International Business

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Academic Year 2018-2019

Table Of Contents

Executive Summary .................................................................................................. 3

Introduction ............................................................................................................... 3
Situation Analysis ..................................................................................................... 3
IKEA's Diversification in China ............................................................................... 4
Mission Statement ..................................................................................................... 5
SWOT Analysis......................................................................................................... 5
PESTEL Analysis ...................................................................................................... 8
Marketing Mix........................................................................................................... 8
External Management ............................................................................................. 10
Competitive Advantage & Target Market .............................................................. 10
Financial Statement ................................................................................................. 11
Internal Management............................................................................................... 12
Factors Influencing Consumer Choice .................................................................... 14
Conclusion ............................................................................................................... 15
Recommendation ..................................................................................................... 16
References ............................................................................................................... 16
Executive Summary

IKEA group is one of the top furniture retailers in the world. With its unique combination of
form, function and affordability, IKEA distinguished itself from other furniture retailers. With its
success in US, Europe, IKEA entered the Gulf market with the hope of continuing its success.
Even if it was not very successful initially, it improved through its market research and
advertisements. Nowadays, IKEA captured major market share in the China market and also the
reputation of being the fastest-growing furniture retailer in the China.
IKEA has widely succeeded globally and it has a highly strong business culture with a Swedish
image. In order to enhance the culture perspective of IKEA, they make sure to interpret symbols
in specific countries.

Introduction

IKEA, based on south of Sweden, was set up in year 1943 by Ingvar Kamprad, in his 17 years
old. IKEA is only global-scale furniture Distributor, its furniture is widely acknowledged as the
international, low-cost and good -quality home products and IKEA's furniture are also known for
its modern design. Currently, the Group has established more than 292 IKEA stores in thirty-six
countries and the other stores are run by franchisees which are out of the IKEA Group in 16
countries. One of IKEA's business principal is to provide a wide mix product, and functional
right furnishing articles, with the lowest price possible so as to attract as many as possible people
to purchase them.

Globalization is the current trend for most of the companies nowadays and to gain market share
in new entry countries especially Asia, IKEA corporate and business strategies determine its
sustainability and competitive advantage among competitors in future. The main assumption of
IKEA's global strategy is that one design suit's all. IKEA offers nearly 1200 items to the home
furnishing market in world wide. It sold a wide range of products including furniture accessories,
bathrooms, and kitchens. With these different types of products of furniture IKEA entered in
different parts of the world. Across the Europe, Asia and Australia. Means IKEA entered in the
biggest market of selected countries, and in 2003 IKEA was on 43rd rank on a list of the top 100.
And I believe that the another reason of their success in Japan that they do not confronted with
any direct competitors. But I recommend IKEA need to focus more on PR and marketing in
order to maintain a strong and fast mover company. And these could be the biggest advantage
over other potential competitors in market.

Situation Analysis

IKEA Lead the way in the field of self-assembly furniture, studies showed that IKEA is a top
provider of products like flat pack bookshelf, PUGG clock, beds, wardrobes and bathroom items.
IKEA has the advantage of offering several different items. The company’s products are traded
at various retail outlets like the Marina mall. Most of the sales are in Europe and Asia; therefore,
the company does not incur huge cost of export. Live moves fast and the company create
products that help people on the move to live comfortably.

IKEA's Diversification in China

IKEA started its retailing operations in China and set up its first store in Shanghai in year 1998.
The decision of IKEA to enter Chinese market stems from supporting political, social and
economic conditions that allow IKEA to beneficially acquire advantages in the Chinese market.
IKEA needs to face various challenges in terms of business practices, socio-economic and
political conditions, as well as its unique culture in Chinese market. Chinese people from
different regions may exhibit distinct characteristics as well. Taking the language for example,
the spoken language varies greatly from region to region. It is not surprised that someone from
Shanghai cannot understand residents of Guangdong province, if without special study of
Cantonese.
In China, IKEA's products have the image of catering to high-end consumers, whereas the
perception of IKEA's products is regarded as a 'good value' buy elsewhere in world. In order to
attract larger number customers and maintain the company in reasonable profit, IKEA continues
to implement the effective strategy both from external and internal cultural management.
Mission Statement

IKEA’s mission and vision are the same statements:

“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.”

