Market entry, discussing details.
Market Entry
The Impact of Innovation
The graduate identifies the impact of innovation in personal and professional settings.
Techniques of Strategic Management
The graduate utilizes evidence-based techniques to make strategic decisions.
Business Strategy and Analysis
The graduate applies appropriate business practices to formulate recommendations that impact organizational effectiveness.
Introduction
Today’s business environment is characterized by a competitive intensity that requires innovative thinking and strategic decision-making competencies. As a business professional, it is essential that you apply the principles of strategic decision-making and design thinking to positively influence the effectiveness of a business in its markets.
In this task, you will act as a consultant for the company in the given scenario. As you complete the task, think about the materials you encountered in the course or past projects you have worked on that required innovative thinking and effective, strategic decision-making. You will be required to provide a market entry overview for the hypothetical company in the following scenario. As part of this market entry overview, you will
• assess the internal factors and aspects of the company,
• explain how elements of the emerging market influence the design of the company’s product, and
• apply the results of your analysis to the market entry strategy.
Scenario
A U.S. fishing boat manufacturer is known throughout the United States for its innovative approach to product design, lean manufacturing, and responsive customer service since its start three years ago. The mission statement of the company is “We will provide the most innovative customer-driven design and growth in the industry.” The founders’ ideals for the company are described in the vision statement: “We will be the most sustainable company in the industry.” The company’s ethical statement that guides all conduct and decision-making is “We will make decisions that are sustainable for customers and the environment.”
The company’s founders have created an organizational culture of innovation in which employees and founders are considered equal partners. The founders have provided incentives for employees’ creative ideas and created testing laboratories where customers use the products and provide design feedback. The founders have also invited innovators in other industries, such as gaming and information technology, to improve on the designs.
The company’s organizational structure is decentralized and provides all employees with decision-making responsibilities. All company decisions are evaluated by all employees to ensure that everyone is committed to the decisions. Additionally, all employees can access the company founders at any time for collaboration, shared decision-making, or relationship building.
The company has identified an emerging global market opportunity in India for its products. Successful sales in India could represent a critical moment for the company if the company establishes strategic partnerships that will increase the likelihood of product success. The founders hope to capture profits and market share and expand into other parts of Asia within the first year of selling products in India.
Research indicates market potential for the company’s sales in India because of the importance of the fishing industry in the country. Fishing and aquaculture are primary industries in the coastal regions of India. Economic zones have been established to support the over 14 million people who are an important part of the fishing industry. This industry makes up 1% of the nation’s gross domestic product and 6.56% of global fish exports (Department of Fisheries, 2019).
The company’s goal of the market expansion is to be the first foldable fishing boat manufacturer in India. An origami-inspired foldable fishing boat is the company’s most popular product. This boat comes designed as a plastic carrying case that unfolds into the water like an origami paper boat. This boat is suitable for use in calm water, and the boat can be recycled. The product retails for USD$200.
Traditional fishers in India use nonmechanized boats, which would be ideal for the foldable boat’s entry into the market. Laws and regulations surrounding the use of nonmechanized boats favor importing foldable boats, which would be easy for fishers to carry from home to the water. The business climate in India is open to new partnerships to improve the fishing experience for those who preserve the natural ecosystem with nonmotorized boats. The National Fisheries Development Board (NFDB) promotes the use of natural fishing equipment to reduce disruption to the fishing ecosystem in India (National Fisheries Development Board, n.d.).
The U.S. boat manufacturer’s founders met with the NFDB to request an endorsement for their foldable boats because of the product’s sustainable design and net-zero environmental impact. The founders discovered that the NFDB would only endorse the boat if it was made of plastics used in India in order to reduce the waste products in the nation’s landfills.
This endeavor would require the U.S. company to make a significant investment in India. The company would need to purchase or build a manufacturing facility, or it would need to contract with a facility owner to secure a manufacturing location. It would need to employ Indian workers. Lastly, the company would need to manufacture a new foldable boat made from used plastics in India with an environmentally friendly waterproof coating.
The new foldable boat could be designed in several ways, and the company would need to test a series of plastic products and waterproof coatings to determine which would be suitable for fishers in India. The fishers range in age from 13 to 70, so the design would need to be comfortable and portable enough for all fishers in this target group.
The company decides to hire Indian fishers to help design the product to reach this market. These fishers will provide qualitative, open-ended conversations and data that will be valuable in communicating the product’s features and benefits to other fishers. The product will be tested by a variety of fishers who represent different sectors of the fishing industry, different regions, and different cultural segments. Testing will provide generalizable qualitative data about the product’s use and effectiveness.
Requirements
Your submission must represent your original work and understanding of the course material. Most performance assessment submissions are automatically scanned through the WGU similarity checker. Students are strongly encouraged to wait for the similarity report to generate after uploading their work and then review it to ensure Academic Authenticity guidelines are met before submitting the file for evaluation.
Grammarly Note:
Professional Communication will be automatically assessed through Grammarly for Education in most performance assessments before a student submits work for evaluation. Students are strongly encouraged to review the Grammarly for Education feedback prior to submitting work for evaluation, as the overall submission will not pass without this aspect passing. See
Use Grammarly for Education Effectively for more information.
Microsoft Files Note:
Write your paper in Microsoft Word (.doc or .docx) unless another Microsoft product, or pdf, is specified in the task directions. Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc. All supporting documentation, such as screenshots and proof of experience, should be collected in a pdf file and submitted separately from the main file.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
A. Analyze the internal organizational aspects of the company from the scenario by doing the following:
1. Discuss in detail whether the organizational culture is an advantage or disadvantage to the company and explain why.
2. Discuss in detail whether the organizational structure is an advantage or disadvantage to the company and explain why.
3. Describe in detail how
each of the following organizational aspects in the scenario influences how the company makes strategic decisions:
a. organizational culture
b. organizational structure
c. mission and vision statements
d. ethical statement
B. Discuss innovations to the company’s product from the scenario by doing the following:
1. Describe
two specific characteristics of the emerging market in the scenario.
2. Discuss
two product redesign ideas,
one unique redesign idea for
each of the characteristics you identified in part B1.
a. For
each of your
two redesign ideas, explain how
each redesign idea addresses the related characteristic described in part B1, using supporting details from the scenario.
3. Discuss in detail
each of the
six stages of the design thinking process the company would undergo to implement
at least
one of your redesign ideas discussed in part B2.
Note: The six stages of the design thinking process are empathize, define, ideate, prototype, test, and implement.
a. Choose
three of the following aspects from the scenario and discuss in detail how
each selected aspect would influence
at least
one of the six stages of the design thinking process discussed in part B3.
• organizational culture
• organizational structure
• company ethics
• emerging market culture
• emerging market ethics
• global legal systems
C. Explain how the company’s organizational culture and ethical statement described in part A3 influence the company’s market entry strategy in the scenario.
D. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
E. Demonstrate professional communication in the content and presentation of your submission.
File Restrictions
File name may contain only letters, numbers, spaces, and these symbols: ! – _ . * ‘ ( )
File size limit: 200 MB
File types allowed: doc, docx, rtf, xls, xlsx, ppt, pptx, odt, pdf, csv, txt, qt, mov, mpg, avi, mp3, wav, mp4, wma, flv, asf, mpeg, wmv, m4v, svg, tif, tiff, jpeg, jpg, gif, png, zip, rar, tar, 7z
