Myers Companys Current Situation - Case Study Example

REPORT FOR MYERS COMPANY STUDENT’S NAME: INSTITUTION: INSTRUCTOR’S NAME: DATE: TO JOHN C.ORR CHIEF EXECUTIVE OFFICER MYERS . COM.INC DEAR SIR REF: ADRESSING FOR THE PERFOMANCE ANALYSIS REPORT The purpose of this report is to identify some areas that need to be improved in the company. An analysis of the company history and its performance renders us to conduct an analysis by the use of management tools whereby we are going to identify some new goals for the improvement of company performance. The report will highlight about the company and in this case the mission statement will be highlighted as well. The factors that have led to the performance of the company for the past years are the result of the mission and the vision statement. Therefore, the goals of the company determine the performance of the employees. As a consultant, it is important to identify the key drivers to performances of the company which will take us through to the results of the company. The five competitive strategies as highlighted by the porters are the key points to be noted in analyzing the performance of the company. Thereafter, a review of the SWOT analysis will also be used in the development of the new goals of the company. It is obvious that every strategy has some tactical plans and hence the new goals should have the plans on how to achieve them. At the end of the report are the recommendations for the improvement of the company performances and how to achieve the newly formed goals through implementing the tactical plans. Introduction Myers is a company that deals with the manufacturing and distribution of household electric equipments. As an expert management consultant, I am writing a report for the purpose of reviewing the current performance of the company and developing strategies and recommendations that will improve the future performance of the company. The report is important because it will highlight some aspect that need to be analyzed and new strategies formed. Also, a tactical plan will be reviewed, and the implementation process analyzed for the purpose of achieving the new goals. A SWOT analysis will also be used in making new goals. There are several sections to be included in the report; these are for example the current performance of the company, the drivers of the current performances which are the mission statement, the goals of the company and the implementation program that is used by the company to achieve its objectives. The report will also involve the SWOT analysis used by the company and from the evaluation and analysis of the SWOT analysis; new goals will be developed so that the company will be able to perform better. A tactical pan is also involved in the report with the conclusions and recommendations made on the company performance. Company’s current situation The company was formed in the year 1993 with the aim of distributing household equipment ranging from valves, manifolds, tube fittings, pressure indicators, temperature indicators, and transmitters. These among many more equipments have been distributed under the effort of the company. The current situation of the company indicates impressive performance and therefore the need for a company to ensure that these performances are geared towards attaining a competitive strategy. The company mission statement which is “to provide high-quality, cost-effective specialty products including instrumentation, process valves, tube fittings, hose assemblies and regulators along with value-added services in a timely manner to clients with industrial applications in Pennsylvania, Ohio, West Virginia and Maryland”, has been the driving force of the company. The company has, therefore, devoted their services towards ensuring that customers get the best from their service and hence they have added value to their services. The company serves some major regions where it has established customer loyalty. Situation analysis SWOT analysis is important because it helps in identifying factors that drive the success of the company. It identifies the strengths, weaknesses, opportunities and threats. In this case, Myers has the strengths listed which have helped the company to achieve its goals. Companies have used the SWOT analysis as a management tool which has helped the company to realize its areas of weaknesses and strengths and hence use the opportunities to overcome the weaknesses and use the strengths to overcome the threats. SWOT analysis of Myers Company Strengths Weaknesses The company has a loyal customer who has been able to keep the company in a competitive phase. Strong management team from the chief executive officer down to the bottom. The company serves major regions and has expanded their retails globally. Well developed and organized strategies that have helped the company achieve its objectives Inadequate online presence, for example, the use of the internet to deliver goods and service. The company lacks clear service differentiation compared with those of competitors Opportunities Threats The company has adopted the use of technology to developing new equipments that meet the needs of the customers The marketing strategies of the company are efficient, and they have used every aspect of creating awareness to attract customers. Introduction of better services by competitors at lower prices The company faces internet threat whereby competitors have adopted the use of internet to deliver their products and services Changes in customers taste and preference thus reducing the sales. Porter’s five competitive forces The purpose of the use of Porter’s five competitive forces is to enable the company to understand the industry concept. In this case Myers will use the five competitive forces in order to have a clear insight on how the industry operates and how the companies will adjust their new goals so as to stay ahead of the competition. The supplier power, threat of the substitutes, threat of the new entrants, the buying power of the customers all points towards the rivalry in