All organizations require a plan that will help maintain its grip or improve its grip on the market in the long term. A strategic plan is a document that provides the scope and direction of the organization by offering concrete and practical methodologies that will be followed in order to ensure the organization remains relevant in the market.
The strategic plan takes into consideration all the internal and external factors that could affect the organization’s operations in both production and sales. In that perspective, the company is able to gauge the market from a timely point and develop plans that will enable it hold a competitive advantage in the market. A strategic plan requires proper management and this is accomplished through a circular implementation of three components define a strategy. These include a strategic position, a strategic choice and putting the strategy into action.
IKEA is a company that deals in assembling of furniture. The company has a string worldwide customer base of close to 1.3 billion people. Since its inception in 1943, the company has grown in leaps and bounds. This is credited to its proper strategic planning over the years. By involving all its stakeholders and maintain a culture for its workforce, the company has been able to make its name a brand that has a considerable grip on the market. One of the most effective strategies that this company has used is placing the customer at the helm of its priorities.
This has been accomplished through offering quality products and unique designs at low prices than those of competing products. As a result, the company’s growth has been quite tremendous in recent years and this has facilitated the company in venturing into emerging markets. IKEA has been on an upward trend and the way it has set out its short term and long term plans, the future is even brighter. The task is to evaluate IKEA’s strategy. The slides will offer a detailed analysis and evaluation of IKEA’s strategy and provide an insight into how the strategies have contributed to the company’s overall growth over time.
