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ToolsCorp Corporation is a fictitious company that does not exist anywhere. For the purpose of this course, it is located in Tennessee. As members of the senior management team of ToolsCorp Corporation, your group has been asked to prepare a neat and organized report for the Strategic Officers Steering Committee (SOS-C) of ToolsCorp Corporation. The purpose of this paper is to obtain permission from them to go forward with the next step (developing a full-blown business plan) for ToolsCorp's strategic initiative to break into the global marketplace.

Your group's paper should discuss the following (at a minimum):

A complete strengths, weaknesses, opportunities, and threats (SWOT) analysis (including at least 5 factors from each category and full explanations of why each factor is important and why it was placed in the category) of the environment that exists within ToolsCorp and the environment that ToolsCorp is proposing
An outline of the business plan to be developed for ToolsCorp's strategic initiative
A full mission statement containing the nine components and presented in a well written paragraph
Key operating principles as you will apply them
A preliminary market analysis of the market(s) into which ToolsCorp expands
The one-year, five-year, and ten-year strategic objectives of the strategic initiatives presented as one strategic proposal for each time frame (3 strategic proposals in all), complete with implementation plans, potential ramifications, and feedback mechanisms
The additional material that your group considers necessary to support the case for going forward with ToolsCorp's global strategic initiative (This is not optional, you must input additional material.)

SWOT Analysis

ToolsCorp Corporation is situated in Memphis, Tennessee. It is a company that is engaged in building power tools, lawnmowers, microwaves. The product of the company is manufactured in the city and distributed all over North America with the help of many wholesalers and retailers like Amazon and Wal Mart.

ToolsCorp Corporation is focuses on expanding into the global market.  This report is offered to the strategic officer's steering committee and the recommendation is also made for developing the business plan for strategic initiatives so that it can be implemented globally. The report will take into consideration SWOT analysis of ToolsCorp Corporation and a business plan that shall review the mission statement of the company. The report also gives a recommendation based on the key principles that are applicable to the market analysis. There are three strategic proposals that cover one year, five years and ten years objectives.  Every proposal considers implementation plans and proper process of analyzes.

This SWOT Analysis will take into consideration ToolsCorp Corporation and the environment by both internal and external industry environment. Proper analysis of the environment will be discussed by considering five factors of every category.  

ToolsCorp Corporation has a variety of products that consist of power tools, lawn furniture, microwaves, and lawnmowers.  The diversified portfolio of the product considers balanced revenue to the income of the organization by ensuring that the downfall in the revenue of the specific product can be easily offset by the revenue of other products. So, it is difficult for the organization to experience a downfall in the overall income.  Next internal factor that helps to strengthen the organization is a strong research and development unit (Johnson, 2015).

This unit helps to enhance the competitiveness of the products and also to enhance the range of the products by evaluating the market. The research and development of ToolsCorp Corporation take into consideration survey and industry analysis so that high quality can be maintained of the products. By considering research and development the organization can innovate new products and the business process of the organization can be increased (Harnish, 2014).

There are also many internal factors that impact the development of the company. It is important for the company to evaluate the new markets so that proper laws and regulations, culture and logistics can easily overcome the entry barriers in the market. There are various outdoor tools and equipment like lawn furniture and lawnmowers that are in demand only in summer and spring seasons (Abraham, 2012).

Business Plan Outline

So the purchasing pattern in the current scenario gives negative impact on the sales of the company at the time of winter seasons.  The cost of production in the United States are high in comparison is made with some competitors who are engaged in making tools and equipment in many countries like China and Hong kong where the cost is less. It is also seen that high cost is seen in research and development and on labor and logistics.

ToolsCorp Corporation has the opportunity to enhance its marketplace outside North America to consider the markets of South America and Africa.  It is seen that Europe is one of the markets in which high-quality products and efficiency is achieved. The emerging market of Asia and South America increases the disposable income and the changing lifestyles of the people. There are many new markets in countries with different climate conditions in which the company has various opportunities to sell its products in the global market.  It helps to overcome the sales of some of the products.  The tool and equipment of the organization are feasible in countries with moderate conditions of the climate that are suitable for many outdoors (Rothaermel, 2012).

