Category: Mission Statement

1. To refresh the world in mind, body and spirit
2. To inspire moments of optimism and happiness through our brands and actions
3. To create value and make a difference.

To refresh the world in mind, body and spirit

This statement said that the world needs refreshment and that is true, because people live in the world use their energy to work and run the operation of daily routine.The statement refer that people in the world needs rest their mind and relax their body and spirit with Coca-Cola.In addition,this part of this mission is engaged at items that Coca-Cola makes.Moreover,the items are not spelt out unmistakably but the reason which they are made is clear.

To inspire moments of optimism and happiness through our brands and actions

As this line said is more about philosophic,Coca-Cola urged individuals to transfer the joy and happiness to the spots that need it the most.This is how the Coca Cola generates positive value.For example, the users of social media can change negative messages into something happier by replying to a negative sentence with the hashtag #MakeItHappy after the ad is airing in duration 60-second during the Big Game broadcast.This purpose is to be more positive in users online actions.For example,the spot that with an understudy being derision on record by schoolmates, negative remarks being read via web-based networking media, and pithy words and responses shared from behind screen.

To create value and make a difference

In the third part is about creating a value and making a difference. Thus, there are few things that are uncertain from the statement of purpose of Coca Cola.Coca Cola make esteem which is accordingly held by our business, making it more grounded,and imparted to the majority of their partners. Therefore,they have the responsible to running their business to sustain and improve their profitability.As they sharing their value,all the value they will share either internal users or external users with fairly and happy.As indicated by Kitzmiller (2006), development is another key factor in esteem creation. With development, Coca Cola can fulfill the always showing signs of change needs of the shopper.Coca Cola persistently brings out advancement in their items, for example, presentation of the Sprite Green, a low calorie shimmering refreshment made with regular sugar and contains 5 % lemon juice and the new Coca-Cola smaller than usual jars, which contain just 90 calories.Also,They also innovate the cold drink equipment program, which aims to provide high-end solutions to customers.

Coca Cola’s Goals

The Coca-Cola Company is a pioneer in the refreshment business with a legitimate brand and solid worldwide nearness.The Coca Cola Organizational Behavior According to the Coca-Cola Company’s statement of purpose and 2020 Vision, a portion of its objectives include:

1. With increase profit by cutting down costs through productive and efficient production facilities
2. Also focus on environment friendly bottling production and enforce sustainability
3. Continue to diversify its portfolio through innovations and partnerships, keeping consumer demands in mind
4. Wish to increase annual operating income by 6-8% in order to double their revenue by 2020

Coca Cola’s Strategy

Although Coca Cola is the largest beverage company in the world and have strong presence ,they still need to sustain and improve their effort in the business.As said, if they have to develop some strategies to grow the business as much as well.Moreover, they have started their action to using the strategies such as:

1. They concentrated on driving revenue and profit growth
2. They invested in their brands and business
3. They became more efficient in oprerating business
4. They simplified their company
5. 5. They also refocused on their core model

They concentrated on driving revenue and profit growth

As a multinational company and world’s largest beverage company,they have 200 or more countries as they serve assumes a basic job in their development plans. Moreover, they portioned income development systems over their business such that changed by market type.In addition,they also adjusted our worker impetuses appropriately.In developing markets,Coca Cola concentrated fundamentally on expanding volume, keeping their drinks reasonable and fortifying the establishment of our future achievement.Thus,in creating markets,they build a harmony among volume and evaluating. In created markets, they depended more on value and improving productivity by offering all the more little bundles and increasingly premium bundles like glass and aluminum bottles.Furthermore,Coca Cola also making an incentive for our Company and clients appears to be unique in various nations, and internal users worked superbly portioning the business sectors to drive income development in 2015. While regardless they have more to do and were supported by outcomes. Comprehensively,cost/blend rose 2 percent as did volume, helping increment natural income 4 percent.They likewise increased overall esteem share in their industry.

They invested in their brands and business

Coca Cola sure invested many brands that they created by innovation in condition to proceed their business.In a solid organizations,it require constant speculation.They settled on a decision to put resources into more and better promoting for the brands, expanding both the amount and nature of publicizing.They expanded spending on media promoting by more than $250 million, and utilized these assets to share more grounded, increasingly significant advertisements.

In the meantime,they also contributed over their extensive drink portfolio.They improved situation in the vitality classification with a key new organization with Monster Beverage Corporation.They also put resources into brands like Suja, a line of premium natural, cold‑pressed squeezes, and consented to purchase China Green Culiangwang, a plant‑based protein drink brand.They also extended to across the nation the U.S. dissemination of fairlife ultra‑filtered milk as mentioned by information.

Nevertheless,they developed their first global marketing campaign to support the entire CocaCola Trademark of Coke, Diet Coke,Coke Zero and CocaCola Life in 2015. Launched in early 2016, “Taste the Feeling” emphasizes the refreshment, taste, uplift and personal connections that are all part of enjoying an icecold CocaCola. With this campaign and the broader “one brand” strategy,they’re letting consumers know they can enjoy CocaCola with calories, fewer calories or no calories and with or without caffeine.The choice belongs to each individual, every time he or she reaches for a delicious and refreshing with CocaCola.

They became more efficient

As they found a way to modify the development energy,they realized their expected to put resources into more and better showcasing while additionally expanding their money related adaptability. To these finishes, they expanded the effectiveness and efficiency while lessening costs.In the case,some work of the arrangement ‘zero‑based work’— a method for taking at their business that begins from the conjucture that authoritative spending plans begin at zero and should be supported every year, not just continued at levels built up in the earlier year.They additionally cut spending on non‑media advertising like in‑store advancements. Furthermore,they found new funds in their inventory network the world over.

In generally,Coca Cola had the option to acknowledge more than $600 million in profitability improvement in 2015, which they used to put further in the brands and business and furthermore to come back to their shareowners.For what’s to come, they’re attempting to drive efficiency and ceaseless reserve funds over our Company and framework.We can see that the profitability not as an occasion or arrangement of occasions by Coca Cola but rather as a progressing, day‑by‑day procedure of getting to be more grounded, less fatty and at last better.

They simplified their company

Also,few industries have changed more quickly as of later than the nonalcoholic drink industry.Advancing consumers tastes and inclinations, combined with clearing developments in the retail and production network scenes, have made a domain wherein speed, exactness and engaged workers figure out who wins in the commercial center.Above all,they started to see approaches to improve further the representative experience over their Company with the objective of making the world’s most energizing, beneficial, fun and satisfying profession condition, with working environments that sustain interest, learning, advancement and development. While this adventure has quite recently started, Coca Cola’s partners have reacted with determination, responsibility and enthusiasm that have been signs of Coca‑Cola initiative since 1886.

