Ike Ikea 's Business Plan

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Introduction IKEA was founded and established by Ingvar Kamprad, born in Småland Sweden. Within 6 decades that is from 1943 to 2016, IKEA has grown from the woods of southern Sweden to the largest furniture retailer in the world; also IKEA is rated as fifth most valuable retailer and most valuable furniture brand in the world. IKEA designs and retails ready to assemble furniture directly to its customers with a network of total 328 stores located in 28 different countries and supported by 978 external suppliers from 50 different countries. IKEA is valued over 18 billion US dollars and generated a global revenue of 32 billion Euros in 2015 that is 11.2% more than 2014. In total IKEA employees 155,000 co-workers located in different parts of the world and also ranked 62nd out of the 100 best employers to work for in 2005. Vision IKEA vision is “To create a better everyday life for the many people” [www.ikea.com] that is the idea behind the IKEA business plan is to design and provide a wide variety of home furnishing products to its customers at as low cost as possible which will ultimately increase the affordability. The company aims at building long term relations with its suppliers and also investing into more automated production which ultimately help them to produce better quality products at lower cost. Whereas for human resource practices IKEA vision is to give straightforward people an opportunity to grow, that is both professionally and individually so that together

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