Marketing Strategy and Plan for ToolsCorp Corporation

This report offers a strategic plan for ToolsCorp Corporation to expand into the global market. It includes a SWOT analysis, business plan outline, mission statement, key operating principles, and strategic proposals for one year, five years, and ten years.

Running head: Marketing strategy and plan
Marketing strategy and plan

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Table of Contents
Introduction.................................................................................................................................................1
SWOT Analysis.............................................................................................................................................1
Strengths.................................................................................................................................................1
Weaknesses.............................................................................................................................................2
Opportunities..........................................................................................................................................2
Threats.....................................................................................................................................................3
Business plan outline...................................................................................................................................3
Mission statement.......................................................................................................................................4
Key operating principles..............................................................................................................................4
Preliminary Market analysis....................................................................................................................5
Strategic Proposals......................................................................................................................................5
One year strategic proposal.....................................................................................................................5
Five-year strategic proposal....................................................................................................................6
Ten-year Strategic Proposal.....................................................................................................................6
Conclusion...................................................................................................................................................7
References...................................................................................................................................................7
Introduction
ToolsCorp Corporation is situated in Memphis, Tennessee. It is a company that is
engaged in building power tools, lawnmowers, microwaves. The product of the company is

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manufactured in the city and distributed all over North America with the help of many
wholesalers and retailers like Amazon and Wal Mart.
ToolsCorp Corporation is focuses on expanding into the global market. This report is
offered to the strategic officer's steering committee and the recommendation is also made for
developing the business plan for strategic initiatives so that it can be implemented globally.
The report will take into consideration SWOT analysis of ToolsCorp Corporation and a
business plan that shall review the mission statement of the company. The report also gives a
recommendation based on the key principles that are applicable to the market analysis. There
are three strategic proposals that cover one year, five years and ten years objectives. Every
proposal considers implementation plans and proper process of analyzes.
SWOT Analysis
This SWOT Analysis will take into consideration ToolsCorp Corporation and the
environment by both internal and external industry environment. Proper analysis of the
environment will be discussed by considering five factors of every category.
Strengths
ToolsCorp Corporation has a variety of products that consist of power tools, lawn furniture,
microwaves, and lawnmowers. The diversified portfolio of the product considers balanced
revenue to the income of the organization by ensuring that the downfall in the revenue of the
specific product can be easily offset by the revenue of other products. So, it is difficult for the
organization to experience a downfall in the overall income. Next internal factor that helps
to strengthen the organization is a strong research and development unit (Johnson, 2015).
This unit helps to enhance the competitiveness of the products and also to enhance the
range of the products by evaluating the market. The research and development of ToolsCorp
Corporation take into consideration survey and industry analysis so that high quality can be
maintained of the products. By considering research and development the organization can
innovate new products and the business process of the organization can be increased
(Harnish, 2014).

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Weaknesses
There are also many internal factors that impact the development of the company. It is
important for the company to evaluate the new markets so that proper laws and regulations,
culture and logistics can easily overcome the entry barriers in the market. There are various
outdoor tools and equipment like lawn furniture and lawnmowers that are in demand only in
summer and spring seasons (Abraham, 2012).
So the purchasing pattern in the current scenario gives negative impact on the sales of the
company at the time of winter seasons. The cost of production in the United States are high
in comparison is made with some competitors who are engaged in making tools and
equipment in many countries like China and Hong kong where the cost is less. It is also seen
that high cost is seen in research and development and on labor and logistics.
Opportunities
ToolsCorp Corporation has the opportunity to enhance its marketplace outside North
America to consider the markets of South America and Africa. It is seen that Europe is one
of the markets in which high-quality products and efficiency is achieved. The emerging
market of Asia and South America increases the disposable income and the changing
lifestyles of the people. There are many new markets in countries with different climate
conditions in which the company has various opportunities to sell its products in the global
market. It helps to overcome the sales of some of the products. The tool and equipment of
the organization are feasible in countries with moderate conditions of the climate that are
suitable for many outdoors (Rothaermel, 2012).
In the market where the competition level is low then there is a chance to expand the
market share of the company through acquisitions. The company can acquire small
companies so that the delivery process can be simplified. If the income and lifestyles are
more than the demand for high quality is also enhanced. This external environment is the
challenge for many companies as the product can be developed at cheap prices. The company
can expand its sourcing of raw materials globally by offering the sources by considering best
practices for sustainability. E-commerce sites will promote the brand name to the target
market that will help to consider after sale services (Grimes, 2012).

