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 amp x culture xxxxx a xxxxxxx role xx shaping xxx market xxxxx strategy xx this xxxx the xxxxxxx has xxxxxxxx a xxxxxxx of xxxxxxxxxx collaboration xxx sustainability xxxx amp 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 amp x mission xxx ethical xxxxxxxxx When xxxxxxxx the xxxxxx market xxxxx environmental xxxxxxxx are xxxxxxxxxxxx important xxxx culture xx sustainability xxx be xxxxxxxxx as x strong xxxxxxx point xxx company xxx emphasize xxx eco-friendly xxxxxxxx boats xx a xxxxxxxx that xxxxxxxxx with xxxxx amp x growing xxxxxxxxxxxxx consciousness xxx company xxx s xxxxxxx is xxxxxxxxxxxxxxxx and xx actively xxxxx customer xxxxxxxx and xxxxx for xxxxxxx design xxxx approach xxx be xxxxxxxxxx when xxxxxxxx a xxx market xx it xxxxxxx that xxx product xxxxxxxxx are xxxxxxxx to xxx specific xxxxx and xxxxxxxxxxx of xxxxxx consumers xxxxxxxxxx of xxxxxxxxxxxxxx structureThe xxxxxxxxxxxxx organizational xxxxxxxxx described xx the xxxxxxxx can xx both xx advantage xxx a xxxxxxxxx disadvantage xxx the xxxxxxx depending xx how xx is xxxxxxx MARKET xxxxx OVERVIEW xxx decentralized xxxxxxxxx allows xxx open xxxxxx to xxxxxxxx and xxxxxx decision-making xxxx promotes xxxxxxx and xxxxx response xx market xxxxxxxx Czinkota xx al xx the xxxxxxx of xxxxxxxx the xxxxxx market xxxx structure xxxxxxx the xxxxxxx to xxxxx swiftly xx changing xxxxxxxxxx regulations xxx customer xxxxxxxx The xxxxxxxxx amp 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 xxx s xxxxxxx with xxx emphasis xx innovation xxxxxxxxxxxxx and xxxxxxxxxxxxxx influences xxx decision-making xxxxxxx positively xxxxxxxxxxxxxxx are xxxxxx to xxxxxxxxxx innovative xxxxxxx designs xxxx input xxxx various xxxxxxxxxxxx and xxxxxx that xxxxxxxxx align xxxx sustainability xxxxx Liedtka xx al xxxxxxxxxxxxxx Structure xxx decentralized xxxxxxxxx affects xxxxxxxxxxxxxxx by xxxxxxxxx inclusivity xxx open xxxxxxxxxxxxx However xx can xxxx lead xx more xxxxx consuming xxxxxxxxxxxxxxxxxx processes xxxxxxxx et xx The xxxxxxx must xxxxxxx the xxxxxxxxxx of xxxxxxxxxxx with xxx need xxx agility xx decision-making xxxxxxxxx Direction xxx mission xxxxxxxxx focusing xx customer-driven xxxxxx and xxxxxx guides xxxxxxxxxxxxxxx by xxxxxxxxxxx the xxxxxxxxxx of xxxxxxx customer xxxxx andMARKET xxxxx OVERVIEW xxxxxxxxx growth xxx vision xxxxxxxxx centered xx sustainability xxxxxxxxxxx the xxxxxxxxx commitment xx environmentally xxxxxxxxxxx practices xxxx statements xxxxx as xxxxxxx principles xxxx inform xxxxxxxxx related xx product xxxxxxxxxxx and xxxxxx entry xxxxxxx of xxx CompanyMarket xxxxxxxxxxxxxxx influencing xxxxxxx The xxxxxxxx market xx India xxx specific xxxxxxxxxxxxxxx that xxxxxx the xxxxxxx amp 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 amp x sustainability xxxxx and xxxxxxxx an xxxxxxxxxxx for xxxxxx entry xxx Indian xxxxxxx industry xxxxxxxxx a xxxx age xxxxx of xxxxxxx from xx years xxx Therefore xxx product xxxxxx should xx comfortable xxx portable xxxxxxxx to xxx needs xx fishers xxxxxx different xxx groups xxxxxx of xxxxxxx design xxxxxx on xxxxxxxx market xxxxxxxxxxxxxxx To xxxxx the xxxxxxx with xxx emerging xxxxxx in xxxxx the xxxxxxx should xxxxxxxx several xxxxxx changes x Nonmechanized xxxx Adaptation xxx foldable xxxx amp 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 xxx s xxxxxxxxxxx for xxxxxxxxxxx materials xxx company xxxxxx explore xxxxx locally xxxxxxx eco-friendly xxxxxxxxx for xxxx construction xxxxxxxxxx of xxxxxxxxx This xxxxx involve xxxxx recycled xxxxxxxx and xxxxxxxx a xxxxxxxxxx coating xxxx is xxxxxxxxxxxxxxx friendly x Comfort xxx Accessibility xxxxx the xxxxxxx demographics xx Indian xxxxxxx the xxxxxxx design xxxxxx focus xx comfort xxx accessibility xxx users xx all xxxx Ergonomic xxxxxxxx ease xx boarding xxx disembarking xxx user-friendly xxxxxxxx should xx considered xx the xxxxxx - xxxxx Engagement xxxxxxxx Indian xxxxxxx in xxx product xxxxxx process xx crucial xxx company xxxxxx collaborate xxxx local xxxxxxx to xxxxxxxxxx their xxxxxxxx needs xxxxxxxxxxx and xxxxxxxxxx This xxxxxxxxxxx can xxxxxxx valuable xxxxxxxx for xxxxxxx adaptation xxxxxx of xxxxxx thinking xxxxxxx The xxxxxxx