Paper on Implementation of Global Strategies

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Business Finance

Colorado Technical University


Key Assignment

6-8 pages, minimum 5 sources APA format

Your work on your strategic global marketing plan is complete. You now have a plan that will implement, manage, and support a global strategy, but it is far from organized. You e-mail Deborah to inform her that you are almost ready and that the initial planning is complete. A little while later, the phone rings and you see Deborah's name on the caller ID.

“Hi, Deborah. What’s up?” you ask.

“I’d like you to present to the advisory board next week,” Deborah says. “They are very curious about your findings and would like to know if globalization is a good opportunity for the company. The board wants to finalize their strategic plan, and this may be a key part of it.”

After you hang up, you begin thinking through the different items that you will need to cover.

As you finalize the marketing plan, complete the following:

  • Is globalization a good move for the company?
  • What is your rationale behind this decision? Synthesize analysis conducted in previous units, including strategic considerations, cultural considerations, competitive analysis and balanced scorecard.
  • What geographic location should be a target for global expansion?
  • What background information can you provide to support this decision?
  • How will this decision support the overall goal of growth and expansion?
  • How would you refute someone with the opposing perspective?

please see my attached prior submitted documents for what to consolidate and summarize and REWORD. Geographic location is CHINA

Course Scenario:

Company Biography

In January of 2002, John Ferrer and his wife Deborah started their own corporation, a large custom furniture manufacturer located in Boston, MA. Their initial accounts were in the Northeastern region of the United States, and they annually observed a constant profit increase. By March of 2006, they were able to grow the company enough to go from five distribution and manufacturing plants to 10 to allow shipping to 48 states. Although they have two retail stores, one located in Phoenix and one in Boston, their primary source of revenue is online catalog sales. They have 10 manufacturing plants and distribution centers throughout the country.

John and Deborah’s corporation is known throughout the industry for its exceptional customer service and superior quality. The contemporary designs lend themselves to a younger market, and the customer base is predominantly upper-middle class because it is one of the highest priced furniture companies in the market. Part of the appeal of John and Deborah’s brand is their consistent involvement with the local communities to create green gardens. They have also been a major contributor to organizations that build houses for people in need.

One of their primary strengths is their vertical integration. They have a team of in-house designers saving the company design costs and allowing the flexibility to rapidly change designs as the market changes. Their products have been featured on several prominent home design and gardening shows and have been endorsed by several well-known designers.

Because of the recent housing market sales decline (8% from 2005–2006), home renovations have slowed significantly. This has impacted the amount of furniture and fixture sales and continues to impact revenue. Furniture sales in the United States have decreased significantly, and John and Deborah have recently been discussing the possibility of global expansion.

Another potential threat to their company is that many higher-end brands have been marketing aggressively and creating lines for popular retail stores. These allow the lower-income consumers to have access to high-end brands at a much lower price point. So far, these lines have been incredibly successful and have significantly increased profits for competitors. Many of these competitors have also had great success in the global marketplace with these lower cost replicas.

John and Deborah know that it is time to seriously consider expanding their business. They want to be able to make it through the economic crisis and rely on other ways to increase sales and business. They are open to looking into the global market, but they want to be sure that it is the right move for the business. They have requested an advisory board meeting next month in which you will present the global marketing strategy. As the market strategist, you will play a key role in helping the board decide if this is the right move for the company.

The Problem

You are sitting in Deborah Ferrer’s office. After the customary small talk, Deborah sits forward and states, “I am very impressed with the work that you have done as the strategic marketing manager. Since John and I started this company in Boston, we have seen continuous growth, but nothing like what we have seen since you started. However, the housing market is really starting to impact our profits. This last quarter’s numbers were not looking good.”

You reply, “The crisis has really hit us hard. We have some stiff competition, too, with the other brands creating retail knock-offs.”

She counters, “We’ve had great success with your strategies in the domestic markets, but we do need to think of a new approach and strategy. I have complete faith in your abilities to take this company exactly where it needs to go. I must say that we are really counting on you, and I know that you will follow through.”

