ToolsCorp: Achieving Global Market Success With Innovative Strategies - Research Paper

Introduction

ToolsCorp Corporation mission statement is designed based on the inspiring strategies adopted by the organization to show precisely the direction that will be taken by the organization. The operations of the organization allow the organization to have a proper communication that is aimed at ensuring the staffs are motivated, which will identify an essential and significant vision towards the future of the business in the market. The organization plans to launch its products into the international market. The following are the essential components of the mission statement related to ToolsCorp Corporation, which is guided by the strategic management of the organization.

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Customers: ToolsCorp Corporation is guided by working tirelessly to serve its customers and win the trust of clients in the marketplace. The company is serving customers across the United States, Canada and other top global market destinations. Hence, the organization aims to expand its customer base and become global leaders in home improvements markets. Thus, the requirement of every staff member is to ensure excellent customer services from both of its front and back-office staff.

Products or Services: The main products and services offered by the company include lawn furniture's, lawnmowers, power tools such as electric drilling machines, microwave, screwdrivers and chimneys. Thus, the company is guided by creating a better future to ensure home and garden care enhancements. According to Sollish and Semanik (2011), a company will enhance its operations through continuous innovation, which shows its commitment to offer consumers around the world with quality equipment.

Markets Majority of ToolsCorp Corporation markets is across the United States and Canada, and it has managed a global market across Asia, Europe, Latin America, Middle East and Australia. Thus, the company s focuses on enhancing the value of its stakeholders by offering products aimed at transforming houses to smart homes by offering global customers the best value proposition. Hence, the mission of the company is to win the local market and implement new skills globally with its innovative products.

Technology: The technological stand at ToolsCorp is defined by the willingness of the company to be more innovative in offering high-quality products. Also, the innovations at the organization are based on maintaining a cleaner environment, which leads to conservation of energy. According to Bratianu and Balanescu (2008), the use of modern technology can be used in industrial automation, which will allow the company to have a higher production activity. This will enable the company to fulfil its philosophy of selling products at a lower cost.

Purpose: The primary purpose of the company is to serve its customers by offering products that are of high quality and appealing to their needs and preferences. Thus, based on this business model, ToolsCorp has managed to enhance its operations at a global level. Therefore, to ensure the efficacy and quality of its products, the corporation has placed more emphasis on constant innovation. The R&D initiative at the company is concerned with the provision of solutions that enhance quality.

Capability: ToolsCorp capabilities include ensuring customer satisfaction across its customer segments through its innovative products. All the activities within the organization are focused on growing a loyal customer base. Hence, the company boasts of offering enhanced services and products. Therefore, the focus on the company's growth and productivity is the foundation for its success in the global market, which ensures the ability to maintain sustainability in the long run. Due to its capabilities, the company will manage to establish and broaden its operations.

Inspiration: ToolsCorp is highly inspired to ensure its operations can transform the business. Thus, the company has established for itself a diversified product portfolio that offers a wide range of varieties for its customers. This contributes to the company having a stable revenue stream that ensures a drop in a given product does not interfere with the profitability of the company. Subsequently, the company has been inspired in its operations through its current business environment.

Clarity: For ToolsCorp to ensure transparency in its services to customers, the company highly relies upon receiving consumer feedback. Through the consumer feedback mechanism, the company will manage to offer employees and customers to contribute in the provision of feedback that is necessary for growth. Subsequently, the company ensures it receives feedback from its different dealers and distributors in various areas of operations to gain more clarity (Johnson, 2015). Therefore, the company will utilize various mechanisms receive feedback from various respondents.

Legacy: The legacy of ToolsCorp is rooted in the company being customer friendly in the manufacturing of its products and selling them at lower prices to ensure it maintains its market share. Hence, the focus of the company is to employ the use of innovative technology to realize the goals of efficiency in the production process. Therefore, these approaches will allow the company to maintain its legacy of offering its shareholders value based on its operations that will ensure profitable growth.

Market Analysis

Since its establishment, ToolsCorp conquered successfully the local market in Tennessee and across the country through its marketing strategies that are considered vivid and product designs, which are not only environmentally friendly but offers the consumer a beneficial lifestyle. Therefore, ToolsCorp has grown to a national enterprise specializing in manufacturing a wide range variety of products and equipment's that are powered by electricity. The success of the company is attributed to its ability to penetrate the local market through its numerous franchises and suppliers across Tennessee. However, ToolsCorp is aiming for a global expansion to Asia and across South America. Thus, the approach used to extend the supply of its products to expand to the global market is based on various acquisition and mergers with other business and enterprises in the global market. Therefore, this approach is an appropriate opportunity for global market expansion. Hence, these new distribution networks will become outlets that offer major link points to reach out to the global market (Abraham, 2012). Thus, this will offer the company a competitive advantage, which allows reaching a for a more extensive customer base.

The market for ToolsCorp involves manufacturing and selling high-quality products such as lawnmowers, power tools, microwaves and ranges. The target market for the products is a demographic of customer that values high-quality equipment's and they earn a high income. Thus, the market is composed of customers that are searching for durable and high-quality products. Subsequently, the products manufactured at ToolsCorp target these similar individuals who value highly to have a quality time in their kitchen and outdoors. The major market for ToolsCorp products is across the United States and Canada, with its products selling in several outlets such as Costco, Home Depot and Walmart. Also, in other niche markets such as Amazon that have a wide range of audience, the product is available.

The major competitors in the kitchen appliances and power equipment include General Electric, Samsung, Electrolux, KitchenAid and Bosch. For the lawn furniture, the major competitors include Harmonia Living and Tropitone. Compared to ToolsCorp, the products that are provided by these manufacturers in the market are of less quality. On the other hand, the company's offering high-quality products are not offering products that are energy efficient. Therefore, in the underlying market, ToolsCorp is having a competitive advantage for offering both energy-efficient and high-quality products to the market.

ToolsCorp is aiming to expand internationally to Asia and South America region, which represents an emerging market that is willing to purchase quality products. The company expansion to these regions will offer a ready market for its high-quality products, which is based on the population and the respective purchasing power of consumers. According to The Economist (2016), Asia is an emerging market that consumers have consumers with a higher purchasing power. Venturing ToolsCorp business in these regions will contribute to the rising income of the company. The aim of ToolsCorp s to be a global market leader in the industry. Hence, the company possess significant competitive advantage based on its high-quality products and power tools that are energy efficient. The process followed in developing, innovating and marketing the products at the company is guided by its recruitment of top talent in the respective market, which can be attributed to the success of the company at a global level.

References

Abraham, S. C. (2012). Strategic planning: A practical guide for competitive success. Bingley, UK: Emerald.

Bratianu, C., & Balanescu, G. V. (2008). Vision, mission and corporate values. A comparative analysis of the top 50 US companies. Management & Marketing, 3(3), 19-38.

Johnson, S. (2015). Strategic planning that actually works: A step-by-step guide to get it done faster, cheaper, and better than ever. San Bernardio, Calif: Teknia Publishing\

Sollish, F., & Semanik, J. (2011). Strategic global sourcing best practices. Hoboken, N.J: Wiley.

The Economist (2016). China. Retrieved from: http://country.eiu.com/china