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1.) The mission statement requires that a company describes how they will achieve their vision statement (Lumen Learning, n.d., "Module 3: Mission, Vision, and Values", para. 5). The company will specify the industry in which it partakes in, and how it will differ when compared to its competition. The mission statement differs from the vision statement in that it focuses on specific components of a company, whereas a vision statement is done in broader scope (Lumen Learning, n.d., "Module 3: Mission, Vision, and Values", para. 4).

2.) A mission statement for Smithfield Custom Furniture could be "To produce the best quality furniture for the consumer by using the latest equipment and finest wood"

3.) The vision statement requires that a company does a broad idea of what it strives to achieve within the market that they compete in (Lumen Learning, n.d., "Module 3: Mission, Vision, and Values", para. 4). As the vision statement can basically be seen as the overall dream for a company, the specifics of how the company will achieve said dream is left to the mission statement (Lumen Learning, n.d., "Module 3: Mission, Vision, and Values", para. 5).

4.) A vision statement for Smithfield Custom Furniture could be "To provide high quality furniture for households across the nation"

5.) The 5 different competitive strategies introduced by Michael Porter are overall differentiation, overall low cost, focused differentiation, focused low cost, and an integrated approach (Lumen Learning, n.d., "Module 4: "Stages and Types of Strategy", para. 4). From my analysis, the current product line is using differentiation to gain a competitive advantage, while his new product line while use an integrated approach. The differentiation strategy revolves around a product offering unique and high value features (Lumen Learning, n.d., "Module 4: "Stages and Types of Strategy", para. 6). Smithfield is using the finest and most exotic wood to produce their furniture, and they are targeting the wealthiest segments of the market. The integrated approach revolves around low costs while providing higher value products compared to the competition (Lumen Learning, n.d., "Module 4: "Stages and Types of Strategy", para. 7). Smithfield wants to start a new product line that would aim at mid-career professional households. With this new product line, they would be able to keep costs low while also enticing new consumers for whom income is more limited.

6.)1: (Strategic Objective and Analysis) I would suggest that Smithfield starts off with a revision to their mission statement (Lumen Learning, n.d., "Module 4: "Putting It Together: Environments and Strategic Management", para. 2). With the new product line, Smithfield will be opening up their market to a whole new group of consumers. The inclusion of this new product line and group of customers should be reflected on the mission statement itself.

2: (Strategic Formulation) Secondly, I would suggest that Smithfield does an assessment of its work environment so that a plan can be devised to fit said environment (Lumen Learning, n.d., "Module 4: "Putting It Together: Environments and Strategic Management", para. 3). Managing resources will be key for how successful Smithfield operates, so by assessing the environment, they can find the best places to which they can divert resources to.

3: (Strategic Evaluation and Control) Finally, I would suggest that Smithfield set up some contingency plans in order to expect the unexpected (Lumen Learning, n.d., "Module 4: "Putting It Together: Environments and Strategic Management", para. 4). With the introduction of the new product line, a whole new hosts of factors that affect how the company operates will be introduced. With contingency plans, the company will have a safety net to rely on, should an unexpected problem pop up in the future.

References:

Lumen Learning. (n.d.). Mission, Vision, and Values.https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

Lumen Learning. (n.d.). Stages and Types of Strategy.https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/

Lumen Learning. (n.d.). Putting it Together: Environments and Strategic Management.https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/putting-it-together-environments-and-strategic-management/