“I will make sure that we do well. Do you have any new projects for me?” you ask.

Deborah smiles and says, “You know me well. I do have a new project for you. I sent you an e-mail just before our meeting. I’m curious if expanding in a global market would be a good move for our company. I would like you to look into this for me.”

“Our team is definitely up for the challenge,” you say with enthusiasm.

Deborah shakes hands with you warmly, and you make your way out of the meeting. As you drive out of the parking garage, you think about your success with the company. You cannot wait to get started.

Unformatted Attachment Preview

Running head: DEVELOPING GLOBAL STRATEGIES Developing Global Strategies using a Chinese Textile Farm Morganne Lamberth MGMT 690 Individual Project 1 July 14, 2018 Colorado Technical University 1 DEVELOPING GLOBAL STRATEGIES 2 Developing Global Strategies using a Chinese Textile Farm As expressed in Mike’s concerns that were told to me, we have a potential conflict on hand between the image and brand reputation we have as a furniture company of both quality and consistency and possibly risking our consistency and quality in global locations due to laws and regulations in foreign lands which would prevent us from maintaining operations the same way we have done for years in the expansion efforts. Resources as a Concern in a Global Strategy Efficiently sourcing and utilizing resources can help an organization maintain and expand upon a solid reputation. No matter how great a product is, if it is inaccessible to the people who truly have buying power or made from a company with a tarnished reputation, it will not get the sales amount that it truly is capable of. Inefficiencies can decrease market share, lead to a loss in customers and limit flexibility in expanding your market with innovations. Examining available resources and accessibility to them for a global strategy requires understanding sustainability in access to these resources and ensuring that assets are solid enough to be relied upon for years to come. Resources for a global strategy include materials, trained staff, machinery, as well as monetary assets which will be invested with the hope of a solid return. One form of asset that often gets overlooked but is quite vital are emotional assets (Henderson, 2018). Expansion efforts are stressful for not only executives, but employees as well. Due to this, limiting stress as you go is vital for maintaining success in the future. Because laws do vary from region to region as well as country to country, keeping in line with the laws of the land is a crucial concern. Concerns about Resources within China Because different countries have differing amounts of varying materials, materials that we use domestically to produce furniture may not be as readily available for our use or may be DEVELOPING GLOBAL STRATEGIES 3 more expensive and inefficient to use due to how customers perceptions of materials or the role of furniture being different in a country due to the culture. Raw materials and access to them is therefore a concern that must be considered in a global strategy with China. Additionally, even though business being conducted between north American continents and China is becoming more and more common, the language barrier will still be a limiting factor. Even for the many Chinese people who do speak English, there is plenty of room for miscommunication to occur due to how confusing of a language English is in how it doesn’t follow as strict a set of language and writing rules as do many other languages. Due to the variance in laws, delivery routes, marketing, and distribution sites can all be impacted in addition to standards that may differ in terms of warehouse size and maintenance and workers rights. Laws set the course for how anything that impacts the country and its people can and can not be done. Liability laws can hinder progression as can legality in terms of technology and its use. Government interference or inspection could be a sizable restriction. Some countries have government systems that expect certain payments of cash in order to continually operate as a foreign company within their land. If a government is not stable, doing business in that country can be a danger to the company. In case of conflicts, rebellions and revolutions, countries may nationalize resources and take control of foreign company’s assets in order to maintain control. Our company could become a target of rebel forces potentially (Johnston, N.D). Skilled labor is one item that is not in short supply in China. China is the most populated country in the world. With such a large population of intelligent and dedicated people to employ, furniture can potentially be made for less due to having employees who can take multiple roles and are highly efficient. DEVELOPING GLOBAL STRATEGIES 4 Impact of a Move to China As more and more companies and industries