STRATEGIC MANAGEMENT at Able Corporation
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In six months you are to present a complete business plan for Able Corporation to the Strategic Officers Steering Committee (SOS-C). Able Corporation is a US manufacturing company located in Tennessee that builds power tools, lawn mowers, lawn furniture, microwaves, and ranges. All products are manufactured locally and sold through large retailers like Sears, Best Buy, and Wal-Mart. They have sale papers inserted in every Wednesday and Sunday paper. Although they have a thriving business in the US and Canada, Able is trying to break into the global marketplace.
I must provide a mission statement, operating principles, market analysis, company strengths and weaknesses analysis, one-year, five-year and ten-year strategic objectives, sales forecasts, financial and operational objectives, and pro forma financials.
As a preliminary step in the preparation of the business plan, brainstorm the major elements of the strategic management process. Using the questions below as a guide, provide several bullet points for each major step in the process. These can include insights, issues that need to be addressed, questions that need to be asked, etc.
How would you go about defining the identity of Able Corporation and creating its mission statement? Where would you look for the information? What do you already know about Able that can help?
What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
What legal or ethical issues, if any, need to be considered?
I need some suggestions on this one. Thanks
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Solution Summary
Before prioritizing the implementation steps, it is necessary to conduct a SWOT(strengths, weaknesses, opportunities and threats analysis) to ascertain the current positioning of the firm and the degree of deviation from the objective.
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Let us start this problem by identifying the mission and vision of Able corporation and defining its identity. A good starting point for writing the mission is to evaluate the mission statement of several peer companies around the globe which are doing similar business as Able corporation. We can visit the websites of such companies over the web and find clues about developing our own mission statement. The product line of Able corporation described in the question is of great help to us in identifying peer companies. Ome major global company which can be a good starting point for evaluation is Caterpillar Inc., the leading equipment manufacturing company in the world. A close look at the mission statement and positioning of such companies will give you a fair idea of the proposed mission and vision statement for Able to launch itself in global markets. A good mission statement should not only incorporate the history, corporate culture and business nature of the organization, but should also provide a clear and consensus view of the future growth path. One proposed mission and vision statement could be:
"To become a global giant in the field of lawn equipment and accessories, power tools and microwaves by redifining the standards and benchmarks established in the industry and establish a brand name which will be considered synonymus with the products manufactured by the company worldwide."
Before prioritizing the implementation steps, it is necessary to conduct a SWOT(strengths, weaknesses, opportunities and threats analysis) to ascertain the current positioning of the firm and the degree of deviation from the objective. Also, it will be extremely useful to conduct Michael Porter's industry analysis of five important forces governing any business:
1) Competition in the industry and degree of rivarly among existing firms in the industry: Here you can talk about major global players in the similar product lines
2)Threat of new entrants in the market and degree of entry barriers: Explain how easy or difficult it is for other players like Able to enter ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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