The Competitive Advantage of IKEA
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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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The matrix of competitive advantage ď ś 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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The matrix of competitive advantage ď ś 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. http://buypaper.org/
The matrix of competitive advantage ď ś 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. http://buypaper.org/
Cost leadership strategy ď ś 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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Cost leadership strategy ď ś 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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Cost leadership strategy ď ś 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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Cost leadership strategy ď ś 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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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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