Discussion responses
Initial post 3 (SIRAK):
1. Explanation of Mission Statement Requirements
A vision statement and mission statement can sometimes get confused for one another. Based on an article from the reading, “mission statement describes what the organization needs to do now to achieve the vision” (Lumen Learning, 2020). The company has a vision for want the company to achieve but the mission statement explains how it will be done. The mission statement supports the vision statement and is a guide for all employees to emulate, it is specific to the company.
2. A Mission Statement for Smithfield Custom Furniture's New Product Line
Our mission is to design and manufacture upscale furniture for the working professional while respecting the environment and the materials used. We want every client experience to be warm, friendly, and straightforward.
3. Explanation of Vision Statement Requirements
“A vision statement is a statement of an organization’s overarching aspirations of what it hopes to achieve or to become” (Lumen Learning, 2020). As stated above, a vision statement and mission statement can get confused. The mission statement is how the vision will be achieved; a vision statement is just that…the vision. The company wants to grow and achieve something, higher sales, increase the number of stores etc. Just like anyone will tell you with personal goals, you must write them down. It is just more officially known for a company.
4. Vision statement for Smithfield Custom Furniture's Product Line
To be the first choice for upscale furniture for the working professional.
5. Application of Porter’s Competitive Strategy
The application of Porter’s competitive strategy is used by the Smithfield’s in multiple ways. Porter explained one strategy as identifying “two ways of targeting the market, by focusing on a particular market segment or appealing to the overall (broad) market” (Lumen Learning, 2020). With the addition of the new line that is more reasonably prices along with still focusing on the exclusive line that their client shave come to expect they have tackled both ways in targeting the market. By doing so they have opened themselves up to 4 different advantages based on Porter’s strategy: overall differentiation, focused differentiation, overall low cost, focused low cost.
6. Priority Order/Justification Smithfield's 3 Next Steps
Based on the reading the Smithfield’s next 3 steps are: strategic objectives and analysis, strategic formulation, and strategic implementation. They will want to review the mission statement and “external analysis of the business environment using the PESTEL methodology” (Lumen Learning, 2020) and an internal analysis. The PESTEL method is analyzing outside factors that could affect the business. Some examples are political, social, and environmental. A SWOT analysis will force the owners to really look at their strengths and weaknesses. The next step is to take all of that data and turn it in to strategic goals that align with the vision and mission. The third step is to take those goals and “work on specific goals for each division and functional area” (Lumen Learning, 2020). This is not just for the executives but to let every employee know each one of them (as well as the departments) are being thought of when it comes to company goal. This helps them realize how they personally, can help the company achieve its goals.
-Patty
Resources:
Lumen Learning. (2020). Principles of Management. Lumen. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/mission-vision-and-values/.
Lumen Learning. (2020). Principles of Management. Lumen. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/.
Lumen Learning. (2020). Principles of Management. Lumen. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/putting-it-together-environments-and-strategic-management/.