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Part 1 Please use references and citations
Write 600–800 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas..
As the firm looks for ways to offset the domestic downturn in sales, Deborah, the CEO of your company, wants to determine if a global strategy is a good fit for the organization. She has designated you as the manager for this project. You will work with your team to develop a global marketing plan for your organization.
You begin your research in deciding if and what the global strategy should be. You get your team together and begin to discuss a plan on how you will research this possibility.
You start the meeting by saying "Let’s brainstorm and start to get a plan together for a possible globalization strategy. Tiffany, I’d like you work with me to begin researching possible locations."
Tiffany says, "I think we need to research some locations, but I think there is more to it than that. There still needs to be a decision on the type of strategy or approach we are taking. Would we use a multidomestic approach, a global approach, or a transnational approach? I’m still not entirely convinced a global strategy is the answer."
“Great point, Tiffany. It is obvious to me as well that we need to explore a strategy that will put us in a better position to handle the economic downturn. We have to provide the board with the facts. They seem to be leaning in the direction of a global strategy, but I'm not sure it's the right move either. That's why we need to do research.”
Domestic profit margins have dropped by 2% this quarter. You wonder how you and your team can help fix this. Is a global strategy the answer, or should the company continue to focus on the domestic market?
You call a team meeting to learn about the progress of their research.
Tiffany, one of your team members, begins the discussion. "I think we need to look at some of the internal factors," she says. "We know what our capabilities are on the domestic front, but what about in the global market? We have a fairly strong market presence here in higher-end markets, but how does that translate globally?"
Discuss the following:
- How do you define a global strategy? Compare and contrast global strategy with other international expansion strategies.
- Identify a minimum of 3 possible countries for globalization. Research each of these locations in the furniture industry, and document both the pros and cons of using these in global strategy.
- What country would you choose? What evidence can you provide in support of your choice?
- What evidence might somebody else, who does not agree with you, provide to support an alternative choice?
- Recommend two or three areas to benchmark in preparation for the decision regarding global expansion.
Part 2 Please use references and citations
Write 600–800 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
As you close your weekly meeting with Deborah, she says, “There are some very good ideas here. I would like to see you continue with a global marketing plan. We need more concrete analysis and data for the presentation. Get your team to work.”
After your meeting with Deborah, you briefly meet with your team to discuss moving toward a more formal analysis.
“Tiffany and Mike, we need to provide a more detailed analysis,” you explain. “You’ve done a great job so far looking at what resources we need and potential countries, but we need to really dig deeper on this.”
Tiffany nods her head in agreement. “Definitely,” she says. “We need to look at some internal variables as well as political, environmental, sociocultural, and technological environments of the countries that we are considering.”
Mike interjects, “Well, that’s something we should consider, but it’s not the only way to analyze this type of project. This is such a big decision, and we need to give as much information as we can.”
You reply, “Great point, Mike. We should look at this from a couple of different angles.”
The next step in your strategic marketing plan is to determine the tools that are needed to conduct an analysis of the industry and competitors. Complete the following:
- What are the best tools to use in this situation?
- Provide a brief summary of at least 2 of these tools.
- Why do you think these are the best ways to analyze the market?
- How will you use these tools in your plan?
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RUNNING HEAD: Strategic management in dynamic environment
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RUNNING HEAD: Strategic management in dynamic environment
Part 1
Introduction
This project necessitates the research concerning growth the global marketing plan,
identifying three probable globalization nations, a personal explanation, and choice on one of
them. Global strategy is the one which a corporation takes when it wants to expand and compete
on a global market. The strategy organizations seek after when wishing to develop worldwide.
The global strategy can be characterized as plans that the corporation develops to the target
developments beyond its borders (N.A., 2006). To be specific, it focuses on augmenting the sales
of services or goods. It’s an abbreviated tenure which covers just three stratagems which are;
global, multinational, and international. Organizations must seek after these strategies on the off
chance that they wish to develop.
Benefits of Globalization
The three countries possible for globalization included China, India, Russia, and Brazil.
These nations are the ones that are ideal for manufacturing our products. These nations have
solid monetary forms and a consumer populace, which is proliferating. They were selected for
the manufacturing locales dependent on their ongoing economic development, political stability,
utilities, and the overall operations' cost (M.U.S.E, 2019). China has encountered an extensive
industrial developing ever since opening itself to the places international market two decades
prior. Its furniture commerce is vast, profoundly dependent on the regional tastes, has appreciates
enormous developments due to open worldwide marketing. It is well known as a basement for
exportation. The consequence is the huge foreign investments in the facilities for production,
generally due to low labor expenses, and abridged rates of import tariff. International
organizations will have to compact its tax regulations, corporation policies, distinguishing the
superlative furniture market to be tapped into and also setting up excellent networks for
distribution (N.A., Chi...