Analysis and discussion on Vision, mission and objectives of Wallace Group

“Product diversification in industry to have a hold on market through development of product

and extension of lines.”

Totally unclear vision and mission statements. Corporate strategy needs to be updated.one
perspective was that it was based on shareholders’ value and it should be based on corporate
value strategy. The structure needs to be reshaped as there was no proper human resource, no
integrated marketing information system. The corporate strategy currently In place Is one that Is
useless to the growth of the company. In order to maintain a hold in any of the three industries,
electronics, plastics, and chemicals, The Wallace Group must begin by re-designating presidents
and vise- presidents of the Individual entities using a hierarchy strategy. Currently, Mr.Wallace
is president of all three entities. Mr.Wallace needs to bring in new Presidents for each of these
companies. Mr.Wallace can maintain Presidency of one of the three companies. For growth
purposes he should allow new, young blood to take the position of President of the imagining
two companies to move the companies forward. Mr.Wallace may maintain One new presidents
are found, and they possess a forward thinking attitude, the company should begin to see growth.
However, the problems do not end here. In order for companies to be successful in a constantly
changing environment a strategic management plan will need to be developed which consists of
four phases: basic financial planning, forecast planning, externally oriented (strategic) planning,
and strategic management. Another issue facing The Wallace Group is their need to evaluate
current performance results. According to a letter to the shareholders, the dividends are less than
the year prior, which were less than the year earlier. Which means that the dividends are on a
decline. The Wallace Group needs to begin generating more profits by as previously stated,
evaluating their performance results. How can they reorganize corporate staff in all three entities
will help the company begin forward growth. Lastly,The Wallace Group needs to create the
strategic vision, which is totally missing in corporation. If The Wallace Group wishes to lift this
tiredness from the company, it needs to develop a plan that helps employees feel accomplished
and important. Top Management needs to project a feeling of passion onto the members of their
groups. With management motivated and eager, the employees will become the same. If the
Wallace Group is willing to put these terms into action a turn around should begin.