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Pages:
8 pages/≈2200 words
Sources:
8 Sources
Level:
Harvard
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.K.)
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Topic:

Besiness Objective ' one of ikea objective is - MINIMISE PRICE: Too produce cheap and affordable product for the public/customers. (Essay Sample)

Instructions:
what i need is((( analysis Report )))).,. i did a group presentation on ikea business objectives and now they want each of the group choose one objective of ikea and wright a indvedual analysis report and expand to 2000 words. i choosed one of the ikea objective which is (( minimise prize )) to produce cheap and affordable product for the public/customers. - Better life for those who cant afford expensive products. - Ensure the customer finds what they are looking for in store. you really must use this books as a reffrence : 1- Applied Economics - by Alan Griffiths & Stuart Wall- 11 edition chapter 3 and some good jornals reffrences must be new .. some usefull linkes.... for ikea objective ,.,. but most of the informaion is from aplied economics .. http://www.theappointment.co.uk/news/?submitted=False&ID=6260 http://fp05-527.web.dircon.net/ikea_company_profile.html http://wiki.answers.com/Q/What_is_IKEA\\\'s_aims_and_objectives ( Aims and Objectives of Ikea - Too produce cheap and affordable product for the public/customers. - Better life for those who cant afford expensive products. - Ensure the customer finds what they are looking for in store. - Low prices. )) http://www.123helpme.com/view.asp?id=148901 http://www.ikea.com/ms/en_GB/about_ikea/index.html http://www.ikea.com/ms/en_GB/about_ikea/the_ikea_way/history/index.html http://www.ikea.com/ms/en_GB/about_ikea/our_responsibility/the_never_ending_list/index.html Assessment 2 Individual Report 20% Each student must choose one aspect from the findings of the group presentation, develop an individual question and submit a 2000 word report on this topic. In deciding upon their individual report (((. The individual report should be analytical rather than merely descriptive ))). Each student will be expected to submit a report on an issue arising from the presentation. The report must be original work and contain no element of plagiarism. Plagiarism is cheating and those report found to contain such material will receive a zero mark. The Harvard Reference System must be used for all written assessments and also in line with the CBS policy for Level 2 students, all reports must be typed. The report structure must contain an introduction, main debate and conclusion, followed by a full reference section, and a bibliography. The Written Assessment The aim of the report is for each student to demonstrate both an awareness of the context of the business environment, and their capability in undertaking an investigation of a relevant area which is of interest to them. The actual topic that you choose is important as it must be a current issue. However, your ability to demonstrate that you are able to synthesise theory and practice and critically appraise current issues are of equal importance. These are all skills that are Objectives of Level 2 students within CBS. Additionally, your programme has a number of key aims, achievement of which should be evidenced by you during the assessment of the module: v your ability to take an enquiring, analytical and creative approach to the issue of your choice and to be capable of exercising independent judgement and critical self-awareness; v your ability to communicate your thoughts, ideas and findings effectively; v your ability to integrate information, and v Your ability to set your studies in context. Please note, the investigation for the report should be completely literature based, with no formal fieldwork undertaken. Report Titles The report title must be agreed with your seminar tutor to ensure that it considers a relevant, current issue. Please Note: If you undertake an investigation without agreeing the topic, and the area is later deemed not to be a relevant issue, your report will not meet the requirements of the module, and will automatically fail. Feedback from Tutor: All reports submitted on schedule will receive written feedback from the tutor before the final examination. Academic Citations: Please do not submit websites as references as such sources will not demonstrate that you have an academic foundation for your topic. Titles submitted must be original work: Written work related to either a report/report/assignment or dissertation topic which has already been, or is still to be, assessed for another module, will not be accepted. If a report submitted for this module is later found to have been submitted for another module, this will be treated as plagiarism (please see GCU Plagiarism Guidelines). The Structure of the Written Assessment Two copies of the final written report of your investigation must be submitted within two weeks of the presentation date ( your submission date will be confirmed by your tutor after the topics have been allocated. One copy of your report must include a full Turnitin report (software which allows you to check the referencing used within your report prior to submission). A report front cover is on Blackboard which should be used when submitting both copies of your report. All reports should include the parts and sub-headings as outlined below: · Report Front Cover – see end of this guide for a copy which you should sign before submission. · Identification of purpose · Identify explicitly which issue you are investigating through your chosen topic and a brief explanation as to why it is important in the current marketplace. This viewpoint will be backed up by references. · Explicit