Question.2688 - COMPETENCIES 3081.1.1 : The Impact of Innovation The graduate identifies the impact of innovation in personal and professional settings. 3081.1.2 : Techniques of Strategic Management The graduate utilizes evidence-based techniques to make strategic decisions. 3081.1.3 : 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 design thinking and strategic decision-making to positively influence the effectiveness of a business in its markets. In this task, you will provide a market entry overview, using the following scenario. 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. They 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 founders have cultivated a company culture in which employees and founders are considered equal partners. The company structure is decentralized, and all employees can access the founders at any time for collaboration, shared decision-making, or relationship building. All company decisions are evaluated by all employees to ensure that everyone is committed to the decisions. 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 into India is to be the first foldable fishing boat manufacturer reaching the country. 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 uses in calm water, and the boat can be recycled. The product retails for U.S.$200. Traditional fishers 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 have 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 paper 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 that represent different sectors of the fishing industry, different regions, and different cultural segments. Testing will provide generalizable, qualitative data about the product 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. Discuss aspects of the company from the provided scenario by doing the following: 1. Describe in detail how the company’s culture could affect the market entry strategy. 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 aspects from the scenario affects the company’s decision-making process: • company culture • organizational structure • strategic direction, including mission and vision statements B. Discuss the company’s product from the provided scenario by doing the following: 1. Describe specific characteristics of the emerging market that affect the company’s product. 2. Discuss how a product design change would meet the emerging market characteristics identified in part B1. Support this discussion with details from the scenario. a. Discuss in detail each of the stages of the design thinking process the company would undergo in the design of the product for the emerging market from part B2. Note: Remember that design thinking is not the same as the decision-making process from part A3. b. Choose three of the following aspects from the scenario, and provide a detailed discussion of their effect on the design thinking process for the product from part B2: • company culture • emerging market culture • company ethics • emerging market ethics • organizational structure • global legal systems C. Discuss in detail how the company’s ethical statement from the scenario influences the market entry strategy. 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.
Answer Below:
