IKEA: Innovation Management and Business Growth Strategies in 2020

This report examines IKEA's innovation management strategies and their impact on business growth, focusing on the company's approach to product development, market trends, and competitive landscape. It highlights IKEA's history, from its founding in 1943 to its current position as a global furniture retail leader, emphasizing its commitment to sustainable practices and cost-effective design. The report delves into IKEA's future plans, including the introduction of new product lines like wireless charging lamps, and analyzes the competitive threats and opportunities facing the company. It also assesses IKEA's innovation capabilities using the 4P's of innovation (Paradigm, Product, Process, and People), underscoring the importance of understanding customer needs, fostering a culture of trust, and continuously improving products and services to maintain a competitive edge in the evolving furniture market. The ultimate goal is to provide a comprehensive overview of how IKEA leverages innovation to achieve its business objectives and sustain long-term growth.

Managing innovation
in
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Executive summary
The report has covered by the innovation and management. It has very important and
essential for the company. It helped to heighten business growth and profitability. It has based on
IKEA company that furniture manufacturer company. It has provide the best and effective
products and service to their customers to achieve gaols and objective of company. The IKEA
was established in 1943 and name formed by the creator initials. The report has covered by the
examination and development review the analysis by various items. This report has represented
by the business and environment. Company has use the product development at marketplace. It
has the effective and valuable for growth and success of company. In that leaders and manager
has make new product and its services at marketplace. By this more customers has attracted
towards the company. The company at 2020 will reach aims and objectives which best and
effective for use. That reach out the ways of growth and success of company. That will serves
best services at local market in the future 2020 in the whole market. The main product for the
future is line wireless lump with chargeable stand. The main rival of company it other branded
company who are make various product and service which are related to the business. The main
threat of this company is their competitors like new technology and changes in customers needs.
The opportunities to company is new technology for making effective product and service with
the help of equipments. The report has covered by the industry growth and strategies to meet
with those requirement. The innovation has effective for business and its growth factor for that
manager and leaders are make effective and valuable strategies and schedule for work to meet
successfully goals and objective of company.

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
The future of industry in 2020....................................................................................................2
The IKEA innovation requirement 2020.....................................................................................4
Building the future innovative capabilities for IKEA.................................................................5
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
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INTRODUCTION
Innovation management in business a very important business and growth. Innovation
management is set of tools which is allow manager for perceptive the process and goals of
business. It is respond for external and internal opportunities and also help to introduce new
ideas, process and products. Innovation is important for attract customers and peoples towards
the business (Ahmed, 2017). With the help of innovation customers are highly attracted towards
the business and its growth. The present study is based on the “IKEA” which is multinational
group help to design and sell ready furniture. It is the world's largest furniture retailer company.
The company is knows as modernist design for various types of furniture and appliances with
interior design by eco – friendly simplicity. It is help to attain cost control, operational details
and effective development. Industry is passes around the 12 – 15% full scale run with its
essential furniture.
Structure and purpose of report
The main purpose of this report is to analysis past innovation of IKEA company and its
existing performance and capabilities. The innovation is help to improve present performance of
company. This report will emphasis on IKEA and industry in 2020 with the help of last
innovative ideas at workplace. This report will shows the future of industry growth. In this
organisation innovation requirement in 2020. This will build by future innovation capabilities for
the IKEA group.
MAIN BODY
The industry in 2020
The global market provides a new market on different segment. It is the world's largest
furniture store and it is ready to done to innovate new product and its service at marketplace. The
future of this industry will be the effective and valuable growth. This industry is made various
products which are very important for peoples and customers. Furniture are the basic
requirement of the peoples and its purchase are on high requirement. The peoples are highly
attracted towards the business and its growth factor (Alexander and Joe, 2019). The company in
coming year are want to opens various stores for high growth and also to attract customers.
