Please read and respond to the attachment(s).
Note: Only up to 20% of the written response content can be quotes from third parties.
Post an executive summary of your Comprehensive Project in the body of a post in this Discussion Board (do not use attachments). An executive summary is a 10% synopsis of a larger document that outlines the purpose, planned processes, actual processes, findings, and recommendations for the project. Chief executive officers (CEOs) often read and assess executive summaries before deciding to read entire reports. Consequently, the summary must be a high-quality narrative that demonstrates the significance of the work, addresses all the important issues being undertaken – the seven GP questions are important issues – shows, the objectivity of research and analysis underpinning the report, and establishes the credibility of the resulting conclusions.
· Please reply to the presented statement(s) below.
Deliverable Length: 250 words (minimum) per reply
In the summer of 1999, ToolsCorp began as a small appliance repair shop in middle Tennessee. Word began to travel throughout Tennessee about ToolsCorp’s ability to fix and repair major appliances at a significantly lower price and quality of work compared to the manufacturing companies. ToolsCorp soon began to expand its operations by opening a large facility to not only repair but to manufacture its own products. With the increasing population, gentrification, and explosion of new neighborhood developments, ToolsCorp soon became a competitive supplier in the southeast region of the United States. In under a decade, ToolsCorp continued to grow, manufacture, and supply its products throughout the United States and Canada.
Mission – ToolsCorp’s mission is to become a worldwide household name by leading the appliance, power tools, and lawn furniture industry in the global market. ToolsCorp wants to provide its products and service in efforts to expand its global operations to Europe, Asia, and Africa.
Solution – ToolsCorp will form ToolsCorp International LLC that will be directed by its new newly created Global Operations Division. All of ToolsCorp Eurasia International’s business will be transferred to a new headquarters located in the Free Zone district of Dubai, UAE. T
Market focus/Description – ToolsCorp is a major manufacture of power tools, lawn furniture, and appliances. ToolsCorp will focus on manufacturing products to Eurasia standards, such as appliances applicable to the 220v standards. ToolsCorp’s New Business Division will also look to expand business in home renovation, contracts to supply new and old business and work with small business in efforts to buy or create new partnerships.
Competitive Advantage – ToolsCorp will compete directly with Bosch, Stanley Black & Decker, Stihl, DeWalt, and locally owned companies. ToolsCorp will have the competitive advantage because we will create jobs, use environmentally friendly standards, participate in joint ventures withs NGOs and the local government to fund and build schools.
Risk/Opportunity – The greatest risk associated with ToolsCorp is having a delay in profit because of licensing in transport and trade, local laws, and transportation access. ToolsCorp will overcome these risks by working directly with local governments in efforts to speed up the process for the business service. One of ToolsCorp biggest opportunities includes developing long-lasting relationships with its international clientele.
Financial Projection and Plans – ToolsCorp plans on increasing its international business to over 50% and the company’s overall profit will double. By contracting local labor, ToolsCorp will reduce costs by 50%. The company will gain momentum over the next decade pushing its profit well into a positive index for years to come.
Richard Lindfield. (2013, February 11). Writing an executive summary [Business]. https://www.slideshare.net/RichardLindfield/writing-an-executive-summary
ToolsCorp Corporation is a home goods store that sells their own products in the United States and Canada. ToolsCorp produces kitchen appliances, patio furniture, and lawn mowers.The purpose of this project is to showcase the company of how things run within the company. This way the company can look back and see what they need to work on or see if they are succeeding in different areas. There will be a SWOT analysis of the company’s strengths, weaknesses, opportunities, and threats, a mission statement will be compiled, key operating principles, market analysis, and strategic initiatives.
The planned process is to divide the work with the teammates and use course materials and peer reviewed online sources. Once everything is collaborated, then everyone’s work will be on the same paper and lastly create the executive summary, resource page, introduction, and conclusion last. The actual processes that the team has done is everyone is doing their own work and in the end come together and everyone has a say of what is good to fit in the paper or what needs more work. The team has used different competitions’ web pages for inspiration. The team has used mostly online database articles that are peer reviewed.
