Running Head: ToolsCorp Corporation
AIU – MGT680 Abstract
This paper will address penetrating the global marketplace and broaden the area of operations and sales for ToolsCorp Corporation. This paper will include the overall evaluation of this corporation and the long term strategic plan development. It will also include the corporation’s mission and vision statements. ToolsCorp
ToolsCorp Corporation, a company out of Tennessee that builds power tools, lawn mowers, lawn furniture, microwaves, and ranges. Currently these products are sold in retails such as Sears, Best Buy, and Wal-Mart. Their products are manufactured locally and have a promising business within the US and Canada.
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It is time for the company to move forward and go global to gain success. The steps that ToolsCorp needs to accomplish these strategic objectives are to formulate a strategy, implement the strategy, and evaluate the strategy. The company has to formulate a strategy by developing a vision and mission, identify the external opportunities and threats, determining the internal strengths and weaknesses, establishing long-term objectives, establish alternative strategies, and choosing which strategy to pursue. Since the course of the plan may change with an unexpected change, the alternate strategies allows the company to keep pursuing the change while going down another routine. The company has to decide what course of action will be best for the company. The company then has to implement the strategy by establishing annual objectives, develop policies, motivate employees, and allocate the resources. This action stage is often the most difficult because it means the managers and employees have to be mobilized and requires commitment and sacrifice. The last step the company has to take is to evaluate the strategy by reviewing the internal and external factors of the current strategies, measure the performance, and take the corrective actions. This step is put into place in order to determine if the strategy is not working well. It