Discussion responses

Initial post 4 (Gardner):

1. Explanation of Mission Statement Requirements

A mission statement "describes what the organization needs to do now to achieve the vision" (Lumen Learning, n.d.-a). A mission statement and vision statement must go hand in hand, supporting each other.

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

Smithfield's Mission statement: To provide top quality furniture at an affordable price.

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, n.d.-a). A vision statement is a visual image and a broad description of the value of an organization.

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

Smithfield's Vision statement: To be a leading furniture manufacturer offering high-quality furniture to all.

5. Application of Porter’s Competitive Strategy

Porter’s model "describes two ways of achieving competitive advantage, either by differentiation or by cost"(Lumen Learning, n.d.-b). Porter's Differentiation Strategy applies to Smithfield’s exclusive product line. A strategy based on differentiation calls for "goods and services that offer unique features and that have high value for the target customer" (Lumen Learning, n.d.-b). His exclusive line uses top their quality and is priced very high. These are items you can't get anywhere else.

Porter's Integrated Strategy applies to the newly conceived more reasonably priced product line. When organizations use the Integrated Strategy, "they strive to provide more value than the average competitor but also focus on keeping costs low" (Lumen Learning, n.d.-b). Smithfield’s more reasonably priced product line is doing exactly that by trying to incorporate upscale furniture at a lower cost.

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

Title: 5 Considerations When Setting Your M&A Goals

I believe the first step for Jonas Smithfield III is going through these questions and considerations. These 5 questions will help Jonas as he creates new goals and begins the process of creating a new line. If Jonas can answer these questions confidently then he should go forward with the new line, but if he runs into some problems answering them, he should reevaluate the new merger line and what he wants from it. (Deeb, 2017)

Title: Mission, Vision, and Values

The second step for Jonas, after he is confident that the new line is a good decision, he should establish a new mission and vision for the company. This line is different than what the company originally wanted to provide its customers. The mission and vision are the foundation of a company and with a new line being offered, I believe the original mission and vision have changed as well. (Lumen Learning, n.d.-a)

Title: How to Prepare Your Company Culture for a Merger or Acquisition

The last step for Jonas is preparing the company for the merger. This article will help Jonas think about how to facilitate a smooth transition by creating shared organizational objectives and positioning the company culture for effective integration. (Leadership, 2019)

References:

Deeb, G. (2017, July 5). 5 Considerations When Setting Your M&A Goals. Forbes. https://www.forbes.com/sites/georgedeeb/2017/07/05/5-considerations-when-setting-your-ma-goals/?sh=14b9944a5370

Leadership, P. I. (2019, September 17). How to Prepare Your Company Culture for a Merger or Acquisition. Culture Management Experts. https://www.partnersinleadership.com/insights-publications/how-to-prepare-your-company-for-a-merger-or-acquisition/

Lumen Learning. (n.d.-a). Mission, Vision, and Values | Principles of Management. Lumenlearning.Com. Retrieved January 21, 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

Lumen Learning. (n.d.-b). Stages and Types of Strategy | Principles of Management. Lumenlearning.Com. Retrieved January 21, 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/