Reply to each initial post based on the grading criteria explained in the discussion response grading rubric. I have added the case discussion to provide context on the answers provided in the initial postings.
Initial post 2 (R Williams):
1. Explanation of Mission Statement Requirements
A mission statement describes what the organization needs to do to achieve the vision of the organization. The mission statement conveys to stakeholders why the organization exists. It explains how it creates value for the market or the larger community. The mission statement expresses strategic goals.
2. A Mission Statement for Smithfield Custom Furniture’s New Product Line
We produce upscale furniture with traditional sustainability for evolving professionals and modern families.
3. Explanation of Vision Statement Requirements
The vision statement is a statement of an organization’s overarching aspirations of what it hopes to achieve or to become. The vision is a broad description of the value an organization provides. It is a visual image of what the organization is trying to produce or become. It should inspire people and motivate them to want to be part of and contribute to the organization.
4. Vision statement for Smithfield Custom Furniture’s Product Line
To decorate your modern lives with traditional grace
5. Application of Porter’s Competitive Strategy
Porter’s model describes two ways of achieving competitive advantage, either by differentiation or by cost. It also identifies two ways of targeting the market, by focusing on a particular market segment or appealing to the overall (broad) market. This approach results in four separate competitive strategies: overall differentiation, overall low cost, focused differentiation, and focused low cost.
New Line
Focused low-cost strategy: For this strategy to be successful, it requires that only one or two companies can be industry leaders in this position. Focusing on a specific demographic, which speak to be millennials and speaking directly to their needs and interest will provide an opportunity for the new line to thrive as an industry leader.
Traditional Line
Focused differentiation strategy: Companies whose strategy depends upon maintaining a loyal customer base convinced of the superior quality and uniqueness of their products—and who are also willing to pay a premium for the perceived quality value (2). The traditional line has proven to be a statement of luxury amongst the elite and will continue to be a visual signature of status. The strategy is to continue nurturing the relationships with those who continue to identify with this messaging by curving the demographic slightly to target those older than millennials. This target may be baby boomers and older
6. Priority Order/Justification Smithfield’s 3 Next Steps
Step One: Strategic Objectives and Analysis: Once the vison and mission align, do a PESTEL and SWOT analysis to gage the market. Having an understanding of the internal and external market is important the development and response of the initiative.
Step Two: Strategic Formulation: Develop the strategic goals to identify the competitive advantages you have over competitors. This will help identify how to navigate through the strategic planning process. It also will determine if there is a viable market for your initial idea and how it fits in with the overall consumer marketplace.
Step Three: Strategic Implementation: A good plan is not enough—the right action is what will determine success or failure. Creating the proper protocols, team, workflow and execution plan is important. Then putting that plan into action to test the market will give you ammunition to pivot, curve, change or stay the same once the evaluation process has been completed.
Reference:
(1) Mission, Vision, and Values| Principles of management. (n.d.). Lumen Learning – Simple Book Production https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/
(2) Stages and Types of Strategy| Principles of management. (n.d.). Lumen Learning – Simple Book Production https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/
(3) Putting It Together: Environments and Strategic Management. | Principles of management. (n.d.). Lumen Learning – Simple Book Production
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/.
Case Discussion
SMITHFIELD’S CUSTOM FURNITURE
It is 1901. Alicia Smithfield, daughter of the founder of Smithfield Custom Furniture, just inherited the company. She is the only surviving heir to the furniture empire her father built.
Headquartered in upstate New York, the company has grown significantly over the past 60 years. Began in a shed built next to his log cabin, Jonas Smithfield’s quality furniture developed a huge following among New York City’s wealthiest residents.
After being educated in the best business schools in Europe and America, Alicia has run the business side-by-side with her father for the past 15 years. During a time when there were many issues confronting the business, a tree being felled took an unexpected route and brought Jonas’ life to a surprising end.
The company had just moved to a facility large enough to house its workers: 10 carpenters; 5 furniture designers; 5 wood finishers (varnish and dye experts); 10 machine operators to assist with the various equipment needed to cut the wood into various designs, polish and sand the wood; 5 mechanics to keep the vehicles (5 trucks) and boats (7) that transported wood from upstate New York and Canada to the work area in good repair; 15 lumberjacks who cut wood in nearby areas and moved it downriver by boat or over the rugged highway by truck; and 5 office personnel who assisted with filing, invoicing, drafting and responding to correspondence, handling customer inquiries, and performing other necessary office functions. More than half of these employees were hired in the past 5 years.
