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Table of Contents
Cover page ................................................................................................................ 1
Table of contents ....................................................................................................... 2
1. Introduction ......................................................................................................... 3
2. Measurement of IKEA success ........................................................................... 4
2.1 The balance score card ................................................................................ 4
2.2 Net income ................................................................................................... 5
2.3 Growth rate ................................................................................................... 5
2.4 Employee satisfaction ................................................................................... 6
3. Reason of successful IKEA. ............................................................................ 7-8
4. Analysis of IKEA’s strategic capabilities ............................................................. 9
4.1 Value Chain .................................................................................................. 9
4.1.1 Primary activities ............................................................................. 10-11
4.1.2 support activities ............................................................................. 12-13
4.2 VRIN Framework ....................................................................................... 14-15
5. Leadership contribution to IKEA success. ................................................... 16-18
6. IKEA strategy consistent with strategic capabilities. .................................... 19-20
7. IKEA difficulties in External and internal factors to create sustainable success and suggestions of how to deal with it. ............................................................... 21-22
References ......................................................................................................... 23-26
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1. Introduction
The multinational retail company, IKEA was founded by Ingvar Kamprad in 1943 at southern Sweden. IKEA was named by initial of founder name (IK); grow up farm, Elmtaryd and village, Agunnaryd (EA) (IKEA, 2015). Kamprad start with non-related furniture business in his 17 and was transform to major furniture dealer. IKEA have 3 division and franchise division is the core. Now IKEA is franchise to 41 countries globally. It is a success to build a company from rural to franchise globally (IKEA, 2015). This essay enable us to measure IKEA success; core strength; and founder contribution.
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2. Measurement of IKEA success
Financial status is the most direct way to measure company success. Company success can also be measure through growth of profitability; loyal customer base; employee satisfaction; owner satisfaction; and etc (Koch, 2007). Ways of IKEA success measurement will be discuss in this chapter.
2.1 The balance score card
Figure 2.1 IKEA balance scorecard, source from: (IKEA, 2015).
Referring to Figure 2.1, balance scorecard reflect the activities that required for IKEA long-term success.
IKEA vision is to create a better everyday life for the many people (IKEA, 2015). The management translate IKEA vision into strategy. They then communicate and grow passion on employee. Growing passion in corporate culture ensure employee take part in innovation to contribute a better IKEA. IKEA had always appear to be cost saving with well design to customer, this is achieve by employee focusing on innovating with low cost. IKEA also excel in maximizing storage space and reducing transportation cost. Its operation increase profitability achieving long-term success (Kristoffersson & Jewson, 2014).
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2.2 Net income
Figure 2.2 - IKEA net income 2011-2014, source from: (IKEA, 2015)
Success can be evaluated through measurement of net income. Improvement of net income mean well control in cost and pricing of product. IKEA show a increment of net income every year. Although 2014 shows the lower increment, IKEA are still making profit with healthy gradual growth (IKEA, 2015).
2.3 Growth rate
Figure 2.4 IKEA revenue growth between 2003-2014, source from: (IKEA, 2015)
Growth is the easiest way to measure success. It is impossible for a successful company to not growth. It’s retail sales grow by 5.9% in 2014 (IKEA, 2015). From 1960 IKEA open a new stores globally each year (IKEA, 2015). All this reflect back to IKEA revenue growth each year. Sales growth contribute to revenue growth and allowing IKEA to expand each year with strong financial ability provide its success.
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2.4 Employee satisfaction
Figure 2.3 Furniture Retailer Employee Satisfaction, source from: (Glassdoor, 2015)
Employee satisfaction is a important factors in a company especially in retail line. According to Robbins (2009), satisfied employee will increase loyalty and customer satisfaction. Satisfied employee will be proud of their own job therefore they are more responsible and friendly.
Referring to Figure 2.3 comparison, IKEA competitors, Home Retail Group show low employee satisfaction while Home Depot earn overall satisfaction rating same as IKEA. IKEA satisfaction of senior management is lower than Home Depot by 0.1. This build healthy competition for IKEA to strive for improvement.
In the review of (Glassdoor, 2015) 74% of the employee will recommend IKEA as employer to their friends while CEO Mikael Ohlsson score 87% in CEO approval. Although this score is lower than result in 2012 but IKEA is still maintaining their score within healthy range with overall 3.6 to ratio of 5 (Smith, 2012).
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3. Reason of successful IKEA.
Maximise space and minimize cost Flat packing allow easy transportation as company can maximize space and increase quantity of per trip transportation (Kornberger et al., 2011). When quantity of transport per trip increase it decreases transport fee. It also enable storing of more product in a warehouse and maximize its capacity in storage. All this lead to saving cost for company to earn more profit.
