The Company in Context
The company has been in existence for the last twenty years and has withstood various challenges within the time.
The company mainly trades in power tools including such products as circular saws, drills and routers.
The enterprise has been more successful because of the type of product it deals in which range from household to industrial appliances.
We have established a very good base for the market of our current product over that duration and it is this fact that makes us have an advantage to hit back to the market relentlessly.
Special tactics have been employed over the years which have made us strike an impact with our clients. The most prominent has been the provision of quality products. Our main marketers have been our clients themselves who either become repeat clients based on our good service or refer other customers to us.
80% of all our power tools sold are corded; the remaining 20% are cordless.
The cordless power segment is by far the rapidly developing of the two at a compound yearly rate of 10% versus 3% for corded as indicated by our statistical measures. The company is looking towards identifying the most profitable of the two types and curve a new market niche.
“A SWOT analysis conducted in the process of developing a strategic plan constitutes a serious focus of a good plan” (kotler, 2000, p 215). This identifies our strength, weaknesses, opportunities and threats in line of our doing business.
A strong circular power tool selling history through selling of quality power machines that remains unbeatable in the current market. The company has been able to establish itself as the best supplier of circular power tools in the region. This has enabled it develop a decent clientele base that has led the enterprise to commanding a strong market share. Diversity in the products we offer for our clients. The varied types of products that the company supplies has made it a one stop shop for all types of power tools.
A dominant brand equity. The well established name of the company coupled with an impeccable business record has seen it grow from strength to strength.
A committed staff willing to forge a merger for the success of the company. Like with most successful companies, the institution’s greatest assets are its employees who have put themselves out to see the growth of the company.
A Wide array of opportunities to expand our products and out ride the competition.
The company has had to contend wit the challenge of few staff members as some have already left for fear of being laid off in the wake of the ongoing global financial crunch. A weak economy has impacted in the growth of the company and this has been mainly due to inadequacy of resources. This has led the company to struggle in meeting its key objectives.
The size of the company coupled with financial constraints has led to inadequate infrastructure development. This has been a major hindrance to development as the company urgently needs to establish an exhibition center. Absence of information and communication technology (ICT) has led the company to be less competitive in today’s ICT mediated economy. The absence of a well structured marketing strategy has also derailed the company from hitting the market and promotion of sales.
Very good business without extreme competition levels. The industry has been less penetrated with suppliers of power tools and this has given us some level of advantage. A Ready market for our professional products and consumer. A recognized brand name linked with the supply of quality corded and cordless power tools. The twenty years that the company has been in operation has seen it develop a very credible record.
Our vision is to be a leader company in power business.
Our mission is to be an exemplary Company in the region through quality, focus and team work. In essence, the company staffs are committed to service to our clients in order to meet challenges of the 21st century.
The Company as an institution is committed to the provision of quality service.
The Company’s Philosophy
Our company is cognitive of our clients and embraces the philosophy of sensitivity and responsiveness to societal needs and the right of everyone to our services. We are focused on you round the clock.
1-Year Strategic Objectives
To hit a target of 10% and 15% for the corded and cordless power tools respectively. To put in place a high caliber of staff as sales representatives with a know how of marketing in the field. Work closely with board member members to facilitate rapid efficient development in order to salvage our company through collaborative research in the markets. Introduce Information Communication and Technology into our system of operation in order to track our business and improve the efficiency of our service. Recruit a customer service representative to handle our client’s issues and complaints.
5-Year Strategic Objectives
In five years’ time, the company should be in a position to establish an exhibition center for our clients that will host all our power tools that we offer for sale. Judging from the current market trend and the development of information technology, the company should in five years’ time start distributing the power tools across the various states in the region with an aim of spreading even further across the seas.
10-Year Strategic Objectives
Within a decade of the implementation of the new strategy the company should have gained International distribution and seller of power tools status.
