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Built On Purpose: IKEA

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Welcome to another issue of Built On Purpose. This week we follow up on the previous issue of IKEA’s
 

Built On Purpose

July 1 · Issue #21 · View online
A newsletter which introduces you to a great, purposeful, and inspiring company every other week.

Welcome to another issue of Built On Purpose. This week we follow up on the previous issue of IKEA’s challengers with the Swedish furniture giant itself. 

What IKEA stands for
Vision
To create a better everyday life for the many people.
Business Idea
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. 
Key Values
  • Togetherness
  • Caring for people and planet
  • Cost-consciousness
  • Simplicity
  • Renew and improve
  • Different with a meaning
  • Give and take responsibility
  • Lead by example
Notes
As a reference, this is how IKEA defines their vision and business idea: 
While our vision tells us why we exist, our business idea tells us what we want to achieve. 
You can find more detailed explanations about their values here and their vision in this PDF: This is IKEA (10/2017)
It is also worth noting that underlying the vision and values of IKEA is a document called The Testament of a Furniture Dealer, which was written by IKEA founder Ingvar Kamprad way back in 1976. (Talk about timeless principles!)
What has IKEA been up to?
So what has IKEA been up to? Being late to online shopping and losing touch with consumers, IKEA is stepping up its digital strategy game. A new app will be coming out later this year that lets customers purchase products directly. 
The previous staple strategy of IKEA was big-box stores in suburbs. To reconnect and create relevance in consumers’ lives, it is experimenting with creating a present in heart of cities like London, Paris, and New York. 
Related links:
IKEA is a franchise.
Did you know IKEA is actually a franchise? IKEA operates under a franchise-model. The owner of the IKEA Concept and the worldwide IKEA franchisor is a company called Inter IKEA Systems B.V. You can learn about IKEA franchising here.
Updates
Comprehensive resource about purpose in business
Did you know that this newsletter has a website? It can be found at BuiltOnPurpose.net, and has been recently revamped with a curated compilation of resources - research, reports, articles, and talks - from business thought leaders around the world. It’s a great resource for discovering purpose and putting it in action for your business endeavors. 
See you next issue. 

With Purpose,
Justin
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