They also refocused on their core model

The Coca‑Cola Company has dependably been a maker of reviving drink brands. Today,their far reaching portfolio incorporates in excess of 500 brands, including shimmering refreshments, juices and juice drinks, espresso, tea, sports drinks, water, value‑added dairy, vitality and upgraded hydration drinks.Then,among these brands are 20 that produce in excess of a billion dollars in yearly retail deals.Another center competency has been their capacity to lead the world’s most modern arrangement of bottling partners while making an incentive for their retail and eatery clients. Throughout the years,they’ve aquired and dealt with various Coca‑Cola packaging with the point of improving the execution of working,upgrading performance and dissemination frameworks of organization, and at last refranchising the packaging regions back to free status.

Introduction

Goals and objectives are vital components to an organization’s strategic plan. According to Ferrell (2014) not having goals and objectives is like driving a car with no destination. A firm’s marketing plan is an organization’s roadmap for driving marketing strategy and a feasibility plan or study evaluates the larger picture. Marketing plans establish roles and responsibilities of individuals, specific tasks and target completion dates and effectively allocates resources. Feasibility studies analyze the future value while maintaining alignment with the organization’s goals and objectives.

What is a Mission Statement?

Hofstrand (2014) states that the mission statement describes how an organization will achieve its vision. Essentially, it is a roadmap of how the vision will be accomplished and defines the organization’s purpose. Mission statements should include five basic components outlining a firm’s foundation. It should address who the firm is and their target market by identifying core competencies and their competitive advantage. Further, it should emphasize their core values, beliefs and ethical principles that guide their operations and imply their position on corporate social responsibility (Ferrell, 2014).

What is a Vision Statement?

Hofstrand (2016) distinguishes a vision statement as a mental picture of what an organization seeks to accomplish or achieve. The vision statement tends to be future-oriented as it implies what an organization wants to become. It highlights the firm’s aspirations and reveals the desired conditions or strategic position best suited for the future of the organization (Community Toolbox, 2019).

Google Startup Weekend

The purpose of Startup Weekend is to provide an avenue where aspiring entrepreneurs can network and develop the skills needed to get their businesses off the ground. It is a 54 hour event that simulates the challenges of launching a startup and builds confidence among participants looking to take the next steps toward entrepreneurship. The mission is to inspire action in the lives of entrepreneurs through experiential education and to be the world’s single largest starting point for new entrepreneurs (Google Startup Weekend Handbook & Manifesto).

What are the Components of a Marketing Feasibility Plan?

A feasibility plan explores and evaluates the viability of a potential opportunity. Feasibility studies provide in depth research and analysis and assist the strategic decision making process. Essentially it serves to help firm’s decide whether an investment is economically sound and aligned with the goals and objectives. There are several components of a feasibility study that should be analyzed and referenced before a decision is made (Mwanzoni, 2015).

Elements for consideration

A good feasibility plan should begin with the project scope. This provides general direction by incorporating the problem a firm aims to solve. It also considers all stakeholders and how the project can impact areas of the business. The second element provides a market analysis. Firms should evaluate the strengths, weaknesses, opportunities and threats of a potential project. They should analyze whether the idea or investment will benefit the firm and whether it is aligned with corporate initiatives and its potential for success. The third element identifies the requirements or resources needed for the project. Should market analysis entail demand for the proposed project, the firm should identify both the technical and human resources needed (Mwanzoni, 2015).

The next element is to establish the approach or how to meet the requirements of the project and whether it offers to a solution to the problem outlined in the project scope. From here a firm can choose to evaluate a variety of options and whether they are within budget or if the project is cost effective. They should also analyze the return on their investment and when a return can be anticipated. The last element to consider is a final review of all components, weighing a firms options and a decision should made to pursue the project or not (Mwanzoni, 2015).

How can you conduct a Marketing Feasibility Study to this Project?

A feasibility study can be applied to Google Startup Weekend Micronesia in the same manner. The idea of expanding and executing the event should be presented to project stakeholders and project sponsors after thorough research and evaluation of the market is complete. Research serves to build a case and supports the viability of the event by proposing a solution to a problem.

The case for Startup Weekend Micronesia should clearly define the goals and objectives, how the mission and vision aligns, identify the stakeholders and potential impact to various business areas. This includes the members of Cohort XV and the communities of the islands where the event will take place.

The study should include the requirements and resources needed including technical, financial and human resources. It is important to present realistic numbers based off past events and current projections. Accurate figures assist the decision making process as it highlights a realistic estimate of requirements and what the organization must do to meet those requirements.

Evaluation and review should present the overall cost of the project and the return on investment. It should highlight the long-term benefit, value and overall impact to the communities and stakeholders involved.

What do you Anticipate/have the Most Issues With? Why?

The main issue that may arise when presenting this project are the requirements and resources needed to fund this project. Startup Weekend Micronesia is estimated to cost a minimum of $60,000 to execute across the region, specifically 7 islands. This project is funded through in-kind donations and community sponsorships. Seeking cash sponsors poses the first challenge as decisions are based on organizational alignment as well as budget constrictions.

Further, cultural sensitivities can impact whether the project will be received well within the different island communities and how responsive potential community partners will be. Significant research into cultural practices will help the project managers and teams strategize their approach and how they choose to introduce, market and execute this event.

Another major challenge to consider is local competition and whether a similar event is slated for a similar time frame. This poses a threat to Startup as funding from sponsors may be limited and previously committed but also threatens attendance and participation among local communities.

Conclusion

Feasibility studies benefit organizations by evaluating whether an opportunity makes sense for a firm to pursue. It is important to note that not all business ideas will launch and not all investments will materialize. This is essentially the benefit of feasibility studies. They allow organizations to see the larger picture or long term impact and how it might impact their overall business, goals and objectives.

References

1. Community Toolbox (2019). Proclaiming Your Dream: Developing Vision and Mission Statements. University of Kansas. Retrieved on October 29, 2019. Retrieved from, https://ctb.ku.edu/en/table-of-contents/structure/strategic-planning/vision-mission-statements/main
2. Ferrell, O.C. & Hartline, M.D. (2014). Marketing Strategy: Texts and Cases. (6th ed., p. 371-379). Mason, OH: South-Western, Cengage Learning.
3. Hofstrand, D. (2016, August). Vision and mission statements: a roadmap of where you want to go and how to get there. Ag Decision Maker, Iowa State University Extension and Outreach, Department of Economics. Retrieved on October 29, 2019. Retrieved from, https://www.extension.iastate.edu/agdm/wholefarm/html/c5-09.html
4. Mwanzoni LTD. (2015). Key components of a good feasibility study. LinkedIn. Retrieved on October 30, 2019. Retrieved from, https://www.linkedin.com/pulse/key-components-good-feasibility-study-mwanzoni-ltd

Three companies that I choose for this assignment are Yapı Kredi, Akbank and Odeabank. First I would like to start with analyzing Yapı Kredi. When we look at Yapı Kredi’s mission statement. We can see that there are three missions on their website. The first one is to achieve long-term sustainable growth. Their first mission statement describes their future plans and their claim to growth in future. However, ther are not identify the company’s products or services and don’t give the company its own identity. In their second mission statemnt, they say that they will create value for all stakeholders. In this mission statement they describe their claims for customers. However, they are not specifying a customer group, they are using a generic definition of their customers, by saying widespread and integrated environment like saying all stakeholders. They are also not specify the buyer needs it seeks to satisfy and its approach to pleasing customers. Last but not least mission statement is to be the first choice of customers and employees. In this mission statement, they are also not specifying their customer group or work group.