Alicia’s Big Issues
The major issues confronting Alicia Smithfield are these:
(1) The furniture manufacturing functions are very disorganized. It is not clear how to best organize these functions. For example, the varnish and dye experts each use a different method to complete all of their tasks.
(2) The production schedule is a mess. It is not clear which projects should be completed first in order to ensure products are being delivered to customers on time.
(3) The lumberjacks, both in cutting trees down and shipping them by truck or boat, differ on the best methods to perform these tasks.
(4) Tempers are flaring as a result of the disorganization. The office, clerical, and support workers are rude to each other and can’t seem to act as a cohesive work unit.
(5) While the company is financially successful, as it has grown from a small family-owned business to a large and complex enterprise, the organizational structure has not kept pace. Few formal rules exist and the keeping and maintenance of records are haphazard.
(6) Employees are feeling overworked and losing satisfaction in the work they are doing. They believe their basic needs are not being addressed.
Alicia’s Proposed Issue Solutions
Alicia Smithfield is familiar with the writings and contributions of each of the contributors to management theory you will read about this week. She has decided to hire one person from the readings to solve each of the issues listed above. But, she is unclear as to which individuals in the readings are best suited to solve each specific issue.
Note: You may not use any of the individuals in the readings to solve more than one of the four (4) issues. In the event a person you select is deceased, do not let that inconvenience stand in your way. You may still use that individual to solve a specific issue.
For research associated with this discussion, you must use course materials only. You must provide APA formatted in-text citations and references for each of the four (4) issues you select.
Initial post 1 (McCashland):
1. Explanation of Mission Statement Requirements
The Mission Statement is usually formulated after the Vision Statement, as a more specific and actionable indication of the company’s intentions. The mission statement should describe how the business will achieve the vision statement, and indicate the competitive advantage they will leverage to do so (Bruton & Bruton, n.d.b, The Mission Statement). From the mission statement, we should be able to determine what industry the business is in, and how it intends to set itself apart from the competition.
2. A Mission Statement for Smithfield Custom Furniture’s New Product Line
Mission Statement: To be the gold standard of high-end furniture for modern households, using fair and sustainable processes.
For the mission statement, I brought in the industry, furniture, and the new demographic that Smithfield’s is targeting to expand their market share. I wanted to expand a bit on the social responsibility statement, to endorse fair labor practices as well as sustainable manufacturing and shipping. Smithfield’s wants their new ‘Executive’ line of furniture to be what professionals wish they had, and strive to attain.
3. Explanation of Vision Statement Requirements
A Vision Statement can be thought of as a rallying cry that brings the company together under one idea, or vision. The vision statement is an inspiring motto that signifies what the organization hopes to achieve (Bruton & Bruton, n.d.b, The Vision Statement). This is a concise and easily remembered, but non-specific description of where the company is going, that inspires both employees and customers. This needs to be specific enough to guide the mission statement, but general enough to allow flexibility to adapt to a changing world.
4. Vision statement for Smithfield Custom Furniture’s Product Line
Vision Statement: We Deliver Sustainable Lifestyles for Success.
Tag line: “You bring the success, we provide the lifestyle.”
I chose this vision statement because it puts sustainability and social responsibility right up front. In an era when businesses are moving from providing products to providing services, I felt Smithfield’s needs to focus not on the furniture products they provide, but what need or desire the furniture fulfils. This allows the flexibility to expand into new areas such as interior decoration services, furniture leasing, etc. Smithfield’s target demographic of professional households on the go will respond to an appeal to their drive for success while embracing sustainability. I left the ‘success’ reference a bit ambiguous to imply that ‘our’ furniture contributes to success as well as signifies and embellishes it.
