IKEA Brand Scorecard Final 
- Brandscore Card -
Introduction
The brandscore card is an essential element used to evaluate the overall equity of a brand. The scorecard is an effective way to asses the unmet needs of the brands customers, it enables the brand to stay relevant and effective in the marketplace in a methodological manner. The scorecard should be able to fill any gaps that have developed within the brand’s approach to management and its strategic direction, as well as developing and maintaining a functional management system that can grow as the brand grows, while remaining comprehensive and completely brand relevant. (Kaplan and Norton, n.d.)
In terms of evaluating the current situation of a brand, a brand scorecard enforces a successful management plan by directly addressing what is at the core of the brand. It allows for the brand managers to objectively rate their brand against their own set of standards, based on their strategy.
Brand Planning
1 IKEA’s Mission & Vision
In order to create a viable scorecard to measure against the IKEA Brand against, it is important to define exactly what the vision and the mission of the IKEA Brand is and if they honour their vision and mission.
According to IKEA’s business concept , “At IKEA our vision is to create a better everyday life for the many people. Our business idea supports this vision by offering 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”(Ikea.com, 2014). From their own definition of what their vision is it can be said that they aim to vastly improve the quality of the lives of people who are in a lower income bracket, whilst still maintaining a certain level of product superiority and status. The IKEA brands vision is to use the concepts of conservation and minimalism to their full potential, by focusing on the effectiveness of simplicity and the functionality of each product rather then purely the aesthetical components.
Introduction
The brandscore card is an essential element used to evaluate the overall equity of a brand. The scorecard is an effective way to asses the unmet needs of the brands customers, it enables the brand to stay relevant and effective in the marketplace in a methodological manner. The scorecard should be able to fill any gaps that have developed within the brand’s approach to management and its strategic direction, as well as developing and maintaining a functional management system that can grow as the brand grows, while remaining comprehensive and completely brand relevant. (Kaplan and Norton, n.d.)
In terms of evaluating the current situation of a brand, a brand scorecard enforces a successful management plan by directly addressing what is at the core of the brand. It allows for the brand managers to objectively rate their brand against their own set of standards, based on their strategy.
Brand Planning
1 IKEA’s Mission & Vision
In order to create a viable scorecard to measure against the IKEA Brand against, it is important to define exactly what the vision and the mission of the IKEA Brand is and if they honour their vision and mission.
According to IKEA’s business concept , “At IKEA our vision is to create a better everyday life for the many people. Our business idea supports this vision by offering 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”(Ikea.com, 2014). From their own definition of what their vision is it can be said that they aim to vastly improve the quality of the lives of people who are in a lower income bracket, whilst still maintaining a certain level of product superiority and status. The IKEA brands vision is to use the concepts of conservation and minimalism to their full potential, by focusing on the effectiveness of simplicity and the functionality of each product rather then purely the aesthetical components.
References: Ikea.com, (2014). Our business idea - IKEA. [online] Available at: http://www.ikea.com/ms/en_SG/about_ikea/our_business_idea/index.html [Accessed 24 Aug. 2014]. Ikea.com, (2014). Our low prices - IKEA. [online] Available at: http://www.ikea.com/ms/en_SG/about_ikea/the_ikea_way/our_business_idea/our_low_prices.html [Accessed 25 Aug. 2014]. http://money.howstuffworks.com/ikea4.htm (National Geographic, 2013, n.d, http://www.natgeotv.com/ca/megafactories/ikea-facts) Essays, UK. (November 2013). An Analysis Of Market Segmentation Of Ikea And Bandq Marketing Essay. Retrieved from http://www.ukessays.com/essays/marketing/an-analysis-of-market-segmentation-of-ikea-and-bandq-marketing-essay.php?cref=1 Essays, UK