Cost conscious at ‘Heart’ IKEA wide range of well designed product with focus of low cost enable many to afford. This happen by IKEA effort on supplier purchase; product development; and methods of selling globally (Pradhan, 2009). Example, innovating customer self assemble product is to save cost. This will bring lower cost to customer with satisfaction. Low cost give low price which bring return customer and attract new customers.
Food attracting non-food retailing IKEA showroom always offer good food in their cafeteria. Primary reason is the concern of tired customer, secondary reason is to attract new customer and recurring customer (Sivonen & Finne, 2009). Customer who visit IKEA for their food and tired customer who looking for cafeteria contribute increment of IKEA’s food sales. According to Solsvik and Char (2015), IKEA’s food sales rise by 8.6% in 2013/14 fiscal year. Those who come for food will also walk through showroom attracting impulsive buyer and giving free advertisement for IKEA.
Advertising tools Store, brochure, mobile apps, catalogue, showroom and even web advertisement are IKEA marketing strategy (West et al, 2015). IKEA create yearly catalogue which creates a trend just like fashion line. Once a new year catalogue is out, it show case new trend of furniture. That will attracts impulsive buyer or trend follower.
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Logistic efficiency IKEA minimize goods movement and made fast replenish of stock (Baldwin et al, 2000). Packing of stock and shifting it from warehouse to sales area is all within the same building. This save time, transportation and cost.
Innovative A constant improvement of products will allow company to adapt customer demand (Sgroi, 2013). Company that did not adapt or realise the change to the demand will be left behind. Innovative solution example, customer self assemble with manual, save cost on engineering. Saving cost contribute to fulfilling IKEA vision and adapt to the market.
Customer motivation Integrating customer into sales process, example, self checkouts. When getting customer involve to take charge of an activity, even they have to do more, it often give perception of better service (Dahlvig, 2012).
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4. Analysis of IKEA’s strategic capabilities
This chapter aims to analysis how IKEA build its competitive advantage by its strategic capabilities. Value Chain (Porter, 1998) of IKEA will be use for analysing and VRIN (Crook et al, 2008) evaluation will be carried out.
4.1 Value Chain
Value chain is a chain of activities in the company that create value products or services. It involve primary activities of purchasing raw material; designing; producing; marketing; selling; and providing end products. Support activities improve efficiency and effectiveness of primary activities(Sekhar, 2010). IKEA’s strong value chain is its strategic strength (Bensoussan & Fleisher, 2008). Refer to Figure 4.1 on Michael Porter's value chain model.
Figure 4.1 Porter's Generic Value Chain, source from: (BusinessTeacher, 2015)
In order to analyse what values created by IKEA, a value chain is created for IKEA (Figure 4.2).
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Figure 4.2 IKEA Value Chain
4.1.1 Primary activities
IKEA’s Supplier & Manufacturer Swewood which supplied 10 percents of IKEA furniture is their only production facilities. IKEA outsource rest of the production and manufacturer worldwide. IKEA wide network of more than 1000 suppliers globally created fosters competition between supplier that give IKEA have high bargaining power; in addition IKEA believe in long term contract relationship which further lower input cost to minimum (Palepu et al, 2007).
IKEA’s Distribution Centre In-store logistic personnel is employ to manage inventory that comes to distribution centre from supplier and manufacturer all over the world. The ‘minimum/ maximum settings’ keep minimum product before reorder and maximum order at a go for each product. This process will ensure smooth flow of inventory distribution to all warehouse meeting customer demand and not compromising amount of supply to be ordered. It lower cost on sales lost; product out of stock; or lowering cost of storing obsolete product from over purchase (IKEA, 2015).
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Warehouse & Retail Combination IKEA warehouse and retail are in combination within the same building. Warehouse item will be replenish from reserve rack once shopping hours is over. IKEA high flow warehouse facilities uses SKUs (Stock Keeping Unit) to automatically store and retrieve inventory record supporting 80% of stocks; while low flow facilities is manage manually by employee for low demand inventory as often shifting not required (IKEA, 2015). High and low flow facilities lower costs-per-touch.
IKEA’s Marketing & sales Its retail uses showroom concept where customer will have real life experience. Customer is integrated in sales process with more work by walking through product range; selecting furniture package at lower rack (warehouse); and transport product home; often customer perceive better customer service (Dahlvig, 2012). Little sales employees are required and expenses can be keep to a minimum (Palepu et al, 2007). All in one showroom lower costs-per-touch through reducing process of transporting and loading products to further save cost and add value to customer. Showroom; Hard and soft copy catalogues; social network; mobile application; and their websites integrated marketing communication (IMC). It bring brand message across through different marketing(traditional/ non-traditional) channel and therefore synergised one another creating a bigger impact in branding to customer (Schultz et al, 1994).