5. Application of Porter’s Competitive Strategy
Smithfield’s is following an Integrated strategy that combines their traditional focused differentiation strategy with a focused lower-cost line of products to capture a larger market share. Integrated strategies try to get the best of both worlds by either aiming for a balance of value and cost, or by having separate lines of product for value or low cost (Bruton & Bruton, n.d.d, Integrated Strategy). A differentiation strategy seeks to provide high-value products or services that justify a higher price tag (Bruton & Bruton, n.d.d, Differentiation Leadership Strategy, para. 1). A Low-price strategy optimizes efficiency to keep costs minimal so they can offer products to a broader range of customers (Bruton & Bruton, n.d.d, Low Price Leadership Strategy). Smithfield’s hopes to maintain a high level of quality in their new ‘Executive’ line so their luxury brand is not diluted, but instead of custom-making this furniture, they’ll use more efficient manufacturing methods to lower costs.
6. Priority Order/Justification Smithfield’s 3 Next Steps
The most important thing for Jonas to do nest is to clarify the values of his organization. A Values Statement would define what qualities are most important to the organization, and guide the behavior or the business and every employee (Bruton & Bruton, n.d.b, The Values Statement, para. 1). Smithfield’s values statement might include such values as Quality, Sustainability, and Integrity. These values must be embraced and modelled by the senior leaders, monitored and enforced by management, and baked into the culture of the company.
Next, Smithfield’s must complete a Situational Analysis to understand the business environment and market conditions under which they are launching their new ‘Executive’ line of furniture. The information generated by the Situational Analysis, combined with the Vision, Mission, and Values statements, provide what is needed to formulate the company’s major goals (Bruton & Bruton, n.d.c, What you’ll learn, para. 2). The Situational Analysis might include a SWOT analysis, which looks at the internal Strengths and Weaknesses of the organization, as well as the external Opportunities and Threats the company is facing (Bruton & Bruton, n.d.a, SWOT). Smithfield’s is used to building custom furniture, and will likely need to acquire the tools and knowledge to mass-produce quality furniture.
With all of the above in place, Jonas and his leadership team are ready to define Smithfield’s new goals. These objectives need to implement the company’s mission in the spirit of its vision, while maintaining its values (Bruton & Bruton, n.d.e, Stages in the Planning Cycle, Define objectives). The situational analysis will guide what goals are feasible and how they can provide competitive advantage. Once specific objectives are defined, the entire company can align on these goals.
References
Bruton, J. & Bruton, L. (n.d.a). Common frameworks for situational analysis. Lumen Learning. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/common-frameworks-for-situational-analysis/
Bruton, J. & Bruton, L. (n.d.b). Mission, vision, and values. Lumen Learning. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/
Bruton, J. & Bruton, L. (n.d.c). Pros and cons of planning. Lumen Learning. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-pros-and-cons-of-planning/
Bruton, J. & Bruton, L. (n.d.d). Stages and types of strategy. Lumen Learning. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/
Bruton, J. & Bruton, L. (n.d.e). The planning cycle. Lumen Learning. https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/the-planning-cycle/
Two Options for Your Required Replies to Classmates
Option 1 is that you will find an issue of the classmate to whom you respond with which you disagree. You must state why you believe there is a better manner to address a particular issue that differs from your classmate’s response. You must state the major idea associated with your choice and why that idea applies to the issue more appropriately. Your reply must be supported with course materials, in-text citations, and references.
Option 2 occurs if you agree with all of a particular classmate’s initial posting responses. In that case, you must expand on one issue that your classmate presented. Your enhancement will provide more depth or other related factors that your classmate should consider. Your reply must be supported with course materials, in-text citations, and references.
You may use either Option 1 or Option 2 for each different classmate to whom you respond.
Instructions for Responses to Classmates’ Posts
After you have created your initial post, look over the discussion posts of your classmates, and give at least two responses to different classmates (one per classmate) as outlined in the Discussion Grading Rubric.
A response posting should be a minimum of one short paragraph. Word totals for these posts should be in the 75–150-word range. The goal of your response posts is to extend discussions already taking place or pose new possibilities or ideas not previously voiced. Your goal should be to motivate the group discussion and present a creative approach to the topic. Do not merely agree or disagree, repeating what a classmate stated or what you have already stated. Explain the ‘why or how’ with supporting evidence and concepts from the course material. Include in-text citations and associated reference within a reference list.
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/
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