Strategic Management



How would you go about defining the identity of ToolsCorp Corporation and creating its mission statement? Write the mission statement for ToolsCorp using the nine essential components in one paragraph. Where would you look for the information? What do you already know about ToolsCorp that can help?

Strategic plan is the most important factor while considering a new business plan. It acts like a blue print of an organization which shows every step that is needed to get to every other step. Identifying the principle component in the implementation process at ToolsCorp require an analysis.

Commitment

Strategic objectives lay out fundamental concept that drives company into one of top tool manufacturer in the world. Top management expanded great allowance of time to interpret and communicate with everyone knowing what needs to be accomplished in alignment. They are not just setting up meetings to answer questions but to involve everyone to create value for customers. Electronic mails are regularly dispatched to workers to short with achievement stories. Global case studies and achievement from competitors are well studied in the weekly newsletter, which proved global views and ideas to different regional office. Engineers and designers are encouraged to involve at an early stage with sales teams for product planning. Well trained staff monitors response and review on the daily bases, and then information will be studied for future development (Miles & Raymond, 2003).

Available resources are the most important factor when it comes planning. The concept of strategic planning is based on all the available resources. At the moment the company is situated in Tennessee and all the strategic importance of the company with respect to its location and resources that are present in the company. Resources include financial capabilities, capital, man power, equipment and land. Other than these resources other may include marketing and sales, human resource department and all the employees which are part of the value chain activities.

Strengths

A company's strengths represent its abilities or strengths gives a competitive edge over your employees is termed to be as competitive powers. Such strengths helps the company in achieving the more market share as compare to its competitor in the same business industry. These powers differentiate the organizations from its competitors and attract customers to be loyal with your organization. Today, competition in the technology industry is increasing rapidly. Organizations are coming up with best products which give them a competitive edge over its competitors and help them in generating good profits margins (De Wit & Meyer, 2010).

The most important learning actor of the company is its learning curve. Many companies in the world form unique selling preposition in their operations while performing that operation again and again. This learning curve determines how the company is making its product or delivering the services with respect to the industry standards. Once a company has created a usp in the market with respect to this learning curve the industry standard is than set by that same company (Miles & Raymond, ...