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Tools Corp is a retailer of popular brands of household appliances, tools, and garden furniture that have an influential position on the market. However, representation predominantly in the United States makes the corporation dependent on fluctuations in the American market. Late entry into the e-commerce market and outdated infrastructure leave Tools Corp behind competitors. While the corporation’s sales remain at a high level, consumers’ experience and feedback are at a low level, suggesting more marketing strategy problems. Although net income rose from 9.2% to 11.5%, the issues presented and the external circumstances complicated by the world pandemic can decrease income.
The report offers an expansion of Tools Corp Inc. to the Japanese market, especially in e-commerce, to address these issues. Tools Corp products are relevant for this territory, and their small and medium sizes contribute to the development of online trade. The plan proposes to focus on three stages – for a 1-year, 5-year, and 10-year period. The critical tasks are to study the market, use the obtained data in building a marketing strategy and increase brand recognition. After building relationships with new customers, the corporation will focus on maintaining and improving them and upgrading the tool’s operation and the stability of financial resources. What is more, considerable attention should be paid to employees’ well-being and competencies, as those factors influence plan implementation (Ahmad & Ahmad, 2019). During the proposed period, Tools Corp Inc. should strengthen in the Japanese market.
This recommendation is valuable because it contributes to the corporation’s stability and expands its capabilities, allowing it to keep pace with competitors. The strategy’s financial goals are revenue growth of 40% per year and maintaining profitability with an allocation of more than 60% for the business investment. To implement the plan, assets such as new employees and additional funding for their recruitment are needed. They should focus on exploring the new market and e-commerce participation strategies. Development and expansion to the Japanese market are necessary for Tools Corp for further success.
Reference
Ahmad, I., & Ahmad, S. B. (2019). The mediation effect of strategic planning on the relationship between business skills and firm’s performance: Evidence from medium enterprises in Punjab, Pakistan. Opción: Revista de Ciencias Humanas y Sociales, (24), 746-778.
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