Third party intervention in od ppt

Option 1 is that you will 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. Your reply must be supported 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.

You may use either Option 1 or Option 2 for each different classmate to whom you respond.

A response posting should be a minimum of one short paragraph. Word totals for these posts should be in the 75–150-word range. The goal of your response posts is to extend discussions already taking place or pose new possibilities or ideas not previously voiced. Your goal should be to motivate the group discussion and present a creative approach to the topic. Do not merely agree or disagree, repeating what a classmate stated or what you have already stated. Explain the ‘why or how’ with supporting evidence and concepts from the course material. Include in-text citations and associated reference within a reference list.

Use only these links:

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/why-it-matters-planning-and-mission/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-pros-and-cons-of-planning/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/the-planning-cycle/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-types-of-plans-and-common-planning-tools/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/putting-it-together-planning-and-mission/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/why-it-matters-environments-and-strategic-management/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/the-role-of-strategy-in-management/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-evaluating-the-business-environment/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-situational-analysis/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/how-environment-affects-strategy/

https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/putting-it-together-environments-and-strategic-management/

https://www.forbes.com/sites/georgedeeb/2017/07/05/5-considerations-when-setting-your-ma-goals/?sh=3f55375f5370

https://www.partnersinleadership.com/insights-publications/how-to-prepare-your-company-for-a-merger-or-acquisition/

SMITHFIELD CUSTOM FURNITURE CASE STUDY

Sean Radovanovic

1. Explanation of Mission Statement Requirements

A mission statement is a descriptive goal that speaks about what your company wants to achieve now. The Mission statement and Vision Statement are very similar. The key difference is the mission statement will speak more to consumers on what exactly your company has to offer. A good example of a mission statement is "People working together as a global enterprise for aerospace industry leadership.”(Boeing Mission Statement | Boeing Mission & Vision Analysis, 2021) You can see based on this Mission statement how people matter to the company and that they are in the aerospace industry.

2. A Mission statement for Smithfield Custom Furniture's New Product Line

The Smithfield Custom Furniture that has been growing and expanding with a long history of success should speak to what makes them different from any other furniture company. Therefore I have designed the following Mission Statement: Create unique furniture from the finest wood making highly desirable limited edition products. This Mission statement will speak to the over 86 years of furniture building focused on high end, one of a kind furniture that makes it very valuable and keeps it in the wealthy sector of stores.

3. Explanation of Vision Statement Requirements

A Vision Statement is what you want your company to be in the future. It is not so much what you are doing as it is a non-measurable goal that speaks to what your company would like to achieve. Your Vision Statement should be a reflection of your mission and be a way for you to achieve mission success. An example of a Vision Statement would be Tesla's Vision "Create the most compelling car company of the 21st Century by Driving the world's transition to electric vehicles."(Cuofano, 2021) As you read the Vision Statement there is no way to measure how compelling a car is but it is a hope for this company to not only be compelling but also eventually lead world transition to EV's.

4. Vision Statement for Smithfield Custom Furniture's Product Line

When trying to find a Vision Statement, the first question to answer is, where and who do you want to be? Give thought to the future and then derive a Vision Statement from what you see your company being in the next 10-20 years that supports the Mission Statement. Using this methodology I have created the following Mission Statement: Be the Top Choice for people who want distinctive furniture you won't easily run into anywhere else.

5. Application of Porter's Competitive Strategy

Porter's Five Forces is a strategy tool that can be used by management to help understand what risks can be associated with competition in a certain industry. Every industry has a risk of losing its competitive edge, by utilizing a tool to understand your risks and where they come from you can better plan to avoid losing profit in the future. The five forces that Porter discusses in terms of areas of concern are the following: Bargaining Power of Suppliers, Bargaining Power of Customers, Threat of New Entrants and threat of substitute of products. The Fifth concern is rivalry with other industries however the difference is the fifth concern also has to be concerned with the first four. (Lumen Learning, 2021)

We can break down each area and see where the concerns would lie with the exclusive line and the new proposed line. First the bargaining power of the supplier simply means how much influence does Smithfield Furniture have over its customers into getting the better deal. With a Unique Line that offers high end products the company has the ability to have higher prices even more so because the furniture is limited in new designs. However your market that you speak to is for more wealthy individuals. If you were to start selling new products that are cheaper, you would reach more households however, you could lose your influence. This could affect the price and brand of your more unique items in the future. Second, the bargaining power of buyers is the ability for a customer to influence the buyer. In this regard, how much are you willing to lose to make the customer happy. This isn't much of a concern for limited edition furniture, but for furniture that is more modern you are going to have to find a way to connect to the customer without using discounts or taking profit losses. Third, the threat of new entrants, how easy is it for a new company to emerge and start making the same products you do. Limited edition furniture with exotic materials is not easy to replicate. However, middle range furniture could be easily replicated. Fourth is a threat of substitute products. Given the furniture business this is a threat for both high end and for middle range furniture builds. Examples include hammocks, bean bags, at home project builds. The key to overcoming this competition is the quality you would get from using your company's products. Last but not least is rivalry with industries. As already expressed the hardest thing for another company to copy is unique and diverse limited edition builds. Your company's world-wide influence and long standing history of craftsmanship is what your new competitors will have to try and overcome.

6. Priority Order/Justification Smithfield's next 3 Steps

If Mr. Smithfield III would like to continue his pursuit of his new product line these are the first 3 steps that need to happen:

Step One: Strategic Objectives and Analysis

Now that you are opening a new line, your focus will no longer be Top of the line furniture. Your company will now be producing two different types of furniture and for the first time in the company's history the target industry will be adjusted. In order for this new line to be successful a new Mission Statement and Vision Statement will need to be created. Who are you now? That is the best question to answer to succeed in a new mission and vision for the company. (Lumen Learning, 2021b)

Step Two: Strategic Formulation

With a new Mission and Vision in place for your company, the next step is to set SMART goals. Specific, Measurable, Achievable, Realistic, Time-focused goals that will focus on strengthening your companies advantages and improving its weaknesses. Given the goal of the company is changing, creating new objectives and milestones to reach these goals will be the difference between success and failure. (Lumen Learning, 2021b)

Step Three: Strategic Implementation

After the goals have been made, the milestones set, and the plan created, it's time to execute. This step in development focuses on action. Now that Upper Management knows the future of the company it's time to get the buy-in to every employee across every country. From the Craftsman to the Salesman it's important the workers are motivated behind this new vision and support the new mission. This is where middle management and front line supervisors need to pay attention to resources needed and look for areas of improvement with the new line.

I believe these first three steps will be huge in having success. If it was my company I would not suggest moving into a new line of business. The possibility of brand name loss is too high, not to mention the possibility of the company losing its identity. Instead I would have performed a strategic Evaluation and looked at the external and internal conditions. Using this and the SWOT method I would have attempted to find a better resolution to keep the focus on limited edition furniture.

References

Boeing Mission Statement 2021 | Boeing Mission & Vision Analysis. (2021, January 27). Boeing Vision and Mission Statement Analysis. https://mission-statement.com/boeing/#:%7E:text=Boeing’s%20mission%20statement%20is%20%E2%80%9CPeople,critical%20element%20of%20this%20company.

Cuofano, G. (2021, February 21). Tesla Mission Statement and Vision Statement In A Nutshell. FourWeekMBA. https://fourweekmba.com/tesla-vision-statement-mission-statement/

Lumen Learning. (2021). Common Frameworks for Evaluating the Business Environment | Principles of Management. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-evaluating-the-business-environment/

Lumen Learning. (2021b). Stages and Types of Strategy | Principles of Management. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/