Writing a 7 - 10 page paper focused on COLGATE company that was able to meet the challenges that it faced moving into the new Millennium. The focus of your paper must be two-fold. First, you must describe the challenges that the company faced (explaining why these were challenges for the company) and second, what actions the company took in order to mitigate or eliminate these challenges. Structure: In order to write this paper, the student must understand my expectations of a 13 - 17 page paper. Your paper must have the following sections: 1 2 Section title page Abstract of pages 1 1 3 Executive summary 4 Introduction 1-2 5 Body 5-8 6 Conclusion 1 7 Bibliography 1 8 Appendixes 2*/ 1 2 pages Notes Approximately 200 words in length, an abstract is a summary of your paper a minimalistic overview of the essential information concerning the company that you have chosen to write about (see below for added details) a short introduction to your paper identifying the industry in which your company works, the company that you have chosen to analyze, and a breakdown by sections as to how your paper will unfold. The body contains the meat of your paper in which you will do a kind of comparative analysis in which you will look at what the company was like (prechange), the environmental conditions that necessitated change and how the company changed so as to overcome the challenges of the new millennium and adapt to a new set of environmental conditions (factors) Summing up your paper and making recommendations as to what the company needs to do in order to more successfully move forward. the primary and secondary references that you used to gather information concerning the company * Your first appendix will be your executive summary that you will refer to in your paper. The other appendix is a historical timeline profile of major points in the company's development from startup. Executive Summary What to Include in Your Executive Summary If You Are an Established Business: Below are several key points that your executive summary should include based on the stage of your business. If you are an established business, be sure to include the following information: 1. The Mission Statement - This explains what your business is all about. It should be between several sentences and a paragraph. 2. Company Information - Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s). 3. Strategic objectives - List the company's financial and non-financial strategic objectives in this section. 4. Growth Highlights - Include examples of company growth, such as financial or market highlights (for example, \"XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section. 5. Strategic Business Units - If a company is large and performs a number of separate activities each of which has market share and has or lacks the [potential for growth or no growth, this will give you an indication as to how the company might look with regard to such tools as BCG's Boston Box. 6. Your Products/Services -- Briefly describe the products or services you provide. Of note, when looking at the product line and/or services offered by the company, an indication of its organizational strategy (as referenced by Miles and snow) may become apparent. 7. Financial Information - If you are seeking financing, include any information about your current bank and investors. 8. Major competitors - Though not necessarily germane to the writing of the 'usual executive summary', creating a side by side table of the strengths and weaknesses of your company and its major competitor(s) will force you to look deeper into the company that you are about to analyze giving you valuable information for inclusion in your SWOT analysis. 9. Summarize future plans - Explain where you would like to take your business. With the exception of the mission statement, all of the information in the executive summary should be covered in a concise fashion and kept to one to two pages. Therefore make every word count. Body When writing the body, you must be sure to focus on the environmental factors that were emerging i.e. the overriding issues/ factors that needed to be addressed, their apparent cause(s), systems affected and alternatives considered (briefly) - from doing nothing to major change. Paper timeline 12/10 Industry chosen and company 14/10 Executive summary + references (list only) 19/10 Introduction 23/10 abstract + first draf 28/10 final draf Running head: COLGATE-PALMOLIVE COMPANY The Colgate-Palmolive Company Name Course Institution Date of Submission COLGATE-PALMOLIVE COMPANY 2 Abstract This paper presents a discussion on the Colgate-Palmolive Company, its inception and the journey to its current niche in the global market, as well as the potential challenges it has faced in the course of generational growth. The company had a humble beginning in 1806 through the efforts of William Colgate. Even though he died years later after the foundation of the company, his son, Samuel Colgate took over the management, which has resulted to its current position. Through the collaborative works of specialized researchers and scientists, the company has developed various brands in four main areas. It therefore continues to grow, commanding a current market share of about 54 percent, which is the leading in the fairly competitive industry. However, it has also faced major challenges, some of which have emanated from political instability, environmental issues, technological changes as well as poverty and income