strategic Management

| December 11, 2017

Description:Background Information:ToolsCorp Corporation is a fictitious Company that does not exist anywhere. For the purpose of this course, we have located it in Tennessee. Itbuilds power tools, lawn mowers, lawn furniture, microwaves, and ranges. All products are manufactured locally and sold through large retailerslike Sears, Best Buy, and Wal-Mart. They have sale papers inserted in every Wednesday and Sunday paper. Although they have a thrivingbusiness in the US and Canada, ToolsCorp 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 ToolsCorp’sstrategic 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 ToolsCorp Corporation and creating its mission statement? Write the mission statementfor ToolsCorp using the nine essential components in one paragraph. Where would you look for the information? What do you alreadyknow about ToolsCorp that can help?•What principle (s) 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? Whatmeasures would you use?•• What legal and ethical issues need to be considered?Deliverable Length: The deliverable length shall be of five to seven pages (cover page and reference page not included). As a graduatebusiness student, you are required to provide a well-researched and analyzed comprehensive response to every assignment question. Brief,vague, generic, or non-definitive responses will not earn good grades.All individual project assignments require a minimum of five to seven (5 to 7) scholarly sources, a minimum of one per page. You are welcomeand encouraged to use text book and the course materials that came for this course.Objective: The Objective of the Unit 1 IP Assignment will involve the following the Course Outcomes and Grading Criteria with their respectivepercentages for the Grading Rubric:• 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%)For assistance with your assignment, please use your text, Web resources, and all course materials.Unit MaterialsMeasurable Terminal Course Objective:Identify examples of good and bad business practices in the use of strategy design components.Develop plans to improve business operations.Recognize situations that present potential ethical and ethical issues and develop solutions for those issues.Grading Criteria :The defining of any entity’s identity requires a lot of honest introspection. It is an iterative process that harmonizes the strengths andweaknesses of the organization with the external environment in which it operates. It requires an accurate forecast of the industry’s keytrends and a ruthless, realistic appraisal of the company’s potential. It necessitates the establishment of rigid time frames for the executionof strategy and a constant reappraisal and adjustment of the company’s tactics. In order to establish this identity, the values and desires ofkey decision-makers should be ascertained, the image that exists with key customers should be researched, past triumphs and failuresshould be reviewed, and areas of synergy with the parent company Walden should be explored.1.Among the elements are innovation, the growth segments of cordless and consumer channels, and the brand equity of the circular sawproduct line.2.A form of triage, where factors such as ease of implementation, ability to defend, ability to achieve internal support and owner’s buy-in,longevity, flexibility, rate of financial return, and market share capture are all weighed and evaluated against each other.3.A business plan is not complete unless success metrics are established up front and then evaluated at the completion of each strategicstage. Interim targets should be established, and formalized periodic review meetings should be instituted. Status reports given by theappropriate managers and should cover such measures as market share targets, sales volume, pretax profit, inventory levels and turnover,and shelf space length 5-7 pagesAll references in APA formart with Intext citation

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