Guiding Theme and Principles
The Company upholds the theme of Commitment to service with excellence, customer centered and diversity. It is grounded on the principle of inclusiveness, participation and democracy in all our activities.
The company has been able to survive even the most adverse of market conditions by establishing itself as a provider of quality power tools.
Like with all great business ventures, the customers want to be treated in a manner that is professional. This has been achieved by observing the ethics of the trade.
Innovation is of value to a company. Development of new strategies from time to time has been instrumental in the development of the company as the provider of choice when it comes to power tools.
This goes hand in hand with the immediate former value in that innovation depicts the level of creativity.
Produce products that hit and produce profits.
We can compete and employ professionals.
Corporate Social Responsibility
Support to the society.
To indicate unity of purpose
Diligent and appropriate solutions for our clients.
Transparency and Accountability
we accept and take charge of our actions in line with our business
Physical Infrastructure and Facilities
In this strategic plan period 2011-2021, a key objective for the company will be:
To expand and improve infrastructure and other physical facilities to enhance our business. To achieve this objective, the Company will need to acquire more space (new office) which will mainly allow for the development of an exhibition stand which will host all our corded and cordless power tools for viewing by our clients. This new space will be mainly under the management of the customer service department.
The road leading to the company offices needs to be resurfaced in order to give the company a new look. This is because even when customers know that a company has been in existence for a very long time, they still want the institution to maintain a neat and professional look.
The company also needs to acquire new operating machines to replace the old and inefficient machines. These are mainly tools needed in the assembly and packaging of tools before sending them to customers.
Part of the infrastructure development strategy will be to Incorporate new technology into our systems and power tools. This is mainly because in the period between when the company was initiated and now, new communication technologies have been developed. The company needs to take advantage of this development in order to reach even more clients as time goes by.
Human Resource Development
Our company has a good team of human resources with an equally minded attitude. However, we shall need new staffs for the positions of;
Customer relations who will be coordinating our clients at the exhibition unit.
Business analyst who will conduct research and provide bi-annual report for the company’s market share, the size of market, the dynamics that drive the market, or its relative product cost positions and the competitive analysis.
Information and Communication Technology (Ict)
Globally, ICTs has opened a platform and an avenue of service delivery. A key objective for ICT will be;
To intensify the access to computer technology by purchasing adequate computers, at least 25 by 2012.
This will enable us promote our sales through telephone-sales, our websites and emails so that we can reach all our clients all over the country and even Internationally.
Contemporary and Emerging Issues
The current 21st century is marked by rapid dynamism. Our company is cognizant of this fact and will address emerging issues including:
Competition with other like minded business in the power tools business.
Globalization and venturing into new markets as business will be deemed.
equity in all the strategic activities.
Sales and Financial Forecasts
The current status of 3% is very low and 10% moderate. However, immediate mechanism is likely to boost business to a staggering 25%.
This therefore calls for combined effort on our objectives as indicated. It therefore indicates that our business will be financially able to set up the exhibition unit and stand against all odds of competition and initiate a global outlook into new markets.
Monitoring and Evaluation
“Monitoring and evaluation constitute an important aspect of the strategic plan for a Company” (Peter, 2008, p 263). So as to enhance the attainment of the strategic objective outlined in the plan.
This will focus on the strategic objective and the performance indicators (outputs/targets) in the various categories already highlighted.
The Company will undertake monitoring of the implementation of the strategic plan though the five implementation phases
Phase 1- July 2011 to June 2012
Phase II July 2012-june 2014
Phase III- July 2014 to June 2016
Phase IV July 2016 to June 2018 conducted by the quality assurance team
Finally, Phase V July 2018 to June 2021 conducted by the quality assured agencies of the KPMG will undertake the final evaluation and provide us with a detailed report.
Kotler, P. (2000). Marketing Management. (10th Ed) New Jersey: prentice Hall International
Peter, P. J. (2008). Marketing Management. Toronto: McGraw-Hill Irwin.