Delivery & Assembling Most furniture design in IKEA are Do-It-Yourself selling a product in parts for customer to assemble product and transport home themselves. This will maximize warehouse and truck space allowing it to store more and maximise transportation trip. Lowering warehouse and transportation cost will bring product price lower and increase company profit. Delivery request from customer will required them to pay, this further reduces the cost of company(IKEA, 2015).
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IKEA’s Services. IKEA offer family loyalty card to give customer discount, free drinks or even lucky draw to show appreciation. Considering IKEA targeting customer who are middle or low income families, financial service such as 0% Interest Instalment Payment Plan helping customer with lower purchasing power. According to IKEA’s 100 days return policy, if customer change their mind they can just return unopened package with receipt (IKEA, 2015). Helps and benefits are given to customer. When customer feel appreciated, it increase customer loyalty.
4.1.2 support activities
Procurement
IKEA do not purchase raw material as don’t produce own brand product. IKEA’s trading officers will look for best price suppliers and manufacturer. Next, they will sign a long term contract and create sustainable relationships through maintaining good relationships (IKEA, 2015). IKEA will obtain long period of supply with low price resulting in cut-throat-price for customer. IKEA Way of Purchasing Home Furnishing Products was a guideline created to reduce environmental impact that produce by manufacturer (IKEA, 2015). This code of conduct often remind customer that they do care of their surrounding and lead to trust in quality increasing branding reputation (Thorpe, 2013).
Technology development
IKEA’s inventory system in warehouse will enable logistic manager to know point-ofsale (POS) data and inventory volume that comes from distribution centre and shipping (IKEA, 2015). It enable to forecast sales through data and purchase suitable volume to meet demand and lower cost with better certainty.
IKEA installed more than 500,000 solar panels in buildings (IKEA, 2015) to reduce operation costs and CSR image.
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Human resource management
For reducing transportation cost, employee was engage to create carrier development plan (Nattrass et al, 2006) and attain code of conduct training to their organisation culture. IKEA’s employees enjoy staff discount in all IKEA store worldwide. They launch of One IKEA bonus scheme is to motivate and show appreciation of worker loyalty and reaching the goals (IKEA, 2013).
Firm infrastructure
Companies of IKEA Group have independence ownership structure own by Stichting INGKA Foundation who reinvest in IKEA Group or do charity donation using IKEA’s fund. Inter IKEA systems B.V that own IKEA worldwide franchise business also own IKEA concept (IKEA, 2015). It help IKEA to manage different focus.
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4.2 VRIN Framework
VRIN framework is a measurement on whether a resource are sustainable in competitive advantage (Kornberger et al, 2011).
Capabilities (Competency) Valuable Rare Inimitable
Nonsubstitutable Conclusion Low Cost Yes Yes No No Temporary Competitive Advantage Flat Packing Yes Yes No No Outsource
Showroom Yes Yes Yes Yes Sustainable Competitive Advantage Catalogue marketing Yes Yes Yes Yes Sustainable Competitive Advantage
Figure 4.2 IKEA VRIN framework analysis
Low Cost IKEA target global young families and couple offering same range of furniture worldwide. IKEA’s global expansion did not affect furniture design much. Customer not affected by country culture therefore IKEA able to achieve economies of scale (Palepu et al, 2007). However this is not sustainable, in China, local competitors have furniture with lower price than IKEA. Imitating or substituting IKEA will be easy considering the fact of globalisation, China easily imitate IKEA low price strategy.
Flat packing IKEA work 2-3years ahead for its design before production to ensure that they have enough time to look for better cost saving solution and review supplier who are potential to work with (Palepu et al, 2007). Manufacturer and supplier have the knowledge to imitate and substitute IKEA definitely, that is why IKEA outsource its supplier and manufacturer.
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Showroom IKEA is the first mover who created all in one integration showroom (Schultz et al, 1994). This is a rare case as it required a large space of at least around 35,000 square meters which is costly to do so, therefore company who try to arrange product like IKEA are still no-where comparable. IKEA’s knowledge of managing, logistic and etc are too wide for companies to learn from. Therefore, IKEA who can do best and better than all competitors can’t be substituted and it is a sustainable competitive advantage.
