IKEA Management Overview

IKEA has been very successful because of the time they spend understanding their customers. Ingvar Kamprad founded IKEA in 1943 at the age of 17. Ingvar originally sold pens, wallets, picture frames, table runners, watches, jewelry and nylon stockings through IKEA at a reduced price. Ingvar understood that he could buy products in bulk at a lower cost and still sell them cheap while making a profit. IKEA's success has come from the way they offer a wide range of well designed furniture products at prices lower than the competitors. By keeping their products prices low, they have been able to create a large demand for their products. IKEA had a vision, expressed by founder Kamprad, that the company should sell a basic product that is "typically Swedish" wherever it goes in the world.…