The vision of Yapı Kredi is to be the undisputed leader of the financial sector. First of all, their target market is not clear. If they talk about the world, it is not feasible. If they want to become the best of the world, first they should be the best in their country. On the other hand it is easy to communicate, flexible, focused, directional and graphic.

To sum up, their vision is relatively good for them because it fulfill aproximately all the common shortcomings in the slides. However their mission statement is not clear. To improve their mission statement they can say in Turkey or Middle East.

Second company that I choose to analyze is Akbank. Their mission is to create lasting and high value for all their stakeholders with their innovative financial solutions and reliability. There is too many problems in this statement. They only specify its approach to pleasing customers but they don’t identify the company’s products or services. They also not specify the buyer needs it seeks to satisfy and the customer groups or markets it is endeavoring to serve. They don’t give the company its own identity. As a result, their mission statement is not clear.

When we look at Akbank’s vision, it says that being the leading bank who carries Turkey into the future. We can say that it is forward looking so its directional. It is also focused, feasible(if they talk about Turkey), desirable and graphic. It is too broad and vague because they did not clearly mention what they are going to do in the future. They also did not mention which markets that they want to become a leader of. However, it is easy to communicate because it is short and direct slogan. It is also not unique for the company’s identity and can be used by any banking company.

In my humble opinion, they don’t have a good mission statement, they have a goal or objective statements that they want to achieve. Their vision statements is not bad when we compare with their mission statement but it is also not good enough for a company who wants to become leader of their sector. Having bad mission statement and not good vision statement can affect their working standarts, their operations can be get worse because of not having clear vision and mission statement.

Last company that I choose to analyze is Odeabank. Their mission is to target the happiness of our stakeholders by investing in the best in banking and to give them an understanding that cares about the lives of our stakeholders. This statement is too long to understand. It looks good but when we look detailed we can see that it is not good. It don’t identify the company’s products or services. It also not specify the buyer needs it seeks to satisfy and the customer groups or markets it is endeavoring to serve. It only specify its approach to pleasing customers and give the company its own identity.

When we look at Odeabank’s vision, it says that to be the first bank that comes to mind in the banking needs of everyone who cares about life and time. We can say that it is forward looking so its directional. It is also focused, desirable and graphic. It is too broad and vague because they did not clearly mention what they are going to do in the future. They also did not mention which markets that they want to become a leader of so it is not feasible. It is also not easy to communicate because it is not short and it is not a slogan. In my opinion it is also not unique for the company’s identity and other banks can use their vision statement.

All in all, they don’t have a good mission and vision statement. In both they talk about their goals for future. But these phrases cannot be enough for a good vision and mission statements. Having bad mission and vision statement can affect their working standarts, their operations can be get worse because of not having clear vision and mission statement. To have better vision and mission statements they should focus to fulfill all the common shortcomings in our slides.

References

1. https://www.yapikredi.com.tr/yatirimci-iliskileri/yapi-kredi-hakkinda/vizyon-misyon-strateji-ve-degerler#
2. https://www.akbank.com/tr-tr/Yatirimci-iliskileri/Sayfalar/Vizyon-Misyon-ve-Hedefler.aspx
3. https://www.odeabank.com.tr/tr-tr/hakkimizda/kurumsal-yonetim/sayfalar/misyon-vizyon-ve-degerlerimiz.aspx

Introduction

According to Ekpe and Sunday, mission statement is very important and a critical part of an organization and its overall operating plan (2015). Mission statement defines the goals and the vision of the organization. According to Ekpe and Sunday, mission statement “should provide a unique and directional statement, on why the program exists” (2015). People involved in an organization, have an opportunity to achieve their desired goals and work independently to perform at a desired level. This assignment will include, Chamberlain’s mission statement, my initial draft of mission statement as well as corrected mission statement for Associate degree for community College of Nursing program. In addition, I will include the changes to my mission statement as well as the importance of peer collaboration.

Mission Statement

The mission statement that I wrote for the ADN Community College of Nursing Program is as follows: To educate diverse, unique individuals who will go on to provide high quality of care, provide health and safe environment to their patients, by integrating efforts to facilitate learning through student involvement, education and original, creative educational principles.

Peer Evaluation

During the past few weeks, I have collaborated with my peers and provided feedback on mission statement. First step in this assignment was to pick a group and create a draft of mission statement for the program that each of us chose, and comment on their mission statement, to provide the best possible feedback to improve the mission statement. The group I’ve picked is an Associate Degree Program in a community college. After graduation, I would love to work at the community college close to my house as a clinical instructor. I believe that this is the best place for me to work in.

In order to properly follow the assignment, students needed to follow a Chamberlains mission statement which is to “educate, empower, and embolden diverse healthcare professionals who advance the health of people, families, communities, and nations” (Chamberlain University, 2019). I have analyzed the mission statement and I started creating goals and ideas for the Associate Degree program. My original mission statement was: To educate diverse, unique individuals who will go on to provide high quality of care, promote health and safe environment to their future patients. Nursing students will be provided with exceptional education, and innovative, individualized educational principles.

When I received a feedback from Jami and Tessa. I started to analyze my mission statement and I have noticed that it needs some improvement. In order for my mission statement to be concise and compatible with Chamberlain’s mission statement, as well as prominent from other similar programs. The ADN program is unique in its objective approach. While other similar programs focus on service provision or teaching, my program includes both of those approaches. In addition, the mission statement states how education will be supported by student involvement, education and unique, original and creative educational principles. It means that besides the program ensuring the best education, it also offers students with the assistance needed to be involved fully on learning. Ertmer and Richardson (2019) found that good peer feedback, either thought online or in a school setting, involves students in a process to provide a route to improvement on writing skills as well as clear understanding of issue or a topic. Due to the feedback that I have received, I was able to identify areas of improvement. Jami advised me that it would be ideal to provide a tailored plan of education to every single person, but statement about providing individualized educational principles might be challenging, since I have included word individualized in my initial mission statement, which could have been changed to a general plan so it does not challenge me as much. Tessa’s feedback also mentioned that individualized education principles might be challenging as it would be difficult to individualize a learning plan for every single student. After the feedback, I did assimilate those recommendations within my mission statement. In addition, I did change some of my wording and chose adequate words to make my mission statement concise. My new mission statement for the ADN Community College of Nursing, evidently identifies the ADN programs goal, it is also compatible with Chamberlain’s mission, and it is unique for students starting the ADN program.

