manager, what factors should be examined when evaluating the two organizations and their use of e-commerce and other related technologies?

Are there areas in which either could expand or improve? Explain.

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A rental system Assignment Help Available

A rental system

As for progress report 2, the following sections are required:
1) Planning phase:
(a) Technical Feasibility (discuss available hardware and software required to develop the desired system, specifications, functionality, versions, compatibility, and others).

(b) Financial Feasibility (also called budgeting). You need here to develop the Cost Benefit Analysis. On an Excel sheet or another software, determine the costs (one time and running costs), and benefits (tangible and intangible), and then do the comparison. The excel sheet should present the Net Present Value, Break Even Point, and the Return on Investment).

(c) Time Feasibility (also called Scheduling). Here you need to use MS Project to develop Gantt Chart and PERT Diagram, and illustrate the task activities, duration, predecessors, milestones, task details and resources). By showing PERT diagram, th slack time, slack path, and critical nodes should be identified.

Analysis Phase:
(a) Requirements gathering. You need to discuss the types of requirements (functional, non functional, …) to discuss them with the reference of your project.
(b) Process modeling: creating Context diagram and Data Flow Diagram.
(c) Data Modeling: creating the Entity Relationship Diagram (and the Enhanced of necessary).
(d) Decision modeling: by using structured English,
Decision Table and Decision Tree.

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National Business Environments Assignments

National Business Environments

You want to launch a business internationally, and you need to choose 3 countries—1 in the Middle East, 1 in Asia, and 1 in Latin America.
• What are some of the components of these cultures that you need to understand from a business standpoint?
• How are they different in each country? Specifically, what considerations will be necessary to facilitate collaboration across these cultures? Identify supervisory skills appropriate to respond to your considerations.
• Can you have a U.S. management style in these countries? In support of your answer, show how various issues would influence the success of multicultural teamwork.
• How are their economic systems classified? Explain why they are classified as such.
• After studying these countries, explain whether you should or should not move forward with your business plan.

Reference
https://www.kwintessential.co.uk/resources-types/guides

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Business Forms and Governance Essay Assignment

Business Forms and Governance

Scenario: You are a sole proprietor presenting to a group of investors, seeking 20 million dollars to raise capital for your solar panel manufacturing and installation company, Solar Co.

Prepare a 7- to 10-slide Microsoft® PowerPoint®, presentation with speaker notes for your potential investors, and address the following items:

Choose one type of business entity that you plan to use for Solar Co., and explain why you would choose this type of entity rather than the others. What risks and issues specific to this industry and Solar Co.’s business influenced your decision?

Assume that at least one investor will question whether Solar Co. should be organized as a corporation. Summarize, for the investors, what legal liabilities could arise for the directors or officers of that corporation. How could those liabilities for the directors and officers be minimized?

** the speaker notes is what needs to have most of the 825 word count, you can use info-graphics to accomplish the 7-10 Slides requirements**

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Business and Professional Writing

Business and Professional Writing After reading Chapters 1 and 2 in your text, identify in what context face-to-face communication is appropriate and when technology – or mediated – communication is appropriate in a business setting.

The book for this class is Bovée, C. L., & Thill, J. V. (2018). Business Communication Today (14th ed.) New York, NY: Pearson. Business writing includes memorandums, reports, proposals, emails, and other forms of writing used in organizations to communicate with internal or external audiences. Business writing is a type of professional communication and is also known as business communication and professional writing. Learning how to write proper business documents is immeasurably easier by studying examples of proper business writing as well as tips on how to accomplish it.

Business Plan Market Opportunity Assignment

Business Plan Market Opportunity Assignment (Lending money to work for class and young people in Jordan for shopping, education and health purposes).

It is for business purposes not academic

The Jordanian market? Include geographic descriptions, target demographics.

What is the size of the Jordanian market? What is the population and spending habits and levels?

Why do customers need and why will they be willing to purchase our products and services?

What segments of the Jordan market will focus on?

