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Ikea’s Vision and Mission Analysis

Essay by   •  October 24, 2017  •  Case Study  •  412 Words (2 Pages)  •  1,019 Views

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1. IKEA’s vision and mission statement

“At IKEA our vision is to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that many people as possible will be able to afford them.”

2. Vision Statement Analysis

a. Wording of the Vision Statement

The largest problem with IKEA’s vision statement, is that it is used simultaneously used as a mission statement, even though both statements are different and have different purposes. IKEA should create a separate vision statement to better articulate its “reason of being” to its stakeholders.

“To create a better everyday life for the many people”, can be derived as the vision statement of IKEA, but fails to be either specific nor clear. Since the core competence of IKEA is to create better home with the selling of good quality furniture at affordable prices, the vision statement should try to explain this purpose. Instead, the current wording resembles a business philosophy or slogan instead of a “reason of being”.

3. Mission Statement Analysis

a. Nine Essential Mission Statement Components

No Component Inclusion Part

1 Customer Yes “the many people”

2 Product/Services Yes “wide range of well-designed, functional furnishing products”

3 Markets No

4 Technology No

5 Concern for Survival, Growth and Profitability No

6 Philosophy Yes a better everyday life for the many people

7 Self-Concept Yes “wide range of well-designed, functional furnishing products”

8 Concern for Public Image No

9 Concern for Employees No

IKEA’s mission statement lacks 5 essential components, which are markets, technology, concern for survival, concern for public image, and concern for employees.

b. Mission statement orientation

IKEA’s mission statement is customer-oriented because it seeks to satisfy the needs and problems of the customers.

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