A SWOT analysis of your business can help you prepare for what lies ahead by planning to address each of the four areas systematically. The best way to do this is to write key words and phrases under each heading. Choose "2 columns" and "2 rows.
IKEA is amongst the biggest retailers of furniture in the world. Would you believe that the business sells more than 10, furnishing products from well over stores in around 40 countries.
The company has in excess of million visitors to its stores, and its very successful website attracts in excess of million visitors every year.
Would you like a lesson on SWOT analysis? Weaknesses The business is experiencing problems in one or two home markets.
For example in the European market of the United Kingdom, IKEA has recently opened more stores which means that the number of visitors is divided by a greater number of retail outlets. So in the past the consumers would travel many miles to visit stores and each store had a large number of visitors, now these consumers have not really increased in number, but are now able to visit a more local store.
This has reduced the footfall per store and any sales density. One problem experienced by IKEA is that its flagship stores are not located in city centres, or even secondary locations near large populations.
They are out-of-town stores.
So consumers have to travel large distances to visit the stores. Their customers have to not only cost their travelling expenses, but they also have to collect large packages and take them home.
This would be a competitive disadvantage. Opportunities IKEA is traditionally famous for its diversification strategies. For example in the past they have sold food products and opened restaurants in their stores. So the online opportunity of trading through highly advanced e-commerce technologies is an ideal avenue for IKEA.
Obviously this helps the business to overcome problems with out-of-town stores since consumers can stay at home to shop and then request that goods are delivered to their doorstep.
Another opportunity lies within the new low-cost manufacturing nations of China and India.
So costs can be reduced and margins possibly increased by reducing labour costs. This will also give the business the opportunity to enter these potentially lucrative developing consumer societies.
Furniture could be made in factories in China, and textiles for curtains for example could be made in India. Like any global marketing company IKEA has to compensate for the global economic situation. The business needs people to move through the family life cycle.
Empty nesters need to equip their homes with furniture. So interest rates need to be low enough so that they can afford to borrow money to equip their new homes. There needs to be plenty of low-cost housing for them to be able to do this.
Do they have job security? IKEA is trading in relatively mature consumer markets, and has entered all plausible free markets countries. The new and emerging nations of India and China sometimes make it difficult for IKEA to embed itself as a supplier to new consumers.
For example, there are often foreign ownership rules which mean that IKEA might have to take a local business partner. Strengths IKEA is certainly an environmentally friendly business with a keen focus upon sustainability.
In years gone by the company had been accused of encouraging wastefulness since it made a very large numbers of furniture products at low prices. As part of an integrated public relations campaign — IKEA now focuses on sustainability and made it an underpinning principle of its business philosophy.
For example, IKEA imposes very strict control measures on some of its suppliers, such as those based in the greater China region.Educational Website Business Plan: Learn from education business, One Week At A Time’s business plan example, and create an educational website of your own.
Related: Business Plan Format Guide Voorbeeld businessplan periode Dit bestand kan gebruikt worden als voorbeeld bij het maken van een businessplan voor een toeristisch bedrijf en tevens ook voor het maken van een marketingplan.
A go to market plan or a go to market strategy is an organizational plan that is meant to utilize resources to deliver a unique value proposition to customers. Such a plan is meant to help the organization achieve a competitive advantage over its rivals.5/5(1).
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