rely upon the Chinese workforce for inexpensive quality goods, a factory in China is a necessity for growth regardless of if a product is being sold to the Chinese citizens themselves or if it is simply produced there and shipped out as an export to other countries. According to the US-China Business Council, approximately twenty-three percent of respondents from US organizations see China as an imperative necessity. Seventy-one percent view solid footing in China to be one of their top five needs as a company. If there is a solid human-resources presence in China for our dealings, we should be able to have the means to be effective while regarding basic human rights and labor laws. Impact to Global Market’s Competitive Strategy As long as risks are adequately identified and accounted for, China could be a solid, lasting site for the development and distribution of our furniture items. In any expansion effort, it is imperative to maintain awareness of the current state of opportunities in order to be adaptable and lasting. Customers, raw materials, products, suppliers, distribution channels, advertisement methods, as well as competition can all change with little to no notice. Paying close attention to advancements in technology, which can increase efficiency and decrease costs is vital. Monitoring the needs of customers in a new region and keeping abreast of competitive advantages and new potential / backup suppliers will grant us solid footing in China (Markgraf, 2018). Customers can often be fickle in what they like as trends change. Suppliers could go out of business, raise prices, merge with others, or refuse to sell to foreigners. If we can keep focus on quality and maintaining the standard set in our local markets abroad, we will have staying power for years to come. DEVELOPING GLOBAL STRATEGIES 5 DEVELOPING GLOBAL STRATEGIES 6 References Henderson, K. J. (2018, June 27). 5 Resources you need to succeed to start a Business. Retrieved on July 16, 2018 from Johnston, K. (N.D). Global concerns of strategic management. Retrieved on July 16, 2018 from Markgraf, B. (2018, June 26). Factors that affect a firm’s competitive strategy. Retrieved on July 16, 2018 from Running head: INTEGRATIVE AND ANALYTICAL TOOLS Reviewing Selected Tools for Analysis of Global Strategy Morganne Lamberth MGMT 690 Individual Project 2 July 20, 2018 Colorado Technical University Consideration of Tools that Differ from Ones Chosen 1 REVIEWING GLOBAL STRATEGY TOOLS 2 For my posting on the discussion board, I chose the Porter’s Five Forces Model as well as the SWOT analysis. I felt that those two analysis methods could best help this company to fully assess the financial, legal, and cultural situations that the may face in their globalization and expansion efforts. After reading the discussion board postings of a few of my peers, I came across a few other methods of analysis that could potentially be a great help to the analysis for this company alongside the use of SWOT and Porter’s Five Forces Model. SWOT, although general and all encompassing is a very useful tool. I did ultimately come across a method I would recommend using over one of the ones I had selected and explained in my discussion board posting. In the discussion board, one particular post that I responded to was one written by Lucrecia Teichmann who wrote about several other analysis methods. Her post gave excellent explanations of the methods that she chose and it provided insight to me because I was familiar with them before reading her analysis, but was intrigued by why one would select those methods over others. Her methods discussed included Corporate Strategy, TOWS Matrix, PEST Analysis and 3Es of Operation. My main focus in reading her posting were on PEST. PEST stands for Political factors, Economic factors, Social factors and Technological factors. Political factors include laws that would affect the company in an overseas move. Laws that would impact the company include laws on tariffs and price regulation of raw materials, as well as taxes expected and laws about preservation of the environment. Economic factors relate directly to money matters and includes the economic viability of handing a growing business in a location as well as currency exchange rates, as well as potential for growth and interest rates. Social factors include the growth rate of the demographic who will comprise our new market and make the bulk of our REVIEWING GLOBAL STRATEGY TOOLS 3 new target consumer base for the factory and growing market in a new location. The T in PEST comes into play with ensuring quality in product through the use of technology and how the current technologies accessible to the company as well as what is financially feasible to purchase can enable the sustainment of the company’s future innovation and development. I found myself considering whether or not my selection of Porter’s Model was inefficient in comparison to