Able Corporation Management Strategies Essay

1670 words - 7 pages

Able Corporation: Strategic Management Process

Strategic Management Process:-
• Establishing the hierarchy of strategic intent
i) Creating and communicating a vision: To be the leader in the US power tool market and provide the best services and make innovative products especially in the cordless product market where it has the core competence. To establish itself strongly in the manufacture of circular saws.
ii) Designing a mission statement: To achieve our objectives along with delivering satisfaction to our customers in an environment of fairness, honesty and courtesy. “Meeting needs profitably” is the main concern. The values that drive the organization ...view middle of the document...

Objectives are more specific and narrow while goals are broader and represent general intentions. They are abstract and can not be validated.
1. To establish competitive and technology enabled plants that facilitate smooth and cost-efficient production of the power tools.
2. To capture greater market share in cordless products and consumer channels.
3. To become a leader in the market of cordless products within a period of 5 to 6 years.
4. To allocate resources to marketing and sales department since this is the most important department and it can generate more sales.
5. To launch an effective training and development programs and introduce rigorous efforts to solve conflicts and disputes especially among the senior management by effective expenditure on the training program.
6. To introduce motivation programs and put in efforts for retention of the effective employees and expertise important for the organization for the time being and also for at least 3 to 4 years.
7. To strengthen the in house research and development department in order to conduct a competitor’s analysis and be well informed about its market share, market size, relative product cost position and about the factors that stimulate the market.
• Formulation of strategies
i) Performing environmental appraisal: The Company needs to analyze its opportunities and threats. This could be done through an analysis of the external environment facing the business at the macro and micro level. No competitive analysis has been performed in the past years, though it is extremely important for a company. Since the competitors are copying its product and have been using their marketing power to displace the products in the retail. Thus, it needs to undertake a competition analysis. Industry analysis is also important (the Michael Porter’s 5 forces model- bargaining power of buyers, bargaining power of suppliers, rivalry among the competitors, threat of new entrants, threat of substitute products. The external environment includes the PESTEL. (Political, economic, social, technological, environmental, legal). For example, the environmental and the protection laws in the US are strict and thus it affects the business in the sense that the damage to the environment is a serious crime and the wastes from the plant of the business may prove harmful to the environment. As advances in technology increase battery life, capacity and output and decrease battery size, the pace of the growth of the cordless segment will increase.
ii) Doing organizational appraisal: The internal environment of the business consists of the competitive advantage, core competence, the internal strengths and weaknesses, the marketing, financial, technological capabilities of the company. The company needs to strengthen its marketing skills and its research and development department. The relations within the company, that is, among the senior...

Other Essays Like Able Corporation Management Strategies

Assignment

2245 words - 9 pages depend on profit and there is no competence with any other corporation, the corporation doesn't interest with marketing. _ The corporation doesn't have marketing management unit. 2. Finance _ Financial objective : To reduce producing costs. Financial strategy : Searching for the best necessary offers and bargains. _ They are merely implied from budgets. _ They are consistent with the corporation’s mission, objectives, strategies, and

Manegment Essay

3952 words - 16 pages accounts report and handover it to accounts manager so that he verify it and finally become able to present it to managing director if required. Fifth Task:- Is to become part of sales staff and work with them. Take orders and deliver goods to market, deals with customer directly, make new customers. 12. Analysis of Management Functions of the organization i. Planning:- 1) Company planning strategies are given below:- Vision of

Super Baker

517 words - 3 pages cost per the value of each order Super Bakery calculated the cost by the number of orders which was more accurate for its customers. Costs for each customer vary; one variable is the area the customer is located. Super Bakery was able to accumulate information over the years and when historical data is not available, cost drivers are used. Management was able to calculate accurate costs for each account. Reference Davis, T. R., & Darling, B. (1996, October). ABC in a Virtual Corporation. Management Accounting, 78(4), 18-26.