The team has found accurate examples for the SWOT analysis. Strengths are honorable brand name and mindful customer service, for example. The weaknesses and opportunities, for example, are a lack of global expansion since ToolsCorp is in the process of expanding. It would be a great opportunity for the company to expand and make partnerships and new customers. Threats would be dealing with diverse governments and out of the company’s hands, unless they follow the laws strictly. The mission statement follows all nine components and highlights all the company’s strengths and its products. The key operating principles will magnify all that company has to offer and what they stand for, such as employee oriented and environmentally friendly. These are the components that the team has so far.
The recommendation for the project would be maybe a little more clarification on what is asked on the assignment for each bullet. Some are clear and some need some more clarification.
ToolsCorp was a small repair shop that fixes home appliances and lawn mowers. They began in middle Tennessee which has been greatly affected by a booming economy. ToolsCorp swiftly began to grow in business and made the decision to open a larger facility that would begin to manufacture products of its own. ToolsCorp already known for large home appliances decided to also manufacture lawn mowers, lawn furniture, and power tools. Soon after their manufacturing business began, they became the supplier to most parts of North America (US and Canada). ToolsCorp is currently trying to break into the global marketplace.
Market Analysis: The power tool industry has grown to a significant 32.5M globally since 2018. Their projected growth is expected to raise another 4.8% by 2027 (Khandelwal). This market along with the home appliance market has easily become ToolsCorps biggest asset. The Lawn industry has grown in market size as well but are expected to have the highest growth rate of all other ToolsCorp industries before 2027.
Competitors have become very aggressive in their approach to gain competitive advantage. ToolsCorp will utilize a research group to gain competitive advantage over its competition. The findings from this group is to penetrate the battery market and become a true competitor in the battery-operated power tools and lawn mowers industries. The competitors have used companies such as Hitachi Ltd., Honda Motor Co., and Toro to gain advantage over their competitors (Chinchane). ToolsCorp will conduct more research into which battery developer they will create a strategic partnership with.
Chinchane, A. (2019, November). Lawn mower market trends & Growth Analysis: Industry Forecast 2026. Retrieved March 11, 2021, from https://www.alliedmarketresearch.com/lawn-mower-market
Khandelwal, P. (2020, April). Power tools market Size, share and growth statistics by 2027. Retrieved March 11, 2021, from https://www.alliedmarketresearch.com/power-tools-market
Tools Corp’s Corporation is a company out of Tennessee, with good businesses out of the US and Canada, the company builds lawn mowers, lawn furniture, ranges, microwaves, stoves, refrigerators and more. Tools Corp’s and its high quality of products have earned their company the reputation of being reliable and having a good and trust-worthy brand. They manufacture their products locally and their products are being sold in retail stores such as: Sears, Best Buy Wal-Mart and more.
Tools Corp’s Corporations hope to expand worldwide, penetrating the global marketplace and broadening the area of the marketplace and sales for Tools Corp’s Corporations. Worldwide expansion will benefit the security for employees as well as the stakeholders. Our goal is to make good standings in our products in the countries in which they operate. We have an Airport located in Memphis Tennessee and have the second busiest cargo in the world.
We believe the company will do well in going global because of all the resources I have just given you. I hope that this information will help you , the SOS-C Committee be able to come to a decision to let the Tools Corp’s Corporation go global and know that we are well prepared and we have shown that we are well prepared. We are proud of the products that we provide for our seasonal costumers in the in the springtime and summer, however going global will cause us to be able to have our products sold all year, every year and this makes it better for the company and the customers because we do make winter products as well such as sleds, electric blankets, comforters, shovel, electric snow-blowers, televisions, computers and more.
(2018) Tools Corp’s Corporations retrieved from:
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