Business Model And Strategic Plan Part I

1117 words - 5 pages

BUSINESS MODEL and STRATEGIC PLAN PART I
BUS/475
January 12, 2015

BUSINESS MODEL and STRATEGIC PLAN PART I
When conceptualizing a new product line of compact track loaders for Terex Corporation it is necessary to develop a strategic plan to meet the needs of the consumer and a innovative mission statement, vision, inline with Terex Corporation’s values. This will assist Terex Corporation to achieve success in its new venture. The division to manage this new product line will be customer-focused, adhering to an innovative mission statement reaching to attain the company’s vision. It will address the customer needs; therefore, achieving a competitive advantage.
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The mission statement describes the current business and purpose: who we are now, what we do, and what is our purpose. The mission statement conveys the company’s purpose in a language that is specific enough to give the company its own identity separate from its competitors.
The vision statement visualizes the management’s vision of the future of the company. The vision shares with its employees, customers, investors, and potential investors the far-reaching aspirations of the company, where it will be in the future. An effective vision is distinctive and specific to the company. The vision statement should be written as an affirmation. It will serve as management’s tool for giving the company a sense of direction and enable management to fall back to as a source of inspiration.
Core Values
A companies core values are its beliefs, traits, and behavioral norms that the company personnel are expected to display in the course of conducting business while pursuing its strategic vision and mission. Companies identify four to eight core values, Terex Corporation have identified seven. Companies whose values are real, managers connect these values to the integration of the strategic plan.

Track Loader Division
The mission statement of the Track Loader Division is: “To provide excellent customer service and innovative solutions to our customers through our services, machinery, and industrial products in an effort to yield superior productivity to our customers and investors.” The vision statement is: “We provide the world with the tools and machinery that make innovative and visionary dreams reality, “If you can dream it, we can provide the tools and machinery to build it.” The mission and vision statement are aligned with the companies mission and vision to improve the lives of people around the world, by providing solutions to our Machinery and Industrial product customers that yield superior productivity and return on investment.
The division values are excellent customer service, integrity, communication, innovative thinking, creativity, honesty, diversity, and leadership. These core values expand on and reaffirm the company’s core values by focusing on customer service, innovation, development, honesty, and leadership. Integrating the mission, vision, and core values will enable the division to develop a business strategic plan that will provide the direction to meet the needs of our customer and achieve a competitive advantage. The division will integrate the Terex foundational elements in its business systems. These are its customer driven business processes, superb Human Resource practices, Leadership Commitment to a competitive advantage...

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