SWOT Analysis

Strengths
1. Customer knowledge. One of the key competitive advantages IKEA has is its extensive
knowledge about the customers. The company understands the purchasing factors that
influence customers to buy and implements the best practices to induce that decision.
IKEA offers low prices and a huge range of products. Designers constantly introduce
new design products that look stylish in the eyes of customers. All the products are
designed so it would be easy to transport and assemble. Moreover, the company offers
the widest product range and positive shopping experience. All of these factors are
 aligned with what customers want and need and which results in higher sales. Without
such extensive customer knowledge and best practices to benefit from that knowledge,
IKEA would be unable to outcompete its current competitors.
2. Constantly using innovations to drive costs down. Low prices are the cornerstone of
IKEA business idea and the company always try to do things as efficient and cost-
effective as possible. To drive costs down all the time, the company must find new and
innovative ways to do that and to incorporate them in its businesses model. The business’
innovations include new materials that contribute more to sustainable environment and
are less costly or using newest ways of packaging, handling and transporting materials.
3. Supply chain integration. IKEA is committed to long lasting relationships with its
suppliers. In this way, the company can order large volumes and benefit from lower
prices and greater quality while suppliers are assured of guaranteed orders. IKEA sources
its materials close to suppliers to reduce transporting costs. The company also uses
IWAY approach to closely integrate suppliers with its supply chain. All the efforts of
closely integrating supply chain results in lower costs and a competitive advantage.
4. Brand reputation and market presence. According to Interbrand, IKEA is the most
valuable furniture retailer brand in the world, valued at nearly $US 12.8 billion in 2012.
The business operates 332 stores in 38 countries and is present in the major world
markets. More than 600 million customers visit IKEA stores every year. Worldwide
market presence and strong brand reputation ensures that customers will often choose
IKEA over its competitors.
5. Diversified product portfolio. Unlike IKEA’s largest competitors, the company has
fairly diversified businesses. In addition to its furniture products, the company operates
restaurants, houses and flats. Although, firm’s main business is designing, manufacturing
and selling furniture it is not so affected by the changing forces in this market as other
furniture retailers.

Weaknesses
1. Negative publicity. The company has been criticized many times for issues like poor
treatment of employees, questionable advertising practices or lobbying government
authorities. Negative publicity decreases brand reputation and customer loyalty.
2. Low quality of products and services. IKEA is unable to find compromise between
continuous cost reductions while maintaining the same quality of products. According to
UK Customer Insights report on IKEA by Verdict, IKEA’s customers are less satisfied
with its product and services quality than the average customer in UK buying at other
stores. Firm’s cost reductions lead to decreasing product quality, which was followed by
higher number of products returned and damaged brand.
3. Standard products. IKEA’s main competitive advantage derives from low costs, which
in part are achieved due to standardized products. Standardized products attract fewer
customer segments. Therefore, the business inability to offer better quality more
customized products allows its competitors to fill that niche and fortify their position in
it.
Opportunities

1. Further expansion into developing economies. Retail markets grew by at least 5% on

average in emerging markets in the last year, opening huge opportunities for IKEA’s
revenue growth. The company currently operates in most of the developed economies but
hasn’t firmly stepped into developing economies, except China. There are great
opportunities for IKEA to expand into Brazil, Mexico, Indonesia and Malaysia to
increase its presence in these markets to sustain future growth.
2. Growing online sales. Online retail sales account for 17% and 4% of total retail sales in
UK and US respectively. Online sales grow constantly and with 870 million visitors to its
website IKEA could exploit this opportunity and benefit from increased sales and lower
costs.
3. Expansion to growing grocery market. The current trend of eating healthier food has
resulted in higher demand for grocery products in many developed economies. IKEA has
an opportunity to expand its grocery business by introducing more grocery stores in its
current retail places. The company is already successfully managing its food outlets, so
this expansion opportunity would be well aligned with the current operations.

