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Yr 12 - Investigating Business

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Introduction

Year 12 Applied Businesses Unit 1- Investigating Business I have chosen IKEA as the subject of my business studies report, they are a worldwide known Swedish furniture store. The above diagram, shows the layout the of IKEA family tree. Task 1) All businesses have aims and objectives that they wish to achieve. An aim demonstrates the long term intentions of the business. Objectives are measurable goals that the business will try and achieve in the short to medium term. If the business is to achieve their long term aims they must meet their objectives. A mission statement will often be used to put the business' aims to words. This will make the aims easier for the workforce to understand. The aim of a business may simply be to survive the first year of trading, make enough money to provide an income for the owner or to supply a service to the local community. The aims will be decided by the owners or managers and they will vary from business to business. Below are some examples of some business and moral aims that a business like ikea may choose to adopt: making a profit; this can be seen here in the steady increase of income the IKEA Group in figures Sales for the IKEA Group for the financial year 2004 (1 September 2004 - 31 August 2005) totalled 14.8 billion euro. * provide a good or service to the local or wider community; * survive as a business; * independence * expand sales or profits and expand into new areas of the country or world; * provide a highly competitive service; * improve the quality of a product; These above points are backed up by a quote on the Ikea website stating about there aims The IKEA vision is "To create a better everyday life for the many people." Our business idea is "To offer a wide range of well designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them."Our market positioning statement is "Your partner in better living. ...read more.

Middle

Since IKEA is based by a motorway going there can be a problem for some people so the increasing amount of buses and expanding of routes means more people can get to IKEA. Also a large proportion of families locally are increasing. For instance properties in the area are highly sought after, with one bedroom apartments reaching in excess of �150,000, and a planned increase of bus service in the area to cater for the rise of local families and houses. Social changes will affect the business quite a bit over time, for instance with the increasing amount of cafeteria's, takeaway stores and food shops opening so Ikea have had to cater for that in opening their own mini restaurant where people can purchase hot or cold food and other snacks. This makes a trip to Ikea like a day out, more then just visiting your local store. Also since London has become more cosmopolitan, they have introduced foreign food as well as British, and its speciality of Swedish food to cater for their needs, this has had a good affect as it generates more income, and the store appeals to more people. Furthermore the items they have to sell have to be modernised, as technology increases so does peoples expectations of the product they purchase. Furthermore IKEA in Brent Park has decided to give something back to the community. IKEA Brent Park runs a Community Policy focused on children, over a hundred schools benefit from IKEA goods that cannot be sold, also closer links have been made between the store, three schools and a community centre from the local community area. This shows that IKEA can make the difference for these organisations and the response has been welcoming and enthusiastic, which has helped make IKEA popular nationwide and even more so locally in the community. IKEA Brent Park stands out for the successful internal approach in relation to Community Involvement, two examples of this positive internal attitude are following, the store, in connection ...read more.

Conclusion

* Environmental Responsibility- Highlighting a duty to minimise pollution emissions and maximise recycling, I.E using recyclable packaging. IKEA are extensively known for looking after the environment "At IKEA, we shall always strive to minimise damaging effects to the environment, which may result as a consequence of our activities." IKEA do this by only using wood from well-managed forests that have received recognised forest management certification, IKEA also have phased out the use of PVC, as a precaution given some reports of its harmful side effects. * Social Responsibility - To provide products of genuine value that are promoted with honesty and dignity. Our business idea is "To offer a wide range of well designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them." This shows IKEA are loyal to their customers and do try to price their products as cheaply as possible, by looking at there website and from personal experience it's clear that IKEA do offer a lot to there customers for highly competitive prices. Other ethics Ikea have is to make sure all their Timber comes from maintained and looked after forests, that their staff and customers are looked after and also to check their food is properly cooked and of the highest standard. These ethics help the business in reaching its objectives, when people see that a business doesn't just sell a product, but also care about where its coming from and create ethical standards, its proven that they are more likely to purchase from them. Customers appreciate it when the products they receive have been created with care, and will often be willing to pay that bit more for it. Also by having ethical beliefs you create a name and image for yourself, with is good publicity generating more interest and customers over the long run. IKEA are seen as a very ethical responsible company, fitting in with their modern, caring and environmentally aware image. 1 Alex Kaczmarek ...read more.

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