Strategic Management

Introduction1

Identity of the Corporation1

Mission Statement1

Nine Components of Mission Statement1

Mission Statement of ToolsCorp2

Strategic Objectives of ToolsCorp3

Implementation Steps with Respect to Priority3

To Analyze the Global Market Trends3

To Study the Possible Target Consumer Population3

Marketing the Product to Initiate and Assess the Consequent Response4

Assessing the Outcomes of the Launch and Gauging the Response4

Post Implementation and Feedback Mechanisms4

Continuous Watch on Changing Trends4

Follow-up of the Feedback from Possible Target Consumers5

Maintaining Smooth Alliance5

Effective Branding, Identity and Marketing5

Legal and Ethical Issues6

Sharing the Marketplace6

Transportation and Code of Conduct6

Technological Consideration7

References8

ToolsCorp Corporation

Introduction

Manufacturers and companies of power and hand tools occupy a prominent place in the markets of United States. A great expansion and modification in the tools industry, with respect to technological advancement, is one of the prime reasons of demand gains in tool productions (Anonymous, 2012).

Identity of the Corporation

ToolsCorp is a thriving organization which has its established expertise and market hold for manufacturing electronic and manual tools, and ranges. Products of the ToolsCorp are power tools, lawn mowers, lawn furniture and microwaves. ToolsCorp is an endeavor to help put the production of tools in top gear for United Sates. Besides providing its products to big sellers of US, ToolsCorp is attempting to expand the sealing and marketing abroad. To meet the challenges of the world and the nation-wide competition, ToolsCorp maintains highly skilled and proficient workforce with gracious yet objective-oriented environment to its employees (www.theidentitycircle.com).

Mission Statement

Nine Components of Mission Statement

Mission statement of any organization contains nine essential components. On the basis of these components, an organization formulates its mission statement. Components are as follows:

A mission statement outlines the following for an organization

Customers: It highlights the firm's customers.

Products or Services: it defines the company's chief products.

Markets: Identifies the market a company competes with, geographically.

Technology: Defines the company technological stand in current times.

Apprehension for endurance, growth and productivity: Defines the firm's concern with respect to its financial security.

Philosophy: Company's basic values, aspirations, ethical considerations and beliefs.

Self-concept: Firm's distinguishing competence or competitive advantage.

Concern for image: Firm's response toward social, environmental and community concerns.

Concern about employees: Defines the status and value of employees in the firm.

Mission Statement of ToolsCorp

“ToolsCorp is a national corporation selling its products locally, generating products which entail essential tools such as power tools, lawn mowers, lawn furniture, microwaves, and ranges. ToolsCorp aims to establish and broaden the supply of its products to reach out to the organizations, individuals and industries in the global markets by analyzing the global trends and related market industry. Owing to the increasing amount of changes in lifestyles and industry processing, tools and apparatus facilitating the standard of living of common people as well as production procedures of industries utilizing our tools and manufactured products.” (Patsula, 2007).

Strategic Objectives of ToolsCorp

To maximize revenues for the corporation

To promote the corporation internationally

To market its products globally

Implementation Steps with Respect to Priority

To Analyze the Global Market Trends

Aiming and planning to broaden the horizon of the corporation, needs an in-depth understanding of the trends and patterns of the tool and range industry globally; analysis of recent market ...