Threats

1. Intensifying competition. Many low cost retailers such as Walmart, ASDA or Tesco are
entering homeware specialists market where IKEA operates. These large retailers have
similar specifics as IKEA, including low costs, well managed supply chain and huge
market presence and can easily gain some market share from IKEA.
2. Growth of average consumer income. Growth of average consumer income means that
people buy less low price and low quality products, which is exactly what IKEA offers in
its stores. With the rising income people will be less attracted to IKEA and will turn to
retailers that offer higher quality homeware products.
PESTEL Analysis

Political Trends
Industries in most economies are affected by political influences and legislations. Many
governments show a trend for privatization and trade agreements. Free international trade and
new firms entering the furniture industry will increase the competition for IKEA in the future.

Economic Trends
Economic trends that affect the furniture retail industry are the gross national product (GNP),
personal disposable income growth rates, inflation rates, unemployment levels, interest rates,
exchange rates, tax rates and wages rates. These economic trends influence the purchasing power
of the customers. The revival of world recession and global economic trends are positive for the
growth and stability of IKEA.

Socio-Cultural Trends
Human search changes forever. The requirements, tastes and fashions of the customers are
subjected to changes frequently. Therefore, IKEA should continue to possess its capacity to
adapt to the socio-cultural trends.

Technological Trends
The world is subjected to a series of technological revolutions and so does the furniture industry
that is affected by major shifts in the technological paradigms. IKEA should concentrate more on
genetic engineering of its product to ensure its long term stability and growth.

Marketing Mix

Price
IKEA's strategy is based on cost leadership. Across markets where it has current presence,
products are sold at low prices. Prices are 20 to 30% lower than competing products. Price varies
only in a result of fluctuations in exchange rates. This pricing enables IKEA to gain significant
market share. Low prices are a result of large-quantity purchasing, low-cost logistics, store
location in suburban areas and a ‘Do it yourself’ approach to marketing.
IKEA also benefits from economies of scale and healthy supplier-firm relationships. IKEA
enters into long-term contracts, provides leased equipment and technical support in exchange for
exclusive, low-cost manufacturing from suppliers. For new markets, IKEA should retain its
price-image to maintain the brand's positioning.

Product
IKEA's value chain is unique in that customers are also suppliers and suppliers are also
customers. The transactions between the supplier and IKEA and on to the customer have a value
adding step in each stage.
Product differentiation exists in the value-added dimension. IKEA's consumers know the concept
of IKEA of Do it yourself with most of its products requiring assembly after purchase. But
although assistance in this aspect is limited, IKEA offers customer service and home delivery
services which includes transporting and assembling furniture.
While this is well accepted in areas where IKEA now operates, it may be a point of consideration
when entering new markets. They just give the list to sales person n tell them to bring the
products which is not the concept of IKEA but still sometimes we have to do this for the
customers to keep them satisfied with the service we provide.

Place
IKEA store is located in Dubai Shopping Festival. Which is a good location one of the Middle
East's largest mixed use real estate projects, that covers over 1,200 acres. Spread over 25,400
square meters This is a factor in the achievement of IKEA's low pricing. While it may appear as
a disadvantage, this fits IKEA's target market of customers willing to transport their own
purchases and requiring less assistance in assembly.

Promotion
IKEA's promotion is entered on the IKEA catalogue which they launch every September of the
year. There catalogue of 2015 has been distributed all around the world in millions. This is their
best marketing and promotional strategy.
Proposed strategic choices will improve sales and market share by bringing new products and
introducing IKEA Family in Dubai. This will increase their market share in Dubai because study
shows that IKEA customers want something more from IKEA and disabled people can benefit
from IKEA Family with special discounts and services.
External Management

From the external cultural management perspective, to help Chinese customers deeply
understand the IKEA concept, the company also posts in-house instructions and design
suggestion, publishes brochures, which is distributed in the stores and through the mail, and
operates a completed company website. Meanwhile, in order to better understand Chinese
people's lifestyles and their home aspirations and frustrations, IKEA performs a large number of
home visits, surveys, and focus group meetings. In additional, IKEA also study the customers'
comments on IKEA'S product range, price and service levels, and it provide the useful
information for the company to position its target consumers.