PEST. Porter and PEST are quite similar in how they booth are used to determine the position that a company is at within a market but Porter explores with regard to competitors, buying power, and substitutes. PEST examines both the competitive position of a company as well as the environmental factors. PEST, as written in the DB posting is not the full acronym. The full acronym is PESTEL with the second E and L standing for Environmental factors and Legal (Adamkasi, 2017). PESTEL focuses on determining perspectives from new markets as well as utilizing new opportunities to the highest efficiency possible. This analysis is highly recommended for examining the conditions of a company prior to globalization and expansions. PESTEL is more efficient for international market analysis (Adamkasi, 2017). This method takes additional factors into account that Porter’s does not such as technological and social aspects. These additional factors can ultimately make a significant difference between whether or not an international market move is feasible and more importantly profitable or not (Abdullah, 2011). When used alongside SWOT, PESTEL there is high compatibility and all of the bases for analysis are covered without excessive redundancy in data. I would tell people who did not agree with me to reevaluate what factors they may not be covering in their analysis by not doing both a SWOT and a PESTEL analysis. I have learned and they may as well. REVIEWING GLOBAL STRATEGY TOOLS 4 Doing a SWOT analysis on China, The strengths of China are many. They have the largest furniture market in the world (Netscribes, 2014), strong demographics, stable employment, very cheap production costs, and a government that is fast with its decision making. Weaknesses of China include an excessive supply of residential properties that are vacant, resulting in ghost cities. They have under-capitalized banks, a slowing IP growth and they face pressure to hit a high yearly expansion rate of 7.5%. Opportunities include a large expected influx of people into cities and urban areas by the year 2020, innovation in designs, increases in living standards, increased localization of business model, and positive outlooks on potential agreements in exchanges. Threats that China face include a potential future housing crash, and technical glitches which could lead to a credibility crisis (Financial Post, 2014). Many rich Chinese people are moving out of the country or are planning to. For PESTEL, I have made discoveries based upon IKEA and its presence in China. IKEA has eight of their ten largest IKEA stores in China (Abdi et al., 2014). The Political aspect of China has lowered political barriers to foreign brands in order to increase business. Economically, China has cheap labor. Social: Chinese people create more than 40% more consumer traffic than european customers. Technologically, China is best targeted through social media. Legally, China focuses on being a green country more than in the past and they often do not require companies to register copyrights. REVIEWING GLOBAL STRATEGY TOOLS References Abdi et al. (2014, November 27). IKEA in China. Retrieved from Abdullah, F. (2011). PESTEL Framework and Porter's Five Forces Model. Retrieved July 20, 2018, from Adamkasi. (2017, June 06). Difference Between Porter Five Forces Model & PESTEL Analysis. Retrieved July 20, 2018, from Financial Post. (2014, September 29). Infographic: A SWOT analysis for investing in China. Retrieved July 20, 2018, from Netscribes. (2014, November 25). Market Research Report : Furniture market in china 2014 Sample. Retrieved from 5 Running head: INTEGRATIVE AND ANALYTICAL TOOLS Reviewing Selected Tools for Analysis of Global Strategy Morganne Lamberth MGMT 690 Individual Project 3 July 25, 2018 Colorado Technical University 1 REVIEWING GLOBAL STRATEGY TOOLS 2 Four Perspectives of a Balanced Scorecard Deborah has voiced concerns about the current research findings of my team being too narrow in scope and possibly missing vital points of analysis that would be critical in making an informed decision based on thorough data. There must be room for adjustments and plans in place for if/when our primary plans do not come into fruition to the degree that we had anticipated. A balanced scorecard is an effective management and strategic planning system that allows companies to better organize and communicate their goals, tie day to day tasking to their overarching strategy, prioritize their products, services, and projects they take on, and to measure their progress in meeting goals they have set (Balanced Scorecard Institute, 2017). In order to ensure that our research is covering all vital aspects going forward, we will focus our research on four perspectives of a balanced scorecard: business process perspective, learning and growth perspective, financial perspective, and the customer perspective. Business process perspective focuses on what