MGT680_Unit 1 IP Explanation
Please read the back ground information on the assignment. You are told only: ToolsCorp Corporation is a fictitious Company that does not exist anywhere. For the purpose of this course, we have 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 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, ToolsCorp is trying to break into the global marketplace.
However, to gather specific information from what you already know, you may research other firms in the same industries to see their problems and potential, forecast market demand, and calculate manufacturing cost savings overseas. You may also research the benefits and services the State of Tennessee provides firms located in its state.
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 ToolsCorp'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:
Q1 How would you go about defining the identity of ToolsCorp Corporation and creating its mission statement?
Hints: Writing a mission statement (MS) for ToolsCorp, or any corporation, requires defining its identity by asking questions like ‘who are we’ or ‘what is our purpose,’ you should research defining identities of firms. Then write your mission statement using the nine essential components in one paragraph—the 9 essentials are found in the unit 1 chat 2, the text, and in numerous other sources online.
Q2 Where would you look for the information?
Hints: This question refers to the MS. The information you have been given on ToolsCorp is limited because it is a fictitious firm. However, you can and should respond with where you would look for a real firm, like from its website, but don’t stop there, tell us where else. Look at the stakeholders of the firm. Look at the firm’s 10k and annual reports. Look at industry journals and business periodicals.
Q3 What do you already know about ToolsCorp that can help?
Hints: This question also refers to the MS. Here is where you can add to the limited information you have on ToolsCorp by researching other firms in the same industries to see their problems and potential, forecast market demand, and calculate manufacturing cost savings overseas. You may also research he subsidies and benefits offered firms located in Tennessee.
Q4 What principle (s) would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
Hints: A principle is a value or ideal the firm holds and uses to make its decisions—a guiding light if you will. Some of the more common principles are, ‘the customer is always right’ or ‘quality is our most important product.’
Q5 What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
Hints: Please be sure to read the SWOT and Strategy file (SASF) uploaded to the Instructor files area for more information on Feedback mechanisms and measures—a mechanism is a vehicle for gathering data and a measure is the data gathered. Note: the questions ask for mechanisms and measures, both plural.
Q6 What legal and ethical issues need to be considered?
Hint: ToolsCorp is going overseas, there are always legal and ethical issues domestically, so you know there are even more globally. Note that issues is plural, so more than one legal and more than one ethical issues is required
Please use the preceding six (6) questions as your question then answer (QthenA) form for this assignment. Remember the QthenA form simply requires you to restate the question verbatim—you may just cut and paste the question—then answer it in the Body section of your APA formatted response. The question simply serves as a Body section label. Please see the QthenA announcement at the head of the class for more detail on the required QthenA form.