Company xxxxxxx Influence xx company xxxxxxx on xxxxxx entry xxxxxxxx The xxxxxxx s xxxxxxx plays x pivotal xxxx in xxxxxxx the xxxxxx entry xxxxxxxx In xxxx case xxx company xxx nurtured x culture xx innovation xxxxxxxxxxxxx and xxxxxxxxxxxxxx Here x how xxxx culture xxxxx affect xxx market xxxxx strategy xxx strong xxxxx on xxxxxxxxxx implies xxxx the xxxxxxx is xxxxxx to xxxxxxxx the xxxxxx market xxxx novel xxxxx and xxxxxx product xxxxxxxxx This xxxxxxx of xxxxxxxxxx could xxxxxxxxx the xxxxxxx to xxxxx its xxxxxxxx boat xxxxxx to xxxxx specifically xx the xxxxx and xxxxxxxxxxx of xxx Indian xxxxxx potentially xxxxxx them x competitive xxxx The xxxxxxx of xxxxxxxxxxxxx where xxxxxxxxx and xxxxxxxx are xxxxxxxxxx equal xxxxxxxx can xx a xxxxxxxxxxx advantage xxxxxx market xxxxx It xxxxxxx an xxxxxxxxxxx where xxxxxxx perspectives xxx valued xxxxxxxx the xxxxxxx to xxxxxx valuable xxxxxxxx and xxxxx from xxxx its x S xxxx and xxxxxxxxx Indian xxxxxxxx or xxxxxxxxx The xxxxxxxx on xxxxxxxxxxxxxx aligns xxxx the xxxxxxx s xxxxxxx and xxxxxxx statement xxxx entering xxx Indian xxxxxx where xxxxxxxxxxxxx concerns xxx increasingly xxxxxxxxx this xxxxxxx of xxxxxxxxxxxxxx can xx leveraged xx a xxxxxx selling xxxxx The xxxxxxx can xxxxxxxxx its xxxxxxxxxxxx foldable xxxxx as x solution xxxx resonates xxxx India x growing xxxxxxxxxxxxx consciousness xxx company x culture xx customer-centric xxx it xxxxxxxx seeks xxxxxxxx feedback xxx input xxx product xxxxxx This xxxxxxxx can xx invaluable xxxx entering x new xxxxxx as xx ensures xxxx the xxxxxxx offerings xxx tailored xx the xxxxxxxx needs xxx preferences xx Indian xxxxxxxxx Assessment xx organizational xxxxxxxxxxxx decentralized xxxxxxxxxxxxxx structure xxxxxxxxx in xxx scenario xxx be xxxx an xxxxxxxxx and x potential xxxxxxxxxxxx for xxx company xxxxxxxxx on xxx it xx managed xxxxxx ENTRY xxxxxxxx The xxxxxxxxxxxxx structure xxxxxx for xxxx access xx founders xxx shared xxxxxxxxxxxxxxx This xxxxxxxx agility xxx quick xxxxxxxx to xxxxxx dynamics xxxxxxxx et xx In xxx context xx entering xxx Indian xxxxxx this xxxxxxxxx enables xxx company xx adapt xxxxxxx to xxxxxxxx conditions xxxxxxxxxxx and xxxxxxxx feedback xxx structure x emphasis xx collaboration xxxxxx well xxxx the xxxxxx business xxxxxxxxxxx which xxxxx values xxxxxxxxxxxxx and xxxxxxxxxxxx It xxx facilitate xxxxxxxx collaboration xxxx local xxxxxxxx government xxxxxxxx and xxx National xxxxxxxxx Development xxxxx NFDB xxxxxxxxxx of xxxxxxxxx On xxx other xxxx decentralization xxx lead xx challenges xx maintaining xxxxxxxxxxx and xxxxxxxxxx in xxxxxxxxxxxxxxx especially xxxx dealing xxxx a xxxxxxx and xxxxxxx market xxxx India xxxxxxxxxxxx and xxxxxxxx that xxxxxxxx is xxxxxxx with xxx market xxxxx strategy xxx be xxxx challenging xx a xxxxxxxxxxxxx structure xxxxxxxxxx on xxxxxxxx making xxxxxxxxxxxxxx Culture xxx company x culture xxxx its xxxxxxxx on xxxxxxxxxx collaboration xxx sustainability xxxxxxxxxx the xxxxxxxxxxxxxxx process xxxxxxxxxx Decision-makers xxx likely xx prioritize xxxxxxxxxx product xxxxxxx seek xxxxx from xxxxxxx stakeholders xxx ensure xxxx decisions xxxxx with xxxxxxxxxxxxxx goals xxxxxxx et xx Organizational xxxxxxxxx The xxxxxxxxxxxxx structure xxxxxxx decision-making xx promoting xxxxxxxxxxx and xxxx communication xxxxxxx it xxx also xxxx to xxxx time- xxxxxxxxx consensus-building xxxxxxxxx Czinkota xx al xxx company xxxx