Reference no: EM132797876

QUESTIONS THAT CAN BE ASKED WHILE DEBELOPING MISSION STATEMENT
• What do we do?
• Whom do we serve?
• How do we serve them?

FOLLOW THIS EXAMPLE AND USE YOUR OWN WORDS

Mission(CHANGE USING YOUR OWN WORDS)
Design and manufacture premium sensors that hold up to the test of time and empower our clients to produce products that promote safety, productivity, and creativity across the global community.

Vision Statement(THIS IS GOOD -DON'T CHANGE UNLESS YOU CAN IMPROVE)

Andrews' vision is to give customers the cutting edge of innovation of sensors with easy access, latest design, variety, affordable prices, and trust to pay for highly developed sensors. We will focus on investing our money/your money on both automation and introduction of new state-of-the-art sensors. Our research and design will concentrate on improving the measurability, recording and adaptability of our sensors that will translate to greater quality for our products. Together we will see the changes in the world.

Core Values (CHANGE USING YOUR OWN WORDS)
Distinction - We are committed to maintaining a presence in every segment of the industry. Our competitive advantage comes from distinctive products, outstanding designs, product awareness, and accessibility.

Responsiveness - We will cultivate an R&D proficiency where designs remain relevant and exciting, products stay in sync with the market, capacity expands as demand increases, and decisions take into account stakeholders' best interest.

People First - We make sure our teams feel valued and appreciated. Our company gamification program and quarterly department show-and-tells are just two ways to celebrate our people's talents and contributions.

Adaptability - We remain forward-facing in our capacity to adjust to new uses for our products and changes in the industry. Always mindful that absent adaptability, lemons are just a sour fruit instead of everyone's favorite cool, summertime drink.

Background

Established towards the end of 2019 following the government breakup of an industry monopoly, Andrews's Sensors is one of four resulting companies that hold on average a 25% market share of the sensor industry. The company's approach for increasing overall market share is to pursue a broad differentiator strategy characterized by comprehensive market coverage with distinguished products, high visibility, easy accessibility, above-average prices, and synchronization of capacity and demand. However, we reserve the right to adjust our strategy where it's beneficial to our stakeholders.
Strategy(CHANGE USING YOUR OWN WORDS)

R& D - We aim to exercise R&D across our entire product; however, due to the timeline between R&D and bringing a product to market and varying customer requirements, not all segments will be equal in this regard. The traditional and low-end product will incur fewer iterations, whereas the remaining 3-5 products will maintain a 1 to 2-year cycle.

Cost Control - We view developing production competencies, and as a result, successfully reducing per-unit cost as an effective strategy for effectively addressing product drift across our planned lineup of products.
Marketing(CHANGE USING YOUR OWN WORDS)

Pricing - As a broad differentiator, we aim to employ slightly higher than average pricing; thus, competitors pricing and consumer tolerance are vital metrics in this regard

Forecasting - Determining demand for upcoming years as accurately as possible requires us to leverage a combination of; total market share, anticipated market growth, varying product segment specification, price, age, and our level of motivation to compete in a given sector.

Sales & Promotions - Given that both awareness and accessibility are directly tied to sales and advertising, we view it as the highest priority to invest substantially in both functions. Moreover, since these functions have the distention of losing 1/3 of their reach each calendar year, it is vital that funding for such be the last consideration if and when deliberating financial cuts. Thus, facilitating maximize exposure and leading sales is the intended goal of each function.

Cost Strategy - We believe that developing core competencies in production, management, and capital utilization are the most effective tools for managing scarce resources. Such a strategy's successful execution directly impacts the cost per unit, employee compensation, R&D, promotion, automation potential, etc. Due to our above-average pricing across the field, we view it as our objective to be a cost leader in the same spaces.

Financing - As previously stated, financial competency regarding how we choose to deploy our recourses is the compass by which we're guided. Moreover, we expect that each dollar we deploy has a measure and anticipated return on investment. We clearly understand that the sensor industry requires large amounts of investment to produce products. We hold that stock's early issuance to raise needed capital for growth and subsequent market capitalization is warranted. Furthermore, based on preliminary exploration/discussion, we believe that such action is not a shared sentiment of our competitors. Thus, we anticipate our post stock evaluation to be of considerable significance within 5 to 6 years.

Attachment:- MISSION STATEMENT REWRITE.rar