key operating principles to develop products

Please read and respond to the attachment(s).

Note: Only up to 20% of the written response content can be quotes from third parties.

  • Assignment Details:

    Post an executive summary of your Comprehensive Project in the body of a post in this Discussion Board (do not use attachments). An executive summary is a 10% synopsis of a larger document that outlines the purpose, planned processes, actual processes, findings, and recommendations for the project. Chief executive officers (CEOs) often read and assess executive summaries before deciding to read entire reports. Consequently, the summary must be a high-quality narrative that demonstrates the significance of the work, addresses all the important issues being undertaken – the seven GP questions are important issues – shows, the objectivity of research and analysis underpinning the report, and establishes the credibility of the resulting conclusions.

     

    · Please reply to the presented statement(s) below.

     

    Deliverable Length: 250 words (minimum) per reply

     

    ONE:

        ToolsCorp. is a corporation with the Power Tools and Electric Equipment market industry. ToolsCorp is a manufacturer and distributor of power tools, microwaves, lawn furniture, lawnmowers, and other areas. ToolsCorp is headquartered in Tennessee, currently, the company manufactures its products within its local operating locations. ToolsCorp distributes its products and services through third-party sellers, retailers, and wholesalers. ToolsCorps has great outstanding performances and market success within its operations in the United States and Canada. ToolsCorp will utilize a successful business plan and marketing mix strategies to achieve international expansion in the marketplace.

    ToolsCorp will utilize its SWOT analysis framework to determine the company’s internal and external factors being able to monitor controllable and uncontrollable risks within the market industry and its competitors. A strong and sustainable SWOT analysis framework in which helps the company to determine its successful performances and innovate any lack of operations within its business developments. ToolsCorp will have a sustainable R&D strategy in which it will commit to the research and development processes to improve growth and expansion while maintaining a competitive advantage against competitors.

    ToolsCorps is committed to its mission statement, objectives, goals, and core values to become the next leading multinational company within the power tools market industry. A mission to manufacture high-end and quality products that are valuable for a variety of different working environments as beneficial towards customer’s lifestyles. ToolsCorps develops products with advanced technology within two types of power tools product categories that are industrial or household applications. The categories are divided to distinguish operational use for specific industrial power tools used within Automotive, Construction, Aerospace, Logistics, etc areas (“Grand View”, 2020). As for household power tools make use for repairing, maintenance, decorating, etc purposes that are user-friendly and simple to operate such as electric drills, wrenches, and others within the DIY strategy of risk-free (“Grand View”, 2020).  In 2019 the global market for power tools was at a $ 32.3 billion dollar value and is expected to grow at a CAGR annual rate of 4.2% from 2020- 2027 (“Grand View”, 2020).

    Utilizing unique key operating principles to develop products that are meant to assist individuals with professional or non-professional skills to operate its power electric tools under the DIY your-it-yourself strategy (“Grand View”, 2020). ToolsCorp focuses on committing to innovate its one-year, two-year, ten-year strategic operational plans to expand within its current operations and planned international regions. Succeeding the four market segmentation categories of Geographic, Demographic, Psychographic, and Behavioral segmentation strategies. Throughout ToolsCorp operations, to meet consumers demands, cultural values, and diversification within its communities of operation and advertising marketing mix strategies achieving successful international expansion.

    References

    Grand View Research: Power Tools Market Size, Share & Trends Analysis Report By Product (Drill, Saws, Wrenches, Grinders, Sanders), By Mode Of Operation (Electric, Pneumatic), By Application, By Region, And Segment Forecasts, 2020 – 2027. (2020). Retrieved from https://www.grandviewresearch.com/industry-analysis/power-tools-market#:~:text=The%20global%20power%20tools%20market,are%20termed%20as%20power%20tools.


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