Description of Tools Corp Corporation
Tools Corp Corporation wants to expand its business in the global market. The company wants to sustain the high brand image in the competitive global landscape. The firm offers high-quality products such as power tools, home furniture, lawn furniture, microwaves, and many other ranges. This organization intends to expand in the global technology market and gain the sustainable competitive advantage. However, to meet this purpose, the firm has to come up with some core values. These core values are to be streamlined by the company management to be relevant in both internal and external business environments. In the United States of America and Canada, the firm has existed in the competitive technology market quite effectively. It has become a key alternative or substitute for customers due to its high-quality product and differentiation. Now, to make the difference in the market, it is a better time to streamline the mission and vision of the company to provide a roadmap to all key stakeholders. When entering the new market, it seems imperative to reshape or revise the mission and vision statement to be relevant in the presence of other companies in the same industry.
Mission Statement & Nine Components
The mission of the company is to expand with its high quality and differentiated power products and hold the strong position in the competitive global marketplace through satisfying internal and external stakeholders in the next 5 to 10 years.
This mission of the company describes the intention of the company when entering a different country. Nine components of the mission statement are customers, products, market, technology, survival, philosophy, self-concept, public image, and employees’ concerns. Interestingly, in this particular mission statement, all these nine components are triggered. For Instance, through high quality and differentiated products in the market, the firm can gain a competitive advantage, increase its market share, and enhance the visibility of customer satisfaction. The self-concept and employee are to be accelerated through creating the innovative and creative culture in the internal business environment. Through the evolvement in technology in the next 5 to 10 years, the firm will be able to contain a sustainable brand or public image. The firm wants to make the most reliable power products for the customer in the competitive global technology market (Pearce & Robinson, 2011).
Vision Statement
The vision of the company is to change them through creativity and innovation and foster future-oriented products for the customer.
This vision clears the whole picture for all key stakeholders. The intention is to boost creativity and innovation to justify the differentiation and change the user experience, as far as the technology products are concerned. Trends of doing business in global markets have been changed with time, and it seems pertinent to adopt modern business trends to enable growth and profitability for a long time (Pearce & Robinson, 2011).
Additional Information about the Company
The Strategic Officers Steering Committee needs more insights into this company. It is to be mentioned that the company has to implement several internal business strategies. All departments will have to combine efforts in the new country and contribute to the success. For Instance, the firm aims to contain the strategy of localization. It is possible through integrating with the local culture and people. Internally, the firm is quite capable of integrating with the national culture and driving the business process in a pertinent way. Financially, the firm is capable of investing in people to shape their behavior and foster their intention to make the firm successful in the presence of many other rivals (Wilson & Gilligan, 2005).
References
Pearce, J. A., & Robinson, R. B. (2011). Strategic Management: Formulation, Implementation, and Control. McGraw-Hill Irwin.
Wilson, R. M., & Gilligan, C. (2005). Strategic Marketing Management: Planning, Implementation, and Control. Routledge.
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