Vision, Values and Mission in Driving Strategy An IKEA case study
Page 2: Vision
A vision for companies, like IKEA, outlines what the business wants to achieve. A vision is an aspirational and inspirational view of where a business wants to be, it helps to position the business and provides a focussed direction for the future. The IKEA vision is the foundation for its growth strategy.
“We want to make sure that IKEA is accessible, so that more people can create a better everyday life at home. We re-invest a majority of our profits in existing and new IKEA stores, as well as in product development, sustainable solutions and by continuously lowering prices to our customers.”
A business will also have a mission statement, whereas the vision is what the business wants to achieve, the mission statement sets out what the business does why and how it does it.
Both the vision and the mission statement link to the overall corporate objectives:
Vision – which inspires customers, stakeholders and motivates employees to achieve objectives;
Mission statement - which communicates the goals of the company to customers, all stakeholders, including employees.
Providing quality home furnishing products at affordable prices is the basis of the IKEA vision, business idea and concept. The thinking behind all the development of IKEA’s products is that low prices make well-designed, functional home furnishings available to everyone. IKEA’s goals are to constantly do everything “a little better, a little simpler, more efficiently and always cost-effectively.”
IKEA | Vision, Values and Mission in Driving Strategy