TOOLSCORP CORPORATIONS STRATEGIC APPROACH
Besides this, a well-defined strategic approach will be formulated through market researches to point to the organizations growth methods. This will ensure that the boards and management decisions primarily rely on factual data and not mere assumptions in arriving at decisions. Strategic planning will in this case detail the elements the organization requires in entering the market and remaining competitive in its market. This paper, therefore, seeks to conduct a study on the strategic planning modalities of ToolsCorp in its pursuit of breaking into the global marketplace, as aspect that serves as the purpose of this report. Introduction ToolsCorp Corporation (a fictitious company) was established in 1885 in one of them in Tennessee. Tennessee is connected to the largest airports as well as extensive rail and road networks that will enable the distribution of the company’s products (Arend et al.
These infrastructural developments will, therefore, help this organization to reach different markets with its products, an aspect that will play a significant role when the company upgrades its operations to enter the global market. c. ToolsCorp Corporation additionally capitalized its resources on the development of an effective research and development strategy (R&D). This approach helped the organization to develop quality and efficient products that meet the market needs of its clients in regards to performance and durability. There are a series of internal factors that may affect the organization's development. This is evident in the fact that Tools Corp does not serve other foreign markets apart from Canada. The organization, therefore, needs to understand its new markets before entering, efforts driven towards taking consideration of the cultures, regulations, and logistics of these markets to overcome entry barriers.
b. Some of the products produced by this organization are periodic. 3 Opportunities a. The company has the opportunity to ensure it expands its operations to other markets in South America, Asia, Africa, and Europe. This is evident in the fact that most of these markets are mature, indicating a niche in the need for quality products (Dibrell et al. In a nutshell, the markets of Europe, Asia, and Africa are ripe for the demand for quality products due to the changing lifestyles and disposable incomes. b. The inclusion of a website will enable the organization source for quality raw materials as an approach to guiding its sourcing methods for sustainability. 4 Threats a. One of the threats that this company will face will emanate from the fierce competition that will arise from other multinational companies who have an established product brand in the market (Hoffman, 2007).
Several of these multinational organizations had well developed and defined distribution methods that will pose a threat, turning the marketing oligopolistic. b. This is true given that well-established brands in a market may receive bailouts by the government in case of economic crises. However, for an organization seeking to venture into a global market, such benefits may be limited. ToolsCorp Corporation’s Outline of Business Plan The below outline will be utilized in helping the organization develop an effective business plan for its strategic initiatives driven towards its efforts to expand globally (Hoffman, 2007). The outline will, therefore, provide a highlight of several elements and the main features that will be addressed in the business plan. The Description of the Company 2. ToolsCorp Corporation’s Social and Corporate Responsibility and its Sustainability 10.
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