ToolsCorp Strategic Initiative
Background
ToolsCorp is a manufacturing company based in Tennessee. Its current product portfolio includes, but is not limited to, Lawn furniture, ranges, microwaves, power tools as well as lawnmowers. The ToolsCorp currently has a thriving and well-established business in Canada and the United States. The Company is considering global expansion. ToolsCorp products are today being sold through large retailers who insert the sales papers of the Company on Sunday and Wednesday papers. ToolsCorp currently operates in the US and Canada. The Company has thrived well in the local market and gained a reputable brand name. One of the significant strengths of this Company that has contributed significantly to its local success is its large retailers’ network currently operating in the US and Canada. ToolsCorp has gained a significant market share for its product portfolio in the US and Canada. This paper is a report on the analysis of the ToolsCorp company, which plans to expand its operations in South Africa; therefore, the article gives a SWOT analysis of the Company and a strategic initiative on how to develop the Company as well as the implementation of the plan.
SWOT Analysis
Toolscorp’s strategic initiative aims at ensuring that its stakeholders get positive returns on their investments. To implement this initiative, some of the aspects first needs to be put into consideration, and these include first analyzing the strengths, weaknesses, opportunities, and threats of Toolscorp. SWOT analysis will be the first part of the paper where the researcher will have to deeply analyze the ToolsCorp company before giving the measures to be taken to ensure that the Company’s stakeholders get a positive return on their investment. A SWOT analysis is a business strategic planning tool used to help organizations or people in identifying the strengths, weaknesses, opportunities, and threats that are related to project planning or business competition (Wilson & Matt, 2013). Hence the first part of the report will cover the business analysis of ToolsCorp Company.
Business Plan Outline
The second part of the paper will cover the business plan outline. According to Nunn and McGuire (2010), a business plan is a written document that acts as the road map to a business. The plan provides the method which the business will use to achieve its goals by providing its operational, financial, and marketing viewpoints. The essential components of a business plan may include a company description, market analysis, competitive analysis, description of organization and management of the company, product and service breakdown, Company’s marketing plan, and the sales strategy. A business plan is essential for a business as it acts as a feasibility study for the business operations and focuses on the basic ideas of the Company (Guti, 2014). Developing a business plan outline is essential for ToolsCorp in the implementation process of its strategic plan. This will allow the management to effectively analyze and evaluate the strategic plan to determine if the Company has the capability and resources to implement the new venture. ToolsCorp’s business plan outline will include the structure and design concerning its initiative to expand its operations in South Africa.
Mission Statement
The third part of the paper will cover the mission statement of the ToolsCorp organization. ToolsCorp Corporation’s mission statement is designed based on the inspiring strategies adopted by the organization to show precisely the direction that will be taken by the organization. The operations of the organization allow the organization to have proper communication that is aimed at ensuring the staff is motivated, which will identify an essential and significant vision towards the future of the business in the market. The organization plans to launch its products into the international market. The following are the essential components of the mission statement related to Toolscorp corporation, which is guided by the strategic management of the organization to ensure the performance of the Company in the market; customers, products and services, markets, technology, purpose, capability, inspiration, clarity as well as the legacy.
Market Analysis
This part covers the market share and behavior of ToolsCorp ever since it started its operation and briefly explains how the Company has been behaving and responding to the market forces. ToolsCorp conquered the local market in Tennessee and across the country successfully through its marketing strategies that are considered vivid and product designs, which are not only environmentally friendly but offers the consumer a beneficial lifestyle. Therefore, ToolsCorp has grown to a national enterprise specializing in manufacturing a wide range variety of products and equipment that are powered by electricity. The success of the Company is attributed to its ability to penetrate the local market through its numerous franchises and suppliers across Tennessee (Rahman 2018). However, ToolsCorp is aiming for global expansion across various regions in Africa. Thus, the approach used to extend the supply of its products to expand to the worldwide market is based on multiple acquisitions and mergers with other businesses and enterprises in the global market.
Strategic Proposals
Strategic plans intend to place the corporation in the global market. Strategies’ execution will occur in three intervals within one-year, five-year, and ten-year periods. The strategic plan subdivides into three categories. South Africa should be within the global expansion radar because it is experiencing fast economic growth as part of Sub-Saharan Africa. The country has a thriving economy marked by GDP growth which is anticipated to rise to l0% in 2021 (“Statista,” n.d.)’ It provides a large potential market. Further, it is an established innovation and manufacturing base, in addition to having excellent infrastructure. The South African government ensures that there is a conducive environment for international businesses to thrive (Nakra Prema, 201l).
Project Implementation Plan
The last part will give a plan on how ToolsCorp would implement the project plan. Project Implementation plan provides a summary view of the break down for each task within the strategic plan. The action items are assigned with responsibilities parties to determine costs, staffing needs, and the target date for completion.
References
Guta, A. J. (2014). The role and importance of the business plan in starting and running a business opportunity. Annals of the University of petrogenic. Economics, 14, r19-126. https://www.upet.ro/annals/economics/pdf/2014/part2/Guta.pdf
Nakra Prema. (201l, May 2). Doing Business in South Africa. Retrieved from http://www.shippinesolutions.com/blogy’doine-business-in-south-africa
Nunn, L., & McGuire, B. (2010). The importance of a good business plan. Journal of Business & Economics Research (JBER), 8(2). https://www.clutejournals.com/index.php/JBER/article/view/677
Rahman M. (2018). PESTEL analysis of South Africa. Retrieved from https://www.hovvandwhat.net/pestel-analysis-south-africa./
Wilson, Matt. (2013, April 26). How to Build a High-Quality Brand with an Affordable product. Retrieved from http://www.under30ceo.com/how-to-build-a-hieh-qualitv-brand-with-an-affordable-product/