inequality facing the consumers. The company has demonstrated effective management strategies, through which they have managed most of the challenges. COLGATE-PALMOLIVE COMPANY 3 Executive Summary The company was started in 1806 by William Colgate. Colgate-Palmolive Company has registered successful survival over the centuries as an American-based company, with its headquarters in New York City. Despite having been incepted in America, the company has grown over the decades to become a multinational corporation, with consumers for their products spread across the globe. The company specializes in the production and distribution of household, personal l products as well as healthcare items such as soaps, detergents and toothpastes. In tandem with the mission and vision statements designed in tandem with the slogan, the new manager of the Colgate brand worked to ensure that the company's journey to success is achieved. Just as other businesses, Colgate-Palmolive has also gad a fair share of the challenges faced in the business playing field. There are challenges that often stem from the various factors that determine the nature of the business environment. However, the key to providing remedies to such challenges involves proper strategies in effective management, through which an organization can diagnose a problem, and identify sustainable solutions. It has remained susceptible to the challenges associated with political instability, technological advancements, social trends, and poverty as well as income inequality among the consumers. Through effective management and strategy development, the company continues to command the greatest market share of about 54 percent. COLGATE-PALMOLIVE COMPANY 4 The Colgate-Palmolive Company Since its foundation in 1806 by William Colgate, the Colgate-Palmolive Company has registered successful survival over the centuries as an American-based company, with its headquarters in New York City. Despite having been incepted in America, the company has grown over the decades to become a multinational corporation, with consumers for their products spread across the globe. In its current operations, Colgate Palmolive ranks among the top company in the household as well as personal products industry (Akhtar, et.al, 2015). More particularly, the company specializes in the production and distribution of household, personal l products as well as healthcare items such as soaps, detergents and toothpastes. The current multinational corporation could not have existed without the innovative approach to business of the founder William Colgate. Having been soap and a candle maker, Colgate tested his entrepreneurial skills by opening an independent starch, soap as well as detergent factory on the Dutch Street in the city of New York. At the time of opening the starch, soap and detergent factory in New York, the company bore the name William Colgate & Company. Through collaborative works of research in attempts to develop a brand, the first Colgate made its way into the market through a newspaper advertisement in 1817. However, the initial blow to the development of the company became the death of the founding Colgate in 1857, after which Samuel Colgate took over the operations of the company as Colgate & Company (Bloch et.al, 2013). Even though it is indicated that Samuel Colgate, the founder's son, did not bear a similar ambition as his father to drive the company to attain the desired goals, he had to push on to success, having felt it was the right thing for him to do after the death of his father. As a result of his concerted efforts to grow the brands, Samuel Colgate ensured that the first Colgate toothpaste COLGATE-PALMOLIVE COMPANY 5 was sold in 1873. The first toothpaste products reached the markets in jars, after which the company developed tubes for selling and distributing the products. In tandem with the mission and vision statements designed in tandem with the slogan, the new manager of the Colgate brand worked to ensure that the company's journey to success is achieved (Bloch et.al, 2013). For instance, the company began filling its human resource team with high skilled scientists and other specialized researchers, who worked in close collaboration in developing the toothpaste brand to suit market needs. The scientific research efforts contributed to the advancing popularity and benefits of the product to the consumers, as the company laid strategies seeking to modernize its operations as a modern business. In the current market, the company's sales have grown to rank among the top, with figures surpassing $15 billion annually. The company has therefore specialized into four main areas, including oral care, home care, pet nutrition, as well as personal care. Its popularity has grown to cover more than 200 countries across the globe, enjoying massive sales and profits. The Colgate-Palmolive Slogan The Colgate-Palmolive has a slogan stated as, Colgate World of Care. A critical analysis of the slogan statement reveals that it has also had a major contribution to the development journey of the company, leading to attraction of large number of consumers. The slogan is short and memorable, and helps the company to catch the attention of the consumers, since it is mostly used during advertisement of their products (Bloch et.al, 2013). The slogan creates a psychology of trust and loyalty to the leading brand of toothpaste, soap as well as other detergents, leading to the company's association with ability to produce and distribute quality care products. Colgate-Palmolive Vision and Mission statements COLGATE-PALMOLIVE COMPANY 6 The mission and vision statements at Colgate-Palmolive have been a true reflection of their identity, values, purpose, as well as a definition of the principles under which h the business operates. The mission statement is stated as, \"As a Company that strives to be the best truly global consumer products company, we are committed to doing business with integrity and respect for all people and for the world around us.