Honeywell Mission Statement and Operational Strategy

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timer Asked: Feb 5th, 2019
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Question Description

2000 words, 8 pages. APA format. This paper is about the company Honeywell Inc. It includes mission statement and SWOT analysis. It also includes doing math for the forecasting part of the paper. You will need to be familiar with operational strategies and mission statements. Below I inclured a picture of the prompt

Honeywell Mission Statement and Operational Strategy
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CASIMIR
School: UCLA

Here you go. In case of any further inputs, please let me know.All the best!I appreciate working with you!

Running head: HONEYWELL INC

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Honeywell Mission Statement and Operational Strategy
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HONEYWELL INC

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Honeywell Inc. Mission Statement and Operational Strategy
Introduction
Honeywell Inc. is an American multinational company that offers a wide range of
technology-related products and services. The company has interests in energy, security
solutions, safety and other related technological products. In the recent past, the company has
expanded its products and services to aerospace, homes security, energy products and a wide
range of other products in the fields of technology and energy. Today, Honeywell has expanded
its operations across the world with operations in more than 70 countries. Having realized that
there are challenges associated with macro-trends in the fields of energy, safety and security,
Honeywell decided to invest in this the manufacturing of technologies which would help to solve
these challenges. In the financial year ended 2017, the company had a total revenue of $ 40.5
billion. Today, the company is valued at $ 101 billion.
Mission and Vision Statements
The mission of Honeywell is “blending physical products with software solutions to link
people and businesses to the information they need to be more efficient, more productive, and
more connected” (Comparably, n.d). In this regard, the mission of the company is to create
products and software solutions which make it possible to connect people and their businesses to
the information which they need to be productive in the market. On the other side, the vision of
the business is to secure a future which is clean, secure, comfortable and efficient. Through its
various technologies, the business aims at making sure that there is a more secure and
comfortable future both to the businesses and to individuals.

HONEYWELL INC

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Five Forces Analysis of Honeywell International
In the ‘Five Forces that Shape Strategy’ Michael Porter created a robust strategic tool for
businesses. The tool is essential in the execution of a holistic analysis of the market in which an
organization operates. For Honeywell International, the Five Forces are incredibly important in
helping it to analyze its financial prospects in the industry. Apart from the market analysis, the
Five Forces are also likely to be important in helping the company to create and maintain a
competitive advantage in a market that is increasingly becoming diversified. The Five Forces
which Porter developed include;
➢ The threat of new entrants
➢ the threat from substitutes
➢ Supplier power
➢ Rivalry among players in the market
➢ The bargaining power of suppliers
The threat of new entrants
New entrants in the industry have a significant role to play in the performance of a firm
in the industry(Heizer et al., 2016). In the Diversified Machinery industry, the entrance of new
players will have an effect on the performance of the organization. Apart from threatening to eat
away some portion of the organization’s market base, the entrants will also push Honeywell to
innovate and improve the quality of its products and services. Besides, the new firm will compel
Honeywell to lower the prices of its products. The presence of new entrants will compel
Honeywell to devise the most effective strategies which will allow it to improve the quality of its
products and services, thereby leading to the maintenance of its market performance.

HONEYWELL INC

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The threat from substitutes
When there is an entry of new products or services which meet the same needs as the
existing products, the existing business is always under threat (Heizer et al., 2016). For example,
Honeywell has been in the business of manufacturing hardware storage devices, but the entry of
cloud computing, Google’s Dropbox and Google Drive have become valuable substitutes to a
number of customers. One of the ways in which Honeywell has managed to deal with this threat
is venturing into service-oriented activities rather than majoring on products alone.
Rivalry among competitors
In any industry, competition is desirable since it is competition which leads to the
improvement of the quality of goods and services. It is important to note that Honeywell operates
in a highly competitive market environment and thus, it is not a stranger to competition. In the
long term, however, sustained competition is likely to take a toll on the profitability of the
business. One of the ways in which Honeywell has used to manage competition is to diversify its
products and services. Apart from the traditional diversified machinery industry in which
Honeywell operated, the company today operates in a wide range of secto...

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Review

Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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