Strategic Plan Essay Example | Topics and Well Written Essays - 2000 words

Strategic Plan - Essay Example This paper analyzes the presents an internal and external analyses of the Southco, Incorporated. This paper suggests that the company employs a differentiation strategy in achieving the company's objective of increasing market share and revenue. Our mission is to create continuous growth opportunities through strong customer connectivity and engineering excellence. We will seize these opportunities through seamless teamwork and by leveraging our operational excellence and supply chain management. Together, we will drive leadership, growth and extraordinary value for our customers, associates and shareholders. The success of a company is not only subject to its internal operation but is often to a large degree dependent to its environment. In fact, the mere survival of a company hinges on its ability to take advantage of the opportunities and surpass the threats posed by its external environment. Southco, Inc. belongs to the engineered access hardware industry. Like any other segment, this industry is primarily influenced by its remote environment like social, political, technological, ecological, and economic factors. The operation of Southco, Inc. ... It can be seen that innovations in one sector can largely affect another. For Southco, technological breakthroughs can amazingly influence the industry it operates in it by altering the way it does business. One example of this is the technological revolution brought about by the internet. In the case of Southco, this advancement has made its operation more efficient by offering a new way to market its product to its customers. Instead of just manufacturing its products, the company was able to streamline its value chain by cutting the distribution channels between it and the customers. The internet also removed geographical boundaries and helped the company reach out to a larger market. The internet technology facilitated the Southco's inbound logistics as it eased collaboration with present and prospective suppliers. Economic factors also have a great bearing on the operation of the engineered access hardware industry. As the company operates as an international player, it is exposed to various risk not faced by companies serving the domestic market only. The global economy has become more integrated as it is becoming a global village. However, each country does not perform the same way as the other. This explains the fluctuations of the value of currency in different economies. Southco is exposed to this risk as the value of its revenue in one country is always influenced by the value of the country's currency relative to the US dollars. Exchange rate fluctuation can be both harmful and beneficial in determining the performance of Southco's regional department. Industry Analysis The analysis of an industry and the significant forces in it can be best illustrated by employing Porter's Five Factor Model. Entry Barriers: HIGH Entry to the engineer access