processes must be effective in order to meet objectives in terms of finances as well as delivering to our customers (Marr, 2018). For our furniture company, this could related to ways we can save time in delivering our products to our customers such as streamlining delivery and shipping or removing non-key checks in approvals. It also deals with optimizing systems for higher quality with less waste such as recycling when possible and using robotics for precisionary work to not be as taxing on our artists and designers. The least concrete of the four perspectives is the learning and growth perspective. These objectives focus on how effective employee and management training is, how a network or information system structure could be made more efficient for our company, or how the “flow” and communication between employees and the company culture can be improved. These types of goals are hard to document in concrete numbers because they are mostly intangible (Marr, REVIEWING GLOBAL STRATEGY TOOLS 2018). For our company we could focus on bonding activities to foster esprit de corps and have cultural sensitivity training with before and after surveys to assess how effective employees are understanding proper protocol. Financial perspective focuses on the tangible financial bottom line that impacts a company. Factors for our company that relate to the financial perspective include finding new streams of income/sponsorships and getting specific about goals in increasing profits while decreasing costs (Marr, 2018). Objectives for our company could include ensuring a 15% increase in sales within the first year in China or decreasing production costs by 10% overall within two years. The final perspective is that of the customer. The objectives relating to this take into account the state of the market and what the customer truly desires in order for us to deliver that and meet our financial objectives through successful sale to them (Marr, 2018). Four our furniture company, an objective relating to this would be to increase brand recognition in China to be equal or to surpass the brand recognition we have in the United States. We would need to be viewed as a company that is accessible and supportive of the lifestyles that our target market live so that they see us as a part of the life that they want to maintain. Any and all companies should have a goal relating to improving and maintaining customer satisfaction through having available and understandable help resources, short call times, and easy to do yet insightful customer feedback surveys. Staying in touch with what our customers want is a continual process of understanding and adapting as need be. Alternative strategies to fit Our Company Profile 3 REVIEWING GLOBAL STRATEGY TOOLS 4 In order to develop a solid strategy for global expansion, we must be competitive. To be competitive, we must ensure that our capabilities and resources for our company and the development of its furniture products are not able to be imitated or faked, are high in value, cannot be substituted and are rare (MUSE, 2018). When the economy increases or decreases, the methods with which companies engage with and advertise to customers changes. Even though employees are critical to the success of our company, customers, their perception of us, and their purchases of our products are also an incredibly crucial factor to success. We need to look for areas where sales are in a slump and deduce the reasonings and find ways to compensate. For instance, if our sales fall in the summer months, promotional sales and a wider selection of outdoor furniture could help with that lapse in sales. For entering an international market, you must understand the similarities and differences from the environment that you are used to and how those factors will translate into the efforts to transition in a new country. We need to develop appeal to industries and customers of new varieties due to the new location (Qlutch Marketing, 2018). Merging and/or collaborating with a company in the new country that is successful can help make our company seem more accessible. It would also give us access to shipping networks so that we can get our products to customers utilizing already made connections, saving time and money in forging our own path. They key to a strategic alliance is to ensure you have something that would benefit the potential partner so that they will want to stay in the arrangement because it is mutually beneficial. The Importance of Having Multiple Strategies for Global Expansion Having multiple strategies ensures that when things do not go to plan, that there is capability to adapt. This helps to greatly limit risk and will provide assurance to the shareholders REVIEWING GLOBAL STRATEGY TOOLS that we are and will continue to be a sound investment. We have limited our risks through extensive research so that we may see a return on investment in the future that will propel us forward and provide a solid foothold to us in the furniture industry. 