IKEA’s Golden Rule in Business
In every problem is a possibility. This is the philosophy behind the success of the biggest furniture retailer in the world. By identifying the needs of consumers and then providing solutions, it has reached heights that are hard to equal. Let us take a look at how this privately held company become what it is today—a business giant.
The Beginnings
IKEA was founded by the Swede Ingvar Kamprad in 1943 when he was still seventeen years old. Since then, it has been in the business of designing and selling ready-to-assemble appliances, desks, beds, and many other home accessories. After a decade, it opened stores in other parts of Europe, Asia, as well as Latin and North America. Its biggest markets are Germany and the United States, with 44 and 37 outlets respectively. At present, it has over 267 shops across the globe.
Key Points in Its Approach
Marketing – It gives careful attention to product styles and then combines it with extremely low pricing. By developing a strong brand at attractive rates, it was able to weather many economic crises in Europe.
Lean Production – Cost-effective packaging has made it possible to pass on huge savings to customers.
Management Styles – It empowers its employees by decentralising decision making to a certain extent. And although its corporate structure is a bit complex, it managed to overcome takeovers by remaining to be a private limited enterprise.
More Global Expansion
Anticipating the demand in home products to soar, this retailing colossus is accelerating its move to price-sensitive countries like China, where it plans to open 15 more by the end of 2015. With this number, it will definitely give locally developed enterprises like the RedStar Macalline (which has 76 outlets nationwide) a serious run for its money.
Green and Social Initiatives
Intent on showing pro-active leadership among all other brands, it is keen on making use of environmentally friendly manufacturing processes to promote sustainability. To demonstrate its concern in making a change on a global scale, it has also partnered with UNICEF and other foundations, making financial commitments amounting to hundred millions of pounds.
The secret to IKEA’s success lies in understanding its market. They do not just come in to your neighbourhood and then go huge all of a sudden. Instead, they arrive to establish local leadership in a big way.
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