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The company was founded in and is known for its simple yet effective approach to retailing with the DIY or the Do It Yourself concept, which ensures that the company keeps costs to a minimum and passes on the value to the customers.
The products sold by IKEA are mostly ready to use and flat packed meaning that they can be assembled by the customers themselves. The company has a presence in the online world as well and the total sales from its online and offline businesses are more than a Billion Dollars per year.
Strengths The biggest strength that IKEA has is its clear vision, which is to add value to its customers irrespective of the market conditions.
This has translated into an articulate and well-defined business strategy and an approach to retailing, which is pioneering in its simplicity and deadly in its targeting of competitors and effective in its positioning.
Another key strength of the company is its clear concept which translates into an array of products that can be assembled by the customers themselves leading to humungous cost reductions which are then passed on to the customers.
IKEA measures its strengths using the metrics provided by the KPIs or the Key Performance Indicators that include increased use of renewable materials, smarter use of raw materials, establishing and maintaining long-term relationships with suppliers and leveraging the efficiencies and the synergies from the economies of scale.
Weaknesses Given the fact that IKEA operates in multiple countries around the world, it is a high scale and a large size business meaning that it is difficult to control standards across locations. Though the company tries its best to implement uniform quality across its product range and throughout its locations, replicable and scalable control of quality is a key weakness.
With its obsessive focus on cost leadership, quality sometimes goes for a toss especially in the present context where the costs of many inputs and raw materials has gone up and which has impacted the profitability of the company. The point to be noted here is that it is sometimes difficult to maintain quality in the context of increasing costs and the need to replicate standards across its locations worldwide.
Perhaps the biggest opportunity that the company has is its cost leadership, which means a single-minded focus on cost at the expense of everything else. IKEA is already drawing up plans to enter markets like China and India with a clear strategy of cost leadership, which it hopes, would yield benefits to the company.
For instance, several regional and local companies have caught on to the DIY bandwagon and are also focusing on costs which means that to stay nimble and agile, IKEA has to come up with newer strategies. With the advent of the internet and online shopping, DIY as a key driver of strategic success is no longer the sole USP or Unique Selling Proposition of IKEA and with the proliferation of online retailers who can provide even lower costs because they do not have a physical presence means that they are snapping at the heels of IKEA.
Conclusion IKEA is a well-known global trend and through its innovative business model and its focus on products, processes, and systems, it has managed to stay ahead of the competition in the furniture retailing business.
The company can diversify into other products and product lines as it can replicate its business model in other realms as well. To do this would require fresh thinking and a new approach to its strategy that would combine low cost leadership with additional drivers of success like scalability and focus on quality.
Finally, the company can enter the emerging markets where its products and its business model are likely to be met with success and the untapped customer base can be leveraged.India is the 8th largest economy in world in terms of Nominal GDP,and 3rd largest by purchasing power parity (PPP).
India is one of the fastest Developing Economic Superpower with potential to become the world's 3rd largest economy by India is the16th-largest exporter and the 8th-largest importer in . A strengths, weaknesses, opportunities and threats (SWOT) analysis of Tesco has been provided below.
Strengths Drawing upon Datamonitor (), Tesco is ranked third largest grocery retail company in the world, operating over 4, stores primarily within the USA, Europe and Asia. City Profile - Mumbai; Comprehensive overview of the city, PEST analysis and analysis of key industries including technology, tourism and hospitality, construction and retail.
May 23 - SWOT Analysis A detailed analysis of the company's strengths, weakness, opportunities and threats. - Company history Progression of key events associated with the company. - Major products and services A list of major products, services and brands of the company. Currently, the global steel industry is going through unprecedented times.
The steel demand is strong with over 6% growth year on year over the last seven years – unseen in the last several decades, primarily driven by robust growth in China, India, South East Asia, Middle East, Russia and Brazil.
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