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Students are to demonstrate knowledge of the subject matter by
- Defining key terms and utilising the theories and concepts presented in weeks 1-5
- Ability to explain major domestic and international contextual factors and how they affect business structures and strategy
- Demonstrating a breadth and quality of research by using a minimum of 12 academic sources
- Correctly using of the APA in text referencing system to correctly citing academic sources
These are the minimum requirements. Students should note that satisfactorily meeting the minimum requirements Will typically result in the minimum pass grade being awarded.
As Masters students you are required to engage in research as per the Australia Quality Framework (AQF) guidelines Two specific requirements need to be considered.
- Students need to demonstrate “a body of knowledge that includes the understanding of recent developments in a discipline and/or area of professional practice, and
- Students must demonstrate “knowledge of research principles and methods applicable to a field of work and/or learning’.
Each unit in the MBA has a number of required weekly readings in terms of academic texts, journals and business publications that represent the appropriate body of knowledge and recent developments referred to by the AQF. In order to demonstrate the ability to engage in appropriate research, students should read and utilize these texts and journals and publications. As Masters students you are expected to research beyond this minimum standard through additional texts, journals and studies to demonstrate an ability to engage in independent research.
Your attention is drawn to the university’s stated position on plagiarism. THE WORK OF OTHERS, WHICH IS INCLUDED IN THE ASSIGNMENT MUST BE ATTRIBUTED TO ITS SOURCE (a full list of references must be submitted as part of the assessment).
IKEA is an international furniture retailer, which was introduced based on the concept of providing a broad range of well-designed, functional and reasonable price home furnishing accessories (IKEA, 2010). The concept of IKEA extended along with its global operations in forty different countries, along with 154000 employees and 330 stores(Daniels,2004). The revenue of the company was 27.5 billion in the year 2012 (IKEA, 2010). IKEA franchisor, IKEA concept and IKEA retail system were owned by Inter IKEA Systems B.V. The business structure closely holds franchises for the rapid growth of the company. IKEA first started its business as a seller of home furnishing items and now diversified its items into prefabricated food and housing (IKEA, 2010). In this report, the company analysis is carried out first. Then the company's business strategy is discussed. In the business strategy section, the company’s product strategy, cost leadership strategy, promotion strategy and market development strategy are discussed. Then, the marketing mix of IKEA is discussed, which comprises of product, price, place and promotion aspects. Finally, the conclusion based on the discussion is carried out.
It is a strategic technique that helps companies to determine their strengths, weakness, opportunities and threats. The SWOT analysis of IKEA has been presented below:
The key strength of IKEA is the utilization of strategic initiatives such as optimizing material to minimize production cost. It implements innovative technologies such as an iPhone application to enable the experience of the customer. It provides price and competitive benefit in the large competitive market (Cervellon and Dube, 2005). It is a leading expert in the retail furniture sector with a strong brand image.
Large competitive market leads to weakness in IKEA, such as the significance of global business that does not have the ability to manage product differentiation and stakeholders (Covin & Slevin, 1988). Another weakness of IKEA is information exchange and ineffective communication with its stakeholders and consumers.
IKEA desires to minimize carbon emission and acquire zero wastage targets connected with enhanced relationships with suppliers, consumers and stakeholders that offers huge opportunities (Daniels, 2004). It explores the opportunities from determinants affecting consumer purchase decision, such as special offers and discounts, desired quality and low prices.
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