Catalogue marketing IKEA unique way of marketing is due to wide range of products that it has (Schultz et al, 1994). Other competitors do not have wide range of products and will waste money if they imitate. Therefore due to above reason and we do not see substitution in the market. Customer will remember the giant furniture retailer IKEA by their unique catalogue so that when surrounding people are looking for furniture, they can share catalogue to them. This helps to sustain competitive advantage for IKEA as psychologically it is present everywhere.
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5. Leadership contribution to IKEA success.
IKEA success are greatly due to leadership in the company. IKEA founder, Ingvar Kamprad its CEOs possessed transformational leadership.
Transformational leadership (Bass & Riggio, 2008) means create a vision to influence change through inspiration to follower and involvement of the follower.
IKEA treat human resource important as it is the main resource to run the entire value chain. Kamprad believe skills are easier to develop than personality (Dahlvig, 2012). Therefore he only employ people who work for meaning instead of just monetary benefits. According to CareerBuilder (2015) survey, employee are satisfied with their job because of people they work with, working condition - work life balance, recognition, a sense of belonging, and good salary. Company turnover rate drop by 9% between 2008-2010 (IKEA, 2015). IKEA always give salaries in middle position and not over generous with bonus package including top manger. Kamprad believes IKEA culture will contribute to success of IKEA. He believed company culture should have sense of belonging; engage togetherness in employee; and inspiring commitment to company (Dahlvig, 2012).
Sense of belonging of employee are given through delegating responsibility and simplicity of behaviour. Employee will always address each other by their first name. Hierarchy are flat as you only see managers and employee of IKEA eating together (Dahlvig, 2012). This bonding create trustful relationship which make communication effective. All employees are also given responsibility in their early career. This influence employee to have sense of ownership to the store and let them feel that they have power to influence and develop their business (Dahlvig, 2012). The sense of freedom and ownership that employee can motivate employee to stay. All above will spread commitment to company in exchange improve operation efficiency.
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Kamprad always ensure IKEA focus on CSR (IKEA, 2015). Engaging togetherness, to Kamprad also means getting employee to follow the guide of moral and ethical behaviours so as to contribute back to society. He encourage employees dare to be different. He give employees opportunity to be part of development and change to IKEA creation or innovation. Example, new employee who are not use to way of Allen wrench are brought to assembly test to do testing. In assembly area, product which take too long to assemble are called “husband killer” (Camden, 2015). Creation of common language will let employee feel that they are part of family. It also encourage innovation of new employee to improve the product and benefit the society working as a team. All this contribute to revenue and supply chain efficiency.
Inspiring commitment to the company means working with IKEA because of culture appreciation. According to Dahlvig (2012), IKEA create anti-bureaucratic weeks striving to let managers meet reality. Manager will take part of their work time to experience serving retail stores and at supplier to get realistic understanding of customer and employee. IKEA’s culture believe in building foundation like how founder start, so often promotion are within IKEA. Example, IKEA’s CEO in 2009, Mikael Ohlsson started as a sales assistant (Braw, 2015). Employee will be assure that their hard work is recognise.
In entire IKEA’s culture, it shows that Kamprad are concern of employee. He encouraged simplicity to eliminate status symbols. When hierarchy are flat, everyone are treated equally without pressure.
Kamprad are also highly concern of result, therefore he always focus on innovation rather than celebrating success (Dahlvig, 2012). IKEA only have meeting few times a year because Dahlvig sees that too many meeting will end up with unproductive operation (Dahlvig, 2012). He always set challenging objectives for employee to achieve, example, triple sales in 10 years (Dahlvig, 2012), this create synergy within company. Referring to figure 5.1, it proves that IKEA leaders manage IKEA through team management style.
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Figure 5.1 Blake and Mouton Managerial Grid, source from: (Cecil & Rothwell, 2007)
IKEA’s leadership and management style enable to achieve good results with human touch. These create synergy and lead to high productivity which contribute to success of IKEA.
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6. IKEA strategy consistent with strategic capabilities.
Competitive advantage (Porter, 1985) is what a company can do best and able to do better than their competitor. IKEA bases of competitive advantage is cost leadership. It mean low cost (Porter, 1985) giving low price than competitor which increase its market share. Referring to figure 6.1, Porter (1998) believe cost leadership means low cost equal to low price and cannot be low cost with high price. However, all companies try to lower the cost of input and sell at higher price of output to increase profit margin. Porter (1998) also mention that strategy should not be combine, if not it will become stuck in the middle. However, differentiation leadership (Porter, 1985) are identified in IKEA too. this chapter, we will discuss how the mix of cost leadership and differentiation help IKEA to sustain its competitive advantage.