balance xxx advantages xx inclusivity xxxx the xxxx for xxxxxxx in xxxxxxxxxxxxxxx Strategic xxxxxxxxx The xxxxxxx statement xxxxxxxx on xxxxxxxxxxxxxxx design xxx growth xxxxxx decision-making xx emphasizing xxx importance xx meeting xxxxxxxx needs xxxxxxxxx ENTRY xxxxxxxx achieving xxxxxx The xxxxxx statement xxxxxxxx on xxxxxxxxxxxxxx underscores xxx long-term xxxxxxxxxx to xxxxxxxxxxxxxxx responsible xxxxxxxxx Both xxxxxxxxxx serve xx guiding xxxxxxxxxx that xxxxxx decisions xxxxxxx to xxxxxxx development xxx market xxxxx Product xx the xxxxxxxxxxxxx characteristics xxxxxxxxxxx product xxx emerging xxxxxx in xxxxx has xxxxxxxx characteristics xxxx impact xxx company x product xxxxxxxxx usage xxxxxxxx environmental xxxxxxxx and xxxxxxx demographics xxxxxxxxxxx fishers xx India xxxxxxxxxxxxx use xxxxxxxxxxxxx boats xxxxx boats xxx preferred xxx their xxxx of xxx in xxxx waters xxx regulations xx India xxxxx nonmotorized xxxxx making xxxx an xxxxx choice xxx the xxxxx market xxxxx is xxxxxxxxxxxx emphasizing xxxxxxxxxxxxx sustainability xxx National xxxxxxxxx Development xxxxx NFDB xxxxxxxx natural xxxxxxx equipment xx minimize xxxxxxxxxx to xxx fishing xxxxxxxxx Department xx Fisheries xxxx aligns xxxx the xxxxxxx s xxxxxxxxxxxxxx ethos xxx provides xx opportunity xxx market xxxxx The xxxxxx fishing xxxxxxxx comprises x wide xxx range xx fishers xxxx to xxxxx old xxxxxxxxx the xxxxxxx design xxxxxx be xxxxxxxxxxx and xxxxxxxx catering xx the xxxxx of xxxxxxx across xxxxxxxxx age xxxxxx Impact xx product xxxxxx change xx emerging xxxxxx characteristics xx align xxx product xxxx the xxxxxxxx market xx India xxx company xxxxxx consider xxxxxxx design xxxxxxx - xxxxxxxxxxxxx Boat xxxxxxxxxx The xxxxxxxx boat x design xxxxxx specifically xxxxx to xxx needs xx traditional xxxxxxxxxxxxx boat xxxxx in xxxxx This xxxxx involve xxxxxx the xxxx even xxxx lightweight xxxxxxxx it xx easy xx carry xxx simplifying xxx setup xxxxxxx for xxxxx who xxx not xxxxxxxxxx to xxxxxxxxxx boats xxxxxx ENTRY xxxxxxxx - xxxxxxxxxxxxxxx Friendly xxxxxxxxx In xxxxxxxx to xxx NFDB x requirement xxx sustainable xxxxxxxxx the xxxxxxx should xxxxxxx using xxxxxxx sourced xxxxxxxxxxxx materials xxx boat xxxxxxxxxxxx Department xx Fisheries xxxx might xxxxxxx using xxxxxxxx plastics xxx applying x waterproof xxxxxxx that xx environmentally xxxxxxxx - xxxxxxx and xxxxxxxxxxxxx Given xxx diverse xxxxxxxxxxxx of xxxxxx fishers xxx product xxxxxx should xxxxx on xxxxxxx and xxxxxxxxxxxxx for xxxxx of xxx ages xxxxxxxxx features xxxx of xxxxxxxx and xxxxxxxxxxxx and xxxxxxxxxxxxx controls xxxxxx be xxxxxxxxxx in xxx design x Local xxxxxxxxxx Engaging xxxxxx fishers xx the xxxxxxx design xxxxxxx is xxxxxxx The xxxxxxx should xxxxxxxxxxx with xxxxx fishers xx understand xxxxx specific xxxxx preferences xxx challenges xxxx involvement xxx provide xxxxxxxx insights xxx product xxxxxxxxxx Stages xx design xxxxxxxx process xxx company x approach xx product xxxxxx for xxx emerging xxxxxx market xxx be xxxxxxxxxx using xxx design xxxxxxxx process xxxxx typically xxxxxxxx several xxxxxx Brown xxxxxxxxx In xxxx stage xxx company xxxxx immerse xxxxxx in xxx Indian xxxxxxx community xxxxxxxxxx field xxxxxxxx interviews xxx observations xx understand xxx unique xxxxxxxxxx and xxxxx of xxx local xxxxxxx This xxxxx aligns xxxx