Able Corp Strategic business plan to penetrate the global marketplace.
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Background Information:
Able Corporation is a successful 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.
Assignment:
At this point in time, you are at the beginning of a project, which will eventually yield (in six months) a complete business plan for Able's strategic initiative to penetrate the global marketplace. You will need to consider the strategic management process in building this business plan. In relation to this process, please prepare a report that provides appropriate responses to the following questions:
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?
Please submit your assignment as a Word document in APA format.
Identify examples of good and bad business practices in the use of strategy design components. (30%)
Recognize situations that present potential legal and ethical issues and develop solutions for those issues. (30%)
Develop plans to improve business operations. (30%)
Use effective communication techniques. (10%)
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Solution Summary
The solution examines Able Corp Strategic business plan to penetrate the global market. The expert identifies examples of good and bad business practices in the use of strategy design components.
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Able Corporation
Delineating the identity of Able Corporation and creation of its mission statement can be done by adopting an appropriate approach that includes an analysis of power tool industry in which Able Corporation operates along with an external environment as well as potential of Able Corporation. It has been observed that the market of portable electric power tools is guided by four indices- starting of housing construction, residential construction expenditures, commercial construction expenditures and home repairs and improvement expenditures. Interestingly, all these indices are dependent on factors operating in the external environment, which are beyond control.
These factors include environment, rivals, interstate rates and natural resources. The performance of any power tool industry is determined by certain other external and internal factors in addition to those given above. These factors includes; resources endowed by nature, cost of production, general economy, natural calamities and interest rates (Boone & Kurtz, 2006). So, it can be clearly recognized that there are equal number of internal as well as external parameters, which play a major role in the ultimate outcome of Able Corporation.
The Company should create a new mission and it should describe company's goals and objectives so that they can attract customers of power tools. Company can frame its mission statement in this manner:
"To serve the ...
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