identification of the academic foundation for your study · No more than 100 words. · Critical discussion of current literature pertinent to your chosen area This should be the main body of the report. Critical discussion of relevant academic theory and issues surrounding your chosen topic from appropriate sources. This section must include academic relevant journals. See Descriptive vs. Critical Writing section below for more detail. · Conclusions/recommendations Summarises what you attempted to achieve and also what information your have presented. What do you think should happen as a result of your findings? · Reference Section Every source you have cited within the text in alphabetical order, by author. · Bibliography Every source you read but did not reference within the text in an alphabetical list. Descriptive vs. Critical Writing Descriptive writing says what happened or what another author has discussed; it provides an account of the topic. This approach to academic writing is not acceptable beyond level 1. Analytical or critical writing asks and answers questions, makes comparisons, and presents and defends a thesis or argument. Rather than just stating the facts, this approach explains and interprets them. · Why did events take place, what were their consequences, how did they relate to other developments? · Why did the authors you read take differing stands? · What is your own interpretation of the issues? In most business courses you will be asked to write and think critically. You are expected to provide your own analysis of the topic or issues. You must provide evidence and examples to support your arguments. Make sure that you understand clearly what each assignment requires in terms of the balance between description, analysis, and argument. If you encounter material that does not support your position, do not ignore it. You must explain why you think that evidence is less persuasive or important. This leads to critical thought and analysis which is imperative at level 2. Table no.1 below identifies the criterion used to mark you report. Table no. 1: Criteria to be utilised to assess the report: Criteria %age Marks · Signs of original thought · Level of critical analysis of material used · Demonstration of your understanding of material · Level of integration of ideas from various sources · Clarity of thought throughout report · Relevant use of material 90% · Referencing: must include both Reference Section & Bibliography 5% · Organisation & Structure: see layout notes above 3% · Length: 2,000 words 2% TOTAL 100% Everyone should use the list of relevant module readings contained within this handbook and also the extended listings on BlackBoard, as the initial information sources for ideas for investigation. The written assessment should also be thoroughly researched and properly referenced, using the Harvard Referencing System. Therefore, you are advised to consult as many secondary sources as possible, not exclusively the cited texts. For a guide to the Harvard Referencing system, see the PLATO referencing training resource accessible from the module Blackboard website. The report must be original work and contain no element of plagiarism. Plagiarism is cheating and those reports found to contain such material will receive a zero mark. As stated previously, plagiarism also includes submission of a piece of work which has already been submitted for another module. A guide to GCU Assessment Regulations on Plagiarism & Cheating can be accessed from the following CBS pages: http://www.gcal.ac.uk/student/coursework/regulations/plagiarism.html Also in line with the CBS policy for Level 2 students, all reports must be typed. Extensions: Please note, in accordance with GCU Assessment Regulations, late reports which have no prior agreed extension, will not be accepted and therefore, not marked. Therefore, all extensions must be agreed with the module leader before the submission date. Extensions will only be given with the submission of a valid and current medical certificate or due to an extenuating circumstance. Please note, problems with your computer do not constitute an extenuating circumstance. Turnitin Report: All reports must be accompanied by a full Turnitin report. The software will not normally provide you with an instant report so you should allow time for the report to be generated and sent to your e-mail address. If the system is being accessed by many people at once, this can take more than 24 hours. You should allow for this when completing your report to ensure submission within the closing time. PLEASE NOTE: All parts of the assessment must be completed and all submission requirements met. If a section is missing the assignment will be deemed to be incomplete and will receive a mark of zero. If a section is submitted after the due dates, except where a Medical Certificate is provided or extenuating circumstances exist it will not be accepted and will receive a mark of ZERO. Table no. 2 below, gives a full summary of the written assessment, with Table 3 summarising the breakdown of marks available for the module. Table no. 2: Summary of Written Assessment Details Summary of Written Assessment Details 1. Report Hand-in Date: Within two weeks of presentation – confirmed by tutor. 2. Length: 2,000 words. 3. The report will count for 50% of the marks available in this module. PLEASE NOTE: All parts of the assessment must be completed and all submission requirements met. If a section is missing the assignment will be deemed to be incomplete and will receive a mark of zero. If a section is submitted after the due dates, except where a Medical Certificate is provided or extenuating circumstances exist it will not be accepted and will receive a mark of ZERO. source..