Conclusion

The goal of the mission statement for the nursing program is to provide nursing students with learning opportunities that make use of resources to provide adequate education. Mission statement is distinctive, describing why this program exists. The mission statement was created with the institution’s mission and goals in mind. This paper presented a proper way in creating a mission statement which also included a peer feedback and collaboration that is very important. Providing adequate feedback will give students one of the best learning opportunities that will enable them to provide safe and high-quality services. Working collaboratively with peers will make a great impact on creating unique program for nursing students.

References

1. Chamberlain University. (2019). NR-524 Week 2 Developing Mission and Philosophy statements [Online lesson]. Downers Grove, IL: DeVry Education Group. Retrieved from https://chamberlain.instructure.com/courses/52461/assignments/1686355
2. Ekpe, O.E., Sunday, I.E. (2015). Leveraging organizational performance through effective mission statement. Canadian Center of Science and Education, 8, No. (9). Retrieved from file:///C:/Users/pauli/Downloads/52602-181218-1-SM.pdf
3. Ertmer, P.A., Richardson, J.C. (2019). Using peer feedback to enhance the quality of student Online Postings: An Exploratory Study. Journal of Computer-Mediated Communication, n 12 (2007). 412–433. Retrieved from https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1083-6101.2007.00331.x

CarMax: An Analysis

CarMax, Inc., sells used cars at low, upfront prices. CarMax was first established as a used-car store in September 1993 and currently has 195 locations. CarMax was developed by Circuit City in hopes of business growth beyond the consumer electronics sector. Their purpose is “To drive integrity in the automotive industry by being honest & transparent in every interaction.” (CarMax) Car dealerships have the stigma of being dishonest, whereas CarMax is trying to change that impression by their use of professional presence, working with others, and communicating routine messages and goodwill.

Professional Presence

The three elements that are apparent in the CarMax business model are competence, credibility, and confidence. CarMax, Inc offers a broad selection of quality used vehicles at no haggle pricing using a customer-friendly sales process in an attractive, modern sales facility, as well as through CarMax.com and mobile apps. The confidence in their products shows the clients how the company stands by what they are selling. CarMax is committed to hiring individuals with integrity, transparency, and respect. CarMax offers training and support for associate career growth that go above and beyond other companies’ training.

CarMax prides itself on having a caring attitude not just for its employees or clients but for its community as well. CarMax considers the development of people to be the best aspect of success. They offer paid training and great benefits which include health, vision, dental insurance, and 401k plans for those who are eligible. CarMax also offers an external training program to further employees’ careers and grow leaders within the company. Their main focus is maintaining their unique culture and the emphasis on associate development will only increase their success.

CarMax’s website shows their main asset, the large amount of inventory of vehicles. CarMax is one of few dealerships that pride themselves on standing out to consumers online. When viewing the inventory one can see the consistency behind the company’s format of information (photos of vehicles, mileage, and other information regarding the vehicles for sale) conveys their professionalism. The used car dealership captures and emphasizes value-added features. CarMax insures that all inventory is up to date in real-time.

Professional presence is imperative to any company, especially regarding companies that rely on clients to succeed. Professional presence is a mix of personal and interpersonal skills. From the first impression to other high-impact professional interactions, employees have gained well-developed skills and attitudes that enhance their leadership presence at CarMax and maintain a positive workplace increasing productivity, they know their employees by name and make clients feel valued.

“Committed to hiring people with strong values of integrity, transparency, and respect, we offer unmatched training and support for associate career growth, and have been recognized as one of Training Magazine’s ‘Training Top 125’ companies in America.

We are also proud to be one of FORTUNE’s 100 Best Workplaces for Millennials, 50 Best Workplaces for Diversity, and 20 Best Workplaces for Retail. And thanks to our amazing associates, we have been recognized as one of the FORTUNE 100 Best Companies to Work For® – 15 years in a row!” (glassdoor)

CarMax is considered a company where individuals can align their values. The culture of CarMax is relaxed with training and career progression opportunities. CarMax ensures that their employees feel appreciated and that they are important to the success of the company. CarMax sets employees up for success; with paid in-depth training and goal setting with regular feedback.

Working with Others

CarMax prides itself on integrity and leadership traits amongst its employees. CarMax, Inc.’s advertising slogan is “The car buying should be.” CarMax has a large variety of vehicles at competitive prices. The sales process is easy and customer-friendly with CarMax even has a seven-day money-back guarantee if someone is not satisfied with their purchase. CarMax Mission Statement: “To provide our customers great quality cars at great prices with exceptional customer service.” CarMax is committed to competitive excellence through lawful and ethical conduct.

CarMax is very successful in matching up the right people with the correct vehicle. Nowadays people use the internet to purchase just about anything from the internet; why not a car? Customers’ expectations are always evolving which is why used dealerships always have to have employees that are able to bounce ideas and use teamwork efficiently. CarMax’s digital transformation is revolutionizing the way people are buying vehicles. By developing customer-facing and associate-enabling technologies, and leveraging fast product innovation to deliver the best customer experience; there is no equal or more advanced method for a customer to use. This technology requires a combination of marketing, product, and IT to enhance the customer’s experience.

Cross-functional team structures are important to a quickly evolving world. In CarMax, product teams have shared business objectives. There are three roles that are a must at CarMax; product manager, lead developer, and user experience designer. The interesting aspect of this company never tells them how to solve a problem, but what the problem is and the key performance indicators to work against. By the leadership team not telling them how to solve the problem, the approach allows for increased feedback. This method results in a faster pace of development, and trial and error that results in a solution that is best for both the customers and associates.

By having teams take smarter risks they are more creative in how they meet their objective. Leaders and managers alike focus on the nuts and bolts of the business. CarMax considers effective managers to be ones that are able to ensure persuasion, and responsibility, create and manage value systems, and provide support and motivation to their team. CarMax is known for satisfied customers that continue to come back and change models/styles as they grow through life as well as purchase cars for their growing families and children.

Communicating Routine Messages and Goodwill

CarMax uses short, nonsensitive, straightforward communication that asks questions, answers questions, and provides information. The company has led the industry in recalling transparency. CarMax provides information regarding the vehicles on their website as well as posted on the driver’s side window with the price, mileage, any available warranty, gas usage, year of vehicle, etc. When a consumer views the company’s website, they are able to look up Vehicle Identification Numbers that have been recalled.

CarMax uses goodwill messaging to give the opportunity to establish and sustain a positive relationship with the consumer. CarMax has created an app that helps individuals manage the car ownership experience. The app allows people to have alerts from maintenance reminders to CarMax Auto Finance payments sent to them. (appadvice). Cars are becoming more high-tech, and it is important that owners pay attention to maintenance. Having automated emails and an easily accessible app to log into will allow the consumer to be aware of what to prepare for.

