The competitive advantage of IKEA

1. THE COMPETITIVE ADVANTAGE OF IKEA
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2. STRATEGIC WAYS OF COMPETING
The competitive advantage of any company
is expressed in terms of the company's
performance and the differentiation that the
company has effected at the cost of its
product. The position of the firm in the
market is usually determined by the
profitability of that firm in the industry.
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3. THE MATRIX OF COMPETITIVE ADVANTAGE
Cost leadership:
For any firm to be considered as the cost
leader in an industry, it must be the pace
setter as far as price of products is
concerned. This means that the company
must be the low cost producer in the
industry.
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4. THE MATRIX OF COMPETITIVE ADVANTAGE
Differentiation
In differentiation, a particular company
seeks to be unique in the market by taking
some dimensions different from what the
market is taking. In this the focus is the
buyer and effort is made to design products
that meet the requirements of most buyers
if of the product.
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5. THE MATRIX OF COMPETITIVE ADVANTAGE
Focus
This is the direction that a particular
company takes in an attempt to narrow the
competitive scope within the industry. Under
the focus strategy, the company selects a
group of segments or a segment in the
industry and then tailors strategies to serve
that market.
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6. COST LEADERSHIP STRATEGY
The cost leadership strategy emphasizes
on efficiency. Cost leadership is obtained
when a company engages in producing
high volumes of standardized goods.
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7. COST LEADERSHIP STRATEGY
When firms designs their products,
produces and markets these products
better that then competitor, these firms are
said to have an added advantage or a cost
leadership firm.
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8. COST LEADERSHIP STRATEGY
New entrants in the industry may not be
able to outdo the firms that usually engage
in low cost production as even though they
engage in mass productions.
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9. COST LEADERSHIP STRATEGY
Firms that emphasizes on cost leadership
usually engage in mass production in order
to take advantages of the high customer
base.
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10. COST CONTROL FOR PRODUCT DESIGN
Product design is the aspect of a
company’s ability to modify the design of
the products. This being the case, there
needs to be some cost control as failure to
control costs on designs would lead to
higher costs of design thus leading to
higher prices for the product.
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