Figure 6.1 Porter's Generic Strategies, source from: (Porter, 1998)
IKEA is using low cost strategy for all their decision making. Example sourcing for resources, IKEA don’t do business in traditional way but everything all the way round. Traditional business find resources within Sweden but IKEA source its product globally (Kling & Goteman, 2003). Geocentric orientation (Cherunilam, 2011) was what IKEA use, having global scale of suppliers and manufacturer helps IKEA lower the cost with same quality of product through comparison and competition within suppliers. Instead of just relying on manufacturer, IKEA also have their designer (IKEA, 2015) to help them design low cost product for customer to self assemble after purchase. This help company to continue targeting low cost with all
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range of products. IKEA showroom are design in a way that retail and warehouse all in one (Dahlvig, 2012) this will save transportation cost to minimum. IKEA showroom require little sales assistant (IKEA, 2015) because the showroom are design in a way that all customer will need to go through the maze to engage in all sales channel in the showroom (Dahlvig, 2012). Once enter, customer will walk through all domestic outlook showroom to know what they want. Even paper ruler are provide at entrance of furniture section for customer to measure the length of furniture without asking IKEA’s staff (IKEA, 2015). Therefore, lesser sales employee are required. By having lesser sales staff, IKEA save employment cost. All the activities of IKEA help company to save cost to provide a lower price compare to its competitor (Porter, 1998) which put IKEA in a strategic advantage of cost leadership.
The interesting part is that IKEA is also differentiated by showroom; wide range of home product; flat packing; DIY and low price with acceptable quality product. These are all different from traditional company. IKEA showroom strategic location are far from town (IKEA, 2015), so lots of IKEA customer drive to IKEA. Flat packing allow customer to easily pick up item and travel home easily (IKEA, 2015) without extra transportation fee. This is unlike other retailer that you have to purchase as a whole which is too big to carry home while asking for delivery customer will be charged. Leaving customer with no choice will frustrate customer. In IKEA is different, customer have a choice as what they bought are in flat packed which earn IKEA a competitive advantage. Showroom of IKEA combine cafeteria, retail, warehouse all in one (IKEA, 2015). Walking through IKEA domestic outlook showroom is just like walking through a real life home catalogue. Entering other furniture companies warehouse or retails shop, customers are not provided with full range of products info which customer might end up missing their preferred product and company will lose that sales. We do not find another company that can fully copied IKEA’s concept. Its well differentiated concept give IKEA a first mover advantage (Hill & Jones, 2013).
Lower the pricing and well differentiated product gives value innovation, bringing higher margin to IKEA. In the end, the strategies that Porter (1998) believes should not be mix turn up to be the best strategy for IKEA success. Both combination and contribution of low cost strategy and differentiation strategy provides IKEA with competitive advantage (Mintzburg,1988).
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7. IKEA difficulties in External and internal factors to create sustainable success and suggestions of how to deal with it.
Low cost approach only work in Europe and US but not in China, its local stores product have a lower price than IKEA have. Although IKEA try to get suppliers in China to reduce cost and getting green product from them. China’s suppliers do not have technology for green product. The Chinese are also very price sensitive, they do not want to pay for additional plastic bag and etc (Businesstoday, 2015). It means that is impossible for IKEA to push its price to even lower than percentage of other countries can go.
IKEA require lots of wood for their furniture. Wood fibre index increase by 1.9% in 2011 comparing to last highest time (Ekstrom, 2011). Referring to Figure 7.2, wood price is not expecting to drop. This is due to economic improvement increasing consumer spending, therefore more demand and purchase of products including furniture involve cause wood demand to increase and lead to price increases. This cause IKEA to face unsustainable low cost strategy and lacking of wood leads to quality issue.
Figure 7.2 World Price of Wood Pulp, source from: (Chiang, 2015)
On the same time, there is lots of social environment concern due to IKEA using 1% of world’s wood every year (Kelly, 2012). Using large amount of wood will lead to
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deforestation. When CSR is a concern, it spoil brand reputation and become an insult of IKEA vision which suppose to create a better everyday life (IKEA, 2015).
IKEA need to start taking note of their quality issue and its cost leadership strategy. When wood is their biggest issue now, IKEA might want to consider replacing most of the wood products with other material. Solar panel should continue to be install gradually in all stores to reduce electricity cost and help to improve brand reputation. However, IKEA should also consider to diversify by moving upward trend & not just downward. As develop countries had big scale of middle-high income earner who want best quality products and do not mind paying more. All these move still retain its vision to create better everyday life. All these will cover weakness that IKEA have.
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