Able Corporation - Essay Example

Introduction In the age of rapid globalization and advancing technologies, Able Corporation is a pioneer in power tools, lawn mowers, lawn furniture,microwaves, and ranges that have huge scope in the emerging market if tapped timely. All products are manufactured locally and sold through large retailers like Sears, Best Buy, and Wal-Mart. Presently Able Corporation has market presence in America and Canada only. “Organizations must change because their environments change” (Bateman, 1990). In the current cut throat competitive business environment, Able urgently needs to widen its market by redefining its business strategy and business partnerships with global business entities and venture capitalists that can facilitate market its products and services. Business Strategy and Management Initiatives Emerging markets are crucial in the era of globalization and can be defined as the new area with high income and where the demand for the product can be created with relative success. Cases of developing economies can be cited as example. The organization needs to incorporate global value system in its business strategy to meet the challenges of the emerging new business environment. Vision Statement Able Corporation has entered into this field with the express vision of being a one point home service provider for state of the art kitchen appliances and outdoor power tools and garden furniture. In the fast advancing technology, the company plans to become the unique hub that would provide its customers with all their futuristic needs. Mission Statement The mission statements of the company are designed to meet the needs and requirements of the customers through well planned strategy that fulfil the long term vision of the organization. 1. Provide quality customer service that facilitates customer satisfaction at all levels of interaction, meeting their requirements and demands. 2. Anticipate customer’s changing needs and provide multiple services from single window. 3. Become the best service provider in the field of home appliances and deliver services that range from providing infrastructural facilitation of the kitchen appliances to high end garden tools that would address the multiple demands of the customers. Market Strategy The organization’s strategy would be planned around two core areas. The first one focuses on the competencies of the product/ company and the second one prepares a facilitating background environment within which it operates. The first one defines the market factors and basically involves intermediate markets, private agreement, economic transactions and exchange of goods. This is an interaction between the prospective customers and business partners which include forging alliances with the local production units and government. Special emphasis would be taken to address the non market factors in emerging markets become all the more crucial because of the sensitive nature of the new market potential and the volatility of the market forces. Political dynamics combined with the media, public opinion and stakeholders are few other institutions that make up non market factors. These are behind the scene elements that become very hot issues if not dealt judiciously and sensitively with foresight. Development of effective and interactive website Creation of company’s website is necessary to advertise its various goods and services to the huge potential market in the cyber space which is accessed daily by millions of people, spread across the world. As per an article “E-commerce is an economic solvent. It dissolves old business models and changes the cost structure, and rearranges links among buyers, sellers, and everyone in between. The impact of e-commerce is happening in phases” (Kalakota, Robinson, 2002). The website provides an opportunity to showcase our products and services in a manner to attract the future customers and facilitates to meet their individual demand through customised features of the interactive website. The introduction of an online order service would enhance customer base. Public Relation and use of Media The media play very important role in the image building process of the organization. The various types of media would be used so that larger number of public may become aware about the organization’s ideologies, product and services and other activities that are designed to benefit the society at large. A good image created through media lends credibility to the organization’s product and services that help to increase its financial status and helps to maintain an edge on their rivals. Effective Communication Effective communication not only resolves the conflicting interests of the employees but it also helps to foster better understanding among the people. It also facilitates in creating congenial work atmosphere that motivates and inspires others to improve their performance and achieve organization’s goals with more enthusiasm and vigor. Strategy for Diversity and Inclusion The organization would dissuade any type of discriminatory practices through well defined strategy to successfully manage diversity and encourage inclusion of cross cultural workforce. The initiatives would be designed to promote better understanding of cross cultural values and inculcate better team spirit among its diverse workforce through effective communication techniques and leadership. The strategic alliances with its global business partners would be irrespective of color or race. The company would promote the concept of external recruiters that would oversee the management of diversity in its workforce. Initiatives would also be taken to inculcate a culture of diversity and inclusion and help resolve issues related to it in the most amicable manner as not to offend any race or gender. Business Ethics and Corporate Social Responsibility Good business practices have become vital ingredients of business strategies, making it imperative for the corporate world to encompass business ethics in their core business strategy. They need to redefine their strategy in a way that would not only uphold a high standard of corporate ethics but which would give them cutting edge competitive advantage also. Hence incorporation of business ethics becomes one of the key roles of corporate governance. The processes of decision making would facilitate the accomplishment of its core values of ethical considerations, transparency and corporate social responsibility and accountability. In the hugely competitive environment of global business, business ethics and good corporate governance become main factors for developing trust and credibility within the public, investors and business community. Conclusion In the rapidly changing times, Able must widen its market strategy to incorporate global business strategy. The unlimited potential of the internet market must be tapped in order to remain afloat in the fast growing customer base. Levitt says that the marketing takes into account the preferences of the customers and thereby builds a solid customer loyalty that result in sustainable customer base that has potential for growth because it continues to satisfy the changing requirements of their needs (Levitt, 1960). It is true that the complexities of the ever widening horizon of the market, has been one of the motivating forces for evolving new and innovative marketing strategies that are designed to cater to the system as a whole. The system comprises of customers, dealers, manufacturers and marketing specialists. Hence, Able needs to be more proactive in exploiting the potential of the emerging needs of the global market. Reference Bateman, Thomas S., and Carl P. Zeithaml. Management: Function and Strategy. Homewood, IL: Irwin, 1990. Kalakota R., Robinson M (2002) E-business: Roadmap for Success 2.0. Addison-Wesley. Levitt, Theodore.(1960). Marketing Myopia. Business Harvard School Review. Available from: [Accessed 16 November, 2008]. Read More