Marketing Strategy and Plan for ToolsCorp Corporation

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).