5 REVIEWING GLOBAL STRATEGY TOOLS 6 References Balanced Scorecard Institute. (2017). Balanced Scorecard Basics. Retrieved from Marr, B. (2018). Balanced Scorecard: A Quick Introduction To The Four Perspectives. Retrieved from MUSE (2018). Strategy for Competitive Advantage. Retrieved from 67248&pIType=read_it Qlutch Marketing. (2018). Competitive Positioning: Start with a Market Profile. Marketing MO. Retrieved from: Running head: CULTURAL CONSIDERATIONS TO COMPETE IN MARKET Cultural Considerations to Compete in Market Morganne Lamberth MGMT 690 Individual Project 4 July 31, 2018 Colorado Technical University 1 CULTURAL CONSIDERATIONS 2 Four Perspectives of a Balanced Scorecard With the last phases of our presentation approaching, we are now almost at the implementation step of our globalization plan. There are but a few final items required before we move forth and just a few possibilities left to discuss and address before we proceed to be fully prepared. As discussed in the previous research presentation, we have four perspectives we must address for our balanced scorecard: business process perspective, learning and growth perspective, financial perspective, and the customer perspective. A balanced scorecard will help us to see at a glance what all of our objectives are for each perspective as well as how we will measure our success, target goals, and initiatives (Balanced Scorecard Institute, 2017). This will be our guide in developing tasks and action plans so that we may reach our goals and make our move into China a successful endeavor. Perspective Financial Objectives 1. Maintain and expand on Measures 1. growth in net margin Targets 1. +4% net margin growth Initiatives 1. brainstorming sessions for current profits 2. higher sales 2. +3% Avg sales marketing 2. Improve Sales averages 3. +5% Quarterly techniques 3. Cut sales growth 2. seek alternative overhead/costs 3. quarterly cost reductions suppliers CULTURAL CONSIDERATIONS Customer 1. 2. improve appeal 3 1. customer to customers satisfaction create / retain surveys luxury image 2. Customer 1.+8% increased satisfaction 2. +5% approval from upper marketing 1. social media reviews 2. market using celebrities / give products for promo class customers surveys Business 1. Process reduce waste / go green 1. measure waste 1. -5% quarterly 1. recycle everywhere production waste 2. be more efficient 2. monitor 3. in inventory production vs management sale ratio streamline 3. transaction times reduction 2. possible 2. analyze purchasing -5% total trends to get close to inventory in 0 inventory unsold storage purchasing waiting to be process sold 3. +5% speed 3. continually review budgets 4. look into cheaper delivery / raw materials CULTURAL CONSIDERATIONS Learning & 1. increase Growth 4 1. develop a 1. +10% more 1. create uniform innovation in training regimen new ideas training for ethics, employees and schedule from team building and employees skill development 2. Form beneficial mergers 3. adaptable 2. eliminate competition via alliances product offering Considerations for Remaining Competitive To remain competitive in any new environment, we must take into account how the culture of the location can impact the perception of people and potential customers and their decision to associate with us and our product offerings based on how we represent ourselves (Intellipath, 2018b). Markets continually change based upon the fluctuating state of the economy and the fickle fancies of customers (Cosgrove, 2016). To expand and be successful in our globalization efforts, we must avoid actions that could be viewed as unsavory or unattractive to our targets. Differences between the American culture and the Chinese culture include superstitions, business practices, and sometimes procedure. For instance, since the number “Four” sounds like the Chinese word for “Death”, Chinese customers will likely avoid our products if we sell any items in sets of four (Transparent Language, 2012). To become a mainstay, we must not only compete with current mainstays for market share, but show a willingness to integrate and be influenced by our new surroundings with beneficial mergers to reach otherwise untouched potential markets through reduced costs and competition, wider customer base access, diverse product offerings, and new skills and CULTURAL CONSIDERATIONS 5 knowledge (NI Business Info, 2017). If we maintain a focus on customer satisfaction, an accessible luxury image, avoiding major pitfalls of our competitors, we can find success and profit in new surroundings. Chances of Success in Chosen Competitive Market I have no doubts that we can be successful in the chosen competitive market of China. Our research shows that it is not only possible, but quite logical to make a move to begin production and expansion efforts here. Upper class Chinese people, who