Ikea 's Vision Of Ikea

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INTRODUCTION: The intrapreneurial organization that I have selected for my individual report is IKEA. IKEA is a Swedish home furnishing company which produces ready to assemble furniture as well as different home and office appliances. It is the world’s largest furniture retailer. IKEA was established 73 years ago in 1973 by 17 year old Ingvar Kamprad. IKEA means I for Ingvar, K for Kamprad, E for Elmtaryd, the farm where he grew up and A for Agunnaryd, his hometown in Smaland, Southern Sweden. “To create a better everyday life for the many people”, is IKEA’s vision. IKEA is known for its innovative architectural designs and eco-friendly interior designs. The company is well known for its focus on price control, continuous product development and other corporate attributes which allowed it to lower its prices on an average of 2 to 3% over the decade to 2010 during the period of global expansion. To date IKEA operates 328 stores in 28 countries with operations spanning 43 countries having an annual turnover of 32.7 billion euros in 2015. The entire IKEA range consists of 9,500 products which can be seen on its website. It is the user of 1% of the world’s commercial wood resources. INNOVATION AT IKEA: Innovation at IKEA can be divided into four divisions: SERVICES INNOVATION: Promotion of excellence and innovation require different service systems. (Rubalcaba, Gallego & Den Hertog, 2010). It is also known as services innovation. IKEA follows different approaches to innovate

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