The company IKEA's opening date first fully store in 13 years has been confirmed. Its
operates the 344446 sq ft stores in February which is located in the millennium retail way park
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which is located at the Greenwich. It is the 22nd biggest format of store in their local market is
UK and it is more sustainable. Its stores are create the various job opportunities not only in their
stores also in restaurant, bistro and food market. The furniture market is create the various job
opportunities for the peoples who are really want job in this sector. This industry is grow highly
at market place by the effective growth and factors. This will also feature which green space,
flexible work areas and various workshop.
It is the learning lab there customers are learn lots of things like life of product and
service, upcycle and make their sustainable. The industry want to inspire the peoples who want
to live better life at their home and also for them who are look forward to attract customers. In
this local community to enjoy by the unique experience which is help to put effective needs and
lifestyle. It is target BREEAM, which is help to join the various new store in various advanced
technology such as rain water gathering and reduce water 50% consumption with the help of
grey water handling (Alexander and Joe, 2019). There store has main to achieve full energy and
interior has aim to provide the nature lights and better service to their customers in 2020.
Furniture to go ahead to evolve to keep pace. In the part sofa was the most important think in
living room.
The new trends of furniture industry are the rise telecommunication is diving demand for
the home and office furniture and demand of luxury furniture are increase. The luxury furniture
is take place in the future because most of the customers are willing to purchase luxury items for
living and work environment. This is highly effective and valuable for the business and its
growth. IKEA is sells the LED flameless candle at reasonable prices of product and service. The
future of this industry will highly grow by producing various new products and service for attract
customers. It is the good and effective way to promote their product and services at marketplace.
This Swedish retailer really upped its outdoor games in the past. Outdoor furniture and textiles
are help to attract high customers power. The IKEA is offers the outdoor living departments
ideas for the work and best result of work. They are planning for motivate individuals with
increasing manageable life at home. The IKEA is deals in the furniture and lights but recently it
announced a line of new lump with wireless charge gadgets (IKEA innovative idea in future,
2019). The IKEA is introduced the smart functionality in light range of product and it services. It
is take the first major and effective step in the various internet thinks. This provided support Qi
wireless charging standard in 2020.
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The requirement of innovation to IKEA in 2020
Some more tends in this sector are covers the the LED flame candle and luxury products
are the main trends which are happens in the future industry. It is highly effective and valuable
for the business and its growth factor. By this trends, IKEA is required the innovation in the
future in order to attract more customers towards company. This help to increase profit and
productivity of company at marketplace. Innovation is defined as process of making new ideas or
invention into new goods and service. With the help of innovation it create values and
effectiveness in the LED flame candle and luxury products. It is very important thinks which is
concerns the organisation and its role to develop market. It is the effective way to attract high
customers towards the company and its growth factor. Its means to use new technology and use
the ways of thinking to make effective values in existing ides and product. It is very important
thinks to create the new product and service to attract more customers towards the company and
its growth factor. Innovation is basic and valuable need of IKEA for achieve best growth
experience of peoples. That is help to manage best experience at marketplace. There are various
requirement which are help to IKEA to innovate LED flame candle and luxury products. at
market place in 2020 (Biemans, 2018.).
 Know your customers: innovation is needed to knowing their customers and suppliers
towards the company. With the help of innovation, is able to know needs and wants of
customers. Like company is made LED flame candle and luxury products as per
customers then customers are happy and satisfied with needs.
 Create culture of trust and constructive conflicts: innovation is create the effective and
valuable culture of trust in the market in effective manner. Trust is best key and effective
for full potential of the team because it is difficult to build and maintain high trust in the
team.
 Changing the way of shopping: innovation is help to make effective changes in the
company towards the growth of company. This change ways of peoples shopping
because LED flame candle and luxury products boost and encourage to peoples for
purchase that at marketplace.
 Continuous improvement: innovation is required for continuous improvement of
organisational sustainability for improvement and re-branding (Carayannis, Sindakis and
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Walter, 2015). Good manager will build the effective and valuable innovate product grow
IKEA skills by increasing creativity.
This help to know needs and wants of customers, culture trust and constructive conflict
and changing the ways of peoples, creating desirable and affordable furniture for the peoples.