In the market where the competition level is low then there is a chance to expand the market share of the company through acquisitions. The company can acquire small companies so that the delivery process can be simplified. If the income and lifestyles are more than the demand for high quality is also enhanced.  This external environment is the challenge for many companies as the product can be developed at cheap prices. The company can expand its sourcing of raw materials globally by offering the sources by considering best practices for sustainability. E-commerce sites will promote the brand name to the target market that will help to consider after sale services (Grimes, 2012). 

The external factor that threatens the business is the challengers who are recognized in the international market. There are many multinational companies who are established so that the distribution channel can give an entry into the international market.  The organization also faces the risks related to political and regulatory.  There are many countries that possess the problem of pricing model for the products of the company in the market.

The fluctuation in the currency exchange rates could be a boon to the organization but it threat related to strategic planning.  The global crisis is also the threat to the multinational company. It is seen that if the company is established in a market then it can be easy to bail by venturing into the international marketplace just because of the risks that are involved (Pearce and Robinson, 2014).

Mission Statement

The outline of the business plan is:

  • Description of the company
  • Analysis of industry and its trends
  • Market
  • Target market
  • Market size
  • Competition
  • Strategic positioning and risk assessment
  • Marketing plans and the sales strategy
  • Actions
  • Technology
  • Management
  • Social responsibility and sustainability
  • Finances
  • Assumptions
  • Break-even analysis

ToolsCorp Corporation will focus on the individuals who like good quality products like energy efficient power tools and kitchen appliances.  The organization also gives a promise to fair trade and green energy. The company gives emphasis on maintaining the good working environment.  The company also creates a workplace for innovation, marketing, and development of the products so that profitability can be achieved. The organization will also participate in environmental conservation throughout the market.

Principles are:

  • Encourage teamwork and collaboration between departments so that the decision can be taken correctly.
  • The quality and efficiency of the products can be enhanced by considering innovation and review.  The research and development unit will also focus on enhancing the quality and efficiency at the time of marketing so that staff and company evaluation can be made effectively.
  • The members of the company should be responsible socially and ethically so that the plans can be implemented effectively. Professionalism to the industry is also essential for the company.
  • The company should also enhance customer satisfaction by considering marketing mix so that it is suitable for the target market.  All the operations of the business will be focused on enhancing the customer base. Proper customer service is important for every employee with front and back staff (Fine, 2009).
  • The organization is dedicated to the environmental so that the sustainability can be maintained in the scarce resources.  The corporate social responsibility will also give emphasis on the environment. Innovation will also be geared so that efficiency can be maintained and product development takes place (Katzenbach  & Smith, 2015).

ToolsCorp gives emphasis on making and selling high-quality power tools, lawn furniture, and microwaves. It also related to replace the parts for these products.  The product of the company targets a demographic segment that gives value to high income and quality.  These also consider the families looking for good quality and durable products. The products also give emphasis to target people so that good quality can be maintained (Iqbal, Akbar & Budhwar,  2015).

The Organization focuses on distributing and sells the products in U.S and Canada through Wal-Mart and Coles. The products of the company are available on Amazon and eBay.  To compete with the manufacturer of power tools include black Dekker and Bosch.  The competitors of the company are Brown Jordan and sunset west (The Economist, 2016). The products that are offered by the company are of less quality and also the products that are offered are energy efficient.

 The competitive advantage for the company is that it gives quality and energy products.  The aim of the business is to be the market leader on an international level. This helps to produce good quality and energy efficient tools like lawn furniture. The innovation and growth of the products will be considered by the top recruiters from the business for the market (FocusEconomics, 2016).

The following are strategic proposals that will help the company to enhance its actions globally.  It is proposed that strategic proposal can be applied over a period of one year, five years and ten years.

For one year, the company will enhance to the Asian and European market. The market can be enhanced by opening warehouses with the showrooms in Berlin and Beijing. It is seen that the warehouse that will be operated by the local workers and the activities are controlled by the management of Tennessee headquarter. At the time the company will also target on the market share by considering each segment of the market.

