As a result of its consultants' wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 193?. and the company has been headed by the founder's grandson. Jonas Smithfield |l|. He has run the company for the past twenty years. The company now has 24? retail stores. 220 stores are spread throughout the 50 states. and 2? stores are located in England. France. and Germany. Each country has '9 stores. In total. the company employs 13,000 people. Approximately 409-6 are manufacturing. distribution. quality control. design. deliyery. administratiye, and hack-office work. Approximately spas 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 distinctiye 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 Smithfielcl 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 moying more often and may not need or desire the exclusiyity 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 deyeloped a line of products that was still upscale aimed at mid-ca reer 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)