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Term Project Proposal, 1️⃣ two people discuss about buying furniture,…
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- Young household looking for a new and affordable furniture
- Low income, working class and middle income house hold
- Small business
- Restaurant
- Member card (discount for loyal customer)
- Home delivery service
- Restaurant and playground for children
- Innovative furniture products
- Affordable and high quality
- Ready to assemble furniture, kitchen appliance
- A wide selection of well design furniture
- Child care
- Online shopping
- Designing new furniture
- International market expension
- Digital platform
- New product development
- Worldwide suppliers
- Delivery company
- IKEA group
- T Moblie
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- IKEA physical store
- IKEA online store
- IKEA catalouge
- Designing new furniture
- International market expension
- Digital platform
- New product development
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1.Production.
- Designing new furniture
- Acquiring more customer
- Building new store
- Digital development
1.Selling furniture and other products
- IKEA restaurant and food
- Online Shop
- Sim 2 game
- Franchise fees
THREATS
- Intensifying competition
Low cost retailers such as Walmart, ASDA or Tesco are entering homeware specialists market
- Growth of average consumer income
people buy less low price and low quality products but will turn to retailers that offer higher quality homeware products
STRENGTHS
- Customer knowledge Designed products look stylish and easy to transport and assemble. Low price, widest product range and positive shopping experience
- Constantly using innovations to drive costs down New material to sustainable environment or Newest ways of packaging, handling and transporting materials.
- Supply chain integration long lasting relationships with its suppliers=> lower prices and greater quality
- Brand reputation and market presence 32 stores in 38 countries and is present in the major world markets. More than 600M customers visit IKEA stores every year
- Diversified product portfolio Beside furniture products, the company operates restaurants, houses and flats
WEAKNESSES
- Negative publicity
poor treatment of employees, questionable advertising practices or lobbying government authorities => decreases brand reputation and customer loyalty
- Decreasing quality
Firm’s cost reductions=> decreasing product quality
- Standard products
main competitive advantage is low cost (attract fewer customer segments) & inability to offer better quality =>competitor will fill that niche and fortify their position
OPPORTUNITIES
- Further expansion into developing economies
operates in most of the developed economies only (except China). Great opportunities for IKEA to expand into Brazil, Mexico, Indonesia and Malaysia
- Growing online sales
Online sales grow constantly and with 870M visitors to its website
- Expansion to growing grocery market
The current trend of eating healthier food