Executive Summary
Toolcorp is a company based in Tennessee, United States, and currently operates in the USA and Canada. The corporation manufactures and distributes electronic and farm/garden tools. The report evaluates various strategies Toolcorp intends to employ in its local and internal expansion. It also analyzes Toolcorp’s internal and external environment and strategic globalization plan. The Company’s business plan proposes globalization, strategizing, collaborating with giant retailers, establishing a quality control department, designing new policies, outsourcing marketing services, and conducting research and developing its products.
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Toolcorp’s preliminary market analysis determined that the Power tool market is growing faster, and in ten years, the market will grow by 56%. Lastly, the Company will face fewer market entry barriers while entering Indian and Chinese markets.
The research uses the SWOT model to analyze the Company’s strengths, weaknesses, opportunities, and threats. This, too, reveals that the Company already enjoys goodwill in terms of the reliability and quality of tools produced. The opportunities pointed out in the model are the driving force behind Toolcorp’s appetite for expansion into new markets. While dealing with that, Toolcorp is likely to face threats and risks of new entry in foreign countries and competition from other industry players. However, the Company’s financial muscle, coupled with its well-articulated corporate strategy, will streamline the threats and weaknesses with available resources to assure the Company of success.
Toolcorp’s strategic objective will be to increase production by 20% and sales by 20%. The sales are expected to be low by 4-5% in China and the Mexican market. The ten-year strategic objective of Toolcorp is to move production from The United States to Mexico, China, and India due to cheap labor in these countries and to facilitate distribution of products to neighboring countries, as opposed to the centralized production based in the USA. Toolcorp also plans to enter Chile, Argentina, Brazil, and South Asia to gain a larger global market share. The Company will also develop a proper branding strategy to advance customer loyalty and visibility of the Company’s products.
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Executive Summary
Executive Summary
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