Most people know Albert Einstein for his contributions to physics. The brand’s name, IKEA, is the most essential source of brand equity. Its brand logo consisting of the iconic blue and yellow color (influenced by the heritage of the home-country, Sweden) is another source of brand equity. It has maintained consistent quality, an efficient distribution network and standardization in all the countries that it operates in. Through the concept of self-assembly, it was able to cut down its costs, which ultimately was transferred to the end consumer, in the form of lower prices. By not compromising on the quality and providing quality products at affordable prices for the price-oriented customer, it has been able to create value for the customer. Other key sources of IKEA brand equity are Innovation, Collaboration with Designers and Social Initiatives by the Brand.
IKEA has adopted a low pricing policy for its products. It provides high value to its customers in terms of the price as well as the quality of their products. To maintain low prices, they fix on a price that would want to keep for their product as their target and work their way through backwards to achieve the target price. The design team takes into various factors (to the minutest of the details), to keep the prices as low as possible. The company distributes its offerings through its own retail stores with large spaces. There are more than 415 retail business plan stores all over the globe as of 2018. Be conscious about time and timing. Manage your time and that of your employees. Often delays translate to opportunity losses, but remember that some things can definitely wait. The key here is to make priorities; see which ones need immediate attention. If it isn’t the right time, don’t force it. Leadership may be about being aggressive and enthusiastic, but it’s never about being careless. Remember that management is about proper use of resources, so think before you act. Even if you only have a minute, do think.
I would also warn you about putting too much detail in an external business plan. Keep it to the point and keep it focused. Don’t stray into reams of detail on the chance that your reader wants to know this. Further detail can be supplied at a later time. However, if your reader wants the detail, go ahead and write all the pages that you need. Entrepreneurial leaders must adopt that their employees know the vision. Business trips, family vacations, romantic getaways – there are always times where pet owners are forced to keep their furry friends behind. This job often includes feeding, walking, and small grooming chores. Pet sitting isn’t the most creative of side businesses, but it’s a classic for a reason. Benefits of Digital Marketing: Technology transforms every aspect of commerce. From lead generation to marketing to customer service, its impact on digital commerce has been immense.