Tolapp Corporation - Essay Example

? Tolapp Corporation IP Company Profile (Identity of the Company) Tolapp Corporation is a manufacturer of power tools that is located in Tennessee,United States. Its products consist of manufacturing tools like lawn furniture, lawn mowers, microwaves and various other ranges of power tools. Majority of the products are manufactured locally and sold through their business partners that include few of the largest retailers like Sears, Wal-Mart and Best Buy. The company has been continuously focusing on the customers’ requirements and developing strategies to expand its base in the global market. Mission Statement Analysis of the Mission Statement through the Nine Components In today’s world most of the modern companies while deciding their mission statement consider to address the nine components for ensuring strategic management. Though it is not necessary to include all the nine components however Tolapp Corporation’s mission statement will be analyzed through all the nine components. Customers: Tolapp Corporation’s products are targeted towards the household families who take care about their houses. The products have been developed to provide conveniences to the family members while taking measures to keep their houses clean and to prepare food items (Southwest University, 2011). Products and Services: Tolapp Corporation’s product line consists of microwave, lawn mowers and lawn furniture among other power tools (Southwest University, 2011). Markets: At present, the company is marketing its products in the US local markets although it is strategizing ways to enter the global markets. The management of Tolapp Corporation is determined to be successful in the long run as they are in the local markets (Southwest University, 2011). Technology: The management is committed towards using modern technologies in the hardware segments such as Liquid Crystal Display (LCD) and Auto-Off facilities in their power tools to provide the customers with an experience that they have never come forward previously (Southwest University, 2011). Concern for Survival, Growth and Profitability: Tolapp Corporation has ensured that they will continuously contribute in the economic growth of the country by providing sustainability towards the profitability and the growth of the company (Southwest University, 2011). Philosophy: The management of Tolapp Corporation values their human capital as they consider it to be the biggest asset of the company. The management prioritizes the customers’ requirements and ensures that the products are developed and modified according to the consumers’ needs (Southwest University, 2011). Self-concept: Tolapp Corporation believes that their designing and engineering units comprise the best in industry talents which give them the competitive advantage over their rivals (Southwest University, 2011). Concern for Public Image: Over the years, the company, through its products, has developed brand awareness and trust within their customers in the United States (Southwest University, 2011). Concern for Employees: The company, Tolapp Corporation has established a grievance cell to address the issues of the employees quickly as well as effectively (Southwest University, 2011). The mission statement of the company is that they are determined in providing best in class technologies in the household appliances with adding value to its products. They look forward towards innovating products that will provide lifetime experiences to its customers. Principles to be used to prioritize the Implementation Steps The objective of the company is to spread its business in the overseas market for generating increased demands. Thus, the management of Tolapp Corporation needs to consider few principles according to the priorities that are essential in fielding its base in the global markets. The first initiative of the management is to assess the regional needs. This assessment will help the company to locate which regions will be beneficial in terms of operating costs, effective distribution options and quality talents. The second assessment will be for the regional expansion where the external factors meet the standards set by the company. The country that meets the highest standards will receive the next priority in expanding their business. The third principle will be to assess the factors that may affect the entering phase. Political, economical, social, infrastructure and legal factors must be considered while marking a presence in the country’s market. The fourth assessment would be industry specific, such as the presence of the competitors, growth potential, pricing and positioning analysis and customers’ preferences (Frost & Sullivan, 2012). Feedbacks Mechanism and Measures of Evaluating the Effectiveness of the Implementation Process The management of Tolapp Corporation may decide that the customers’ feedbacks will be reviewed after introduction of the company’s innovative products within two months. The feedbacks will be analyzed by determining the loyalty measure of the customers and their behaviors towards the products. Repeated and increased buying will mean that the products had a positive impact on the mind of the customers. The company in the US sells its products through retail giants such as Wal-Mart and Sears among others. Therefore, the management can decide of following the same strategy as it could save costs required for building the infrastructures. Along with the cost savings, this strategy will ensure face-to-face feedbacks from the customers when they visit the retail outlets. A specific and brief form will be provided with the sales teams that are responsible for providing after-sales service. This mechanism of feedback will make the customers feel that the company is concerned about their views and develops strategies accordingly. The quality of the service will be judged by the reduction of the complaints regarding the time consumed for addressing and solving issues (Smith, 2007). Legal and Ethical Issues that need to be considered Tolapp Corporation should consider few legal and ethical issues that arise due to international marketing. These issues are discussed below: Ethical Interpretation: Variations in cultures, laws and government policies and political systems are common in every nation. Thus, misinterpretation must be avoided and actual findings need to be researched (Yucel, Elibol, & Dagdelen, 2009). Employment Practices: The company should ensure that proper working conditions are provided to the employees. It should further ensure that the employees get involve in fair practices (Yucel, Elibol, & Dagdelen, 2009). Human Rights: The company should ensure that the individual rights of different countries should be given equal priority while addressing the human resource activities (Yucel, Elibol, & Dagdelen, 2009). Environmental Pollution: Ethical issues regarding the reduction of environmental pollution should be concerned by the company (Yucel, Elibol, & Dagdelen, 2009). Corruption: Tolapp Corporation should make sure that the employees do not involve in malpractices such as corruption and bribery. Strict actions should be taken against employees who indulge themselves in these practices (Yucel, Elibol, & Dagdelen, 2009). Code of Ethics: The management of Tolapp Corporation should communicate the code of conduct to all its employees employed worldwide. It should clearly make the employee understand the preferences of the company in terms of moral behaviors (Yucel, Elibol, & Dagdelen, 2009). References Frost & Sullivan. (2012). Growth process toolkit. Retrieved from http://www.frost.com/prod/servlet/cpo/178146003 Southwest University. (2011). Strategic management. Retrieved from http://www.southwest.edu/degreeprogs/studyguides/MGT-672.pdf Smith, S. M. (2007). How to measure customer satisfaction: satisfaction measurement and theory. Retrieved from http://www.aboutsurveys.com/how-to-measure-customer-satisfaction-satisfaction-measurement-and-theory/ Yucel, R., Elibol, H., & Dagdelen, O. (2009). Globalisation and international marketing ethics and problems. International Research Journal of Finance and Economics (26), pp 93-104. Read More