You are the Chief Executive Officer of ASC and your executive management team has recommended that ASC open a facility overseas to produce, market, and distribute the new, innovative UV sanitation device. You are cautiously optimistic of the likelihood of success internationally, but there are some issues you want to address further to ensure eventual profitability of the operation. Based on what you have learned to date, what specific topics would you find important in order to decide to accept the recommendation from your executive management team to open a facility overseas to produce, market, and distribute your sanitation product.
To successfully complete this assignment, you will have to draw on the information you researched in each of the weekly assignments. Specifically:
In Week 1 you were asked to explain globalization and its impact on markets, production, jobs, wages, and culture.
In Week 2 you were asked to determine the analysis techniques in order to select a business strategy to enter the global marketplace.
In Week 3 you were asked to compare and contrast the benefits of utilizing an e-commerce marketing strategy.
In Week 4 you were asked to explain the benefits utilizing an export strategy.
In Week 5 you were asked to describe potential international promotional strategies.
In Week 6 you were asked to determine international facility location planning.
In Week 7 you were asked to explain human resource management in an international setting.
Running Head: BUSINESS COMMUNICATIONS1 BUSINESS COMMUNICATIONS3 BUSINESS COMMUNICATIONS Table of Contents What advice would you offer the management team to help them to be successful in managing this new global initiative?3 What soft skills do global managers need to demonstrate in an international environment?3 How important is marketing in a global sales strategy?3 How important are the political, legal, and socioeconomic conditions to ASC?3 References4 What advice would you offer the management team to help them to be successful in managing this new global initiative? To get success in their global initiative the managers need to understand the cultural differences. Their strategies should consider this aspect as what is right for one culture may not be right for another one (Hopkinson, Zils, Hawkins and Roper, 2018). It is advisable to rope local talent for understanding market dynamics as they are acquaint with likes and dislikes of the community. For distributing their product they can enter into partnership with a local company or creating a joint venture, which will help to take advantage of their respective expertise. Entering in to the market and getting access to existing customer base will be beneficial. It will help to face competition with reduced cost and already established infrastructure. What soft skills do global managers need to demonstrate in an international environment? The managers need cross cultural communication skills in order to manage the diverse workforce as it requires sensitivity, respect and diplomatically handling of issues. They should also be tolerant towards cultural differences. They should have emotional intelligence, which indicates self –awareness and control over the emotions (Dean, 2017). They need to possess resilience so that failures and setbacks open new opportunities and not just disheartened approach. Global managers are leaders too because of their adaptive thinking. International business requires dealing with circumstances, which are changing due to political reasons or environmental or technological reasons. Managers need to be flexible and agile at the same time so that changes can be dealt with. It might require change in strategy or approach towards a particular tactic. How important is marketing in a global sales strategy? In global platform business are blurring the physical boundaries and extending their support beyond. They have customers form different part of the world and their presence is not limited to a particular geographical location (Kimball, 2021). With the advent of social media as a marketing tactic it is easy to reach existing and potential customer base. Businesses need to leverage this advantage and need to make sure their digital presence. They have to look for ways by which they can connect their digital customers. Posting videos on YouTube, engaging posts on Facebook and Twitter are ways to bind the audience with the company and its campaigns. This keeps them updated about new products, how to reach company for the product and share their views about it. It also helps the company to make improvements in their strategies and their products. How important are the political, legal, and socioeconomic conditions to ASC? Political, legal and socio-economic conditions are part of PESTEL analysis, which helps a company to take decision of moving ahead with a particular country for its expansion plans. Political conditions: Political conditions define the government, its approach towards new and international business, stability if the government and the way business scenarios are supported. Legal conditions: Various trade laws are important for business because they will define the viability of operations in that particular country. Socio-Economic conditions: It indicates the spending power of consumers, societal and cultural norms prevailing in the region. ASC needs to face these conditions while launching its product in the international market as it is going to impact the revenue generation and success of the product in the foreign market. References Hopkinson, P., Zils, M., Hawkins, P., & Roper, S. (2018). Managing a complex global circular economy business model: opportunities and challenges. California Management Review, 60(3), 71-94. Kimball, C. (2021). 