Strategic Management

1698 words - 7 pages long run performance of a corporation” or as a ”theory about how to gain competitive advantages” (Nokelainen 2013). This text will be concentrating on business strategies so these determinations are usable. Strategic management is done in long time range. Therefore, strategic managament can be separated from operative management which is done in shorter time range. Strategic management can be divided to four different steps: planning, organizing

The Role of the Manager Within the Functional Areas of Business

839 words - 4 pages The Role on Management within the Functional Areas of Business Shakeya Scott MGT/521 Management February 09, 2015 Kim Hinton The Role on Management within the Functional Areas of Business Despite the various strategies and missions of a business all businesses participate in a common denominator. This characteristic is the occupational field of the business that companies acquire no matter the

Mr Thomas

3596 words - 15 pages of these two crucial aspects of many successful | |companies, especially Toyota Motor Corporation very interesting. This is attributable to the fact that Toyota Motor Corporation is nowadays considered as the| |model company in the automobile industry since despite its humble and challenging beginnings, it has managed to effectively implement quality management and | |operational improvement models and strategies to become one of the

Strategic, Long-Term and Short-Term Objectives

1037 words - 5 pages maximizes competitive advantage and minimizes competitive disadvantage. There are different types of strategies, which are as described:  Corporate Strategy: This strategy depicts a company’s overall direction in terms of its general attitude towards growth and the management of its various businesses and product lines. This strategy typically fits within the three main categories of stability, growth and retrenchment.  Business Strategy

Jva Corporation Stimulation

662 words - 3 pages performance management of JVC. The permanent change will be implemented by restructuring the additional benefit package in which basic consideration will be on cutting expenses. Now I have to consider that I need to cut expenses fro8 to 5 percent so I will make some crucial changes that will be helpful to obtain this goal As I take a look at the benefits that are offered here within the company, we should be able to make a few cut back that can still keep

Management and Leadership

1841 words - 8 pages call upon in corporation that have a human resources department. Human resources can lend a hand in pick over through resumes, background and, and doing the initial phone screening and reference checking. In large business ‘s there can be hiring going on each month all the way through the year, so it is very important that a mixture of the various management and managers make use of the support that HR can provide to stop them from

Strategic Alliance – Whirlpool Corporation and Inland Steel

2291 words - 10 pages producer located in the same geographic region as Whirlpool, were reviewing their market strategies and the recent changes that had occurred in their strategic alliances. They had made the decision to reduce their customer base, and were forming a new management plan. This was part of Inland’s Customer Relationship Management strategy, which entailed reducing their customer base in order to serve only their preferred customers that would yield the

Mazda Corporation Marketing Overview

2409 words - 10 pages implementing various concepts in order to maintain a competitive sustainable advantage over its competitors. The new strategies are being introduced on different levels. The company is changing the corporate governance methods: Mazda “has introduced and executive office system to separate execution and management functions” (“Mazda Sustainability Report,” 2012, p. 19). This will allow for a faster decision making process (“Mazda Sustainability Report

Related Papers

Strategy Formulation, Situation Analysis And Business Analysis

1616 words - 7 pages . Rukstad April 2008. Copyright © 2008 by the Harvard Business School Publishing Corporation. All rights reserved. Wheelen / Hunger, 2010, p 228 Institut für Strategisches Management Review of Mission and Objectives A re-examination of an organization’s current mission and objectives must be made before alternative strategies can be generated and evaluated Performance problems can derive from inappropriate (narrow or too broad

Business Level And Corporate Level Strategies

1797 words - 8 pages range of beverages and food brands. It is reported that in 2012, the company got an average revenue of billion $ 43.3. Worldwide, this Corporation is the second largest company that deals with food and beverage products. Only Coca-Cola Company is raked above it. The Chief Executive officer of this Company is Indra Krishnamurthy Nooyi who has been in the management since 2006. This paper shall therefore, look at various business-level strategies as

Management And Leadership Paper

1467 words - 6 pages their management in what procedures are needed for their management team, as well as their leadership. It also has made a larger demography for companies like JC Penney's to be able to ship their products to other counters. At the turn of the century, video conferences as well as online training exploded, and now at the click of a mouse, a person can have a meeting or attend video training for companies. Recommend Strategies for healthy

Able Corporate Strategy Essay

825 words - 4 pages strategies should be observed among multinational companies. Progress Assessment: It is important for Able to develop a system that will evaluate it progress because strategic management continues after the implementation process. Once Able implements its global strategy, they need to assess the outcome to determine if the strategy has been successful or not. This step can also be used to enhance the existing strategy or correct problems