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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 IKEAs 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

Page 2
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. Its 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 IKEAs food
sales. According to Solsvik and Char (2015), IKEAs 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 IKEAs 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). IKEAs 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

IKEAs 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).

IKEAs 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.

IKEAs 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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IKEAs 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 IKEAs 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 dont produce own brand product. IKEAs
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

IKEAs inventory system in warehouse will enable logistic manager to know point-of-
sale (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. IKEAs 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 IKEAs
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 Non-
(Competency) Valuable Rare Inimitable substitutable 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 Yes Yes Yes Yes Sustainable
Competitive
marketing
Advantage

Figure 4.2 IKEA VRIN framework analysis

Low Cost
IKEA target global young families and couple offering same range of furniture
worldwide. IKEAs 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. IKEAs 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 cant 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. IKEAs culture believe in building foundation like how
founder start, so often promotion are within IKEA. Example, IKEAs CEO in 2009,
Mikael Ohlsson started as a sales assistant (Braw, 2015). Employee will be assure
that their hard work is recognise.

In entire IKEAs 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)

IKEAs 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 dont 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
Page 19
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 IKEAs 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 IKEAs
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).

Page 20
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. Chinas 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 worlds wood every year (Kelly, 2012). Using large amount of wood will lead to

Page 21
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.

Page 22
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