2021's Most Effective Outbound Sales Technique for New Markets. Dean, S. A. (2017). Soft skills needed for the 21st century workforce (Doctoral dissertation, Walden University). The University of Queensland 1 MANAGEMENT MANAGEMENT International Business Individual Lecturer: Student Submitting: Due Date: 16/10/2021 Abstract Companies has to consider different while entering in to international market. A small change in the international will directly influence the internal and external operations of the business. COVID 19 pandemic provided opportunities to new companies to came up with innovative ideas and plans. The market for sanitizers are increasing day by day, for capturing the market share, the companies has to come up with new innovative sanitation product. In this research paper we are analysing the steps the new company has to consider prior to entering the international market. To get success in their global initiative the managers need to understand the cultural differences. Their strategies should consider this aspect as what is right for one culture may not be right for another one. Due to the impact of globalization, whole world is considered as a single market. For going beyond the boarders the managers to consider different internal and external factors influencing the business. Now we can analyse the steps the new company has to consider while entering in to the international market. Reviewing the internal and external strengths of the company For entering in to international market first of all, the company has to assess its own strengths and weakness (Dang et al 2020). The managers have to ensure that the company have the capacity and ability to expand in to other countries and they also have to consider the availability of the resources for managing the day to day operations of the company. The company also has to analyse the quality of the manpower they have for controlling and managing the operations in other countries. Developing an entry strategy and executing the strategy at right time After reviewing the internal and external strengths and weakness of the company the company has to select a market entry strategy based on nature and cost of the product. As per the report of Business Insider (20190 companies are using different market entry strategies such as; 1. Franchising 2. Merger and Acquisition 3. Takeover 4. Direct Exporting 5. Licensing For the sanitizer company, it is better to select option of direct exporting, it helps for selling the products directly to the buyers in other countries. Direct exporting provides more freedom and control to the company and it also helps for understanding the customer requirements (Ref et al 2021). Direct exporting also helps the company for understanding the consumer preference and interest. Selecting skilled and competent employees For managing the competition in foreign country, we required the support of skilled workforce. The company has to select skilled and competent employees for managing the operations and the company also has to provide training and development programs to the employees. Assessing the competition The company also has to conduct detailed research for understanding the strategies and tools used by the national and international competitors. The company has to develop effective strategies for managing the competition from other companies. While analysing all these aspects we can understand that before entering in to the international market the companies has to consider different factors. References Dang, Q. T., Jasovska, P., & Rammal, H. G. (2020). International business-government relations: The risk management strategies of MNEs in emerging economies. Journal of World Business, 55(1), 101042. Ref, O., Feldman, N. E., Iyer, D. N., & Shapira, Z. (2021). Entry into new foreign markets: Performance feedback and opportunity costs. Journal of World Business, 56(6), 101258. 4 Assignment: BU530 What are the challenges the organization will face when electronically marketing and selling this product outside of the United States? The major challenges that the sanitization company might face while selling its products and services through e-commerce channels outside the United States will be attracting the target customers. The online customers have adopted different ways of shopping than they used to do in the past. There are various other forms of e-commerce platforms like Amazon and Alibaba for ordering and purchasing of products (Daniel, et al., 2018). The use social media as a reference for alluring the customers with their varied range of products. Further it’s the customers who uses mobile phones as well as various other analytical tools for evaluating the products. There has been various changes and alterations in the way the consumers swallow the information and are able to link online. Further it is extremely difficult to acquire the traffic or the customers which have been targeted in a different country. What are some of the issues the team needs to be aware of before launching this product for sale electronically? Presently, there has been varied changes made with respect to the digital promotion strategies. The retailers do not rely on a single communication process rather has planned for various other strategies to increase the traffic in their e-commerce shop. For enhancing the sanitization business online, the US company can emphasize on emails, SEO, display ads and pay per clicks (PPC) to enhance the online stores traffic. It is extremely difficult to nurture the process. It is extremely essential to connect with the subscribers else the list of email is worthless. Therefore, it is essential for the sanitization company to work with a smaller email list for establishing the relationship with the clients. Advertising through email is also an essential process to connect with the customers. There in order to close the deal it is essential for nurturing the potential customers and driving the valuable traffic. The sanitization company must emphasize on updating the list of emails leads along with the website so that the customers are able to acquire new information. This will help to acquire new clients. Acquisition of potential customers is quite difficult than retaining the existing customers. There will be numerous other challenges which will be faced by the sanitization company due to technical glitches. This may also be due to the incorrect support from the associates who are unable to manage the action plans. Therefore, the organizations must choose the appropriate shopping cart, software for sending email, management of inventory and the customer relationship management system ((Laudon & Traver, 2016). On the contrary, there can be decline in growth of the sanitization company in a foreign country if they choose incorrect agencies to conduct the marketing campaigns. The must select the correct people with whom they want to work. Collaborating with the correct people is significant for achieving the growth online. Further, it’s the leaders of the sanitization company and their decisions which will play a major role for achieving success. There must be