Business Brief Template Course Project
The first part of the assignment has already been completed. The first part of the project is attached. Please look at the first part of the “completed” assignment and then complete the rest of the assignment.
MUST USE TEMPLETE TO COMPLETE ASSIGNMENT:
Competencies
In this project, you will demonstrate your mastery of the following competencies:
- Explain the drivers of globalization and how they impact business decisions
- Differentiate between domestic and international business environments
- Describe the factors that contribute to international market attractiveness and entry
Scenario
You are a business analyst working at a small domestic organization that produces high-quality baseball bats. Your organization has begun to see its sales flatten in the domestic market. While the organization is not losing money, leadership would like to explore options to continue growth. One option that leadership has noticed competitors attempting is entering international markets.
You have been asked to examine the benefits, drawbacks, and key considerations for your organization to enter one of the global markets below, and to summarize your findings in a business brief for leadership.
Use the following international markets to use for your course project:
- Germany
Directions
Develop a business brief that explains why many organizations are investing in efforts to expand their businesses internationally, the key impacts of global business, and cultural considerations for entering the global market. You will then create a market profile and outline market considerations for your chosen international market. Use the
Business Brief
Template in the
What to Submit
section to complete this project.
- Drivers for Global Entry: Explain the purpose of global expansion, business impacts of global business, societal impacts of global business, and cultural considerations using evidence from course and outside resources to support your explanations.
Purpose of Global Expansion: Explain key benefits of successful global expansion for domestic organizations.
Business Impacts of Global Business: Explain how global expansion of a domestic organization can impact business operations such as strategic planning, marketing, supply-chain management, human resources, and so on.
Societal Impacts of Global Business: Explain how the global expansion of organizations has impacted society, citing specific examples regarding culture, transportation, employment, infrastructure, and environmental climate.
Cultural Considerations for Global Business: Explain the importance of researching the culture of a potential global market prior to market entry, as well as key cultural considerations to explore to inform expansion decisions. - Market Profile: Compare and contrast important cultural, political, and economic elements of your selected market versus the United States to explain similarities and differences between cultural practices, attitudes, economic factors, and political environments.
Cultural Profile: Compare and contrast important cultural elements of your selected market against those in the domestic market, including communication, values and attitudes, cultural dimensions, and so on.
Political and Economic Profile: Compare and contrast important political and economic factors for your selected market against those in the domestic market, including political systems, current leaders, and economic measures or characteristics used in classification.
Legal and Regulatory Profile: Compare and contrast important legal and regulatory requirements of your selected market against those in the domestic market, including trade restrictions, regulations of products or services, legal processes for business transactions, and import restrictions or documentation. - Market Considerations: Compare and contrast important market considerations for your selected market against those in the domestic market. Explain the similarities, differences, and considerations for conducting business between the two markets, such as general legal and regulatory requirements, monetary and management logistics, and mode-of-entry considerations.
Monetary Considerations: Explain how monetary considerations such as currency, exchange rates, and exchange-rate management would impact the organization’s decision to expand into your selected market, using current exchange rates between your selected country and the United States to support your explanations.
Management and Logistics Considerations: Explain management and logistics practices that best address human-resource considerations for your selected market, such as management approaches or staff and labor laws and their impact on policies and procedures.
Mode of Entry Considerations: Describe advantages and disadvantages for traditional modes of entry that would be most appropriate for entering into your selected market.
What to Submit
To complete this project, you must submit the following:
Template: Business Brief (template is attached below)
Your completed Business Brief template should be a 750- to 1,000-word Word document. Sources should be cited according to APA style.
GLOBAL EXPANSION 4
Global Expansion
Ayanna Knight
2-1 Milestone One
January 14, 2021
Global expansion to Germany
Expanding to international markets is one of the strategic approaches to increasing a company’s sales and profitability. I believe German is the best country to expand to because of its manufacturing capabilities. It is also easy to get skilled labor from across the content due to the freedom of movement in Germany, and the presence of the Berlin tech hub has enhanced creativity and innovation in the country (Dumke, 2017). When implemented successfully, a business taps new markets learning to increase brand awareness and occupies a better industry position. It also enables a business to tap local talents in new markets that will enhance the productivity of the firm. International expansion helps a company to manage competition through an increased customer base and international recognition. When the firm expands to international markets, there is a guarantee of business growth accrued from the mentioned benefits.
Although beneficial, the move challenges domestic organizations to upgrade their certain strategic areas. In marketing, the strategies have to be tailored to meet the needs of new markets. The business has to improve its strategic planning by efficiently allocating resources and adjusting its direction to meet international standards. Domestic organizations must have a global understanding of human resource management and get the right people to work for the company at the right costs (Verbeke et al., 2018). The supply chain must be robust and agile to serve multiple markets and adjust to changing demands.
This expansion is associated with significant impacts on society. It has led to the creation of jobs hence addressing the issue of poverty. It has also led to pollution of the environment through the emission of pollutants and other trading activities that have impacted the climate. There are increased shipping activities and enhancement of air transportation in the transport sector that play a significant role in globalization. The 21st century has witnessed the globalization of culture and sports, transforming religion, beliefs, and other social fabrics.
International businesses deal with cross-cultures, and research in culture informs the domestic organization of marketing and employee recruitment activities. When moving to an international market, there are key cultural considerations. The first one is the language that influences brand names, advertising, and general marketing. The cultural preferences in terms of products will inform the varieties to manufacture or avail to the markets. The third factor is the religion that affects people’s way of life, clothing, holiday activities, food, and beverages (Watson et al., 2018). Lastly, the company should also gather information on Germany’s material culture, including technological goods, transportation, availability of resources such as natural gas and electricity.
References
Dumke, R. H. (2017). Tariffs and market structure: the German Zollverein as a model for economic integration. In German Industry and German Industrialisation (pp. 77-115). Routledge.
Verbeke, A., Coeurderoy, R., & Matt, T. (2018). The future of international business research on corporate globalization that never was….
Watson IV, G. F., Weaven, S., Perkins, H., Sardana, D., & Palmatier, R. W. (2018). International market entry strategies: Relational, digital, and hybrid approaches. Journal of International Marketing, 26(1), 30-60.