Read full version essay Able Corporation Business Plan
Able Corporation Business PlanPrint version essay is available for you! You can search Free Term Papers and College Essay Examples written by students!.
Join Essays24.com and get instant access to Able Corporation Business Plan and over 30,000 other Papers and Essays
Autor: anton 20 April 2011
Words: 1251 | Pages: 6
Able Corporation Business Plan
Statement of Academic Integrity
I certify that:
1. I prepared this document specifically for this class;
2. I am the author of this document;
3. I am fully disclosing and giving proper credit to any outside assistance received in its preparation;
4. I cited sources of information (e.g., data, ideas, charts, etc.) and used this material to support this document.
Studentâ€™s Signature: Crystal Clark
Able Corporation is a 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.
In six months you are to present a complete business plan for Able Corporation to the Strategic Officers Steering Committee (SOS-C). Able Corporation is a 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.
You are to provide a mission statement, operating principles, market analysis, company strengths and weaknesses analysis, one-year, five-year and ten-year strategic objectives, sales forecasts, financial and operational objectives, and pro forma financials.
As a preliminary step in the preparation of the business plan, brainstorm the major elements of the strategic management process. Using the questions below as a guide, provide several bullet points for each major step in the process. These can include insights, issues that need to be addressed, questions that need to be asked, etc.
Â· 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?
Â· What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
Â· What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process? What measures would you use?
Â· What legal or ethical issues, if any, need to be considered?
Submit your project to the instructor via the Drop Box.
Able Corporation Business Plan
1a) How would you go about defining the identity of Able Corporation and creating its mission statement?
The identity of Able Corporation can be defined by having a good understanding of power tool companies and lawn equipment companies the whole power tools and lawn equipment industry. An important factor would be to check out our competitorâ€™s profile in the industry. We need to decide what our primary focus is going to be; power tools lawn equipment, or appliances.
In order to create our mission statement we would first look into existing statementâ€™s of competitorâ€™s but also realizing we need to expand it a little bit to include our global vision. We would tell them who we are, what we do, what we stand for and why we do it. We would let all members of our organization help with the statement. So we can make sure we all really believe it and itâ€™s not a lie (King, 1998).
1b) Where would you look for the information?
Places we would look to find the information would be in industry publications, journals, websites for the power tool industry, lawn equipment industry and appliance industry. Something else that should be done is to check out our competitorâ€™s websites and any other information we can gather (King, 1998).
1c) What do you already know about Able that can help?
x Able Corporation is a US manufacturing company
x Able Corporation is located in Tennessee
x They build power tools, lawn mowers, lawn furniture, microwaves, and ranges.
x Their products are manufactured locally and sold through large retailers like Sears, Best Buy, and Wal-Mart.
x They have sale papers inserted in every Wednesday and Sunday paper.
x Able Corporation has a thriving business in the US and Canada, and is trying to break into the global marketplace
2) What principle would you use in order to prioritize the implementation steps needed to accomplish the strategic objectives?
We already have successful plants in the US and Canada, so we want to go global. We would need to focus on our global vision above all. We need to do environmental scanning, internal and external and global. We would also need country analysis. We need to incorporate things that arise from doing international business such as exchange rate risks, and country specific risks . Our strategy formulation would include our mission, vision, core business, product and functional strategies, countries to expand, product lines to introduce, policies, and determining our internal strengths and weaknesses. Strategy implementation by describing set of activities with respect to each department. Evaluation and control must be done after implementation to evaluate the effectiveness of our strategic policies (David, 2005).
3a) What post implementation and feedback mechanisms would you have in place to evaluate the effectiveness of the process?
Post implementation and feedback measures will be established for each department. Revenue and market share targets will be established for the marketing department. Similarly, targets with respect to hiring and control of employee turnover ratio will be established for HR department. The production department can be evaluated with respect to inventory control mechanisms, production schedules and delivery time. Employees and customers will be given opportunity to provide feedback on the company. The dealers and distributor's feedback in each area of operation will also be collected regularly (David, 2005).
3b) What measures would you use?
We would use drop boxes in the cafeteria for employees, there will also be a special place on our Intranet to post feedback. On our website there will be a place for customers to place feedback. We can also run some kind of promotion where you log on to the computer with a special code at the bottom of your receipt and fill out feedback and receive a 10% discount on your next purchase. We could have monthly meetings in the beginning to get some feedback. We could also set up some sort of award for employees as well as dealers and distributors where if they make a suggestion to any of our process and it works then they get some sort of reward.
4) What legal or ethical issues, if any, need to be considered?
Each country will have their own laws, we would need to find them out before doing business with them. In any business there are ethical issues that need to be addressed. Things such as sexual harassment, time card fraud. We will need to make environmental policies & human resource policies and make sure they are followed. We would also need to focus on the language barrier when we go global.
Conclusion and Recommendations
I have found that writing a business plan takes a lot of research and planning. You need to ask yourself many questions before getting started. Writing a plan for Able Corporation would be a little easier if we knew the primary focus. Which industry do we want people to categorize us in. Which one do we want to stand out in? I recommend, when we get to the feedback and how we will measure it that we do extensive research on other ways that have worked for other companies.
David, Fred R. (2005). Strategic management: concepts and cases (10th ed). Upper Saddle River, NJ: Pearson Prentice-Hall.
King, J. (1998). CanadaOne Magazine. Writing an Effective Business Plan. Retrieved on July 11, 2006 from http://www.canadaone.com/ezine/nov00/business_plan1.html