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Case Discussion

Smithfield Custom Furniture (Part 2)

As a result of its consultants’ wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder’s grandson, Jonas Smithfield III. He has run the company for the past twenty years.

The company now has 247 retail stores. 220 stores are spread throughout the 50 states, and 27 stores are located in England, France, and Germany. Each country has 9 stores. In total, the company employs 13,000 people. Approximately 40% are manufacturing, distribution, quality control, design, delivery, administrative, and back-office work. Approximately 60% of the employees are in retail stores.

It has been Smithfield Custom Furniture’s mission to target the wealthiest segments of the market. The company does all its manufacturing in the United States at six facilities, recently modernized with the latest equipment. They use the finest and most exotic woods to make distinctive furniture for their clientele. Much of their work is limited edition, and they try to ensure demand is slightly higher than supply for each product they make.

For the past 20 years, Jonas Smithfield III has been aware of the financial growth in a large segment of the workforce, primarily due to more women in the workforce holding full-time and professional occupations. He knows too that families are moving more often and may not need or desire the exclusivity of his furniture. His last concern is that his plants may not be working as efficiently as they could. In other words, he realizes his plants could produce less of the high-end furniture if the company developed a line of products that was still upscale—aimed at mid-career professional households.

1. Explanation of Mission Statement Requirements

2. A Mission Statement for Smithfield Custom Furniture’s New Product Line

3. Explanation of Vision Statement Requirements

4. Vision statement for Smithfield Custom Furniture’s Product Line

5. Application of either of Michael Porter’s two strategies — Competitive Advantage (low cost versus exclusivity) or Competitive Strategy (Five Forces Model)

6. Priority Order/Justification Smithfield’s 3 Next Steps

——————————————————————————————————————————————————————-***What is required***

Your Task Format for Your Response Post

Two Options for Your Required Replies to Classmates

Option 1 is to find an issue of the classmate to whom you respond with which you disagree. You must state why you believe there is a better manner to address a particular issue that differs from your classmate’s response. You must state the major idea associated with your choice and why that idea applies to the issue more appropriately. You must support your reply with course materials, in-text citations, and references.

Option 2 occurs if you agree with all of a particular classmate’s initial posting responses. In that case, you must expand on one issue that your classmate presented. Your enhancement will provide more depth or other related factors that your classmate should consider. Your reply must be supported with course materials, in-text citations, and references.

You may use either Option 1 or Option 2 for each different classmate to whom you respond.

“Required, your task is to reply to 4 classmates,
instructions below”

Instructions for Responses to Classmates’ Posts

A response posting should be a minimum of one short paragraph. Word totals for these posts should be in the 75–150-word range. Your response posts’ goal is to extend discussions already taking place or pose new possibilities or ideas not previously voiced. Your goal should be to motivate the group discussion and present a creative approach to the topic. Do not merely agree or disagree, repeating what a classmate stated or what you have already stated. Explain the ‘why or how’ with supporting evidence and concepts from the course material. Include in-text citations and associated references within a reference list.

**All 4 student needing responses are in four different word
documents attached and responses need to be separated to each word document and
students name for posting in the correct areas.**

Course Materials (This is the only material that can be
used):

Mission, Vision, and Values | Principles of Management. (2021). Retrieved 29 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-mission-vision-and-values/

Pros and Cons of Planning. (2021). Retrieved 30 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/reading-pros-and-cons-of-planning/

Putting It Together: Planning and Mission. (2021). Retrieved 29 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/putting-it-together-planning-and-mission/

Stages and Types of Strategy. (2021). Retrieved 30 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/stages-and-types-of-strategy/

The Role of Strategy in Management. (2021). Retrieved 30 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/the-role-of-strategy-in-management/

Why It Matters: Planning and Mission. (2021). Retrieved 30 October 2021, from https://courses.lumenlearning.com/wmopen-principlesofmanagement/chapter/why-it-matters-planning-and-mission/