Cultural Considerations

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fqrhagen7

Business Finance

Description

APA Format

2-3 Pages

At least 3 Sources


Assignment Objectives:

Appraise cultural issues to avoid pitfalls and manage international projects successfully

Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.

Formulate a balanced score card that translates a company’s strategic objectives into a coherent set of performance measures.

Assignment Details:

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:

  • A balanced scorecard is used to align the business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. Based on your analysis of the company’s four perspectives in IP3, develop a complete balanced scorecard that helps put the pieces together for your final presentation. Once completed, answer the following questions.
  • What are the considerations that you need to be aware of to remain competitive?
  • Based on the research and analysis that you have done, can you compete in the market that you have chosen? Why or why not?
  • What primary factors led you to this decision?
  • What would you say to someone who would dispute your position?
  • How do you plan on evaluating the global marketplace in the future?


Attachments: Company Details and Previous Assignment

Unformatted Attachment Preview

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. STRATEGY COMPOSITION STRATEGY COMPOSITION For every business to prosper it requires marketing strategies. Competitive marketing strategies are the best for they ensure the company and its business are relevant in the market and that they satisfy the customer’s needs and requirements. Therefore, there are competitive strategies that fit an organization’s learning & growth perspective, the business process perspective, the customer perspective, and the financial perspective and influence its day to day activities. There are other strategies that really fit the company’s profile. These strategies are an acquisition, a partnership with another firm and a joint venture. To start with, a joint venture involves the pooling together of resources by two firms with the aim of achieving a certain task. On the other hand, a partnership with another firm (a local firm) involves an explicit agreement outlining the various obligations of the two firms in details and their contributions to the business (Kim et al., 2014). Moreover, an acquisition means the action of the company buying majority of its target ownership so that the control of the target company is assumed. A joint venture happens where two firms pool together resources for a specific purpose. In this case, a company chooses a local business that it wishes to foster its expansion with (Baker, 2014). This enables the company to not only grow locally but also globally. The company needs a joint venture with a company that markets products similar to Deborah’s company and has grown globally. A joint STRATEGY COMPOSITION venture can be preferable to Deborah since it is different from the founders of the company. Therefore, the joint venture can have its own name, different rights and liabilities from those of its founders. Acquisition is the other marketing strategy. Acquisition entails buying most of ownerships belonging to the target company to achieve full control of the company (Kim et al., 2014). Deborah’s company needs to identify a company that has good marketing strategies and its global, then focus on it by buying its ownership. This will improve the growth of the company and its business activities will be improved. Also, the customer base will increase which consequently leads to more profits to the company. The other strategy is partnership with a local firm. The company needs to identify a local company that has grown globally and has good customer base. It then needs to partner with the company. This partnership will ensure that Deborah’s company is known by the other firm’s customers which will improve its marketability. Besides, the company will also enjoy profits resulting from the sale of its products to the newly acquired customers resulting from the partnership (Baker, 2014). The company will not only establish its market locally but also internationally making the company have a good marketing profile. STRATEGY COMPOSITION Global expansion requires more than one strategy. To start with, the global market is full of risks and uncertainties hence having more than one strategy really helps. Forces that control global markets are unpredictable and having more than one strategy is helpful since it provides options to depend on in case a certain strategy fails (Baker, 2014). The other reason is ensuring competition in the market is maintained (Schmidt, 2014). In order to prevent market stagnation, it is necessary to have many marketing strategies that facilitate retention of the company in the market competitively regardless of the failure of some strategies (Schmidt, 2014). Moreover, to ensure continued growth it is necessary to have many marketing strategies since some of them can be applied simultaneously. To sum up, a company’s management needs to be familiar with the right marketing strategies that would build its growth globally and enable it to achieve its goals in the market. STRATEGY COMPOSITION References Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher Education. Kim, W. C., & Mauborgne, R. A. (2014). Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard business review Press. Schmidt, K. M., Spann, M., & Zeithammer, R. (2014). Pay what you want as a marketing strategy in monopolistic and competitive markets. Management Science, 61(6), 1217-1236.
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Explanation & Answer

Attached.

Running head: BUSINESS MANAGEMENT

1

Business management
Name
Institution

BUSINESS MANAGEMENT

2

BUSINESS MANAGEMENT

Balanced score-card
Perspectives

Objectives

Financial
Customer

to improve generated income
to improve customer satisfaction

through originality

Internal business process

efficiency in business

working communications

system control system
Learning, growth and expansion

improve employee’s knowledge

Strategic map plan of the Jane and Deborah furniture organization.

Financial strategy; The organization has been doing well except recently. To generate
more finances, the company has to start investing in marketing strategies. Making of commercial
advertisement will help create a strong brand against our competitors. The retail shops should be
expanded into the global market. The potential threat from competitors will be eliminated once
the company begin doing advertisements and marketing having edged them in quality provision
(Hohenthal, Johanson & Johanson, 2015).
Customer satisfaction strategy; Although the company has been doing well in the past
years in customer satisfaction and quality. A new plan will be adopted. The new marketing

BUSINESS MANAGEMENT

3

strategy will target individuals from a new culture. An advertisement must, therefore, be diverse
cultural and the furniture designs should embrace a different cultural background, this will help
get new customers and satisfy them even further. The mission of the compa...


Anonymous
Excellent resource! Really helped me get the gist of things.

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