Question: From the reading above and placed in priority order, what should be the 3 next steps Jonas Smithfield III should take to enhance his chances for success if he moves ahead with the new product line?  Please describe in a 2-3 sentence rationale for each.

SMITHFIELD'S CUSTOM FURNITURE

It is 1901. Alicia Smithfield, daughter of the founder of Smithfield Custom Furniture, just inherited the company. She is the only surviving heir to the furniture empire her father built. Headquartered in upstate New York, the company has grown significantly over the past 60 years. Began in a shed built next to his log cabin, Jonas Smithfield's quality furniture developed a huge following among New York City's wealthiest residents. After being educated in the best business schools in Europe and America, Alicia has run the business side-by-side with her father for the past 15 years. When there were many issues confronting the business, a tree being felled took an unexpected route and brought Jonas' life to a surprising end.

The company had just moved to a facility large enough to house its workers: 10 carpenters; 5 furniture designers; 5 wood finishers (varnish and dye experts); 10 machine operators to assist with the various equipment needed to cut the wood into various designs, polish and sand the wood; 5 mechanics to keep the vehicles (5 trucks) and boats (7) that transported wood from upstate New York and Canada to the work area in good repair; 15 lumberjacks who cut wood in nearby areas and moved it downriver by boat or over the rugged highway by truck; and 5 office personnel who assisted with filing, invoicing, drafting and responding to correspondence, handling customer inquiries, and performing other necessary office functions. More than half of these employees were hired in the past 5 years.

As a result of its consultants' wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder's grandson, Jonas Smithfield III. He has run the company for the past twenty years.

The company now has 247 retail stores. 220 stores are spread throughout the 50 states, and 27 stores are located in England, France, and Germany. Each country has 9 stores. In total, the company employs 13,000 people. Approximately 40% are manufacturing, distribution, quality control, design, delivery, administrative, and back-office work. Approximately 60% 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 distinctive 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 Smithfield 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 moving more often and may not need or desire the exclusivity 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 developed a line of products that was still upscale aimed at mid-career professional households.

Question: From the reading above and placed in priority order, what should be the 3 next steps Jonas Smithfield III should take to enhance his chances for success if he moves ahead with the new product line?  Please describe in a 2-3 sentence rationale for each.