CarMax focused on the consumer’s needs and wants. When a father walks into the dealership to purchase a vehicle for his daughter’s graduation present the employee will focus on his needs and wants to make a successful deal. By following the father’s guidelines to have a safe, reliable vehicle that is no more than 15,000 dollars and good on gas. The consumer (audience) will experience a positive outcome when the salesperson checks off all the boxes and provides documents on safety ratings and financial loan options. CarMax tries to ensure that positive relationships with consumers and employees are fostered. Effective goodwill messages that are sincere and honest are genuine.

Netflix Corporation is a Fortune 500 company. I would have never thought several years ago when I subscribed for my first subscription that this company would make the list. I made that assumption based on the prices in comparison to cable prices, and I was wrong.

Netflix was founded in 1997 in Scotts Valley, California by Marc Randolph and Reed Hastings. Hasting had the idea of creating a streaming service when he incurred a late fee after returning a block buster movie late and paying a $40.00 late charge, by 1999, Netflix had started a subscription service by offering unlimited DVD rentals for a low monthly price (Blair T., 2019). Around the time of 2000 through 2005, Netflix began to improve more and more coming out with a personalized movie recommendation that allowed the viewers to pick what they were interested in. This caused the numbers of users increasing to approximately 4.2 million customers (Blair T., 2019). Years later, Netflix came out with their new streaming service. This streaming service allowed members to use Netflix on all personal devices making it easier to watch on the go or if you were just sitting at home. Additionally, they opened Netflix to different countries outside of the United States making this product successful globally.

Netflix is a program the intrigues the watcher to continue watching by providing the whole series at once. “If a show fails to woo us on episode one, the next episode is a mere 15 seconds away from starting. Why not give the benefit of the doubt?” (Sharma R., 2016). Netflix does this as a way of getting their views up and making the viewer want to come back to their site. I selected this company because now everybody is starting to use Netflix or has used Netflix for a couple years now cancelling their cable subscriptions due to the convenient prices. Netflix is a product that is not only high in demand for children and young adults, but many elders use Netflix to stream T.V shows and movies.

As many companies has a mission, Netflix’s mission statement is not published. Although, Netflix does have a brand promise, which explains that throughout the company they have agreed on the growth, exceptional service, and for their employees to have a huge impact (Blair T., 2019). Furthermore, Netflix also published its company values that which includes judgement, productivity, creativity, intelligence, honesty, communication, selflessness, reliability, and passion. These factors all contribute into a healthy and successful company that allows the consumers to be satisfied with the product making Netflix high in demand because more people want to use the program due to the exceptional service.

On the other hand, every company has a vision, and Netflix’s vision is to provide a at home movie service that easy to access rather than the rental complications that were installed before, such as Redbox, and Blockbuster (Shih, W., 2009). The vision the corporation aspires to have is to have the best global entertainment service, that has excellent content throughout the world. They also want to make the market easy and accessible to filmmakers.

Cultural analysis of Malaysia

The understanding of culture is important in building a lifestyle brand that can have an emotional connection between a consumer and the brand. Nordstrom brands focus mainly on people’s lifestyles. Culture plays an important role in building the lifestyle of a society. Nordstrom major business centers around people’s lifestyles. Therefore in entering the Malaysian market, Nordstrom takes cognizant of the culture of the people. The market entering strategy is to ensure that the consumers are emotionally connected with the new brand. Hence, Malaysia’s culture was reviewed using Hofstede Cultural Dimensions with the aim the setting up the brand and strategy for expansion into Malaysia.

High Power Distance: Malaysia is a society with a High Power Distance. Hence customers will be expected to be treated as important and be placed at high status. Also, the brand message must reflect a dominant message of being a success. Staff must be trained to maintain a respectful distance from customers. Moreover, Malaysia is a status-driven society creating exclusive branded products for the high class of society. When customers request to deal with someone at a high level within the business such must be available to attend to their request. Customers must be addressed using their correct designation when providing personalized service.

Collectivism: The ‘ielev8’ team must have great interaction with society and always ensure that each customer has a great feeling after each engagement. There might need to engage customers in the local language in some instances. Each customer must feel like part of the ‘ielev8’ family. Each relationship must be treated as a long term relationship and the customer experience must create a bond with them that will make them keep coming back to ielev8. The aim is to create a belief in people’s hearts that drives every purchase. Customers must love to associate with the brand, feel well taken care of by the brand and enjoy personalized service. They must feel the brand genuinely cares for them.

Masculinity: As part of the brand strategy, the brand must set up and the product must showcase as high status in the society. The choice of location and all the branding materials must communicate success and power. The product and service offerings must be with the latest technology. The branding message must also communicate the brand as one of the best international brands to attract some of the best hands. There must be a good incentive and reward system for that staff must be to boost their motivation to perform.

Weak Uncertainty Avoidance: Malaysian society being a weak uncertainty avoidance will be will to try new products and brands since the propensity to take risks is high within the culture. Also, the brand must also continually innovate and keep up with the latest technology to align with the aspiration of the people. The brand must also depict a picture of a relaxed attitude. However, there must be training for staff to ensure consistency, punctuality, and precision in their activities to maintain the brand standards and ensure quality service delivery.

Indulgence: The brand must create positive positive emotions for customers and must also reinforce such emotions. The design of products/services that must take into account the indulgence culture. The brand team must be able to internalize customers’ expectations and have a deeper understanding of their needs and expectations and provide products that meet their needs.

Suitable Leadership Style For Leading Operations In Malaysia

Based on the cultural analysis of Malaysia’s socio-cultural environment, the recommended leader must be able to exhibit an effective leadership style. Since leadership is situational, the recommended leader must be able to lead in different circumstances effectively. Such a leader must have a cross-cultural leadership style because of the multi-ethnic nature of Malaysia. Such a leader must also exhibit a strategic leadership style to be able to lead and execute all the strategies planned for ielev8. Also, such a leader must have a visionary leadership style and ability to lead the ielev8 team in line with the vision.

PESTEL Analysis Of Malaysia

Earlier the team has done a detailed PESTEL analysis of Malaysia and the section below shows this analysis in relation to the band ielev8.

Political factors: Malaysia is very attractive to investors because it has been very stable politically for many years. It maintains neutrality in its foreign policy and peace with all parties. However, corruption has been a recent issue in the country. This is could affect the cost of business and a factor that the ielev8 team must deal with.

Economic factors: Malaysia’s economy is very dominant, highly industrialized and diversified. The country also has a low unemployment rate. It is a progressive economy with a high increase in consumer incomes and therefore increases in demand for consumer goods. This creates a ready target market for the product lines being offered by ielev8.

Social factors: Malaysia is a peaceful country with many ethnic and religious groups. Malaysia has a very rich and diversified cultural life. People enjoy living an affluent lifestyle. The product offerings by ielev8 must take into account the multicultural nature of society.