The company is lunched new line lump with wireless charger gadgets and system. With help of
innovation, company is know to communicate with the features and growth of product and
service at marketplace. Customers requirement are important and valuable for the business and
its growth by the innovation manager get idea about requirements and needs of customers at
working place. By this customers are highly attracted towards the company and hardly contribute
for increasing profit margin of company.
The new idea of lump gadget is effective and attractive for the company and its growth
factor. Design is implemented by various level within the organisation. This starting with
strategic planning of production process and its delivery to product and services to the
customers. Management of strategic design is essential for achieve innovation and target
business and its customers. It has the greater ability to compete in the market. IKEA is the
growing and take its responsibility to attract customers with the help of innovation and quality
management.
Building the future innovative ability for IKEA.
The IKEA is one of the best and finest furniture company. It is highly capable to reach
towards new development to ensuring desired growth to achieved. The first and important need
of company to develop product which can be help to meet future needs in its industry. With the
help of development, the future of this company is to be perfect with high goodwill of company
(Cohendet, Parmentier and Simon, 2017). The employees are best and important resource of the
company. They are ready produce large amount of new product which gadget lumps for serves to
target customers and their needs. The company will produce product for the future requirement
such as the lump gadgets, various products like lighting items. To analysis the innovation
capabilities of IKEA here is use 4p's of innovation are as follows:
 Paradigm is concerns with the how to frame and what do/ it is use for improve the way of
business by making some changes at marketplace. Changes are include the model of
business as per new products lunched which is LED flame candle and luxury products.
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 Product is concerns the what do offers to customers. Here, is includes all the suggestion
of the other member to take idea of them in order to done work in effective manner. By
this manager is able to know about the product.
 Process at this stage, manager is create product and put into the manufacture process of
the product and services which is LED flame candle and luxury products.
 Position is sets the target customers like what customers are highly target for the product.
So in this manager are target to office and high living peoples.
The innovation of IKEA company is includes the development of the gadget. It is the line
lumps that is wireless charge the lump. That is provide the supportive Qi wireless charging
standard. It is the one best step of IKEA to sees furniture is growing. Company want to become a
gadget maker. They have mission to sell electronics but to make the life smarter and easier. Inb
this company can take help of R&D department to realize those factor which are help to analysis
this requirement. Innovation of this lump is help to organisation for reaching new developing and
gain better customer attraction. The innovation ability of the IKEA is transform the idea into new
market carries an economic values.
Create differentiate capabilities for innovation this help to focus on building the capacity
and capabilities in different ways in to be the honest. The capabilities of IKEA is help to moved
organisation look for assistance and this offers various thinks like gathering data to make the
new model for furniture. The sustainability in event that is resources are supplied has in upper
hand in this. Learning is different ways are effective and valuable growth of company. It is
combining different intellectual capitals to make them more dynamic. IKEA not have assets in
appropriate manner mechanical and human development. This have capabilities to wake of
separating all of the benefits and limits, basically this give viewpoint and power to significant
market (Frow and et.al., 2015). That is not good and effective to manage work in proper manner.
Capabilities are help to lunch new product and service to customers attraction at marketplace.
The technology advancement is generate the effectiveness at marketplace.
Innovation capabilities of company is effective for business and growth, innovation
ability are develop by the team work this includes leaders, manager are give time to time
instructions and guideline to employees. With the help of innovation company is able improve
innovation capabilities at marketplace and within the company. Continuous improvement and
development is help to make the effective and valuable capability of company. This is good and
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effective for the future growth of company. Improve innovation capabilities by considering
following trams and regulations:
 Evaluate innovation with the help best practice of critical thinking as per market
requirement and analysis.
 Build capacity by defining and introduce new product growth of the business.
 This help to create best culture of innovation by sharing vision, objective.
 Establish and improve fast decision making.
Those are factor which are help to improve capabilities of innovation at market place and also in
the growth (Jansen, 2017). Capabilities building is help to company for their best future.
The core competencies are help to IKEA for differentiate there goods and selling by transport in
building level and smooth which is bring down cost and expenses. The capacity is communicate
vast inventory of high by individual needing to come towards the work. The capacity is
mentioned and help adjust new and limited venture with its income.