\" The mission statement has therefore provided a broader aspiration of the company's operations both at the present and future operations. In addition to the mission statement, the vision statement is also a source of inspiration to the company's workforce, giving employees and the entire team a clear path of success to attain the desired goals. The vision statements says that "As we plan our strategies to sustain growth for the years to come, our core values of Caring, Global Teamwork and Continuous Improvement will continue to drive our future initiatives." Challenges that have faced Colgate-Palmolive Company Just as other businesses, Colgate-Palmolive has also gad a fair share of the challenges faced in the business playing field. There are challenges that often stem from the various factors that determine the nature of the business environment. However, the key to providing remedies to such challenges involves proper strategies in effective management, through which an organization can diagnose a problem, and identify sustainable solutions. Political Instability As a multinational company, Colgate-Palmolive operates in more than 200 countries, each with a different set of policies with reference to the nature of business conducted and taxation (Moskovich, Waguespack & Russell, 2013). In cases where there have political COLGATE-PALMOLIVE COMPANY 7 instabilities in countries where they operate, the company has had to face direct economic impacts such as higher taxation rates. Furthermore, the company has also been subject to the changing legal frameworks guiding the operations of business in respective countries, which forces them to develop new strategies for survival in such markets. For instance, the 9/11 money laundering, which led to the creation of other compliance issues, the company had to develop other strategies in order to counter the legal impacts (Moskovich, Waguespack & Russell, 2013). Income Inequality and Poverty Income inequality and poverty, as well as high rates of unemployment in many countries where the company operates have been a cause for the low purchasing power among its consumers. With low purchasing power, there are decreased profit margins. There are also more advanced cases such as Pakistan, in which the company has had to reduce the prices for its commodities, since consumers who are unable to purchase seek alternative and cheaper products. Environmental Regulatory Policies It is evident that every country has a set of environmental policies that define the mode of operations for every industry within its borders (Patel, 2013). Such regulations are aimed at achieving environmental stability through the reduction of environmental pollutants. However, the challenge in this case is that there is a great sense of diversity in the nature and provisions of such policies, which vary from one country to another (Moskovich, Waguespack & Russell, 2013). Colgate-Palmolive has therefore faced difficulties in formulating different policies for each country where they have a branch. The company, having had to show absolute compliance with such regulatory frameworks, has formed relevant legal team to ensure that they comply with such policies in the respective countries. COLGATE-PALMOLIVE COMPANY 8 Conclusion Colgate-Palmolive has gone through its operations over the decades, building its reputation as a leading company with the highest ethical standards (Akhtar, et.al, 2015). The company has manifested that is has been, and it continues to grow as a fertile ground for global teamwork, continuous improvements, as well as care in integrity as enshrined in the vision, mission and slogan statements. Furthermore, it has also displayed its efforts to live to the principles of honor and integrity, as well as concern for the environment just as enshrined in the legal frameworks for different countries, aimed at environmental sustainability. However, Colgate-Palmolive has also had a fair share of the business challenges. It has remained susceptible to the challenges associated with political instability, technological advancements, social trends, and poverty as well as income inequality among the consumers. Through effective management and strategy development, the company continues to command the greatest market share of about 54 percent. COLGATE-PALMOLIVE COMPANY 9 References Akhtar, M., Zada, N., Ahmad, I., & Zaman, N. (2015). Leasing or borrowing and buying decision: a case study of Bright Soap. Emerald Emerging Markets Case Studies, 5(2), 110. Bloch, B., Lee, D. K., Sorrentino, A., Nguyen, Q., & Carse, P. D. (2013). U.S. Patent No. D690,584. Washington, DC: U.S. Patent and Trademark Office. Moskovich, R., Waguespack, K., & Russell, B. M. (2013). U.S. Patent No. 8,393,042. Washington, DC: U.S. Patent and Trademark Office. PATEL, M. S. K. (2013). The challenges and strategies of marketing in rural India. Asia Pacific Journal of Marketing & Management Review. ISSN, 2319, 2836