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IKEA - Coggle Diagram
IKEA
Key drivers
Demographic and population (income and changes of lifestyle)
Economic factors (furniture industry)
Country policies and regulations
(a) Justify how standardization and localization strategies have brought them to be success
Standadization
Uses product catalog
Maintain core value of IKEA
Localization
Location strategy
The development of the e-commerce
Collaboration with downtown shopping centre
Service and product diversification
Imperative factors
Opportunities in the outside market
Competition in the domestic market
(b) The reasons of two entry modes
Joint venture
(A) Sharing risks
(A) Gain local market knowledge
(D) Lower degree of control and flexibility
Wholly owned subsidiary
(D) Expensive method
(A) High degree of control and flexibility
(A) Long term establishment