Implementation of Control in Business Management

Business management:
Implementation of control
1

EXECUTIVE SUMMARY
Global strategic planning is not the same as domestic strategic planning as an organization
requires considering external as well as internal environment considering global perspectives.
Moreover, external environment analysis is more crucial in comparison to the internal
environment as when an organization operative at an international level the competition is too
high. The present study emphasizes on the strategic planning of Tools Corp Corporation in
detail manner. The mission statement of the company is “To provide the best possible
services to its customers with nominal price at the global level.” Further the diversified range
of products is its main strength but inadequacy in quality of product lead the company
weakens from its competitors. The company has made a significant position in the market of
Canada and the U.S. and now attempting to initiate its operations in Australia. In initial year
company strategy plan has been developed to build adequate brand image so that the
company can be recognized in an appropriate manner. Further, the five-year plan focuses on
opening outlets and stores in other areas of the country. Eventually, in year ten year strategy
plan specifies that company should move on for another country. Lastly, recommendation has
been provided that main emphasis should be made on feedback mechanism in order resolve
existing issues at initiative phase which will eventually lead to attainment of objectives with
an ease.
2

TABLE OF CONTENTS
Introduction................................................................................................................................5
Background................................................................................................................................5
Mission of the Tools Corp Corporation.....................................................................................7
Key operating principles of the company..................................................................................9
Market Analysis.......................................................................................................................11
Five Forces Analysis............................................................................................................11
Strategic Plans for Tools Corp Corporation.............................................................................13
One Year Plan......................................................................................................................13
Five Year Plan......................................................................................................................14
Ten Year Plan.......................................................................................................................14
Implementation and ramification of plans...........................................................................14
Feedback Mechanism of plans.............................................................................................15
Conclusion and recommendation.............................................................................................16
References................................................................................................................................17
3

LIST OF TABLES
Table 1: Goals to be attained in year one.................................................................................14
Table 2: Goals to be attained in year 1-5.................................................................................15
Table 3: Goals to be attained in 10 year...................................................................................15
4

LIST OF FIGURES
Figure 1: Key operating principles of the Tools Corp Corporation....................................9
Figure 2: Five Force Analysis of Australian Electronic Retail Market...................................13
Figure 3: Procedure for implementation of each strategic plan........................................15
5

Introduction
Global strategic planning is a procedure applied by organizations which operate at an
international level, i.e. in different countries. The procedure comprises evaluation of internal
and external environment by multinational organization in order to make an adequate
decision regarding attainment of long term and short term objectives. Considering the above
statement assessment has been done regarding strategies for Toolscorp Corporation to go
forward with the next step into the global market place. The company has a thriving business
in Canada and the United States. Thus, the new market in which the company is extending is
Australia. The report initiates with a SWOT analysis of the company. Further, mission and
key operating principals have been discussed in order to provide details regarding the manner
in which company operation. A detailed assessment of the market in which the company is
going to initiate its operations, i.e. Australia has also been provided. Lastly, one, five and ten-
year strategic objectives of the company have been discussed for each time frame along with
potential ramifications and feedback mechanism.
Background
Toolscorp Corporation is situated in Tennessee. It deals in various products such as power
tools, lawn furniture, lawn mowers, microwaves and different home appliances. The
company has already developed a reputed image in Canada and the United States through its
products. Toolscorp Company now is planning to expand its business in Australia as there is
a greater opportunity to grow business.
As per the current research, Australia is providing boosting advantage in the electronic retail
industry they are producing ultra-thin and flexible electronic devices. They will very soon
realize extremely thin electronic devices which can be bend and wrap around their arms and
kitchen products which will make more eco- friendly (Bloom, Sadun, and Van Reenen,
2015). Their major focus is on developing flexible electronics that can be shaped, coloured,
formed in a manner that put up little similarity with present inflexible devices. In accordance
with the available possibilities huge demand of customers can be expected an in the world of
technology, everyone needs products with the latest technology with a concern towards
component: being eco-friendly in nature. It has been assumed that predictable growth from
6