Now that you have studied economic indicators, it's time to turn your attention to competition and considering the future via forecasting. Prepare a report detailing the following :
Review the web sites of the following companies participating in the power tool industry: Black and Decker, Makita, Bosch, Porter Cable. List as many corporate, business, functional, and operating strategies for each company as you can glean from the posted literature
Considering that forecasting services and other information agencies often differ in their prediction of the future state of the power tools industry and vital economic indicators, how would you go about putting a forecast together given these disparities?
I am grave need of assistance for this task. I am unclear where to gather the information within the sites which are needed due to my lack of knowledge on the subject matter. I understand that forecasting is predicting the future status or strategies for the organization but that's about where my knowledge stops.
The websites are below
Student: I have tried to compile material from the company's website as well as external sources (I have provided you those links). The reason for this was that most of the company's website do not provide adequate information with respect to strategies. Therefore, do visit these links as well for further insight and let me know if you need further clarification or assistance. Thanks.
Black and Decker:
Black & Decker is a global marketer and manufacturer of quality products used in and around the home and for commercial applications. It is also a major supplier of information systems and services to government and commercial client's world-wide. With products marketed in over 100 countries and approximately half of its revenues from outside the United States, Black & Decker's product lines hold leading market share positions in their industries.
The company is the world's largest producer of power tools and accessories. It's household products business is the U.S. leader and among global competitors in the small household appliance industry.
Some of the important strategies followed by the company are:
The company's focus on Total customer satisfaction comes from the fact that it launched the first one year customer satisfaction guarantee on its products way back in 1974 in USA.
In 1984, Black & Decker announced a major reorganization plan to realign corporate management and consolidate manufacturing.
Since 1999, the focus of the company began on more fully globalizing the business by employing the internet and "e-business" strategies to support key retail partners as they expand in North America and around the world.
Another notable strategy of Black and Decker has been that it has continuously been acquiring other companies such as tools group Pentair Inc., in order to expand its market share.
Further, Black & Decker is committed to preserving the quality of the environment. They incorporate sound environmental management principles into the design, manufacture and packaging of their products. They are a leader within their industries in chemical emissions reductions, product stewardship and battery recycling.
Black & Decker is involved with numerous new product development efforts, of varying sizes and scopes, all over the world. These efforts are critical in today's global market in order to stay competitive. Reducing time to market is a key competitive edge for Black & Decker so it can get products to market before its competition in efforts to gain market share.
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Forecasting and Power Tools industry