From the onset, I agree with Hill & Jones (2013) that strategic management is important in the determination of the mission and vision statements; roles and responsibilities; values and goals; and timelines of an entrepreneurship. That is, in entrepreneurship, planning stage is extremely important as it helps the entrepreneur understand business, conditions in the market, and the competitors within the same industry. This research paper examines certain aspects of strategic management. In particular, the paper presents how organizational identity can be determined and how a mission statement can be created for a manufacturing company, ToolsCorp, which plans to launch into the global marketplace. The paper also examines the priorities that will be taken in as to implement the company’s strategic objectives. It finally explores feedback mechanisms so as to evaluate how effective the steps of implementing the strategic objectives are.
Organizational identity defines a company, and that of ToolsCorp can be determined by looking at the mission statement of the company, which has to be re-written should it not reflect the real state of the company. It is also necessary to carry out environmental analysis and establish factors that affect the company such as competition from other companies in the same industry. In addition, it is essential to carry out SWOT analysis, which reveals the strengths, threats, weaknesses and opportunities that the company has. Strength and opportunities of ToolsCorp makes it more competitive as compared to other companies within the same industry. Finally, the identity of ToolsCorp can be determined taking a cultural snapshot and performing stakeholder analysis. Stakeholder analysis gives insight as well as the perspective of stakeholders on what they perceive the organization to be (Dunantlaan, 2007).
The mission statement of ToolsCorp can be evaluated based on the goals that the stakeholders of the company have and intend to achieve with regards to strength as well as weaknesses that the industry they thrive in offer. This would enable the stakeholders themselves believe in the organization. While creating the mission statement of ToolsCorp, it is also beneficial to take into consideration the mission statements of the companies in the same industry. However, it is necessary to expand these existing statements in order to accommodate a global mission. Company’s mission statement will essentially spell out what the organization it is, what it offers, and why the organization executes what it stands for (Hill & Jones, 2013).
The mission statement of ToolsCorp Corporation will, therefore, be to manufacture the best quality microwaves, power tools, ranges, lawn furniture and lawn mowers. The objective of the company, which is located in Tennessee, is to launch in the global marketplace and supply large retailers with its products. It aims at being customer friendly; manufacture its products and sell them at lower prices as to beat the competition in the crowded market while they maintain high integrity standards. ToolsCorp focuses at employing technology to help realize this goal of efficiency in production. The company is committed to increasing the value of shareholders by operating on well founded financial basis for profitable growth. This will also enable ToolsCorp to create more financial rewards as well as career opportunities for its employees. The company remains conscious of the central role that business premises ought to play in the structure of the society. That is to improve the quality of life of the community at large by initiating innovative projects (Blythe & Zimmerman, 2005).
Sources, from which I would look for information, include industry publications, appliance industry, power tool industry websites, journals as well as lawn equipment industry. I will also obtain information from government sources, published daily newspapers, databases, customers, dealers and business associates (Hall, 2008). However, we already have the information that ToolsCorp Corporation is a company that builds power tools, microwaves as well as ranges. The company also deals in lawn furniture and lawn mowers. The company is located in Tennessee and manufactures all its products locally. The products are then sold through large retailers such as Wal-Mart, Best Buy as well as Sears. ToolsCorp Corporation has its sales paper every Wednesday and Sunday. The business of the company is thriving in the United States, as well as Canada, however, it is to launch into the global marketplace.
In order to accomplish the implementation of the strategic objectives, the company would prioritize the steps it undertakes. Given that ToolsCorp Corporation already has plants, which are successful both in United States and Canada, the company currently plans to focus on its global vision above all other issues. However, the company will also need to carry out environmental scanning that encompasses the internal, external, as well as the global spheres. There is also a need for country analysis. This would essentially incorporate issues that emerge from international business engagements. Such issues include risks associated with particular countries and exchange rate risks. The strategy formulation for the company will primarily include mission and vision statements, the major business engagement, as well as product and functional strategies. A strategy formulation will also include policies, yet to be introduced product lines, countries that our expansion is intended to reach, as well as establishing the company’s internal strength and weaknesses. In order for the company to maintain its strength and weaknesses, there will be a need of countering threats while building on optimizing and prioritizing opportunities. Our company will also implement strategies by describing each department’s set of activities. In order to evaluate the effectiveness of the company’s strategic policies, an assessment as well as control will have to be conducted after the plan implantation (David, 2005).
In order to evaluate the effectiveness of the implementation process, post implementation as well as feedback mechanisms for each department in the company will have to be established. For marketing department, there will be need for the establishment of revenue as well as market share targets. On the other hand, the Human Resource department will require the establishment of targets for hiring and controlling the employee turnover ratio. Similarly, the production department will be subjected to evaluation with regards to production schedules, control mechanisms for inventory and delivery time. In order to obtain meaningful feedback, the company will give its employees and customers the opportunity to contribute to feedback provision on the company’s progress. The company will also collect regular feedback from its distributors and dealers in each area of operation (David, 2005).
The company will use various measures in order to obtain feedback from different respondents. In the case of employees, the company will set drop boxes which can be assessed by the employees easily. The employees will also have access to special site on our Intranet where they can easily post their feedback. Similarly, there will be a place at our website where customers will be free to post their feedback to the company. In addition, the company will also run a promotion in which the bottom of each receipt received during purchase will have a special code. The code will enable the customers to log into our site and give feedback. Every consumer that gives feedback through this process would be entitled to 10 percent discount on the next purchase. The company would also organize monthly meetings in order to get some meaningful feedback. ToolsCorp will also come up with awards for distributers, dealers as well as employees, in which they will be entitled to some kind of reward if they make a meaningful suggestion to any of the company’s processes (David, 2005).
Organizations are guided by legal requirements, which must be followed on a daily basis during business operations. I agree with Halbert & Ingulli (2011) who note that there are legal and ethical issues that are to be considered while rolling out into global marketplace. Each and every country that ToolsCorp will deal with has laws that are particular to it. Therefore, we will have to find out the laws of any country we are yet to deal with before commencing our transactions in there. On the other side, every business has ethical issues that have to be dealt with promptly for better results. Issues which include time card fraud and sexual harassment are among the ethical issues that we will have to address. Additionally, corporate strategies, accounting practices, treatment of employees, as well as treatment of suppliers are among the ethical values in business that needs attention. Ethical problems, which occur on the job, usually result from conflict between the need to attain good results and basic attitudes, or between two views held by different individuals and this has to be checked into. The company will also give attention to both human resource policies and environmental policies to ensure that they are adhered. When ToolsCorp goes global, it will also have to give attention to language barrier.
This paper clearly explored how ToolsCorp Corporation would efficiently launch into the global marketplace and withstands competition from companies within the same industry. However, writing a good strategic plan for the company proves to be cumbersome as the main focus remains unknown. Although mission statements are hard to evaluate as they tend to be abstract in nature, it is important that every organization does the evaluation as to ensure that it meets its goals.