the market. The five forces should be analyzed by every company that intends to form new strategies and implement them. The company has, therefore, used the five competitive forces as follows; the supplier power helps the company to develop strategies intended to enhance the supply chain. The supplier power enables the company to determine the differentiation strategy and from the company history, it’s clear that there has been a strong differentiation that has enabled the company to serve its customers well. The threats of substitutes are also another force that helps the company to know the level to which the treats will impact on their performance. In this case the company will develop strategies that will enable them to overcome the threats by the use of opportunities from the SWOT analysis. Threats of new entrants also enable the company to analyze the impacts of entry and exit to the market on their customer relation. When it comes to the buying power and the level of rivalry, they all contribute towards the decisions made by the company to improve on the performance by the use of SWOT analysis. Recommendations Having analyzed the strategies of the company together with the mission statement, it is important to highlight some new goals that will help the company overcome the five competitive forces. These goals are; To develop a customer relationship with the new retails To ensure effective performance by reviewing the employee performance contracts To achieve greater heights through the use of technology to innovate new products To attract customers globally through effective use of internet To make more profits For a company to achieve the new goals it should have some strategies, these strategies are geared towards ensuring success of the implementation programs that will be developed by the company; Analyzing the performance contracts of the employees and developing a system that will motivate them towards achieving the objectives of the company. The company will use the internet as a means of reaching customers globally, and this will reduce the costs of marketing. Therefore, the use of the internet as a technology is a strategy that aims at improving the company sales. The company intends to expand its retail shop globally and hence enabling the customers to access their products. The company has to ensure that there is an efficient customer service team that will provide customer service to the customers and hence developing a customer relationship that will last. The company will analyze the five competitive forces and develop a decision making system that reviews the forces and enables the development of appropriate implementation systems. The purpose of recommending the goals and objectives are for the sake of the company’s success. There are various aspects that derail the success of the company, and they are identified through the review of the five competitive forces. The SWOT analysis that has been identified by the company also helps in developing the strategies that will ensure better performance of the company. The recommendations are the key steps to the improvement of the company which will be helpful for the global image of the company. In order to ensure complete implementation of the strategies, the company has some tactical actions that will guide the implementation process. These actions are for example; Undertaking the analysis to ensure that the implementation of the strategies reaches all the intended customers. Therefore, the company will conduct a feasibility study on the target market. Undertaking market research to assess the customers and the competitors, this will enable the company to set the phase for the implementation strategies. Undertaking a promotion strategy to create awareness on the introduced products in the market, this will facilitate more customers to access the company profile and get the new updates for the new products and services. Conclusion The purpose of the report is to implement strategies that will improve the performances of the company through the developed strategies. All the strategies are geared towards the success of the company and therefore the action plans are developed which will facilitate and motivate the employees to work as a team towards achieving the objectives of the company. The company intends to use technology as a means to venture into the newly identified market. It will, therefore, accomplish it by implementing strategies that are geared towards the use of the internet in promoting the company. The recommendations made are intended to provide a guideline to the company as per the analysis done in the company. From the past performance of the company, there are future projection for the performance of the company whereby the identified aspects of SWOT will be used in ensuring that the future performances are better and that the performance of the employees are considered when it comes to making decisions. Reference Appendix SWOT analysis of Myers Company Strengths weaknesses The company has loyal customer who have been able to keep the company in a competitive phase. Strong management team from the chief executive officer down to the bottom. The company serves major regions and has expanded their retails globally. well developed and organized strategies that has helped the company achieve its objectives Inadequate online presence for example the use of internet to deliver goods and service. The company lacks clear service differentiation compared with those of competitors opportunities threats The company has adopted the use of technology to develop new equipments that meet the needs of the customers The marketing strategies of the company are efficient and they have used every aspects of creating awareness to attract customers. Introduction of better services by competitors at lower prices The company faces internet threat whereby competitors have adopted the use of internet to deliver their products and services Changes in customers taste and preference thus reducing the sales. The five competitive forces Read More