Principles of leadership “At IKEA our vision is to create a better everyday life

Question

Principles of leadership

“At IKEA our vision is to create a better everyday life for the many people”.

IKEA's efforts to make people feel that they understand the everyday person’s life, and they understand that everyday person’s needs seem to have worked well for them. Their strategy to provide middle of the road, "everyday" practical products is somewhat unusual, but clearly they saw a need that was not being filled and produced products for that market. They are proof that if an organization recognizes a need that is unmet and can meet that need at a reasonable price, they can succeed.

What do you think is the key to following their example? Please provide 3-4 examples.

Explanation / Answer

The key to finding customers’ need that is unmet is persistent communication with the customer. Businesses that are close to their customers and listen to the Voice of Customer (VoC), generally are the first ones to find customer’s need that is unmet and convert that unmet need into a business opportunity.

There are numerous examples of companies that rose up to the challenge, recognized customers unmet needs and converted that into business opportunity. For example, Bigsofa is a company that provides solutions for managing and analyzing large volumes of videos and images. It can be used for importing images and videos in any format, which Bigsofa will format and transcribe and make every word indexed and searchable. The users can search, watch or browse through the tagged content and create personal collections.

Handshake is another example of a company that recognized an unmet need of customers and converted that into opportunity. They provide a platform for users to directly negotiate a price for their personal data with the companies that want to buy it. They recognized the fact that people value their personal data and they are willing it for a price.

TNS is another such example. They are one of the largest research agencies in the world. They provide customized solutions, expertise and actionable insights to businesses, so that they can make impactful and effective decisions.

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.