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Business success cannot be understated since the stakeholders pay a hefty price in return. From prior planning to the implementation of the business operations, the participants portray impeccable commitments that make the business more promising. For instance, the presentation scrutinizes the essential elements shown by the competitors in the company’s field of interest. Throughout the analysis, the firm’s focus is mainly on the furniture industry. According to the research conducted, the primary competitors in the industry are a corporation owned by John Ferrer and Deborah, his wife, and the IKEA furniture company. The companies mentioned above have been performing well in the market, making them our company’s solid competitors. Behind the success of these companies lies their competitive advantages that outshine all other players in the industry. IKEA’s competitive advantages are cost-effectiveness and a wide range of product variety (Vergassola, 2019). For John and Deborah Corporation, the competitive advantage lies in their outstanding customer service and the profound quality of their products.
Competitors SWOT Analysis
The analysis aimed at determining the competitor’s potential by outlining their Strengths, Weaknesses, Opportunities, and Threats.
John and Deborah Corporation SWOT Analysis
S- Strength- Practices vertical integration; the firm consists of in-house designers who trigger flexible, rapid design changes as the changes occur, enabling them to fit in the market. In addition, intensive customer outreach through expanding the shipping and online catalogs forms a firm foundation for the company’s profit maximization.
W- weaknesses- The company fails to exhaust the market fully since it only prioritizes the Upper-middle class population.
O- Opportunities- As affirmed in the text, John and Deborah Corporation can earn tremendous revenue from the local communities. The stakeholders can exploit the market by expanding their business globally.
T- Threats- The firm faces the challenge of a decline in sales leading to a delayed renovation of stores and manufacturing plants. Another threat is the increasingly stiff competition from competitors marketing similar high-end brands, which might contribute to the firm’s decline in sales.
IKEA Furniture and Home Accessories SWOT Analysis
S- Strength- The company is well known for its competency in market research; hence, promoting production as per the consumers’ wants. A wide variety of styles and designs on their products creates attraction and desire to buy them. The brand’s success is coiled around the magnificent company’s pricing strategy.
W- weaknesses- Bad press where the employees have reported experiencing poor treatment. Another weakness is that the production of low-quality products has characterized the company.
O- Opportunities- Considering that IKEA is a well-known and influential company, stakeholders can branch out further. The business can implement strategies to trigger maximum utilization of e-commerce marketing.
T- Threats- Despite its overwhelming performance, the rapidly increasing competition both domestically and globally may put the company at risk
Strategies to Build a Competitive Marketplace
Target market profile plays a significant role in identifying the specific needs of consumers in the market. Various strategies, such as conducting market research on consumer demographic and psychographic factors, can provide relevant data for the analysis (Cennamo, 2021). Other target market profile strategies may include Partnerships and joint ventures. One may agree to partner with a local enterprise and have individual contributions and obligations. A joint venture occurs when an equity contribution with a partner is made to develop new assets and a new entity in a host country.
References
Cennamo, C. (2021). Competing in digital markets: A platform-based perspective. Academy of Management Perspectives, 35(2), 265–291. Web.
Vergassola, I. (2019). Prerequisites and outcomes of glocalization of marketing strategies by international retailers: The case study of IKEA and Home Depot in China. Web.
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