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Ingvar Kamprad started the international company IKEA in Sweden. The company's name is an abbreviation of the founder's name, the farm where he was raised, and the hamlet where he grew up (Elmtaryd and Agunnaryd). The business is well recognized for offering furniture, appliances, and accessories for the house at competitive prices. The company's corporate tagline, "low price with meaning," highlights one of its competitive priorities: developing items that are less priced without ever giving the client a sense of being treated unfairly.
The first step in developing a new product is coming up with a sketch on a drawing board where calculations are also done to determine the cost of production for that particular product. The second step is choosing the best suited manufacturer for the said product where it will be produced and packaged. After establishing the cost of production and having a manufacturer in place, a designer is then sought after and a design is selected.
Some of the additional features other than the design process itself that contributes to creating exceptional value for the customer when developing a new product are the product's function, the product's price, the raw materials that will be used to make the product and fabricator's capabilities.
As a multinational company, IKEA has established branches in numerous countries globally. Some of the most important factors to consider when setting up an IKEA store are political and economic stability of the locality, secondly availability of labor and infrastructure of the area and thirdly and most importantly, the product or products to be sold in the newly established IKEA store.
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