are our target, want high quality furniture to show their status and excess income. Our current product offering is luxury furniture, so a profitable transition is feasible. Looking at the actions needed based upon the balanced scorecard, there is no tasking steps suggested that are unfeasible for our new team. As long as we avoid simple mistakes, we can most assuredly find success. Utilizing business tooling such as SWOT analysis, PEST, and Porter’s model to compare our strengths and weaknesses at our current location to those that our research into our competitors has provided us with much needed insight as to how we can properly sustain our efforts. We can get to a favorable economic position as soon as possible to expand on those efforts and solidify our position, increasing profits. Factors Leading to my Decision Focusing on the cultural strategies can help us fine tune our approach to marketing, gain and maintain momentum, and be desirable in the eyes of our target markets. Looking at economic factors, the economy in the United States is in decline while China’s is becoming more and more economically stable with citizens having access to disposable income. We have a solid CULTURAL CONSIDERATIONS 6 reputation and from looking at our competitor IKEA and its success in China, we know that they are very accepting of western style furniture. Risks include product pricing. Price can possibly increase until stability has been found in the transition to China. Although labor is certainly cheaper in China, we must ensure that quality does not slip due to the cheaper labor so that we may maximize profits. Looking at the social factors, understanding the culture is vital for being accepted by customers and avoid disaster. Politically and legally, understanding and obeying the laws of China will also help us to maintain a place in the market. We must keep abreast of the current state and revisions to tax laws, laws about fair trading, and minimum wage and labor laws (Intellipath, 2018b). Considerations for Those who Disagree Change is never easy to make when it requires a large financial investment and has a number of “known unknowns” that could prove to be disastrous if not properly prepared for. Companies look to expansion beyond their country of origin primarily for profits but also due to factors such as decreased need for production at current locations, potential market saturation at current locations and technological advancements (Intellipath, 2018a). When the advantages outweigh the disadvantages, expansion moves need to be considered, especially when remaining stagnant and maintaining business the same way as it always has been could prove to be disastrous if current trends continue. Companies of a small size can often find limited success without expansion into foreign lands, but in order to be a long term mainstay, expansion into new countries is a necessity, especially in a competitive market such as furniture (Intellipath, 2018a). By focusing our targets on customer satisfaction, luxury brand image of quality products with reduced cost from utilizing efficiencies, we can provide greater advantages to our locations in CULTURAL CONSIDERATIONS 7 United States by having the funding available to sustain those locations through times of low sales by compensating in China. Evaluating the Global Marketplace in the Future With changes in technology and trends relating to furniture, keeping a close eye on the market of the furniture industry is vital to maintaining and potentially expanding market share (Cosgrove, 2016). We will always need to assess the state of not only ourselves but of the companies we are competing against so that we may find niche markets that they fail to adequately address, cementing our place in the market. Having a benchmark strategy ensures that we can move forward with tangible goals in place and the tools to meet and exceed expectations. We must understand the wants and desires of our customers beyond what can be seen at a glance and prepare for changes by being nimble in our approach (Cosgrove, 2016). CULTURAL CONSIDERATIONS 8 References Balanced Scorecard Institute. (2017). Balanced Scorecard Basics. Retrieved from Cosgrove, L. (2016, October 31). Importance of Marketing Environment to a Marketer – Lily Cosgrove – Medium. Retrieved from Intellipath. (2018a). Environmental Factors. Retrieved from Unit 4 learning materials. Colorado Technical University Online, Virtual Campus, MGMT690-1803A-04: Intellipath. (2018b). The Benefits, Costs, and Risks of Doing Business in Another Country. Retrieved from Unit 3 learning materials. Colorado Technical University Online, Virtual Campus, MGMT690-1803A-04: NI Business Info. (2017, November 21). Benefits of mergers and acquisitions. Retrieved from Transparent Language. (2012, February 18). Chinese Language Blog: Very Superstitious. Retrieved from
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