Technological factors: Malaysia is a high tech society with high internet access. It is also strategically located and provided a home to a growing number of international companies. This international workforce also provides ready customer based for international brand such as ielev8

Legal factors: The common law forms the basis of the countries legal system. Though there is a separate Islamic law system that applies to the Muslim population. Hence, the ielev8 team will find it easy to work within the provision of the Malaysian law since it is based on the common law.

Environmental factors: Malaysia is a haven for holiday seekers. The tourist will provide a good customer base for various ielev8 products. However, there are issues of environmental degradation and the ielev8 team must handle the sustainability issue carefully.

The Name of the New Brand

As part of the Nordstrom strategy for international expansion, the CEO has approved a new brand for business operations in Malaysia. After careful considerations and review the name ‘ielev8’ has been chosen for the new brand. ‘ielev8’ is from two English words’ I elevate’. The name for the new brand ‘ielev8’ was chosen after careful consideration of Malaysian socio-cultural norms which places values on power, success, and enjoyment. This also aligns with Nordstrom’s global objective of ensuring that every customer is happy. In addition, to drive home the brand strategy, a new Mission statement has been designed for the new brand. The CEO will drive the communication for the mission statement to ensure that the mission statement is understood and all employees aligned. Below is the mission statement.

ielev8 Mission Statement

“ielev8 will deliver the best in class products and services to all our customers across the globe. With our adherence to high standards and focus on sustainability, we aim to improve the economy of the environments where we operate. We will develop products that make people feel great and happy. We carry out our operations to ensure a safe and rewarding environment for our employees and partners. We continually focus on our people and will continue to innovate and raise the bar for ourselves.”

The ielev8 Product Lines

Under the new brand name, the under listed product lines will be available for the customers. Each line will have both luxury and classic products so as to cater to every stratum of the society.

1. Women Apparel
2. Men Apparels
3. Kid’s Apparel
4. Accessories for men and women such as wristwatches, bangles, neck chains
5. Beauty Products such as cologne
6. Classic Shoes
7. Shoes

Strategy For The New Brand Entry To Malaysia

Analysis of Malaysia shows a growing economy, with youthful demography and robust multi-cultural society. Two major ingredients of the ielev8 mission statement are to adapt products to consumer taste and desire. Hence, the planned market entry strategy is high integration and high responsiveness strategy. High integration is necessary to afford ielev8 the economies of scale of being part of Nordstrom. High responsiveness will also give the ielev8 brand the needed autonomy to respond to the local needs as that may be required. A central hierarchy organizational structure fits into the culture and it is proposed. In addition, the ielev8 brand will have the liberty to structure its marketing and sales efforts in line with society. Furthermore, ielev8 will be an integrated part of the global business for it to leverage the available knowledge within the network. Being part of the global network will also give the ielev8 brand the opportunity to add the local insight gained to the global business knowledge body. The financial and corporate governance will be in line with the global standard of Nordstrom. This will be monitored and controlled to ensure that a high standard of corporate culture within the local setting. ielev8 service standard will, in addition, be aligned with the global service standard to ensure that a high level of service delivery is maintained. Nordstrom will continue to maintain its ownership over ielev8 and enure corporate governance.

Strategy for The New Brand Success

The new branch ielev8 has a powerful purpose behind it. The purpose is to elevate and make an average Malaysian discover themselves and be happy through self-expression. This purpose permeates our entire ecosystem and is what we love to do. The purpose was carefully crafted after the team has analyzed the political, social and economic environments of the nations. This is to ensure proper alignment between the brand and the aspirations of the people.

Furthermore, brand ielev8 has a strong and powerful mission statement. This mission statement has been clearly communicated and shows the essence of the brand. The team will ensure that through faithful adherence to the mission statement, the target demographies understands the value ielev8 provides. Every aspect of the branding strategies such as logo, messages will be done to communicate and reinforce the mission statement. The plan is to commence the engagement with few and targeted customers to build brand loyalty and expand across the demographies.

The strategy also includes an accountability system that allows each employee to track themselves each actionable goal they are accountable for. With this, each employee has an overview of how their work contributes to the attainment of the business overall goals. As part of the strategy, ielev8 will create a process to collect data, analyze, report, and monitor progress. There will be consistency in the review and will be carried out across the business key areas weekly and monthly to track performance. Corrective actions and identified business opportunities out the review will be implemented immediately and tracked to monitor their success. All these factors above will work together as a strategy. In addition, consistency in their execution will ensure that the new brand ielev8 is successful in Malaysia.

References

1. Hofstede, Geert COUNTRY COMPARISON. WHAT ABOUT MALAYSIA? Retrieved from https://www.hofstede-insights.com/country-comparison/malaysia/
2. Rahman, M 2019, How and What: PESTEL analysis of Malaysia. Retrieved from https://www.howandwhat.net/pestel-analysis-malaysia/
3. Raza, Ahmed. Wise Toast, 12 Different Types of Leadership Styles, Retrieved from https://wisetoast.com/types-of-leadership-styles/
4. Business to you (2017) International Business Strategy. Retrieved from https://www.business-to-you.com/international-business-strategy/
5. Sumaco, Fanggy T et al 2014, The consequence of Malaysian national culture values on hotel branding. Retrieved from https://pdf.sciencedirectassets.com/277811/
6. Akanbi, Oludele John 2019, Culture in a Global Environment, Formulating A Global Business Strategy

Introduction

You want it to stand out against your rivals when it comes to creating your business goal, vision and quality statements. The statements must have an effect that reflects the company’s ethos and culture and captivates the customer. How are we strategically running an organization if we don’t have a goal to fulfill our business vision? The mission is known as the company’s heart.

In a Forbes article titled: ‘Corporate Mission Statements Don’t Really Matter Unless You Want to Be a Great Leader, ‘Len Sherman talks about how troubled companies like Apple, Lego, and Charles Schwab came back to their core values as they reorganized after big deficits. Apple and Charles Schwab rehired former CEOs to help the company get back to the basics of why they were produced and turn them for better income. With a new, youthful, ambitious founder, Lego has chosen to take the lead on new ideas and development. The first non-family-related CEO, Jorgen Knudstorp, started his role by working on an action plan to help the children serve.

Such businesses were committed to returning to the core vision of the business and remained determined. This sometimes meant taking tough decisions, such as Steve Jobs ‘ ‘shrink-to-grow’ policy, which meant ending those unfavorable goods or producing enough revenue that eventually resulted in mass redundancies. To turn the company into a profit-making company, this approach had to be used. Looking at Apple and its strategy now, it has proved to be one of the most successful businesses to retain the number one spot while rising. Charles Schwab replaced the CEO as president of the company and was able to focus on just one key strategy. This was ‘to create a consumer bond.’ When the company began, he cut it down to his original mission and objectives.