The roadmap for build and develop future innovation
Suggestion
There is need to evaluate and analysis all factors and price at the marketplace. Thje
changing in demographic and shifting in the customers needs and wants. These affect to the
IKEA and products development and production process. It considers their short and long term
growth strategies. In the furniture and gadget product are required the various raw material and
time for produce product and service. In that manager have to analysis the products cost and like
prices and cost of raw material like steel, wires, lump paper and various equipments. In that they
ensure about the labour and employees are able to arrange all products and equipment at their
business.
The secondly is known about the goods and its aim or objective of firm. It is effective and
valuable for the business and its growth as per requirement. Here is manager, required to to
analysis the needs and wants of customers towards the lump and gadget products and services.
Reason
here is reason to develop the effective and valuable growth of the company in effective
ways. By this company is able to make valuable growth of business in effective ways. Reason to
make and build innovation for positive growth of company at marketplace (Nohria, 2017). with
the help of innovation company is grow in effective manner.
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Impact of change
the innovation is give positive impact on the company. With the help of innovation,
customers are highly attracted towards the company for growth. This help to build effective
brand value at marketplace.
Research and development
The IKEA company is depends on the research and development department for make
new and effective product and service for fulfil the needs and wants of customers. In this
manager of IKEA give time to time training and development program to improve capacity of
performance to give employees. This help to make good future of company in 2020 and also
improve capacity of innovation.
Required resource
Manager of IKEA have various ideas and equipments which are help to innovate and
improve capabilities of innovation. In that, there is required to share all the knowledge and
information to other. This is called idea exchanges by this employees and followers have proper
knowledge and information about the innovative product. By this employees are able to produce
new product and service at marketplace.
Technical skills required
Technology is also help to improve capacity of work towards the product and services
manager of IKEA have to align and make proper schedule for work by using effective and best
technology for work (Petersen And et.al., 2016). Those alignments are help to improve
capabilities and capacity of innovation in future also build effectiveness.
Cost of changes
To build innovation capacity and capabilities require to create sustainable values of
product and service at marketplace. Employees have proper skills and effective behaviour that is
help to make the product and service in effective manner. That is help to build the future
innovation capabilities of the brand and company.
Feasibility
Here is need to make the effective and valuable growth of company in future. It is very
important to build future innovation capacity (Snihur and Tarzijan, 2018). That is help attract
customers towards company and build effective trust of peoples.
Approval process
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In the office meeting it is clearly define the take care customers needs with this gadget
and lump. In this healthy and safety law is applicable, because gadget run by the high power
chargeable system. In this manager, take care of peoples safety and take approval from the legal
aspects. By this customers attracted towards and maintain those thinks.
Application of changes
the product and service are the effective and valuable its growth is in effective manner.
Innovation is give positive opportunities to company and it high growth factor. By this company
manager adopt those changes for earn positive opportunities.
Review and the impact of culture
Here is very important to do innovation which help to make the effective ad positive
growth of company. In this manager are able to make highest and biggest level of strategy is
relate to innovation and changes is key. Business strategies are support is useful for guide rapid
effect. Building innovation is effective and best key for build and develop future innovation of
product and service. Development in the product and service are help to make perfect future and
growth of company at marketplace. Culture and environment of company is goods and best then
employees are able to give their hard contribution to achieve goals and objective of company.
Other hand, also customers are attracted towards the company and its product and services.
CONCLUSION
From report has summarized that management of innovation has important and essential
for the business and its growth. That played an effective role in company for better success. In
order to reach future growth company used new product and service because to attracted
customers towards the company. The new product has various competitors and problems in
future. With the help of building new product's innovation, company have various opportunities
to increase profit and threats. To reduced future threat manager has required to introduced
strategy for compete with those threat. Study has covered by requirement of innovation in future.
To attracted more customers it has the most important strategy and aim of company. It has very
important to analysis requirements of innovation. It has build by innovation ability for
organisation and it very important for managed goods and services and improvement in goods
and services. it has covered by different strategies which has help to improve future innovation
growth and capabilities. It has very important and essential for the future growth and profit of
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