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SMITHFIELD CUSTOM FURNITURE CASE STUDY

Alexander Bolt

Hello class,

1. Explanation of Mission Statement Requirements

A mission statement requirement is a formal summary of the aims and values of a company, organization, or individual.

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

It has been Smithfield Custom Furniture’s mission to target the wealthiest segments of the market.

3. Explanation of Vision Statement Requirements 

The vision statement is a document that states the current and future objectives of an organization.

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

The vision statement of the company is to try to ensure demand is slightly higher than supply for each product they make.

5. Application of Porter’s Competitive Strategy

"Jonas Smithfield III has been aware of the financial growth in a large segment of the workforce occurring primarily as a result of more women in the workforce holding full-time and professional occupations". His strategy is to continue to have more female workers in his company.

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

The next step that he will need to do is set a final goal that he wants to reach by the end of all of this. This is important so he knows which direction he wants to go next with his business. Next, he must establish the tasks he needs to do to get there. This could be minor or major. An example of this would be to decide where we are getting the most money from and expand more businesses in that are. Finally, the last step is to determine tracking and evaluation methods. What is the best way we can decide on what are strengths and weaknesses are in order to continue or fix these things.

References

Boeing Mission Statement 2021 | Boeing Mission & Vision Analysis. (2021, January 27). Boeing Vision and Mission Statement Analysis. https://mission-statement.com/boeing/#:%7E:text=Boeing’s%20mission%20statement%20is%20%E2%80%9CPeople,critical%20element%20of%20this%20company.

Cuofano, G. (2021, February 21). Tesla Mission Statement and Vision Statement In A Nutshell. FourWeekMBA. https://fourweekmba.com/tesla-vision-statement-mission-statement/

Lumen Learning. (2021). Common Frameworks for Evaluating the Business Environment | Principles of Management. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-evaluating-the-business-environment/

Lumen Learning. (2021b). Stages and Types of Strategy | Principles of Management. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/