Content:
Name: University: Course: Tutor: Date: IKEA: MINIMISED PRICES Introduction IKEA is a mass-market retailer popularly known for offering home furnishings at very low prices, “so low that as many people as possible will be able to afford them” (IKEA, 2010). IKEA believes in making good products for low prices. This requires developing cost-effective measures and being innovative so as not to compromise the quality and functionality of the products. IKEA achieves this by getting the best from the raw materials, being innovative and a smooth production and distribution process. The benefits of these processes are passed on to the customer through low prices of the products. This paper will focus on one of the strategies that IKEA achieves its objective by offering minimum prices for its products in all the company’s locations. A reduction of retailer prices by 3 percent in 1985 resulted to a huge increase in sales with 18 new stores being opened. The turnover rose by 17.3 percent to 18.8 billion up from 16.0 billion in 2004. In 2006 IKEA distributed 160 million catalogues. The catalogues were expected to increase sales as the company had then lowered one of their products, the bed frames by 20 percent. The company sells high quality goods at affordable competitive prices. It means increasing efficiency in production by being innovative, reduction and avoiding waste. The introduction of particleboard used in furniture reduced the use of raw materials by 85,816 tons. This had other benefits in that the transportation costs and thus reduced production costs. Price Minimising Strategies Profit leveraging is a strategy used by companies whereby they reduce the cost of production by efficient cost cutting methods and thus increasing the company’s profitability through increased sales (Smith, 2006). The strategy is common especially with wholesale and retailer companies including a company like IKEA’s. It is a concept applied whereby the company targets profits by low-margin but with an increase volume in sales. According to Smith (2006), a company targeting profits through a low-margin should also increase its sales through an improved relationship with the customers whereby the company will provide the client with multiple products. IKEA has applied this strategy by customising some of its products, (Innovation Leaders, 2006). The company uses a customer cost-to-serve gross margin strategy. The customer cost-to-serve applies when the gross margin is derived by efficient procurement and distribution methods and other overhead costs which include the opportunity cost. IKEA has a number of distributors located in different countries. The company practices bulk buying, thus receiving discounts while purchasing their products. IKEA has close relationships with these suppliers, thus reducing the distribution and purchasing costs at the same time ensuring that the supplies are accessed on time. There are various pricing strategies from which a company can choose from in fixing the price of a product. The pricing strategy chosen should maximise on the sales that a company makes (Bitran & Caldentey, 2003). The pricing method can be chosen according to its relation with the quality of the product. It can be low price, low quality product, which compromises the quality of the product. This is what is known as economy pricing. The strategy can be high price while offering low quality products, a method that is known as skimming which is normally used to attract customers before the prices fall and adjust accordingly. The price can be set up highly while at the same time offering a high quality product, a pricing method known as premium pricing. This method is commonly practised in luxurious goods and services. The last pricing strategy is the one chosen by IKEA, where prices are low but the quality of goods and services are high. T...
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