the xxxxxxx s xxxxxxxx culture xx seeking xxxxxxxx feedback xxxxxx Based xx the xxxxxxxx gained xxx company xxxxx define xxx specific xxxxxxxx and xxxxxxxxxxxxx that xxx Indian xxxxxx presents xxxx might xxxxxxx identifying xxx pain xxxxxx environmental xxxxxxxx and xxxx preferences xxxxxx ENTRY xxxxxxxx Ideate xxx ideation xxxxx encourages xxx generation xx creative xxxxxxxxx The xxxxxxx could xxxxxxx brainstorming xxxxxxxx involving xxxxxxxxx Indian xxxxxxx and xxxxx stakeholders xx generate x wide xxxxx of xxxxxxx design xxxxx that xxxxxxx the xxxxxxx challenges xxx opportunities xxxxxxxxx The xxxxxxx would xxxx create xxxxxxxxxx of xxx redesigned xxxxxxxx boat xxxxxxxx prototypes xxx be xxxxxxxxx to xxxx different xxxxxx approaches xxxxxxxxx and xxxxxxxx Brown xxxxx prototypes xxx be xxxxxx by x diverse xxxxx of xxxxxx fishers xx gather xxxxxxxx Test xxxxxxx involves xxxxxxxxxx feedback xxx evaluating xxx prototypes xxxxxxxxxxxxx in xxx real-world xxxxxxx of xxxxxx fishing xxxxxxx from xxxxxxxxx regions xxx age xxxxxx would xx involved xx the xxxxxxx phase xx ensure xxx product x suitability xxx a xxxxx audience xxxxxxxxxx of xxxxxxxxx Iterate xxxxx on xxx feedback xxx insights xxxxxxxx during xxxxxxx the xxxxxxx would xxxxxx the xxxxxxx design xxxxxxxxxxx This xxxxxxxxx process xxxxxxxxx until x final xxxxxx is xxxxxxxx that xxxxx the xxxxx and xxxxxxxxxxxx of xxx Indian xxxxxx Effect xx design xxxxxxxx process xxx company x culture xx innovation xxxxxxxxxxxxx and xxxxxxxxxxxxxx profoundly xxxxxxxxxx the xxxxxx thinking xxxxxxx for xxx product xxxx culture xxxxxxx a xxxxxxx of xxxxxxxxxx encouraging xxxxxxxx solutions xxxxxx product xxxxxx It xxxxxxxx employees xx think xxxxxx conventional xxxxxxxxxx enabling xxx generation xx unique xxx adaptive xxxxxxx ideas xxxxxxxxxxxxx values xxxxxx the xxxxxxx encourage xxxxxxxxxxxxxxxx teams xxx stakeholder xxxxxxxxxxx promoting xxx integration xx diverse xxxxxxxxxxxx into xxx design xxxxxxx In xxx design xxxxxxxx process xxxx collaborative xxxxxxxx ensures xxxx ideation xxxxxxxxx ENTRY xxxxxxxx prototyping xxxxxxxx draw xx the xxxxxxxxxx knowledge xxx insights xx employees xxxxx fishers xxx partners xxxxxxx et xx Understanding xxx culture xx the xxxxxxxx market xxxxxxxxxxxx the xxxxxxx community xx India xx pivotal xx the xxxxxx thinking xxxxxxx Liedtka xx al xxx culture x emphasis xx user-centric xxxxxx predominantly xxxxxxx on xxxxxxxxxxxxx boats xxxxxx the xxxxxxx design xxxxxxx towards xxxxxxxxxxxx ease xx use xxxxxxxxxxx and xxxxxxx Design xxxxxxxx incorporates xxxxx customs xxx practices xxxx the xxxxxxx s xxxxxxxx and xxxxxxxxxxxxxxx ensuring xxxxxxxx alignment xxxxxxxxxxxx the xxxxxxxx market x growing xxxxxxxxxxxxx awareness xxxxxxxxxxx ethical xxxxxxxxxxxxxx influences xxx design xxxxxxx Design xxxxxxxx explores xxxxxxxxxxx materials xxxxxxxxx options xxx eco-friendly xxxxxxxx to xxxx these xxxxxxx expectations xxx align xxxx the xxxxxx s xxxxxx Furthermore xxx cultural xxxxx of xxxxxxxxxxxxx and xxxxxxxxx engagement xx Indian xxxxxxx communities xxxxx the xxxxxx thinking xxxxxxxx Department xx Fisheries xx encourages xxx company xx actively xxxxxx with xxxxx fishers xxxx their xxxxx and xxxxxxx them xx the xxxxxxx development xxxxxxx This xxxxxxxxxxxxx approach xxx only xxxxxxxx cultural xxxxx but xxxx fosters x sense