Description
Background Information
ToolsCorp Corporation is a fictitious company that does not exist anywhere. For the purpose of this course, it is located it in Tennessee. It builds power tools, lawn mowers, lawn furniture, microwaves, and ranges. All products are manufactured locally and sold through large retailers that place sales papers inserted in every Wednesday and Sunday paper. Although they have a thriving business in the United States and Canada, ToolsCorp is trying to break into the global marketplace.
ToolsCorp Corporation is a fictitious company that does not exist anywhere. For the purpose of this course, it is located in Tennessee. As members of the senior management team of ToolsCorp Corporation, your group has been asked to prepare a neat and organized report for the Strategic Officers Steering Committee (SOS-C) of ToolsCorp Corporation. The purpose of this paper is to obtain permission from them to go forward with the next step (developing a full-blown business plan) for ToolsCorp's strategic initiative to break into the global marketplace.
Paper should discuss the following (at a minimum):
- Executive Summary
- A complete strengths, weaknesses, opportunities, and threats (SWOT) analysis (including at least 5 factors from each category and full explanations of why each factor is important and why it was placed in the category) of the environment that exists within ToolsCorp and the environment that ToolsCorp is proposing (the SWOT analysis must identify at least five factors for each category of the SWOT—Strength, Weakness, Opportunity, Threat—and make doubly sure to fully explain each factor—why it is important, how its intended to use it, why it belongs in this category, and any other issue you feel explains its importance in the analysis. Be sure to note the SWOT Common Mistakes, make sure you do not make one of those mistakes. Be sure to realize, the internal SWOT factors must be current; while the external factors can be current or future-oriented factual information. Therefore, you cannot just make-up factors, especially the internal SWOT factors—the Strengths and Weaknesses, the attributes of the firm in question—they are especially susceptible to unfounded and unsubstantiated statements, because ToolsCor p is a fictitious company. For example, you cannot claim ToolsCorp had x-number of dollars in sales last year; no such data exists, ToolsCorp is fictitious. Please see the Drawing Logical Conclusions file)
- An outline of the business plan to be developed for ToolsCorp's strategic initiative ( Generic BPs and MAs can be researched as long as you find one that closely resembles ToolsCorp, its industries, and its goals—e.g., a manufacturing firm going global to the area of the world you intend to locate and to the level of involvement you intend for ToolsCorp would be ideal—engineer it by finding such a firm, then applying those specifics to ToolsCorp. However, get as close as you can and make changes to these generic plans to tailor them to your ideas for ToolsCorp)
- Key operating principles as you will apply them (The Operating Principles need to state the value or ideal the firm holds to help them make their decisions.)
- A preliminary market analysis of the market(s) into which ToolsCorp expands (Generic BPs and MAs can be researched as long as you find one that closely resembles ToolsCorp, its industries, and its goals—e.g., a manufacturing firm going global to the area of the world you intend to locate and to the level of involvement you intend for ToolsCorp would be ideal—engineer it by finding such a firm, then applying those specifics to ToolsCorp. However, get as close as you can and make changes to these generic plans to tailor them to your ideas for ToolsCorp.)
- The one-year, five-year, and ten-year strategic objectives of the strategic initiatives presented as one strategic proposal for each time frame (3 strategic proposals in all), complete with implementation plans, potential ramifications, and feedback mechanisms (each of your three strategies must identify three necessary elements—implementation plan, potential ramifications, evaluation mechanisms and measures. The implementation plan must tell us HOW to accomplish your plan. Telling us WHAT you want to do is not a plan. The potential ramifications must identify several advantages and several disadvantages which may result from implementing your plan—the more pros and cons you identify the better. The evaluation mechanisms and measures must be four faceted—proactive and reactive mechanisms and the qualitative and quantitative measures those mechanisms gather. Be sure to note the Strategy Common Mistakes section)
- The additional material that your group considers necessary to support the case for going forward with ToolsCorp's global strategic initiative (This is not optional, you must input additional material.) - should be financials of the company, the prospective financials after expansion, include a chart to reflect current and future
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Explanation & Answer
Attached.
Running Head: TOOLSCORP CORPORATION
Toolscorp Corporation
Student’s Name
Institution
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TOOLSCORP CORPORATION
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Abstract
Toolscorp Corporation is based in Memphis, Tennessee. It is renowned for the production
of microwaves, lawn furniture, power tools, ranges and lawn mowers. The products are made
locally and then sold in the region through numerous retail and wholesale stores which ensures
that its sales are prominent.
Toolscorp wants to expand its business in the global market. This report is meant for
presentation to the company’ s strategic Officers Steering Committee(SOS-C) and endorses the
creation of a business plan which will outline the strategic ingenuity to establish its position in
the global market. The reports will be inclusive of a detailed SWOT analysis of the company’s
business environment, an outline of the business plan and the analysis of the mission statement
the of the company. The report will also be inclusive of the crucial operation aspects which will
be used in the initial market analysis. Moreover; there will also be strategic plans which will be
on the three-year timeline. The strategic goals will be implemented over a span of one, five and
ten years. The strategic plan will outline the implementation objectives, consequences, and the
evaluation procedures.
SWOT Analysis
TOOLSCORP CORPORATION
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The SWOT analysis is meant to analyze the company’s present and future environment.
This will include Toolscorp internal and external market environment. (Bagirova,2013) The
environment analysis will cover five aspects for each classification of strength, Weakness,
Opportunities and Threats.
Strengths
The company has an internal business environment which enables it to be successful in
the market. This can be attributed to the variety of products offered which are lawn mowers,
lawn furniture, power tools, ranges and microwaves. The diversification of the product portfolio
creates a balance to the revenue earned by the company because it means that in case of any
reduction in one of the products being offered by the company the other products equipoise it
hence leading to a balance in the company’s revenue(Johson,2015). This makes it almost
impossible for Toolscorp to undergo a sharp decrease in its total income.
Toolscorp has a manufacturing plant which is based in Memphis, Tennessee. This
location is crucial because the city is the biggest along river Mississippi. Memphis is a big
manufacturing town which has state of the art infrastructure and well-connected transport
system. Moreover, Memphis international Airport is located in Bluff city. The Airport is ranked
the second busiest cargo airport in the world. There is also a very good railway network, wide
roads and transport companies like fortune500. The good infrastructure ensures that Toolscorp
can access its North American market easily. The infrastructure will also be crucial when the
Toolscorp expands its market to the overseas market (Harnish,2014).
TOOLSCORP CORPORATION
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The research and Development unit is another internal factor which ensures that the
company is strengthened. This department enables the company to endeavor to progress the
competitiveness of the products it offers also expand the range of its products by undertaking
extensive market research he research process of the company’s research and development unit
includes an industry analysis as well as market survey with the intention being to manufacture
energy conserving products and of high quality . The research and Development team enables
the company to invent new products and also rationalize the business procedures to increase
efficiency(Premo,2010).
Toolscorp boasts of an efficient working environment which increases job satisfaction.
This can be attributed to a level organization paradigm coupled with open communication and
proper remuneration. These aspects ensure that the company can be able to attract and retain top
staff in the industry. The company during its expansion phase is meant to enhance the job
satisfaction of all the global branches.
The Toolscorp brand is very prominent in the North American market because it has an
efficient market mix. This has continually enabled the customers to distinguish and value the
advantages that can be gotten wit...