The strengths of IKEA include a strong global brand, strong concept, clear vision, and a democratic design. IKEA measures its strengths by use of Key Performance Indicators. The indicators enable IKEA to set goals and see how it is accomplishing its vision. Other strengths include smarter use of raw materials, increased use of renewable materials, economies of scale, and long-term partnership with suppliers (Rau 2011).
Opportunities of IKEA come from connecting its sustainability plans to the growing demand from clients for greener products, lower carbon print and water usage, and low prices. IKEA works towards the opportunities by: aiming for reduced wastewater treatment, less water use, and zero landfill waste; providing ideas and tips for a sustainable home life on its website; cutting carbon footprint by reduced packaging and transportation; expressing social responsibility, for instance, through its functions to support charities (Ferrell & Hartline 2011).
Buy Opportunities of IKEA essay paper online
IKEA should consider the scale and size of its business because it is difficult to control standards due to global activities; the demand for low-cost products because there is a need to balance the cost against quality; the need to keep its stakeholders and the public well informed regarding its environmental activities (Williams 2007).
IKEA can manage threats if the business is aware of them. This retailer has implemented a number of practical solutions to turn threats into opportunities. There are a number of threats that IKEA experiences. Market forces make better use of technology and materials and, thus, reducing costs as well as benefiting the environment and customers. Another threat is social trends, which give ideas and tips to employees and customers concerning the reduction of their negative effects on the environment. Low price is IKEA’s threat, which appeals to its customers especially during financial times (Lamb, Hair, & McDaniel 2012).