1. Clarification required for the mission statement
This mission statement describes the steps a company should take in order to reach its ultimate goal. It is distinctive and describes how the company will stand out from competitors. Through the mission statement, stakeholders are made aware of the organization’s raison d’être (Lumen Learning, 2021). This statement must outline the benefits that the organization can bring to the sector or wider community.
Smithfield Custom Furniture’s New Product Line: Mission Statement
Provide mid-career professional houses with affordable, high-quality furniture.
3. Clarification of the Vision Statement Prerequisites
Vision statements provide a vision of the company’s future. The vision statement should be thorough enough to win support from all stakeholders. (Lumen Learning 2021). It provides an extensive summary of the company’s core value proposition. This is an image of the company’s business goals.
Vision Statement for Smithfield Custom Furniture’s Product Line
We aim to offer five-star furniture for a fair price.
5. One of the two strategies suggested by Michael Porter: Competitive Advantage (low-cost vs exclusivity), or Competitive Strategy (5 Forces Model).
Porter’s concept of competitive advantage is about achieving success by being unique or low-cost. Jonas Smithfield II will use this model to identify a target audience in the furniture industry (mid-career professionals households). This method generates four Lumen Learning competition strategies (2021). The four strategies include targeted differentiation, general differentiation as well as targeted differentiation. Recent approaches combine low-cost and differentiation.
Priority Ranking/Justification Smithfield’s Three Next Move
Establishing the product’s goals is the first step. This will allow you to define the objectives of your new product line and determine how best to achieve them. Constructing facilities is the second priority (Lumen Learning 2021). It involves creating external and internal conditions, such as staff training and rules, as well as physical premises. Last, the emphasis will be on evaluating alternatives (Lumen Learning 2002). Firms will decide how they will reach their goals. They will use distinctiveness, cost-effectiveness, and other methods.
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