Will focus on ( Retail, education& health sectors )

What is the size of the market? Is it growing, stable, or in decline?

Is the demand for my specific products and services rising or falling?

The risk will is low risk because of the partnership with Jordanian banks . Also will focus on the people with secure income.

Recommendations :

Business Plan of a small Business

You are assigned to prepare a business plan of a small / family business of your choice. A business plan always helps us to examine a current market, identify customers’ needs and wants, plan for future actions, and predict possible expenses.

Your business plan must include the following:
– Clear title
– Table of contents
– Introduction (short description of the business – product – services
and its location)
– The main goal / objectives
– Vision
– Market research (target market, SWOT Analysis etc.)
– Marketing Plan – Advertisement
– Identify competitors
– Outline your financial needs (staff, materials, rent,
purchase, advertisement expenses, technology etc.)
– Possible investors
– Action plan (dates, season, implantation of actions etc.) –
Hypothetical speaking
– Conclusion
Please use of regular in-text citation throughout your document / plan and provide a reference list at the end of your assignment.

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Ethics play a vital role in business

Ethics play a vital role in business and in the accounting profession. Here is an opportunity to connect you current learning about inventory with the profession’s commitment to ethics.

EC5: Tiffany Lyons was just hired as the assistant treasurer of Key West Stores. The company is a specialty chain store with nine retail stores concentrated in one metropolitan area. Among other things, the payment of all invoices is centralized in one of the departments Tiffany will manage. Her primary responsibility is to maintain the company’s high credit rating by paying all bills when due and to take advantage of all cash discounts.

Jay Barnes, the former assistant treasurer who has been promoted to treasurer, is training Tiffany in her new duties. He instructs Tiffany that she is to continue the practice of preparing all checks “net of discount” and dating the checks the last day of the discount period. “But,” Jay continues, “we always hold the checks at least 4 days beyond the discount period before mailing them. That way, we get another 4 days of interest on your money. Most of our creditors need our business and don’t complain. And, if they scream about our missing the discount period, we blame it on the mailroom or the post office. We’ve only lost one discount out of every hundred we take that way. I think everybody does it. By the way, welcome to our team!”
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Accounting principles (13th ed.). Hoboken, NJ: Wiley.

You are to write a 2-3 pages paper. Use the ethics resources for accounting. Make sure to cite at least on source from those provided and reference them (in your separate reference page) following APA guidelines.

Respond thoroughly to the following questions in your reflective essay:

1. What are the ethical considerations in this case?
2. Who are the stakeholders that are harmed or benefited in this situation?
3. Should Tiffany continue the practice started by Jay? Does she have any choice?
4. Which Code of Conduct principle would you act on from the professional codes of conduct guiding ethical behavior in this field (Provide the name of the organization, and the code of conduct that pertains to why you act, and then provide the URL for your source)?
5. Based on your chosen code of conduct principle(s),
what would you do (step-by-step) in order to act in
accordance with your chosen principle to address this
situation?

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Business Forecasting and Demand Planning Project

Select one of the economic or social phenomenon (problem), determine what variables affecting this problem, and collect related data to this problem, either primary data (data collected by survey specially for the purpose of this research) or secondary data (data already exist on line) Write a theoretical framework and hypothesis to this problem and apply all statistical possible description tools, hypothesis testing, and correlation and regression analysis.
Use at least two independent variables with the dependent variable (Multiple correlation and regression)

OPM 535: Business Forecasting and Demand Planning
Term project: Spring 2019

Assignment Guidance Notes:
Grade is out of 15 marks
Report Presentation
Table of Contents
Introduction including the main phenomena under investigation and the related variables that should be well defined, with attached variable sets
Main Body of Report – including the hypothesis of the research, related analysis output and results
Conclusion and recommendations is important ending part.

References – Five plus
Appendix – not included in word count, and it should include all statistical software output
This is an individual work.
Business Report Structure – 2000 words +/- 10%
Size 12 font, spacing 1.5, Times New Roman, Justified

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