Strategic Management

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Question:

Able Corporation is a successful US manufacturing company located in Tennessee that 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, Able 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 Able'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:

* How would you go about defining the identity of Able Corporation and creating its mission statement? Where would you look for the information? What do you already know about Able that can help? * What principle 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? What measures would you use? * What legal and ethical issues, if any, need to be considered?

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Answer:
Business Planning

How would you go about defining the identity of Able Corporation and creating its mission statement? There are quite a few articles, which could possibly be used for defining the identity of a business like the Able Corporation. Initially, the business or the type of industry sector wherein the business functions is a significant indication for defining the identity of any kind or type of business. As the second point, the main approach, as summarized through the founders of the corporation as well as the division of management on the corporation’s website, the annual financial reports or the releases and media interviews coming from press can be a useful indication to define the identity of the Able Corporation. The corporation’s long-term goals, their pursuits, and their principals are additional helpful articles of valuable data that could potentially be utilized for defining the identity of the Able Corporation. For the purpose of composing the corporation’s mission statement, the objectives, all the goals as well as the vision of this corporation would need to be meticulously examined plus the main principles along with the important facets of the corporation in which they want to accomplish their goals. The main approach should be examined in order to determine the mission statement, which would evidently define the route that the corporation takes starting from its present position and going to its desired potential state and the main aspects in which this type of route would be based on, along with the fundamental principles the corporation wishes to follow in the search for achieving the long-term mission.

Where would you look for the information?
There are a number of the areas to search for this type of valuable data, which are the following: 1.) the corporation’s own website, 2.) a number of industry related publications like the ones found in annual reports, and 3.) the one’s that come from press releases, the coverage coming from the media plus the data that comes when management is being interviewed by the corporation.

What do you already know about Able that can help?
Most of the data that is already known concerning the Able Corporation, which would be useful to completing this project, are as follows: * The type of industry wherein the Able Corporation functions, its present arrangement in the industry in relation to its competition as well as its brand positioning within the global marketplace * The...
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