Strategic Management Research Paper Example | Topics and Well Written Essays - 750 words

Strategic Management - Research Paper Example The mission of the company needs to be different and very clear. The important areas of mission statement include who we are, what is our business, what products do we offer, and why we chose the particular business. The important issues that will be addressed by the company in the global business environment include equal employment opportunities, child labor, and environmental factors. INTRODUCTION Tolapp 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, Tolapp is trying to break into the global marketplace. DISCUSSION Part 1 A). How would you go about defining the identity of Tolapp Corporation and creating its mission statement? The identity of Tol app Corporation can be defined by understanding the industry in which it operates i.e. power tools and lawn equipment industry. An important factor in defining the identity of Tolapp Corporation is competitors’ profile. In order to establish an identity, it is critical to focus on specific market segments and products. For instance, the company can focus on appliances or power lawn equipment. There are different ways through which the mission statement of the company can be developed. The most important factor that should be considered when creating a mission statement is the overall objective or scope of the industry. After this, it is important to identify and evaluate mission statements of other companies operating in the industry (Abrahams, 2004). The mission of the company needs to be different and very clear. The important areas of mission statement include who we are, what is our business, what products do we offer, and why we chose the particular business. The mission statement of Tolapp will be communicated to all employees in order to ensure that they share common goals. The purpose of communicating mission statement to all employees and stakeholders is to ensure that it remains real. B). Where would you look for the information? The places that would be accessed for information include websites of companies operating in the power tool industry, industry reports, industry publications, and scholarly journals. In addition, industry reports of lawn equipment and appliance industry will also be accessed. C). What do you already know about Able that can help? Following are the things that we already know about Tolapp Corporation: The first thing about Tolapp Corporation that we know is its origin. Tolapp Corporation is a company that is located in the United States. The company is present in Tennessee, a U.S. state. The second point about Tolapp Corporation is its business. The main business of the company is manufacturing. The products of the com pany include lawn furniture, lawn mowers, microwaves, and other products. The third point about the corporation is its production and distribution. The company manufactures its products locally. The products are distributed and sold with distributors such as Sears, Wal-Mart, and Best Buy. All these are famous retailers. The company is operating successfully in the United States and Canada. The company is also striving to expand its operations to other parts of the world. The company launches sales