Global Marketplace for Able Corporation: Mission Statement, Steps, and Strategic Objectives
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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.
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:
1. 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?
2. What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
3. What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
4. What legal or ethical issues, if any, need to be considered?
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Solution Summary
This solution discusses key concepts in creating a corporate mission statement and goes on to apply them to the example of Able Corporation. An example of a mission statement for able is provided. This solution discusses strategy and how it fits with organizational capabilities, reward structure, internal support systems, and organizational culture. Performance measures such as customers satisfaction and quality ratings, efficiency and effectiveness, resources and utilization, and productivity and improvements are discussed as are different perspectives on performance measures in relation to determining appropriate feedback mechanisms. Legal and ethical considerations are also identified and discussed in relation to the various issues and stakeholders related to the firm. This solution is 1500+ words and includes recommended readings for further inquiry.
Solution Preview
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?
Founded in 1987, Walden International is an established global venture capital firm. With committed capital of over US$1.6 billion, it strives to invest in entrepreneurs and companies that demonstrate an ability to gain a competitive advantage in the markets they serve. Able Corporation wants to put together its business plan to Walden.
To create the Mission statement it needs to ask itself the following questions:
o What are our core competencies?
o Are our processes creating value?
o What are our tangible and intangible resources? Are they efficient for our business?
o What are our primary and support activities in our value chain? And how can they be improved?
Companies need to follow four characteristics:
o Valuable capabilities
o Rare capabilities
o Costly-to-imitate capabilities
o No substitutable capabilities
(Porter, Michael)
MISSION STATEMENT
A mission statement answers the questions: Why does our organization exist? What business are we in? What values will guide us?
Create a Mission Statement
Once you have clarified your beliefs, build on them to define your mission statement which is a statement of purpose and function.
* Your mission statement draws on your belief statements.
* Your mission statement must be future oriented and portray your organization as it will be, as if it already exists.
* Your mission statement must focus on one common purpose.
* Your mission statement must be specific to the organization, not generic.
* Your mission statement must be a short statement, not more than one or two sentences.
Able's Mission statement
"By providing quality products, we will make available innovative and affordable products in the industries that we are operating. The identity of the corporation will be framed by substantive commitment to research and development and making quality products available throughout the globe.
What are some of the key elements that might be contained in Able's value propositions?
Value statement/proposition comes from mission itself. Mission is a guide for it but they are more specific. How do your managers respond to a trade-off between product quality and profit?
That's really a question of value. Following can be the propositions:
- Demonstration of integrity, faith and team work
- Full of enthusiasm and courage
- Providing innovative solutions to delight customers
What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
Effective implementation depends upon carefully communicating the strategy to all stakeholders - both inside and outside the organization. When strategy drives the planning ...
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