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Essay Details:
Essay text:
Outline the information that is required by IKEA to assess the above markets and propose the research that you would undertake to gather the information, giving your justifications.
There are 7 areas to consider:
1. Complete description of the markets: demand, consumer behavior, size, economies of scale, sales, 4 p’s.
2. Who are the competitors: know the company, the way of doing business, structure and relations among the departments. What plans are developing that could affect Ikea, strategies in the short-term and long-term.
3. Economy-Foreign exchange information: size of the market, stage of development, GDP, GDP per capita, income distribution, economic risk, balance payments, interest rates, country currency; analysts opinion, trade area, imports & exports, industries, main sectors of economic activity...
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