Baldwin
- 1. Baldwin C52769 Adriana Mercado Kirby Coffey
- 2. Mission Statement Our mission is to provide a wide range of quality products to our customers. We will accomplish our mission by assessing our products for adequacy, effectiveness, and efficiency, using innovative technology. Through review of the company’s processes for planning and objective setting and for risk management, internal control, and governance over the attainment of these objectives, our employees will give constructive input toward improved processes and operations. We will maintain a dynamic, team oriented environment that encourages personal and professional growth, and challenges and rewards our employees for excelling and reaching their full potential.
- 3. Vision Statement Our vision statement is to provide the highest quality products and services that consistently meet customers’ expectations and our competitors’ capabilities while continuously improving our manufacturing process. Increase customer awareness by 20 percent for the next 5 years. Increase customer accessibility by 30 percent within the next 5 years. Reduce our emergency loans completely and increase our profit margin.
- 4. Strategy The strategy that we have used over the past 8 years has been to constantly change the size, performance, and styles of our products to keep those products new in our customer’s eyes. WE only have a few different products but we work hard to keep these products at a level of quality that meets our customers needs. Revising these products and never letting them get outdated. We never let our age of revision be more than 2 years. For our industry to be successful in the long run we are also minimizing our variable costs and raising our contribution margin.
- 5. What we learned • Analyse the market and its competing products • Create and execute a strategy • Coordinate company activities • The importance of the balanced scorecard • The market has different segments with different expectations.
- 6. Customer Expectation Our customers always want perfection, but it is impractical to have “perfect” products. In many cases we had to settle for “great” products, but the better the products, the higher the costs. Our task was to give customers great products while still making a profit.
- 7. Price Expectations • Each segment of customers have different price expectations. One segment might want inexpensive products while another, seeking advanced technology, might be willing to pay higher prices. • Customers wanting better technology prefer newer products. The ideal ages for these market segments are generally less than two years. Other segments prefer proven technology. These segments seek older designs.
- 8. Age expectations Age plays an important role in the market: Each segment has different age expectations, that is, the length of time since the product was invented or revised. Some customers might want brand-new technology while other customers might prefer proven technology that has been in the market for a few years.
- 9. Emergency Loans Emergency Loans are often encountered when last year’s sales forecasts were higher than actual sales or when the Finance Department failed to raise funds needed for expenditures like capacity and automation purchases. We will eliminate Emergency loans by using our last year’s sales forecasts and making an exact estimate of the following year sales.
- 10. Training We will invest as much as possible in training our employees in order to increase our productivity and have a lower turnover. This will favor our company’s profits. We use the exact complement to ensure that we do not put our employees into overtime and also make as many products as we can at the level of quality of our customers desire. Because we invest so much money in training our employees, our turnover rates are very low, in fact, the lowest in the market, on average, over the past 8 years.
- 11. How we plan to enhance your investment over the next 5 years • Acquiring the capital needed to expand assets, particularly plant and equipment, in order to be able to raise our production levels and increase our sales. • Selecting and monitoring performance measures that support our strategy. • Setting accounts payable policy and accounts receivable policy to be able to determine the number of days between transactions and payments. • Driving the financial structure of the firm and its relationship between debt and equity.
- 12. Thank you We would like to thank you for the opportunity to work with your company for the past 8 years. It has been a wonderful, enriching experience, and if you allow us to stay and work with your company over the course of the next 5 years, we guarantee we will not let you down.