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Devry MKTG 522 Week
5 Assignment Latest-2016 July
Question
Week 5 Assignment
Your assignment this week is to review the IKEA Case Study below. While reviewing
it, consider it as background information for your upcoming presentation to the
IKEA Senior Management Team. More details on your upcoming PowerPoint presentation to the management
team are provided at the end of the case study guidelines.
Deliver the Value: IKEA Case Study
IKEA is a Swedish-owned global business founded in 1943.The business
generates annual revenues of 27 billion euros and employs 139,000 people in 298
stores and 26 countries. The values and design philosophy of the founder continue to underpin the
brand. These values
might be summed up as frugal, democratic, environmentallyaware, and design
oriented.IKEA
has become synonymous with Swedish lifestyle. The stores are
virtually identical across the globe and sell a range of globally sourced
flat-packed furniture products as well as a range of related furnishings for
the home—the stores offer customers a Swedish experience by incorporating
restaurants and a variety of customer services intended to simplify the
shopping process (e.g., childcare). What is interesting about IKEA is that customers have become a
significant part of the value creating process—customers play a key role in
terms of logistics and in production. By performingthe assembly of the flat-packed furniture, customers
complete the final stages in the production process. In terms of
logistics, the customer “moves” goods from warehouse-style storage through the
checkout, and then transports the goods home. The trade-off
for the consumer is lower prices and immediate gratification—furniture is
typically sold using just in time (JIT) inventory management, which means that
once a customer has placed an order, the furniture then goes into production
and is delivered to the customer’s home some 3–4 months later.
IKEA’s senior management has in the past pursued an aggressive expansion
policy, but management is currently changing direction, adopting a slower rate
of expansion and investing in existing stores. The company
plans to increase sales by 10% a year to 2020, thereby doubling annual sales
revenues. Management is
concerned about how expansion in the BRIC countries, particularlyIndia and
China, is pursued. There are fears about preserving the company’s culture in these huge
markets (Milne, 2013).
Sources:
What do you think? What would you do? What problems
do you foresee and how will this impact IKEA’s Swedish concept? Please
recommend a marketing solution that will help IKEA achieve growth in either
India or China based on your understanding of the place P and how delivering
the value is evolving.
Please use the case study guidelines below to perform a brief analysis,
identify the problem, suggest alternative solutions, and make recommendations
for the implementation of the solution that you believe is the best fit.
Case Study Guidelines
1. Analysis
of the Current Situation—The proper context must be
established for the case analysis. Please provide a SWOT analysis in a SWOT box.
· Research: Identify the key environmental factors such as industry
trends, level of competitiveness, customer perceptions, legal considerations,
and evolving technology at the outset of the analysis.
· Summarize the key aspects of the internal environment of the firm in
terms of strengths and weaknesses and the external environment in terms of
opportunities and threats to the firm in your SWOT box.
2. The
Target Market—Identify your target market:Who is your target
customer?In terms of demographics and lifestyle, what aspects of consumer
behavior provide insights into this group of customers?
3. The
Problem—Identification of key problem(s). It is easy to
identify symptoms of problems while failing to identify the real problems. For example,
declining sales may be identified as a problem, when the decline is only
symptomatic of more complex problems that are hardertoobserve.Make a clear
distinction between what is identified as the problem and the symptoms of the
problems.
4. Alternative
Solutions—Identify and evaluate alternatives. Develop
reasonable alternatives and evaluate them in terms of feasibility, projected
costs advantages, disadvantages, and potential short-term and long-term
consequences.
5. Recommended
Course of Action—Selecta course of action and provide the
appropriate strategies and tactics to accomplish the chosen course.Justify your
choice in terms of your analysis. As most practitioners know, charting a course of action can be a
difficult job, but implementation is the true challenge. Produce a
workable action plan that would have a reasonable probability of success in the
implementation phase.
This assignment will be a presentation using PowerPoint. Develop aset of
at least five (5) PowerPointslides to present the findings of your analysis.Some
additional research is expected. The IKEA website is highly informative. Use APA format
and include an additional slide with your sources. Assume that
your analysis will be presented to the IKEA senior management team and that
your job depends on it!
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