amp 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 amp x existing xxxxxxx of xxxxxxx customer xxxxxxxx Define xxxxx on xxx insights xxxxxx the xxxxxxx would xxxxxx the xxxxxxxx problems xxx opportunities xxxx the xxxxxx market xxxxxxxx This xxxxx involve xxxxxxxxxxx key xxxx points xxxxxxxxxxxxx concerns xxx user xxxxxxxxxxx MARKET xxxxx OVERVIEW xxxxxx The xxxxxxxx phase xxxxxxxxxx the xxxxxxxxxx of xxxxxxxx solutions xxx company xxxxx conduct xxxxxxxxxxxxx sessions xxxxxxxxx employees xxxxxx fishers xxx other xxxxxxxxxxxx to xxxxxxxx a xxxx range xx product xxxxxx ideas xxxx address xxx defined xxxxxxxxxx and xxxxxxxxxxxxx Prototype xxx company xxxxx then xxxxxx prototypes xx the xxxxxxxxxx foldable xxxx Multiple xxxxxxxxxx may xx developed xx test xxxxxxxxx design xxxxxxxxxx materials xxx features xxxxx These xxxxxxxxxx can xx tested xx a xxxxxxx group xx Indian xxxxxxx to xxxxxx feedback xxxx Testing xxxxxxxx collecting xxxxxxxx and xxxxxxxxxx the xxxxxxxxxx amp 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 xxx s xxxxxxxxxxx for x broad xxxxxxxx Department xx Fisheries xxxxxxx Based xx the xxxxxxxx and xxxxxxxx gathered xxxxxx testing xxx company xxxxx refine xxx product xxxxxx iteratively xxxx iterative xxxxxxx continues xxxxx a xxxxx design xx achieved xxxx meets xxx needs xxx expectations xx the xxxxxx market xxxxxx on xxxxxx thinking xxxxxxx The xxxxxxx amp 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 xxx s xxxxxxxx on xxxxxxxxxxxx design xxxxxxxxxxxxx reliant xx nonmechanized xxxxx guides xxx product xxxxxx process xxxxxxx prioritizing xxxx of xxx portability xxx comfort xxxxxx thinking xxxxxxxxxxxx local xxxxxxx and xxxxxxxxx into xxx product xxx s xxxxxxxx and xxxxxxxxxxxxxxx ensuring xxxxxxxx alignment xxxxxxxxxxxx the xxxxxxxx market xxx s xxxxxxx environmental xxxxxxxxx emphasizing xxxxxxx considerations xxxxxxxxxx the xxxxxx process xxxxxx thinking xxxxxxxx sustainable xxxxxxxxx recycling xxxxxxx and xxxxxxxxxxxx coatings xx meet xxxxx ethical xxxxxxxxxxxx and xxxxx with xxx market xxx 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 xxx s xxxxxx readiness xxx company xxx 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 amp x environmental xxxxxx The xxxxxx thinking xxxxxxx includes x thorough xxxxxxxx of xxx product xxx s xxxxxxxxxxxx ENTRY xxxxxxxx lifecycle xxxx manufacturing xx disposal xx seeks xxxx to xxxxxx the xxxxxxx amp x carbon xxxxxxxxx and xxxxxxxx waste xxxxxxxxxx aligning xxxx the xxxxxxx amp 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 xxx s xxxxxx and xxx alignment xxxx ethical xxxxxx This xxxxxxxxx approach xxxxxxx that xxxxxxx considerations xxx integrated xxxx every xxxxx of xxxxxxx development xxxxxxxxxxx the xxxxxxx amp x commitment xx sustainable xxx socially xxxxxxxxxxx business xxxxxxxxx Influence xx ethical xxxxxxxxx on xxxxxx entry xxxxxxxxxxx company xxx s xxxxxxx statement xx outlined xx the xxxxxxxx plays x significant xxxx in xxxxxxx and xxxxxxxxxxx the xxxxxx entry xxxxxxxx contributing xx a xxxxxxxx and xxxxxxxx responsible xxxxxxxx Let xxx s xxxxxxx in xxxxxx how xxx company xxx s xxxxxxx statement xxxxxxx the xxxxxx entry xxxxxxxx - xxx company xxx 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 amp x commitment xx sustainability xxxxxxxx impacts xxxxxxx design xx the xxxxxxx of xxxxxxxx the xxxxxx market xxx company xxxxx consider xxxxxx modifications xxx materials xxxx minimize xxxxxxxxxxxxx harm x Ethical xxxxxxxxxxxxxx also xxxxxxxxx how xxx company xxxxxxx with xxxxx communities xxx stakeholders xx India xxxxx the xxxxxxx industry xxxxx involves xxxxx communities xxxx engagement xxxxxxx vital xxx company xxxxx adopt x collaborative xxxxxxxx that xxxxxxxx local xxxxxxx and xxxxxx seeking xxxxx from xxxxxx fishers xxx environmental xxxxxxxxxxxxx Czinkota xx al xxxxxx ENTRY xxxxxxxx The xxxxxxx statement xxx 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 amp xxxxxxx M x International xxxxxxxx John xxxxx amp 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 amp xxxxxxx K xxxxxxx problems xxxx design xxxxxxxx Ten xxxxxxx of xxxx works xxxxxxxx University xxxxxMore Articles From Finance
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