xx ownership xxxxx potential xxxxx enhancing xxx product x market xxxxxxxxx The xxxxxxx s xxxxxxx principles xxxxxxxxxxxx its xxxxxxxxxx to xxxxxxxxxxxxxx have x profound xxxxxx on xxx design xxxxxxxx process xxxxx ethics xxxxx material xxxxxxxxx favoring xxxxxxx aligned xxxx sustainability xxxxxx such xx recycled xxxxxxxx and xxxxxxxxxxxxxxx friendly xxxxxxxx The xxxxxx thinking xxxxxxx prioritizes xxxxx materials xxxx if xxxx require xxxxxxxxxx research xxx development xxxxxxx considerations xxxxxx to xxx assessment xx the xxxxxxx s xxxxxxxxxxxxx impact xxx design xxxxxxxx process xxxxxxxx a xxxxxxxx analysis xx the xxxxxxx s xxxxxxxxxxxx ENTRY xxxxxxxx lifecycle xxxx manufacturing xx disposal xx seeks xxxx to xxxxxx the xxxxxxx s xxxxxx footprint xxx minimize xxxxx generation xxxxxxxx with xxx company x sustainability xxxxx Moreover xxxxxxx practices xx stakeholder xxxxxxxxxx are xxxxxxxxxx The xxxxxx thinking xxxxxxx actively xxxxxxxx all xxxxxxxxxxxx including xxxxx communities xxx environmental xxxxxxxxxxxxx in xxxxxxxxxxx about xxx product x design xxx its xxxxxxxxx with xxxxxxx values xxxx inclusive xxxxxxxx ensures xxxx ethical xxxxxxxxxxxxxx are xxxxxxxxxx into xxxxx phase xx product xxxxxxxxxxx reinforcing xxx company x commitment xx sustainable xxx socially xxxxxxxxxxx business xxxxxxxxx Influence xx ethical xxxxxxxxx on xxxxxx entry xxxxxxxxxxx company x ethical xxxxxxxxx as xxxxxxxx in xxx scenario xxxxx a xxxxxxxxxxx role xx shaping xxx influencing xxx market xxxxx strategy xxxxxxxxxxxx to x holistic xxx socially xxxxxxxxxxx approach xxx s xxxxxxx in xxxxxx how xxx company x ethical xxxxxxxxx impacts xxx market xxxxx strategy x The xxxxxxx s xxxxxxx statement xxxxxxxxxx making xxxxxxxxx that xxx sustainable xxx customers xxx the xxxxxxxxxxx This xxxxx on xxxxxxxxxxxxxx profoundly xxxxxxxxxx the xxxxxx entry xxxxxxxx Czinkota xx al x The xxxxxxx s xxxxxxxxxx to xxxxxxxxxxxxxx directly xxxxxxx product xxxxxx In xxx context xx entering xxx Indian xxxxxx the xxxxxxx would xxxxxxxx design xxxxxxxxxxxxx and xxxxxxxxx that xxxxxxxx environmental xxxx - xxxxxxx considerations xxxx influence xxx the xxxxxxx engages xxxx local xxxxxxxxxxx and xxxxxxxxxxxx In xxxxx where xxx fishing xxxxxxxx often xxxxxxxx local xxxxxxxxxxx this xxxxxxxxxx becomes xxxxx The xxxxxxx would xxxxx a xxxxxxxxxxxxx approach xxxx respects xxxxx customs xxx values xxxxxxx input xxxx Indian xxxxxxx and xxxxxxxxxxxxx organizations xxxxxxxx et xx MARKET xxxxx OVERVIEW xxx ethical xxxxxxxxx s xxxxxxxxxx to xxxxxxxxxxxxxx and xxxxxxxxxxxxx responsibility xxxxxxxxxxxx compliance xxxx local xxxxxxxxxxx In xxx Indian xxxxxx where xxxxxxxxxxx may xxxxxxx eco-friendly xxxxxxxxx the xxxxxxx would xxxxxxxx seek xxxxxxxxxxx from xxxxxxxx authorities xxxx the xxxxxxxx Fisheries xxxxxxxxxxx Board xxxx MARKET xxxxx OVERVIEW xxxxxxxxxxxxxxx T xxxxxx thinking xxxxxxx Business xxxxxx Press xxxxxxxx M x Ronkainen x A xxx Moffett x H xxxxxxxxxxxxx Business xxxx Wiley xxx Sons xxxxxxxxxx of xxxxxxxxx September xxxxxxxx on xxxxxxxxx statistics xxxxxxxxxx of xxxxx https xxx gov xx sites xxxxxxx files x HandbookonFS xxxxxxxxxx J xxxx A xxx Bennett x Solving xxxxxxxx with xxxxxx thinking xxx stories xx what xxxxx Columbia xxxxxxxxxx PressMore Articles From Finance
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