A mission statement will show you the purpose of a company and whether it corresponds to what you want to be part of. Toyota, for instance, has a mission statement that reads:

“Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people. Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile.” We all know that Toyota is a vehicle service, yet their mission statement reads that they are not merely a vehicle or a manufacturer of a car but also want to concentrate on sustainable energy that is environmentally friendly. It means that they look to the future and seem to have a product that wants to support new and improved technology for the greater good of the world. Toyota’s mission statement is full because it reflects strategic goals, ‘Business management, value of services, human resources and corporate social responsibility.’ (Greenspan, R, 2017) This is a detailed example of an innovative car company’s mission statement.

An article written by Neil Kokemuller at the beginning of last year for smallbusiness.chron.com clarified that ‘ The company’s mission statement is simply a statement of purpose. (Kokemuller, N. 2018) If your organization has established a mission, it will pave the way for moving towards that target. The statement of mission becomes the basis for the strategies and approaches of the company. A mission statement is used as a reference when setting long-term or short-term goals to decide how to achieve the desired results we set for those targets. You continue to separate yourself from the founding principles of the organization if you don’t adhere to the original purpose that you set up.

Finally, if you don’t have the right fundamentals for a statement of mission, vision and purpose in your business, you’re only setting up your business to fail. You cannot be guided to success solely by any core principals. Once employees and customers know what the standards are, they will create better choices to help the business grow. Many businesses tend to lose focus on what the mission or vision of the business is, which not only leads to mistakes, but can also lead to the demise of your organization. Keep up with your goal and watch the success of your company grow.

Reference

1. Greenspan, R. (2017, February 1). Toyota’s Vision Statement and Mission Statement Analysis. Retrieved from http://panmore.com/toyota-mission-statement-vision-statement-analysis
2. Kokemuller, N. (2018, June 29). Importance of Mission Vision in Organizational Strategy. Retrieved from https://smallbusiness.chron.com/importance-mission-vision-organizational-strategy-16000.html
3. Kolowich, L. (n.d.). 17 Truly Inspiring Company Vision and Mission Statement Examples. Retrieved from https://blog.hubspot.com/marketing/inspiring-company-mission-statements
4. Sherman, L. (2017, April 19). Corporate Mission Statements Don’t Really Matter, Unless You Want To Be A Great Leader. Retrieved from https://www.forbes.com/sites/lensherman/2017/04/03/corporate-mission-statements-dont-really-matter-unless-you-want-to-be-a-great-leader/#556a894a2246

History

YETI Holdings Inc. was started by Roy J. Seiders and Ryan R. Seiders in 2006. They are two likeminded siblings who loved the outdoors, including Hunting, fishing, and going to outdoor trade shows. YETI was created when the two brothers had become fed up with the current outdoor coolers on the market. Because of this they decided to create a cooler that would outperform and outlast all the competitors.

Profile

YETI is based out of Austin, Texas and represents a high end premier outdoor brand. YETI Holdings Inc. includes designing, marketing, and distribution of outdoor and recreation products (Our Story 1). The company’s products include coolers, drinkware, travel bags, backpacks, multipurpose buckets, outdoor chairs, blankets, dog bowls, apparel, and accessories (YETI Holdings 1). Today YETI Holdings Inc. has become public and trades at right around $40 dollars per stock. The company has a current enterprise value of $3.41B dollars and a market cap value of $3.18B dollars. YETI earns an average profit margin of 8.27% on all items sold. YETI saw a 22 percent increase in annual sales in 2018, topping out at $778.8 million (YETI 1). In 2019 YETI continued to increase its sales at the company saw a 15% increase in annual net sales compared to 2018. YETI’s increase in sales can be related to its 31% increase in direct-to-consumer net sales in 2019, as well as a new partnership with the wholesaler, Lowes (Hawkins 1).

Philosophy

YETI Holdings Inc.’s founders’ philosophy is to “Build the cooler we’d use every day if it existed. One that was built for the serious outdoor enthusiast rather than for the mass-discount retailers. One that could take abuse we knew we’d put it through out in the field and on the water. One that simply wouldn’t break” (Our Story 1).

Vision and Mission Statements

Vision Statement

YETI’s vision statement is “To represent the yardstick by which all other outdoor products are measured” (YETI Holdings 1). This means that YETI is desiring to be produce the best products on the market in the outdoor space. Their vision statement provides direction for people inside them and is the tool that leads each decision made that impacts the firm. For YETI Holdings Inc. I believe it explains how YETI has gotten to where they are today, as well as where they want to be in the future. YETI is known for their high-performance insulation technology, quality, and dependability. YETI is also known for its extremely high prices compared to its competitors. YETI coolers on average sell for ten times the cost of similar coolers sold by Igloo and Coleman. For this reason, YETI’s vision says nothing about being cost effective in the outdoor market which is the reason for their high prices. The vision sticks to quality and having the performance of their products. This vision has worked for them and helped create the reputation they have. For this reason, YETI has been able to successfully follow their vision.

Mission Statement

YETI’s mission is to “ensure that each YETI product delivers exceptional performance and durability in any environment, whether in the remote wilderness, at the beach, or anywhere else life takes our customers” (SEC 1). Meaning that YETI wants to create coolers and products that are made for every occasion, can last forever, and performs the best. Mission statements are extremely important for a company because it outlines the purpose of the company for its employees as well as the public. Like a company’s vision statement, its mission statement is also used as a navigation tool for the future of the company. YETI’s mission statement also applies to quality and functionality of the company’s products. Their mission statement focuses only on coolers though. Since 2006 YETI has become a company that has expanded vastly from just coolers. From drinkware, to bags, pet supplies, chairs, blankets, apparel and other outdoor accessories they have become a company with a highly diverse portfolio of products in the outdoor space. For this reason, I believe that their mission needs to be updated to fit the current situation of the company. If their mission today was still just to focus on coolers then they would have focused all of their energy on their coolers, not expanding into a dozen of other outdoor categories. With that being said I believe that YETI does follow their mission statement. They do create coolers that many people would use every day and their brand has become associated with the top quality and performance of any cooler on the market. It would benefit them to incorporate their other lines of products into their mission statement, or even broaden their mission so that it can be better used to navigate all decisions for the company.

External Environment Analysis

YETI PESTEL Analysis (Opportunities/Threats)

Political Factors

Yeti Holdings Inc. has many political factors that to consider and look at that could hurt their ability to maintain profits in the future. It is important that YETI Holdings Inc. look at not only the United States’ political situations but all of the countries that YETI is conducting business and how one country’s political situation can/will have a ripple effect on other countries. Through YETI’s partnership with eShopworld, they provide an international shopping experience for customers in 13 different countries around the world, including United Kingdom, Ireland, Mexico, Central America, the Caribbean, and Europe (YETI, 1). A specific example of political factors that could affect their profitability is the political stability of the countries that they are in business with. Also, the leaders of the countries they are providing their services too and how likely they are to be removed from office, conduct corruption, start wars, their beliefs and stance on certain laws (especially with regards to hunting, fishing, camping, and preservation). YETI must also look at the current hunting, fishing, and camping laws in the countries now, as well as contract laws which impact how YETI will be able to conduct business in that country. Another political factor that could affect YETI is the trade barriers and tariffs between certain countries, which can affect the total cost that YETI will incur on sales in that country. Along with trade barriers, YETI must look at the taxation policies that can also add or decrease total cost of running the business. Finally, YETI’s cost of business could heighten or lower based on minimum wage laws in the United States.

