Describe IKEA’s business strategy; in other words, what is its brand, competitive, and growth strategy? Does IKEA differentiate itself from its competitor Walmart, why or why not?
answer-
IKEA is very famous brand which sells ready to assemble furniture and home accessories with other useful products or services to its customers. The business strategy of IKEA is -
Brand strategy to become the brand that people trust and rely. Brand is focused on making every day life of people better with providing highly functional and quality design products to its customers.
Competitive strategy of IKEA is low cost leadership strategy. In this strategy, IKEA focuses on achieving competitive advantage by offering low price furniture which many people can afford. Company design high quality and modern design furniture which customers can assemble themselves. It reduces the time and cost of IKEA but bring customer satisfaction because customer buys them at so low prices as compared to other competitors.
Growth strategy of IKEA is market development. IKEA focuses on finding new markets for its existing products. for example- Company opens its new IKEA stores in india as new market to expand and grow its business.
IKEA does not differentiate itself from walmart in terms of pricing because both companies offer low price products but IKEA differentiate itself in terms of design and quality where IKEA's furniture are more modern design with more variety as compared to WALMART.
Describe IKEA’s business strategy; in other words, what is its brand, competitive, and growth strategy? Does...
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