Innovation in IKEA : Report

Added on - Jan 2020

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Aim..................................................................................................................................................3Innovation........................................................................................................................................3Possibilities.....................................................................................................................................4Business case document..................................................................................................................5The problem innovation can solve...................................................................................................5Benefits of the innovation................................................................................................................5Strategic response or plan................................................................................................................7Project option analysis.....................................................................................................................7Delivery of the recommended solutions..........................................................................................8Conclusion.......................................................................................................................................9References......................................................................................................................................102
INTRODUCTIONIKEA is multinational company which makes furniture, home appliances and kitchenaccessories. Its has its headquarter in Netherlands. It is one of the largest retail company in UK(IKEA. 2016). The company designs self assembled furniture. Ikea furniture and homeaccessories are practical and well designed (Rajappa and Raj, 2016). Company sue cabinet gradefurniture garde MDF in all of its MDF products. Present report describes about new innovationthat can be mad in the company. The study will showcase the innovation IKEA is trying to do.Present report describes about problem that can be solved by launching app in the market. Inaddition to that it also illustrate the benefit that are associated with the launch of app. Reportwill focus on project option analysis that need to be done by IKEA before launching the app inthe market. It will also highlight the recommendations that needs to be taken in account by thecompany.AIMThe aim of this report is to study the launch of catalogue app by IKEA.INNOVATIONMarket globalization is continuously increasing these days. Due to this reason everycompany needs to make innovation in their marketing approaches to maintain position in market.IKEA is making innovation in its marketing by launching its catalogue application in the market.Catalogue application is web application which helps user to buy products online (IKEA APPS.2016). This application will allow the customer and buyers of the home furnishing company tokeep updated about latest releases of products, furniture , and home appliances. This app will letcustomer see how its products would fit in their homes and how they will look in reality. Appcan list different categories of the product , product specifications,. It will also includemultimedia resources like videos and pics of the furniture and home appliances.This app will use a print catalogue which is placed on the floor to get a rough idea aboutproducts fitness in real life. This will let user a real experience like they are trying the furnitureproduct in their room itself. From this app the IKEA can get customers feedback about theproduct . IKEA can conduct a research on the customer to determine the ned and expectations of3
them so that app can be evolved according to their preferences. By conducting research they canidentify the problem faced by the buyers when buying furniture and questions they have in mindlike if the product will get fitted in their rooms or not. IKEA is planing to launch the printversion of catalogue app which will feature more than 50 page. Customer can scan with theirmobiles to get supplementary information about the product (Martinez and et.al, 2014).POSSIBILITIESTo determine possibilities like strength , weakness , opportunities and threats of IKEACataloguemobile app swot analysis can be used for it. In SWOT analysis is a framework thathelps in analyzing the situations and finding out the best solution.Strength of Catalogue mobile app:IKEA has solid financial position and good brand image inthe market . Is also design attractive furniture products. Launching app will help company ingaining more customer attraction (Cardamone and et.al, 2016). Customers will have faster andeasy access to furniture store. They can see the product online and experience the real lifeapplicability of the product in their home. This app will make customer m easy to navigatethorough one product to another. By launching app the company can easily give informationabout the product to their customers. Ikea would be able to achieve market leadership bylaunching app.Weaknesses of Catalogue mobile app:it is difficult to identify need and requirement ofconsumers due to which challenges will be faced in developing the app. Company will face issuelike security of app. After downloading the app there is a long subscription process. Due towhich some customer will never download the app. Text displays on the app is sometimedifficult to read for consumer, so this is also a weakness for the app to be launched. Poor mobileoptimization would also be a problem for the app (Benmoussa and et.al, 2015).Opportunities of Catalogue mobile app:Mobile app market is growing very fast. So this is willbe proven strength for app to be launched by the company. There is huge market in demand ofmobile application for everything that make the life of people better and easy going. So there isan opportunity for IKEA by launching app.Threats of Catalogue mobile app:There is fierce competition in global market and exclusivesocial media engagement of people. Apps have inimitable functions that leads users in difficult4
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