Economic Factors

YETI’s profitability will also heavily rely on the economic situation in the United States and the other 12 countries that they are conducting business in. YETI will most likely be affected by the GDP decline or growth in the United States and around the world. A countries GDP affects how much, and how fast money is being circulated in a country, how many goods are its citizens buying. Because of this GDP will almost always congruently affect sales for a company. Another economic factor affecting YETI is the stock market. If the stock market is positive then they will be able to sell more stock and at a higher price, increasing the overall capital that YETI will be able to use in product development and put to future sales. YETI will also be affected by the unemployment rate in the United States. If the unemployment rate becomes high, less people will be able to have access money to purchase their products, especially given that they are a luxury brand and set at a luxury price. Also, if the unemployment rate gets too low, they will have a harder time filling the jobs they need in order to produce their products and complete orders.

Social Factors

Cultural belief and what society is valuing will affect how consumers view YETI Holdings Inc. YETI’s target market which is a middle-aged man with a moderate to high level of education that has a high level of discretionary income and lives a lifestyle that allows him time to enjoy a hobby such as fishing (YETI, 1). The percentage of these kinds of people that fit this mold will be affected by how the United States develops culturally. If this type of lifestyle becomes outdated, then it will directly impact the size of their target market. Also, YETI will be affected by the class makeup in the United States, the percentages of people living in lower class, middle class, and upper class will determine what percentage of the population will be looking to buy their products.

Technological Factors

YETI will mostly be affected by newfound ways of producing and manufacturing coolers as well as newfound materials that can insulate better. YETI will lose a percentage of their market if the public begins to recognize another competitor’s coolers are outcompeting YETI’s. YETI has been able to hold 90% of the luxury cooler market, but that doesn’t mean they don’t have to keep innovating to continually outperform in the outdoor space.

Environmental Factors

Climate change will be something that YETI Holdings Inc. will have to worry about in the near and long-term future. As YETI is targeting a large part of the outdoor fishing, and hunting market, seasons and temperature can impact the amount of people camping, the amount of fish in the river, and number of huntable animals. As the number of hunters, fishers, and campers will affect their target consumer base, it will also have an effect on their sales. For this reason, YETI’s sales will be impacted by environmental factors like pollution levels and the amount of land that is still being set aside for camping, fishing, and hunting.

Legal Factors

YETI will be affected by hunting and regulation laws that exist in the countries that it is conducting business. YETI’s profitability will also be affected by laws enforced to create better working environments for employees. If YETI has to change its operations to meet new working condition guidelines set by law, it could increase the total cost of production as well as affect the company’s ability to complete orders.

Porter’s Five forces

Threat of New Entrants

YETI currently holds a 90% market share (Portable,1) in the luxury cooler space. Because YETI has established its brand, and its base market over the years, it is able to obtain high margins on their products and receive discounts on the production side. This makes it very hard for a new competitor without a product that is vastly better than YETI’s to compete effectively in the industry. Because of the minimized pressure of the creation of new companies in the luxury cooler space, current companies will likely see sales reflecting the markets growth, making this industry attractive.

Bargaining Power of Suppliers

Many suppliers can create and produce luxury coolers and the other items YETI and many of its competitors have in their product portfolio. In relation to the number of suppliers capable meeting the needs of companies in the luxury cooler space, there is a relatively low amount of companies in the industry. This makes it so suppliers are forced to fight for business by offering lower prices, minimizing their bargaining power. Competition on the side supplier’s side in the luxury cooler industry is weak, making this industry attractive.

AFI stands for Analyze, Formulate, and Implement, three major tasks to help managers when they are in competitive situations. In the analyze phase you should ask yourself, “What is strategy?” I believe before going into a situation you should always have a strategy thought all the way out so when put in certain situations you will be prepared for anything. The formulation phase is when you have figured out your strategy but now how and where to use it. The final step is the implementation phase, in this phase you will figure out what is most effective and how to turn your strategy into actions. In each of these phases it is important that the managers focus on each phase as they plan their strategy, as these phases are very helpful when making a successful strategy.

Mission, Vision, and Core Values of an Organization

One of the first steps as listed in chapter 1, “ To gain and sustain a competitive advantage is to define an organization’s vision, mission, and values.” (Rothaermel, Strategic Management, page 11) Defining the company’s vision is very important, and I feel should be the first step because the company’s vision is what is seen in the long run. For this process you should make sure to think carefully and think through many strategies before you take any sort of action. When thinking of a company’s vision think about what the company aspires to be and what they want to accomplish, short term and long term. A successful vision in a company will motivate their employees and make them proud of the company that they work for.

The next step is creating your companies’ mission. Your mission should describe what your company does, what is it that your selling, and what market your company will be competing in. In order for this process to be effective it is important that the company backs up whatever it is that they are saying. According to the chapter, “To be effective, firms need to back up their visions and missions with strategic commitments, in which the enterprise undertakes credible actions. Such commitments are costly, long-term oriented, and difficult to reverse.” ( Rothaermel, Strategic Management, page 13)

A company’s values must be the strongest piece between the three. A company can have very strong vision and mission statements but if their values are in the wrong place those two just will not be strong enough to hold a company afloat. A company’s values also help employees know what kind of company they are working for and help provide them with a moral compass.

Caterpillar Inc. Mission Statement

Caterpillar Inc. mission statement is, “to provide the best value to customers, grow a profitable business, develop and reward people, and encourage social responsibility.” (Thompson, 2018) A way that caterpillar is showing best value to their customers is by providing them with the best value possible in machines. Caterpillar has also grown a very profitable business as also stated in their mission statement. Caterpillar does a good job as well with rewarding their employees for their performance.

Conclusion

When creating a company, it is very important to have a very strong mission, vision, and core values to your company. Caterpillar Inc. mission statement I believe is very strong in many ways. They hold up to all of their statements from showing their best value to their customers to showing their employees how much they appreciate and value them.

References

1. Thompson, A. (2018, August 15). Caterpillar Inc. Vision, Mission, Intensive Strategy, Five Forces, SWOT. Retrieved December 2, 2019, from http://panmore.com/caterpillar-inc-strategic-analysis-vision-mission-swot.
2. Rothaermel, F. T. (2019). Strategic management. New York, NY: McGraw-Hill Education.