Vision and Mission Statement | Ikea

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Table of Contents
1. Introduction..........................................................................................................................3
2. The importance of forming vision and mission statements..............................................4
2.1. Vision statement..............................................................................................................4
2.1.1 Role of the vision statement.......................................................................................4
2.1.2 Importance of vision statement..................................................................................4
2.2. Mission statement............................................................................................................4
2.2.1 Role of the mission statement....................................................................................5
2.2.2 Importance of mission statement...............................................................................5
2.3. An example of a successful company that did had a vision and mission statements......5
3. Possible mission and vision statements of the organisation.............................................6
3.1. The rationale behind the concept of IKEA......................................................................6
3.2. IKEA vision and mission statements...............................................................................6
4. How organisations use SWOT analysis for their strategic review..................................7
4.1. What is SWOT analysis...................................................................................................7
4.2. What is strategic review..................................................................................................8
4.3. Why SWOT analysis is important for a strategy.............................................................8
5. IKEA SWOT analysis..........................................................................................................8
5.1. What is SWOT analysis...................................................................................................8
5.2. SWOT analysis table for the international company of IKEA........................................9
6. Conclusion...........................................................................................................................10
References and Bibliography...................................................................................................13
References............................................................................................................................13
Bibliography.........................................................................................................................13
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1. Introduction
Ikea is a multinational European organization that mainly designs and also sells the
ready-to-assemble furniture, home accessories and kitchen appliances. The organization was
established in the year 1943 in Sweden by Ingvar Kamprad. Ikea has been able to develop its
position as the biggest furniture retail based organization since the year 2008. The founder of
Ikea Ingvar Kamprad has also been able to become the eighth richest person in the entire
world (Ikea.com 2020). The corporate structure that has been developed by Ikea in the last
few years is considered to be quite complex in nature.
Ikea is currently operating more than 430 stores that are present in around 52 countries in the
world. The website of Ikea offers around 12,000 products and more than 2 Billion people
visit the website on a daily basis. The organization is mainly responsible for around 1% of the
total commercial wood based products that are offered to the customers. Most of the factories
and stores of Ikea are mainly owned by INGKA that is a holding company which is mainly
controlled by Stichting INGKA foundation (Ikea.com 2020).
The report will be based on the analysis of the role that is played by vision statements
and missions statements in the organizations. The importance of mission and vision
statements will also be analysed in the report in detail. The vision and mission statements of
Ikea will be discussed in order to understand the rationale behind its implementation. The
SWOT analysis framework will be analysed and it will be implemented for the purpose of
understanding the internal environment of Ikea. The process of strategic review will also be
discussed in the report in detail. Ikea is an international organization and the SWOT analysis
framework will be able to provide a detailed picture of the international strengths and
weaknesses and the external opportunities and threats as well.
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