IKEA
IKEA was able to achieve its management philosophy to "innovate" and companys mission to keep the "prices low and give customers a valuable experience with value added product". Thus IKEA was able to achieve benchmark established by itself which makes it truly successful. ... IKEA was successful in entering the Canadian furniture market, which was huge and expanding. Also there was higher room for companies like IKEA as much of the furniture was sold through traditional furniture manufacturers who lacked the efficiency and consistency to market their products to huge markets. ... IKEA rigorously persuaded innovation through its design and was successful in differentiating itself by introducing a new range of "Quick Assembly" furniture which attracted customers due to low price, convenient installation and easy to set up features. ... IKEA had clearly defined market segments, which enabled them to target their promotions specifically developed for their potential customers, thus leading to higher sales from their advertising. ... More informed consumer was able to make better decisions about buying IKEA product. IKEA developed customer friendly environment in the stores, which acted as a catalyst in customer purchasing. ... By helping suppliers to develop the required infrastructure, IKEA developed strategic relationship with the supplier, which lead to efficient procurement solution that added value to the final product. IKEA successfully implemented its Low Cost - Low Price Strategy by consistently maintaining its product prices lower than traditional furniture manufacturers. ... Instead of developing rivalry with competitors, IKEA motivated its employees to innovate fiercely against competition, which made it more difficult for the competitors to gain competitive advantage.