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Threats
The external factor that threatens the business is the challengers who are recognized in the
international market. There are many multinational companies who are established so that the
distribution channel can give an entry into the international market. The organization also
faces the risks related to political and regulatory. There are many countries that possess the
problem of pricing model for the products of the company in the market.
The fluctuation in the currency exchange rates could be a boon to the organization but it
threat related to strategic planning. The global crisis is also the threat to the multinational
company. It is seen that if the company is established in a market then it can be easy to bail
by venturing into the international marketplace just because of the risks that are involved
(Pearce and Robinson, 2014).
Business plan outline
The outline of the business plan is:
a.) Description of the company
b.) Analysis of industry and its trends
c.) Market
d.) Target market
e.) Market size
f.) Competition
g.) Strategic positioning and risk assessment
h.) Marketing plans and the sales strategy
i.) Actions
j.) Technology
k.) Management
l.) Social responsibility and sustainability
m.) Finances
1.) Assumptions
2.) Break-even analysis

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Mission statement
ToolsCorp Corporation will focus on the individuals who like good quality products like
energy efficient power tools and kitchen appliances. The organization also gives a promise
to fair trade and green energy. The company gives emphasis on maintaining the good
working environment. The company also creates a workplace for innovation, marketing, and
development of the products so that profitability can be achieved. The organization will also
participate in environmental conservation throughout the market.
Key operating principles
Principles are:
a.) Encourage teamwork and collaboration between departments so that the decision can be
taken correctly.
b.) The quality and efficiency of the products can be enhanced by considering innovation
and review. The research and development unit will also focus on enhancing the quality
and efficiency at the time of marketing so that staff and company evaluation can be made
effectively.
c.) The members of the company should be responsible socially and ethically so that the
plans can be implemented effectively. Professionalism to the industry is also essential for
the company.
d.) The company should also enhance customer satisfaction by considering marketing mix so
that it is suitable for the target market. All the operations of the business will be focused
on enhancing the customer base. Proper customer service is important for every
employee with front and back staff (Fine, 2009).
e.) The organization is dedicated to the environmental so that the sustainability can be
maintained in the scarce resources. The corporate social responsibility will also give
emphasis on the environment. Innovation will also be geared so that efficiency can be
maintained and product development takes place (Katzenbach & Smith, 2015).
Preliminary Market analysis
ToolsCorp gives emphasis on making and selling high-quality power tools, lawn furniture,
and microwaves. It also related to replace the parts for these products. The product of the

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company targets a demographic segment that gives value to high income and quality. These
also consider the families looking for good quality and durable products. The products also
give emphasis to target people so that good quality can be maintained (Iqbal, Akbar &
Budhwar, 2015).
The Organization focuses on distributing and sells the products in U.S and Canada through
Wal-Mart and Coles. The products of the company are available on Amazon and eBay. To
compete with the manufacturer of power tools include black Dekker and Bosch. The
competitors of the company are Brown Jordan and sunset west (The Economist, 2016). The
products that are offered by the company are of less quality and also the products that are
offered are energy efficient.
The competitive advantage for the company is that it gives quality and energy products.
The aim of the business is to be the market leader on an international level. This helps to
produce good quality and energy efficient tools like lawn furniture. The innovation and
growth of the products will be considered by the top recruiters from the business for the
market (FocusEconomics, 2016).
Strategic Proposals
The following are strategic proposals that will help the company to enhance its actions
globally. It is proposed that strategic proposal can be applied over a period of one year, five
years and ten years.
One year strategic proposal
For one year, the company will enhance to the Asian and European market. The market can
be enhanced by opening warehouses with the showrooms in Berlin and Beijing. It is seen that
the warehouse that will be operated by the local workers and the activities are controlled by
the management of Tennessee headquarter. At the time the company will also target on the
market share by considering each segment of the market.
By evaluating the study it will assist the business to search and fill in gaps in the market. It
will also assist to search the strategic chances of the company like product development.

