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1. The student answered the below questions and their response is…
1. The student answered the below questions and their response is below .
Your Task for Your Initial Post
In your role as a consultant to Smithfield Custom Furniture, Jonas Smithfield III has requested you, using this week’s assigned reading, to provide to him the following information:
An explanation of what a mission statement requires plus a mission statement for the new furniture line. Use in-text citations and list references from course readings as required.
An explanation of what a vision statement requires plus a vision statement for the new brand. Use in-text citations and list references from course readings as required.
An analysis of how Michael Porter’s competitive advantage (low cost versus exclusivity) or competitive strategy (Five Forces Model) applies to both Smithfield’s exclusive product line and the newly conceived, more reasonably priced product line. Use in-text citations and list references from course readings as required.
A list from this week’s course readings, placed in priority order, of the 3 next steps Jonas Smithfield III should take to enhance his chances for success if he moves ahead with the new product line. Justify the selection of your 3 priority steps rationale for each. Use in-text citations and list references from course readings as required.
2.First read student response and then answer option 1 or option 2 listed below.
STUDENT RESPONSE:
1. Explanation of Mission Statement Requirements
“The mission statement describes what the organization needs to do now to achieve the vision. The vision and mission statements must support each other, but the mission statement is more specific. It defines how the organization will be different from other organizations in its industry. Here are examples of mission statements from successful businesses:” (Lumen Learning, n.d.).
2. A Mission Statement for Smithfield Custom Furniture’s New Product Line
We strive to be the leader in upscale furniture products aimed at mid-career professional households.
3. Explanation of Vision Statement Requirements
“A vision statement is a statement of an organization’s overarching aspirations of what it hopes to achieve or to become.” (Lumen Learning, n.d.). The vision statement is broad, while the mission describes what the organization needs to do to achieve the vision.
4. Vision statement for Smithfield Custom Furniture’s Product Line
To make a better furniture line for customers.
5. Application of either of Michael Porter’s two strategies — Competitive Advantage (low cost versus exclusivity) or Competitive Strategy (Five Forces Model)
“An organization seeking a low-cost strategy seeks to become a leader in providing low-cost products to its customers. The strategy is to produce (or purchase) comparable value goods or services at a lower cost than its competitors. The lower cost will attract the majority of customers and allow it to profit by the volume of goods sold. For this strategy to be successful, it requires that only one or two companies can be industry leaders in this position.” (Lumen Learning, n.d.). Jonas Smithfield III knows that families are moving more often and may not need or desire the exclusivity of his furniture. The application of competitive advantage would work best for Smithfield Custom Furniture. Some benefits include making it harder for new entrants to compete and forcing out less efficient rivals.
6. Priority Order/Justification Smithfield’s 3 Next Steps
Since adopting an integrated strategy is hard to maintain, I suggest first becoming an e-business. This would allow Smithfield Custom Furniture to take its products to the internet and become a leader in furniture sales. Competing with competitors such as Ikea would be easier if the products were available online and not just through brick-and-mortar sales. Once the product is available online, I suggest increasing sales through social media management and branding. This allows for improved customer awareness of the product. Finally, I recommend developing a strategic goal consistent with the vision and mission statement. This can be done by analyzing the business externally using the PESTEL methodology. PESTEL stands for political, economic, social, technological, environmental, and legal. It is important to remember that although you construct plans, environments are fluid. “So you implement processes to measure performance and frequently test the plan’s assumptions.” (Lumen Learning, n.d.).
Option 1 is to find an issue of the classmate to whom you respond with which you disagree. You must state why you believe there is a better manner to address a particular issue that differs from your classmate’s response. You must state the major idea associated with your choice and why that idea applies to the issue more appropriately. You must support your reply with course materials, in-text citations, and references.
Option 2 occurs if you agree with all of a particular classmate’s initial posting responses. In that case, you must expand on one issue that your classmate presented. Your enhancement will provide more depth or other related factors that your classmate should consider. Your reply must be supported with course materials, in-text citations, and references.
