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INTRODUCTION
Today’s business environment requires competency in managing risk and selecting business strategies based on a company’s internal and external analyses.
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 may have worked on that required evaluating risks and conducting risk analyses. You will be required to apply your understanding to discuss risks and rewards of the market entry; analyze the company’s strengths, weaknesses, opportunities, and threats (SWOT); and recommend business strategies.
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 be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. The similarity report that is provided when you submit your task can be used as a guide.
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.
Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc., unless specified in the task requirements. All other submissions must be file types that are uploaded and submitted as attachments (e.g., .docx, .pdf, .ppt).
A. Describe two internal or external risks the given company encounters when entering the emerging market described in the scenario, including how each risk impacts the company.
B. Conduct a written SWOT analysis of the company in the given scenario by doing the following:
Note: Your analysis should be in written format rather than a chart or graph.
1. Describe two internal strengths of the company, including why each is considered a strength.
2. Describe two internal weaknesses of the company, including why each is considered a weakness.
3. Describe two external opportunities for the company, including why each is considered an opportunity.
4. Describe two external threats to the company, including why each is considered a threat.
C. Select two of the following business-level strategies you will recommend for the company and explain how each strategy you recommend is supported by the SWOT analysis results in parts B1–B4.
low-cost leadership
focused low-cost leadership
differentiation
focused differentiation
integrated
1. Justify one of your recommended strategies from part C by explaining in detail how the strategy will benefit the company in the new market.
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.