Key Operating Principles

By evaluating the study it will assist the business to search and fill in gaps in the market.  It will also assist to search the strategic chances of the company like product development.

By considering, the company it is seen that it is important to evaluate the priority based on the distribution agents. The company will also build proper relations with the agents so that proper collaboration takes place with the proper effective marketing mixes. The company will also utilize American distributors by considering international reach. For example: Wal-Mart (DeNisi & Smith, 2014).

In the next five years, the organization will enhance its market processes by opening warehouses in a proper manner that includes Rio de Janeiro and Australian markets. It will help to consider distribution channels so that proper understanding of viable segments can be made. Just like Europe and Asia, the organization will also connect with distribution agents in the activities of the marketing mix.

The company will also scale up the distribution channel so that it can be easy to reach on the international platform. This is just because of the increased relation with the wholesalers and retailers including eBay and Wal-Mart. The websites and social media will give emphasis on various segments by considering the culture and language that is considered.  This will be a major portion to ensure the marketing mix that is used to contribute to the ROI of the organization.

ToolsCorp can enhance the competence by giving emphasis on solar power initiatives.  This will comprise manufacturing of industrial solar panels. The US government gives a rebate on tax and credits that involve in the green energy initiatives so that the overall profitability of the company can be enhanced.  To venture into this industry it will provide more job opportunities by considering the manufacturing plant in Tennessee. The company will also establish metal recycling plant so that carbon footprint can be reduced.  The CSR responsibility gives aim at sustaining the natural resources. There are more international warehouses that will be considered according to the demand of the market and the warehouse will be located in a proper area so that the company sale and marketing activities can be enhanced.

The internet will also help to enhance the production, marketing and selling activities of the company. This is through online presence that will customize the regions and individuals.

After ten years, the company can be a market leader so that high quality can be attained.  The organization will also attain the overall coverage of the market by marketing mix that is best for some specific area.

These overall activities add to the organization the ROI with the aim to enhance the income of the company in ten years.

Conclusion

So, by analyzing the report it is concluded that the efficiency of the company can be enhanced by giving emphasis on solar power initiatives. So, the main focus of the company should be on enhancing the overall activities so that goals and objectives can be attained.

References

Abraham, S. C. (2012). Strategic Planning: A Practical Guide for Competitive Success, 2nd Edition. Bingley: Emerald Group Publishing.

DeNisi, A., & Smith, C. E. (2014). Performance appraisal, performance management, and firm-level performance: A review, a proposed model, and new directions for future research. The Academy of Management Annals, 8(1), 127-179.

Fine, L. G. (2009). The SWOT Analysis: Using Your Strength to Overcome Weaknesses, Using Opportunities to Overcome Threats, 1st Edition. Online: CreateSpace Independent Publishing.

FocusEconomics. (2016). China Economic Outlook. https://www.focus-economics.com/countries/china. Accessed, February 9, 2018.

Grimes, A. (2012). The Art and Science of Technical Analysis: Market Structure, Price Action and Trading Strategies, 1stEdition. New York: Wiley.

Harnish, V. (2014). Scaling Up: How a Few Companies Make It... And Why the Rest Don't. Ashburn, VA: Gazelles, Inc. 

Iqbal, M. Z., Akbar, S., & Budhwar, P. (2015). Effectiveness of performance appraisal: An integrated framework. International Journal of Management Reviews, 17(4), 510-533.

 Johnson, S. (2015). Strategic Planning That Actually Works: A Step-By-Step Guide to Get It Done Faster, Cheaper, and Better Than Ever. Online: CreateSpace Independent Publishing. 

Katzenbach, J. R., & Smith, D. K. (2015). The wisdom of teams: Creating the high-performance organization. Harvard Business Review Press.

Pearce, J. and Robinson, R. (2014). Strategic Management, 14th Edition. New York: McGraw-Hill.

Rothaermel, F. T. (2012). Strategic Management: Concepts and Cases. New York: McGraw-Hill.

The Economist. (2016). China. https://country.eiu.com/china. Accessed, February 9, 2018.

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