High Performance Tires Executive Brief
High Performance Tire
High Performance Tire is a family owned business that was founded in 1952. The founder’s daughter, Jane Wallace, ran the company before turning over management responsibilities to her son, William Wallace in 2001. Since then, the company’s performance has declined. High Performance Tire’s reputation in the industry has turned to negative and employee turnover rate have increased. Jane Wallace is concerned of how the business is running. Her intention of keeping the company within the family is threatened with her son’s inability to run the business effectively. This case is important to look at because it demonstrates the importance of having a strategic plan prior …show more content…
This can help HPT determine if the cost associated is worth the benefit in the long run. This tool can also be used to assess the current environment HPT is in and help answer why the business is not doing very well. The last recommendation is for Jane Wallace to analyze the whether or not to keep William Wallace as the manager of the business. She can use the tool such as the Plus/Minus/Implications (PMI) to weigh out the pros and cons with her decision. William Wallace lacks the experience to run their business on his own at this time. It is suggested the company should hire an experience manager to run the business alongside Mr. Wallace. Mr. Wallace can still remain involved in the company to help ensure the company stays family owned as Jane Wallace desires.
There are a few strategy tools that High Performance Tires (HPT) can use to come up with strategies to get them out of their current situation and to continue to be in business. First, they should thoroughly analyze their company both internally and externally by using the SWOT (Strength, Weakness, Opportunities, and Threats) analysis tool. Conducting a SWOT analysis can give an overall picture of the company. It can identify the company’s strengths that they need to capitalize on and opportunities they can take advantage of to expand. It can also identify areas of the company where they are weak in which they can