Business_Management

1) Able Corporation Mission Statement The purpose of the business is to have a worldwide presence in the field of power tools, lawn mowers, lawn furniture, microwaves, and ranges. The business: manufacturing and marketing of power tools, lawn mowers, lawn furniture, microwaves, and ranges. The values: manufacturing high quality and high performance equipment backed by high quality after sales service and sold by high profile chain shops. 2) What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives' The operating principles would include: 1) Increasing the market share. 2) Increasing the production of the products with maintaining the highest quality of the products. 3) Incorporating the latest technology in our products. 4) Establishing contacts with the large chain shops like Sears, Best-Buy and Wal-Mart and appointing them for the sales of the company’s products. 5) Developing a strong after sales service network for the areas to be covered. 6) Providing fast and efficient after sales service. 7) Doing ongoing research and incorporating the latest technologies in our products. 8) Developing and retaining a strong team of professions, including R& D personnel, production team and marketing professionals. 9) Developing a healthy financial structure for the company. 10) Developing and maintaining a good synergy with the store chains so that these stores are satisfied with the performance of the company. 3) What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process' What measures would you use' In one year the company should consolidate its manufacturing facilities, complete its product development, test the products, acquire the sales rights to the targeted territories, recruit personnel for the expansion into the global market place, recruit personnel who have experience in dealing with global purchases, and arrange for finance for the expansion into the global marketplace. In five years the company should have assumed leadership in the manufacturing and export of high technology items like microwave oven and gas ranges. The company should have established its brand names worldwide and its contracts with the chain stores should be such as to provide a primacy in display and position to its products. The company should have developed a team of professionals who would not only continue to push the technology barriers in production but also invent new models which would establish the company as a leader in its range of products (Denham, 2000). The finances of the company should be such that there is an optimal leverage of funds. The dividends paid should be the best in the industry and the P/E ratio should equal the best in the stock market. This would be essential for financing future expansion. In ten years the company should have expanded into futuristic industries like robotics, and other technology intensive industries, lawn mowers and lawn furniture should have been phased out by then. The financial strength of the company should be such that the company may establish banks, insurance companies and other financial institutions to finance its cross global operations. The market should be so expansive that every distribution channel involved in the selling goods manufactured by Able should carry Able’s products. The company may change its name from Able to a more global name. The company should be known for product differentiated because of excellent standards and quality. The company should be at the forefront of R&D and should have excellent professional scientist dedicated to inventing marketable products (Denham, 2000). The brand equity of the company should be of high value and should be reflected in its balance sheet. 4) What legal or ethical issues need to be considered' According to David (2005) some of the legal or ethical issues that are needed to be taken into consideration are: A) Environmental contamination issues. B) Misleading advertising in order to gain advantage over the competition. C) Discrimination or lack of equal opportunities to employees, customers or investors. D) Padding expenses accounts. E) Taking advantages of foreign markets by dumping banned products. F) Poor product quality after achieving economical advantage over the competition. G) Using non union labor in a union environment and finally product overpricing.