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By considering, the company it is seen that it is important to evaluate the priority based on
the distribution agents. The company will also build proper relations with the agents so that
proper collaboration takes place with the proper effective marketing mixes. The company
will also utilize American distributors by considering international reach. For example: Wal-
Mart (DeNisi & Smith, 2014).
Five-year strategic proposal
In the next five years, the organization will enhance its market processes by opening
warehouses in a proper manner that includes Rio de Janeiro and Australian markets. It will
help to consider distribution channels so that proper understanding of viable segments can be
made. Just like Europe and Asia, the organization will also connect with distribution agents
in the activities of the marketing mix.
The company will also scale up the distribution channel so that it can be easy to reach on
the international platform. This is just because of the increased relation with the wholesalers
and retailers including eBay and Wal-Mart. The websites and social media will give
emphasis on various segments by considering the culture and language that is considered.
This will be a major portion to ensure the marketing mix that is used to contribute to the ROI
of the organization.
Ten-year Strategic Proposal
ToolsCorp can enhance the competence by giving emphasis on solar power initiatives.
This will comprise manufacturing of industrial solar panels. The US government gives a
rebate on tax and credits that involve in the green energy initiatives so that the overall
profitability of the company can be enhanced. To venture into this industry it will provide
more job opportunities by considering the manufacturing plant in Tennessee. The company
will also establish metal recycling plant so that carbon footprint can be reduced. The CSR
responsibility gives aim at sustaining the natural resources. There are more international
warehouses that will be considered according to the demand of the market and the warehouse
will be located in a proper area so that the company sale and marketing activities can be
enhanced.
The internet will also help to enhance the production, marketing and selling activities of the
company. This is through online presence that will customize the regions and individuals.

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After ten years, the company can be a market leader so that high quality can be attained.
The organization will also attain the overall coverage of the market by marketing mix that is
best for some specific area.
These overall activities add to the organization the ROI with the aim to enhance the income
of the company in ten years.
Conclusion
So, by analyzing the report it is concluded that the efficiency of the company can be
enhanced by giving emphasis on solar power initiatives. So, the main focus of the company
should be on enhancing the overall activities so that goals and objectives can be attained.
References

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Abraham, S. C. (2012). Strategic Planning: A Practical Guide for Competitive Success,
2nd Edition. Bingley: Emerald Group Publishing.
DeNisi, A., & Smith, C. E. (2014). Performance appraisal, performance management, and
firm-level performance: A review, a proposed model, and new directions for future
research. The Academy of Management Annals, 8(1), 127-179.
Fine, L. G. (2009). The SWOT Analysis: Using Your Strength to Overcome Weaknesses,
Using Opportunities to Overcome Threats, 1st Edition. Online: CreateSpace Independent
Publishing.
FocusEconomics. (2016). China Economic
Outlook. http://www.focus-economics.com/countries/china. Accessed, February 9, 2018.
Grimes, A. (2012). The Art and Science of Technical Analysis: Market Structure, Price Action
and Trading Strategies, 1stEdition. New York: Wiley.
Harnish, V. (2014). Scaling Up: How a Few Companies Make It... And Why the Rest Don't.
Ashburn, VA: Gazelles, Inc.
Iqbal, M. Z., Akbar, S., & Budhwar, P. (2015). Effectiveness of performance appraisal: An
integrated framework. International Journal of Management Reviews, 17(4), 510-533.
Johnson, S. (2015). Strategic Planning That Actually Works: A Step-By-Step Guide to Get It
Done Faster, Cheaper, and Better Than Ever. Online: CreateSpace Independent Publishing.
Katzenbach, J. R., & Smith, D. K. (2015). The wisdom of teams: Creating the high-
performance organization. Harvard Business Review Press.
Pearce, J. and Robinson, R. (2014). Strategic Management, 14th Edition. New York: McGraw-
Hill.
Rothaermel, F. T. (2012). Strategic Management: Concepts and Cases. New York: McGraw-
Hill.

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The Economist. (2016). China. http://country.eiu.com/china. Accessed, February 9, 2018.