You, Mike, and Tiffany meet in a conference room to begin to assemble your final presentation.
This presentation will be the project deliverable, so you want to make sure you have provided all of the requirements.
Mike begins, “I think we’ve done some pretty good analysis on our strategy. We just have to put the pieces together before the final presentation.”
“We do have some solid information, but we have to look at all the parts to see if we can remain competitive,” Tiffany adds.
Complete the following:
IP 3 is attached
Running Head: GLOBAL EXPANSION
GLOBAL EXPANSION 2
Mgmt 690: Global Expansion
Date: June 4, 2021
The Balanced Scorecard
In essence, the balances scorecard yields insightful information on four key perspectives of the business. These perspectives are described below;
This gives information on how the target market perceives the company. This customer centric approach of the global expansion ensures that the corporate mission aligns with the interests of the customers. That is, the global expansion should not only benefit the bottom-line of the company but also deliver a product or service that meets the particular needs of the customers. This implies ensuring that the product or service is packages in a quality manner and is delivered on time to the customers, thus creating value to the intended customers. In achieving the standards of time, quality and performance, the global expansion could target the right partners to help the company deliver to its customers (Amason, 2010; Gioeli, 2014).
Internal Business Perspective
This looks at how the company can apply best practices so as to meet the expectation of its customers. This means analyzing internal operations to establish bottlenecks in processes, decisions and/or actions that hinder operational excellence. The company should establish those business processes that has the highest potential in impacting customer satisfaction. Such processes include design productivity, manufacturing excellence in quality and cost. Cycle time, as well as employee skills (Amason, 2010; Gioeli, 2014).
Innovation and Learning Perspective
This focuses on what can be done to add value to the customers. This entails establishing parameters that are significant for competitive success. Global competitiveness is achieved through constant improvements on existing products and/or service as well as the introduction of new products or services. Improving on existing product/service offering will increase the ability to offer address the dynamic needs of the global customers. In this regard, the company should aim to introduce, new products, rapidly, and at the right time as such products will play a key role in the financial success of the business going into the future (Amason, 2010; Gioeli, 2014).
This takes into consideration the financial interests of the stakeholders of the company. In other words, the global expansion should ultimately enhance the bottom line of the company especially in terms of profitability, business growth and shareholder value. The global expansion should take into account both the short-term and long-term financial interests of the company. Thus, financial metrics such as Return on Investment (ROI) would help guide whether the venture has potential for profitability (Amason, 2010; Gioeli, 2014).
Other Strategic Frameworks for Global Expansion
This gives information on the internal and external factors that help in evaluating the viability of the global expansion plan. Strengths yield information on operational excellence of the company that give it a competitive advantage over its competitors. Weaknesses give information on areas where the company performs lowly and hence impeding its success. Information on these issues will help form a baseline for future improvement in the business process of the company (Amason, 2010; Gioeli, 2014).
Opportunities give information on factors external to the company that increase the chances of success in the global market. Such opportunities include technological advances that will for instance reduce operational costs on the new foreign market. Threats are external factors that may limit the future success of the company in the new foreign market. Knowledge on these factors will help the company undertake strategies that will mitigate, eliminate or reduce these risks in the new market (Amason, 2010; Gioeli, 2014).
Porter’s Five Forces
This framework will help yield information on the competitiveness of the company in the new foreign market. It takes into account various factors such as buyer power, supply chain as well as the relative competitiveness of the company within its industry to evaluate the strength of the global expansion strategy (Amason, 2010; Gioeli, 2014).
In conclusion therefore, the various frameworks; balanced scorecard, SWOT analysis, and Porter’s Five forces give a wholistic approach on the viability of the global expansion strategy. These strategies compliment each other to enrich the global expansion strategy (Amason, 2010; Gioeli, 2014).
Amason, C, A. (2010). Strategic Management: From Theory to Practice. Routledge Publishers.
Gioeli, A. (2014). International Business Expansion: A Step-by-Step Guide to Launch Your Company into Other Countries. Over and Above Press.
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