At the very beginning, most of IKEA's China customers are range from 20 to 35 years old. As a
result of the market repositioning strategy, the stores are now attractive an increasing customer
with age closing to 45. Among these customers, many are generally well-educated couples and
earn higher double-income with no children.
In additional, with keeping up-to-date study on Chinese home-life, IKEA alters products to meet
the local customers need. For example, IKEA sold standard size beds in mainland China, while
the consumers in the Sweden generally prefer larger items. However, the value of "the customer
is kings" is also deeply acknowledged in the Chinese people minds, and the Chinese customers
prefer to enjoy the completed services in the whole process in their furniture purchasing
activities. Normally, the Chinese customers would like to shopping accompany with the store
staff to introduce the products to them. Meanwhile, for most of the Chinese customers, it is
perfectly that the store staff to distribute the products directly to their house and install all the
furniture as well.

Nevertheless, IKEA creates the unique shopping environment in China, and teaches customers of
the concept of self-services. It encourages the customers coming to personal if they have any
question or need for any assistance. Nowadays, Chinese people would use IKEA Beijing Store as
the theme part, hanging out in the store and directly experience the furniture.
IKEA also adapt its do-it-yourself assembly concept to the Chinese consumers, which are very
appreciated in the West. As the labour costs in west are much higher than in China, the western
people prefer the assembling product for saving money and some of them actually enjoy install
the furniture. In China, the people prefer to the ready products and use the IKEA's assembly
services more than in other countries.

Competitive Advantage & Target Market

IKEA has a competitive advantage over its competitors and has sustained it for a while. This
advantage can mainly be attributed to its resources and capabilities namely human resources,
brand and IKEA concept. Ingvar Kamprad the founder of IKEA though retired is still a
cheerleader for the practices/concepts that define IKEA culture. Cutting prices is one of the
competitive advantages, IKEA has over its competitors and this is another message that comes
across loud and clear among IKEA operations. IKEA aims to lower prices across its entire
offering by an average of 2 percent to 3 percent each year.

Targeting middle class customers who shares buying habits and providing similar shopping
experience the world over has made IKEA a unique shopping experience. More than 7200
products ranging from kitchen cabinets to candles and textiles; making store visit more of an
outing than a chore; seducing the customers with one touch after another within the shop;
offering other services like restaurant, kids area and the like; flat-packed nearly all big items to
save shipping cost and allow shoppers to haul their own stuff and many more, makes IKEA
concept of its own kind and as a results boost its image.

These resources are valuable but each on its own is not rare and hard to imitate. IKEA's ability to
combine these resources in the way it has done, makes the whole experience rare and non-
imitable. As a result, IKEA enjoys and sustain a competitive advantage over its competitors.
These analyses are basically done to understand your competition which gives you an edge. It
helps you in giving you an indication of their past, present and future strategies. It helps you to
clarify your own competitive advantage and it helps you develop strategies to outmanoeuvre
them.

Identifying IKEA's competitors and understanding them would help IKEA a lot in their
strategies. Home Centre is one of their competitors but looking at the past sales and profit figures
IKEA has done better than Home Centre. Home Centre has been very brave in their marketing
strategies. Their promotions and advertising has been one of their strengths but IKEA on the
other hand has different activities going on in the store. For example, last month they had
Lighting Activity and this month they have Dining Activity which means they introduce new
products in these lines and display them in the best and strategic places where most customers
can see and buy them.
Financial Statement

The hybrid strategy which is been used by IKEA is very successful and difficult for the
competitors to copy. IKEA is able to stand a head of the competitors because; targeting the
middle class, they provide differentiated products at the lowest cost possible. These products can
be very simple ones such as paper measuring tapes, pink plastic watering cans, scented candles
and pencils. IKEA is able to grab the attention of the customer making them purchase items
worth $ 500 from glassware to storage units, when the customer had just stepped in to purchase a
coffee table worth $ 40. According to one of the shoppers at IKEA, they have this way of
making one believe that nothing is expensive.
Outsourcing from China is one of the opportunities, because sourcing from low cost countries
like China would reduce its cost and enable IKEA to concentrate on increasing its market share
through competitively priced product offerings.
IKEA is very successful in cutting the unnecessary cost incurring. Therefore, IKEA has been
able to employee the least number of employees needed to work on the floors. Taking the
following as a plus point to success IKEA should have consistent training for the new and
energetic too. It is vital for IKEA to understand the different staffing policies the host countries
would prefer. This knowledge would result a multicultural perspective for the success of the
organization.

