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IKEA Presentation
- 1. TERM PRESENTATION Ferdeen Aiman Javeria Mujeeb Nayyar Kamlesh Sir Arsalan BBA- 1A
- 2. IKEA’S MISSION STATEMENT “At IKEA our vision is to create a better everyday life for the many people. 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.”
- 3. CORE VALUES Humbleness and willpower Leadership by example Daring to be different Togetherness and enthusiasm Cost-consciousness Constant desire for renewal Accept and delegate responsibility
- 4. OBJECTIVES AND GOALS MARKETING OPERATIONS FINANCE HUMAN RESOURCE • Raising brand and product range awareness in the country • Improving online experience for both new and returning customers • Increasing product range development and adaptation to suit customized needs • Develop customer focus in each step of the process and train employees to provide the best customer satisfaction. • Process based quality management. • Continual improvement in quality. • Store layout needs to be changed • Transportation needs to be simplified • We will invest in being more accessible,” he said. “We will keep investing the same or even more over the next three years,” • Choosing the right people for the right job • Training and Development • Happy Employees = Happy Customers • managing poor performance
- 5. CORPORATE SOCIAL RESPONSIBILITY CSR Gender equality Waste reduction & Sustainable sourcing Tree plantation in UK “Save the children” in Sweden
- 6. IKEA’S FINANCIAL PERFORMANCE Total retail sales were EUR 38.8 billion. This includes sales of food and related services. Sales from E- Commerce were up by 31% this year however this didn’t really sound appealing as it counted for only 5% of the overall retail sales. Consolidated Profit & Loss Account for the FY ended 30 JUNE 2018 had accounted for EUR 2.4 million, up by 1.3%. However other operating expenses were managed in 2018 where expenses took a dip to EUR 585 million creating a positive 1.1% change. 5%2% 93% RETAIL SALES E - Commerce Newstores FY 18 Existing Stores 4th Qtr
- 8. IKEA‘S NICHE MARKET PRODUCTS Stockholm Collection: These products are specially crafted by Ikea which include Sofas, rugs, chandeliers, coffee tables and precisely made hand crafted bowls. LANDSKRONA COLLECTION: premium quality resilient leather in every sofa and also superior quality durable fabric and wood for support. Removable armrests make it easy to convert the sofa into a bed and give a goodnight sleep. VINTER 2018 CUSHION COVER COLLECTION: Cushion cover collection starts with a price tag of $2000 up to $7000. The Hand Crafted Embroidery pattern on the cover gives it an
- 9. UNIQUE SELLING POINT (USP) Flat pack formula which IKEA applies to furniture giving it a mass market appeal with functionality and quality at a very low price. For IKEA it has positive effects; Low-cost strategy of marketing. They provide lower prices by selling everything flat- packed and the self-service aspect of the warehouse which has equaled flat-rate prices, certainly being a unique selling point.
- 10. SWOT Analysis STRENGTHS WEAKENESSES OPPORTUNITIES THREATS • A strong global brand which attracts consumer groups • A wide range of well designed, functional products at a low price • Measuring its strengths using key performance indicators (KPI) • Controlling standard and quality • Need for low cost product • Need to update customers and stakeholders about environmental activities • A growing demand for greener products • A growing demand for low priced products • Demand for lower carbon footprint • Constantly changing trends and wants • New competitors • Changing economic conditions
- 11. PESTLE Analysis POLITICAL ECONOMIC SOCIAL • Impact of political controversies • Changing economic conditions (BREXIT) • Effect on import export customer budgets • Considering values and customs of country • Country specific designs TECHNOLOGICAL LEGAL ENVIRONMENTAL • E – Commerce • Website improving customer satisfaction • Criticism over tax evasion • Entry barriers in new markets like India • Committed investments & Extensive R & D in renewable energy resources
- 12. Headquarters & Stores of IKEA o IKEA has more than 420 stores around the globe. o IKEA operates its distribution in 49 countries globally. o Headquarters of IKEA are located mainly in Netherlands & Liechtenstein. o IKEA is operating one more distributor in Texas, USA
- 14. THANK YOU