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1. The student answered the below questions and the response is…
1. The student answered the below questions and the 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.
STUDENT RESPONSE:
Explanation of Mission Statement Requirements
A mission statement describes what actions the organization must complete currently to achieve their vision. This statement is specific on what it hopes to achieve. It provides clarity on how the organization will differ from their competitors.
2. A Mission Statement for Smithfield Custom Furniture’s New Product Line
Smithfield Custom Furniture: We strive to produce high quality furniture at affordable prices to serve households across the world.
3. Explanation of Vision Statement Requirements
A vision statement is based on an organization’s ambition regarding what they are hopeful to achieve. It does not specify the goals but rather provides guidance on the values the organization provides. The reasoning for the vision statement is to inspire and motivate people within the organization.
4. Vision statement for Smithfield Custom Furniture’s Product Line
Smithfield Custom Furniture: To create high quality furniture for households to enjoy.
5. Application of either of Michael Porter’s two strategies — Competitive Advantage (low cost versus exclusivity) or Competitive Strategy (Five Forces Model)
I believe the application of the competitive advantage will be the best strategy for Smithfield Custom Furniture. Consumers are becoming more aware of the prices they pay for various goods and with the advancement in technology price checking is highly utilized. Creating high quality furniture at affordable process will set Smithfield Custom Furniture apart from the competition. Consumers are open to paying a lower cost for similar products which is increasingly important now in today’s current economic environment. Inflation has impacted every individual and consumers are looking to transition into more convenient and cost savings products.
6. Priority Order/Justification Smithfield’s 3 Next Steps
Redefining the business model – Writing a new vision and mission statement to align with their new business model. These statements will guide the company and employees on the direction of the company and provide an end goal of where the company wants to achieve.
Make a new line of high-quality furniture – This will be important since this will be the new proposed business model of the company. Reviewing the cost of goods for the products produced will give insight into the potential profit.
Review/redesign the workspace and flow of operations – The new line of furniture will require new products and techniques to be used. Reviewing the flow of a product from start to finish will provide insight into the efficiency of the manufacturing process. Adjustments can be made where necessary to improve the process and save on cost. Verifying the correct departments receive the product in order will be ensure unnecessary rework.
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.