Internal Management

From IKEA's internal culture management aspect, there are differences among the working
culture in every country. The western culture and Chinese culture is significant difference in
some aspects, therefore the business culture of Sweden and China is also obvious diverse. The
theories mentioned that western culture is more inclined to the individual way, in this regard and
the managers of IKEA Sweden are pretty good at marking contact and build up team work, and
they often want to jump into projects and participate. In the same time, the communication in
IKEA Sweden works vertical and the employees are not afraid to disagree with their superiors.
The management style is informal, for example they address each another with their first name.
The management style is also based a lot on delegations. Meanwhile, IKEA Sweden has an
open-door policy, every employee is welcome to directly go and speak to their superiors if there
are some ideas on their mind. In the end, the atmosphere around the store managers in Sweden is
quite open and friendly and the employees all seems to be comfortable to talk and make jokes
with their boss. This kind of management style and the working environment is very important in
IKEA's culture.

As mentioned earlier, the Chinese culture is prone to more connotations, and Chinese prefer to
express their own emotion and idea in the puritanical way. The unique characters of Chinese
culture lead the traditional Chinese corporate culture tending to emphasize the relationship and
respect their seniors. The traditional Chinese corporate culture tends to emphasize seniority and
relationships more than responsibility and accountability which is contrast with the Western
emphasis on personal accountability and demonstrated merit and ability. The values of caution
make the store managers in China taking a long time to make a decision and unwilling to make
the risky decision. What's more, if the store managers in China under this conservative
management style, the employees in IKEA China, who most directly people connective with
customers, would not create the new ideas and express the useful information for their
supervisors.

In another hand, due to the rapid economic development in China in the recent decades, the
value of "time is money" is deeply caved into China business culture, in particular in the
residents who living in big cities in China. Hence, the time is also as a further more environment
factor to manage in majorities of companies in China, and it is used thoroughly, budgeted
properly and should not be wasted. However, this is not really how IKEA works when they
making their decisions, actually IKEA allows the mistake to be made in the working, and
something that would cost time.
In order to make sure that important values are spread throughout the entire organization, even
out among the customers, IKEA has implemented team-building activities throughout the entire
store in IKEA China. To avoid the store managers unwilling to take risk in general would do in
Chinese companies, IKEA provide the internal in-house or oversea training to the store managers
and the general employees in IKEA China, with a view to enhance the management
understanding the values of IKEA and every member in IKEA make their points. After putting
lots of the efforts in cultivating the open and free working environment, currently, IKEA China
is well organized on how to take care of the new hires. As soon as a new employee step into the
companies, he or she needs to take the short-term or median terms of orientation training, and
they would be taught of the values of "IKEA way".

Meanwhile, with willing to be in consistence with the human orientated culture, IKEA organize
the annual outing, the big kick-off parties when IKEA catalogues launch and sport activities
occasionally for the entire stores in China, and this helps to create the happy working
environment for everyone in IKEA. Through building up this internal company culture, it is
helpful for the store managers to take their own responsibilities and initiate the innovative ideas
in the management. Meanwhile, it is obviously improving the employees' feeling of belonging of
"IKEA" and the employee feel more casual to express the own ideas and suggestion to their boss.
In IKEA China, the employees are also come up with the difference opinions on some essential
and valuable ideas, which are useful for running the business. Based on the implementing
effective cultural management strategies in China, IKEA overcome the barriers of western and
Chinese culture and significant gains the diverse cultures in China.

