ToolsCorp has been experiencing massive difficulties while adjusting to a new environment. Therefore, reconsidering its current strategies and redefining its approach toward managing quality and meeting the existing demand is overdue. In order to succeed in the global market, the firm will need to create an impressive competitive advantage that will propel it to the top of the market.
Mission Statement (9 Components)
ToolsCorp strives to make daily processes such as lawn mowing as easy and consuming as little time as possible (“Products”). The company wants to enter the global market (“Markets”), transcend the cultural barrier, and offer its products to a wider range of customers (“Customers”) to make their daily chores simpler with the help of smart and innovative technology (“Technology”). ToolsCorp focuses on becoming a leader in the target market (“Survival”) by deploying the latest quality management and communication strategies (“Philosophy”). The firm sees itself as an organization that values all stakeholders involved and is willing to satisfy their needs (“Self-Concept”). ToolsCorp wants to be deemed as an ethical and innovative company in the public eye (”Concern for the Public Image”) (Campbell & Tawadey, 2016). ToolsCorp also values its employees and wishes to encourage their professional growth by investing in their development.
Key Operating Principles
At present, it is essential for ToolsCorp to build a sustainable competitive advantage that will make it easily recognizable among similar organizations. Therefore, the creation of a brand product that will represent ToolsCorp in the global market is required. Finally, the concept of consistent quality improvement must become the platform for the firm’s brand image design.
Quality Control and Communication Management
In order to enhance the quality of the tools that the company produces, one must consider incorporating the principles of the iSix Sigma into its design. Implying that any organization needs an agenda based on which its further strategy will be constructed, iSix Sigma plays an important part in the promotion of quality improvement (David & David, 2016). Since ToolsCorp needs to rebrand its products, the DMAIC model will have to be deployed.
At present, production is arranged properly at ToolsCorp, with its lawnmowers and other devices meeting the set requirements precisely. However, further adjustments will have to be made to create the foundation for the firm’s success. For instance, use of lean principles will have to be employed to ensure reduction in waste levels. The identified change will allow ToolsCorp to build a reputation as an ecofriendly firm that secures the well-being of its customers.
The process of data management will also have to be improved. While ToolsCorp seems to manage data flow rather well at present, handling information in the context of a global supply chain (SC) will become a challenge. Since misunderstandings and misconceptions may lead to delays and even drops in the quality of the end product, ToolsCorp must consider using improved information management tools.
Supply Chain Management (SCM)
Logistics and especially procurement are the primary areas of focus for ToolsCorp at present. Due to the issues regarding infrastructure and communication, SCM channels must be improved significantly. Collaboration across the SC will help to raise the product quality.
Preliminary Market Analysis
Scrutinizing the current market, one will reveal that it is a rather competitive environment. Landscaping equipment and tools are rather common products, which means that ToolsCorp will have to ensure impeccable quality and provide custom options for its clients (Schlegelmilch, 2016). The specified choice will help the firm manage the competition.
- Strengths: experience and an established product;
- Weaknesses: lack of representation in the target market;
- Opportunities: enhancement of communication; creation of a memorable brand;
- Threats: failure to attract target audiences.
ToolsCorp and the Market Environment
An overview of the global market has shown that ToolsCorp the company is likely to enter the target economic setting successfully as long as it uses an efficient marketing strategy. Particularly, it needs to position itself as a company with innovative solutions and vast experience (Kvint, 2015). As a result, a steep rise in its popularity is expected.
One-Year Strategic Objectives
- Learning more about target customers;
- Redefining the brand image;
- Institutionalizing change and innovations.
Five-Year Strategic Objectives
- Introducing a disruptive innovation in the global market;
- Building loyalty among customers;
- Locating possible partners.
Ten-Year Strategic Objectives
- Cementing ToolsCorp’s position in the global market;
- Expanding its influence and customer base;
- Diversifying the company’s products.
Business Plan and Strategic Initiatives
ToolsCorp will have to follow a business plan aimed at enhancing communication and encouraging consistent growth. The philosophy based on innovative thinking should also be introduced into the corporate setting. The key business plan steps to be made are outlined below.
- Company description: equipment production
- Organization and management: Transformational leadership principles and the iSixSigma framework;
- Financial projections: $1,000,000 as a starting budget and a 5% growth within the next 2 months;
- Marketing: positioning the company as innovative and its products as high-quality revolutionary tools.
The key strategic initiatives involve the enhancement of the product quality and the establishment of a dialogue with customers. As a result, the development of a bond with buyers is expected (Hibino, Noguchi, Plenert, 2017). Furthermore, their feedback will steer the company’s decision-making in the right direction.
Strategic Initiative: Additional Materials
The implementation of the strategic initiatives will require extensive funding for the management of human resources (HR) and the focus on research and development (R&D) processes. In addition, the introduction of lean management will require improved equipment and tools (Yasuhiro & Yoshiteru, 2015). Finally, communication must be enhanced with the help of IT tools and modern media.
Campbell, A., & Tawadey, K. (2016). Mission and business philosophy (reprint ed.). New York, NY: Elsevier.
David, F. R., & David, F. R. (2016). Strategic management: A competitive advantage approach (16th ed.). New York, NY: Pearson.
Hibino, S., Noguchi, K., & Plenert, G. (2017). Toyota’s global marketing strategy: Innovation through breakthrough thinking and kaizen. New York, NY: Taylor & Francis.
Kvint, V. (2015). Strategy for the global market: Theory and practical applications. New York, NY: Routledge.
Schlegelmilch, B. B. (2016). Global marketing strategy: An executive digest. New York, NY: Springer.
Yasuhiro, M., & Yoshiteru, M. (2015). Lean management of global supply chain. New York, NY: World Scientific.