Ethical Issues

Different people and perhaps different cultures share different ideas when it comes to knowing
what human rights is actually all about. Every country has its own environmental regulations
which must adhered to. Ikea Is a company which abides by the environmental protection and as
such, Ikea has been working on becoming more ecofriendly like for instance customers have to
pay extra money for plastic bags and they are also increasing the use of renewable energy in its
stores and to some extent, it wasn’t easy for Ikea implementing all those factors in China. Some
Chinese customers who are price cautious will definitely not be pleased with spending extra
money for a plastic bag and some of them may also find it annoying to always be bringing their
own shopping bags to stores. Also, the majority of suppliers in China did not have the necessary
technologies to provide green products that met Ikea’s standards and also helping them adopt
new technologies meant higher cost, which would not be good for its business. So IKEA decided
to just continue to offer low prices for their products in order to stay in business.

Factors Influencing Consumer Choice

Best service value strategies: IKEA's business philosophy and how business is done at a very
successful organization is best described through the 4 strategies of an IKEA Store. They give
even greater insight to why customer service is so good at these stores.
1. To show home furnishings solutions full of home furnishing ideas by providing measuring
tapes, catalogues, pens and notepaper.
2. To serve as a well-qualified home furnishing specialist so there will be more chance that
customers will buy IKEA's products.
3. To provide a day out for the whole family. Giving this, the most informal interaction is good
for creating friendly attitude and it will keep customers coming back for IKEA.
4. To provide an after-sales service. IKEA should provide an online database of FAQs and
contact details as samples of its commitment to after-sales service. As an added value and as a
way to attract customers, IKEA offers superior customer service. IKEA meets customers with
catalogues, tape measures, pens, and notepaper. The shortage of salespeople affords customers
the opportunity to shop in freedom and to take notes.
IKEA also offers services to parents while they shop such as the supervision of toddlers, infant-
changing rooms, and attendants who warm baby bottles. Snack bars sell Swedish specialties at
low prices. The strength of IKEA is its ability to shift a variety of cost burdens to the customer
that might be found desirable or perceived as an added value. More advices mean that customers
are more certain before buying furniture in any IKEA Store. IKEA outlet's staffed sales should
indicate their best attitudes and respects towards customers.

Conclusion

IKEA has no direct competitors so it does not directly influence other businesses through its
strengths and weaknesses. Healthy competition is always done on one to one basis. Weakness of
IKEA is also that it has no direct competitor. Presence of direct competitor boosts the company
performance.
The above analysis with regard to cross-cultural management has shown that there are highly
distinguished differences in the attitudes and behaviour of managers and employees from
different countries/regions which worked in the multinational companies or global organizations.
In this regard, the cross national companies and organizations shall make the great efforts to
understand and document cultural differences when they step into a new situation, including the
deeply understand the people's characteristic, their ways of things, lifestyle, belief and so on.
From the case of IKEA's business operation in China market, noted that the communications,
particularly in the process of integration the dissimilar companies are an effective approach in
the cross-cultural management. In this regard, the management of the multinational companies
shall be clearly awareness of the important of the communication. Effective communications are
able to establish a friendly understanding of the difference values and beliefs of people in the
diverse culture.
In the end, the managers shall build up a common strategy and clearly mission for to articulate
the local culture, including the specific responsibilities and roles of employees in each level.
Meanwhile, the multinational companies must recognize of the advantages and disadvantages of
the cultural difference in the business activities, establishing the suitable cross-cultural
management, and build up the competitive edges in the international market.
IKEA has evolved as a global leader achieving a cult status in the retail industry and has earned
the faith and goodwill of the customers all over the world by exploiting its strengths in
production, marketing and distribution sectors. The growth prospects and business expansion are
already approaching saturation. In addition to focusing on expansion, IKEA has to be very
careful in preserving its image as a cost effective solution without compromising on quality.
Search for greener pastures and fertile economies to sow the seeds of success have to be
meticulously carried out by overcoming the challenges faced by the industry.

Recommendation

In my opinion, to survive in the changing environment, IKEA have to constantly adapt changes
and aware on customers’ preference trend. Several elements IKEA may focus to improve its
value proposition as well as to maintain competitive advantages.

References

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