Question.2676 - COMPETENCIES 3081.1.2 : Managing Risk The graduate utilizes evidence-based techniques to make strategic decisions. 3081.1.3 : Elements of Business Strategy The graduate applies appropriate business practices to formulate recommendations that impact organizational effectiveness. INTRODUCTION Today’s business environment requires competency in managing risk and in selecting a business strategy based on a company’s internal and external analyses. In this task, after reviewing the scenario, you will discuss the market entry risk/reward ratio; analyze the company’s strengths, weaknesses, opportunities, and threats (SWOT); and recommend a business strategy. As you complete the task, think about past projects you may have worked on that required evaluating risks and conducting risk analyses. 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 originality 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. A. Reflect on at least two potential risks the company in the given scenario encounters in entering the new market, including a detailed description of the impact to the company. B. Conduct a SWOT analysis of the company in the given scenario by doing the following: 1. Identify two internal strengths of the company. 2. Identify two internal weaknesses of the company. 3. Identify two external opportunities for the company. 4. Identify two external threats to the company. C. Identify two strategic recommendations for the company in the given scenario that are based upon the SWOT analysis results in parts B1 through B4. 1. Justify a strategic recommendation from part C by explaining in detail the benefits of the recommendation to the company. 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:
Title xxxxxxxxx Analysis xxx Recommendations xxx Market xxxxx A xxxx Study xx a x S xxxxxxx Boat xxxxxxxxxxxx IntroductionFor xxxxxxxxx looking xx enter xxxxxxxxxxxxx markets xxxxxxxxxxx decision-making xxx efficient xxxx management xxx critical xx today x changing xxxxxxxx environment xxxx analysis xxxxxxx on xx American xxxxxxx boat xxxxxxxxxxxx s xxxxxxx to xxxxx the xxxxxxxxxx Indian xxxxxx The xxxxxxx which xx renowned xxx its xxxxxxxxxxxxxx and xxxxxxxxxxxxx plans xx launch xxx folding xxxxxxx boats xxxxxxxxxx of xxxxxxxxx This xxxxxxxxxxxx highlights xxx importance xx risk xxxxxxxxxx talks xxxxx the xxxx reward xxxxx of xxxxxxxx a xxxxxx and xxxxxxxx the xxxxxxxxxxx of xxxxx a xxxxxxxx SWOT xxxxxxxx to xxxxx strategic xxxxxxxxxxxxxxx Success xx the xxxxxx market xxxxxxx on xxx company x ability xx carefully xxxxxxxx both xxxxxxxx and xxxxxxxx elements xx it xxxxxxxxx their xxxxxxxxxxx Onkvisit xxx Shaw xxxxxxxxx Risks xx Market xxxxxxxxxxxxxxxx of xxx Market xxxxx Risk xxxxxx RatioThe xxxxxx entry xxxx reward xxxxx is xx important xxxxxxx that xxxxxx possible xxxxxxx against xxx inherent xxxxxxx of xxxxxxx a xxx market xx the xxxx of x US xxxxxxx boat xxxxxxxxxxxx expanding xxxx India xxx corporation xxxx balance xxx great xxxxxx potential xxxx the xxxxxxxxxx and xxxxxxxxxxxxx of xxx Indian xxxxxxxx environment xxx choice xx invest xxxxxxx in xxxxxxxxxxxx a xxxxxxxx in xxxxx and xxxxxxxxx products xx local xxxxxx introduces x difficult xxxxxxx between xxxxxxxxx rewards xxx inherent xxxxxxx Iyer xx al xxxxxxxxxxxxxx of xxx Potential xxxxx Regulatory xxxxxxxxxx Risk xxx complex xxxxxxxxxx environment xx the xxxxxx market xxxxxxxx a xxxxxx to xxxxxxxx business xx could xx difficult xx follow xxxxx laws xxx the xxxxxxxx permits xxx deal xxxx bureaucratic xxxxxxxxxx Legal xxxxxxxxxxxxx fines xxx reputational xxxx to xxx business xxxxx arise xxxx non-compliance xxxxxxxxxxx it xxx postpone xxxxxx entry xxxxxx it xxxx difficult xxx the xxxxxxxx to xxx quickly xx seize xxx opportunity xxxxxxxx Adaptation xxx Product xxxxxxxxxx Risk xxxx if xxxxxxx fishing xxxxx are xxxxx local xxxxxxx customs xxx cultural xxxxxxxxxxx must xx carefully xxxxx into xxxxxxx The xxxxxxxxxxx may xxxx poor xxxxxxxx rates xx the xxxxxxx is xxx well-received xx the xxxxxxx age xxxxxx and xxxxxxxx segments xx Indian xxxxxxxxx This xxxx can xxxxxx in xxxxxx products xxxxxxxx losses xxx a xxxxx in xxx business x strategic xxxxxxxxxx for xxxxx expansion xxx the xxxxxxxx to xxxxxxx in xxx Indian xxxxxx these xxxxx must xx weighed xxxxxxx the xxxxxxxx benefits xxxx highlights xxx importance xx a xxxxxxx risk xxxxxxxxxx plan xxx cultural xxxxxxxxxxx in xxxxxxx creation xxxxxxxx et xx SWOT xxxxxxxx of xxx CompanyInternal xxxxxxxxxxxxxxxxxx Product xxxxxx Strength xxx company x creative xxxxxxxx to xxxxxxx design xx one xx its xxxx advantages xx the xxxxxxxx fishing xxxx with xx origami xxxxxx is x distinctive xxx well-liked xxxxxxx In xxxxxxxx to xxxxxxx the xxxxxxxx apart xxxx rivals xxx creative xxxxxx supports xxx company x goal xx customer-driven xxxxxx National xxxxxxxxx Development xxxxx This xxxxx strengthens xxx company x standing xx the xxxxxx and xxxxxxxxxx client xxxxxxxxx Decentralized xxxxxxxxxxxxxx Culture xxxxxxxx The xxxxxxx of xx organization xx influenced xx the xxxxxxxxxxxxx structure xxx equal xxxxxxxxxxx mentality xxxxxxx the xxxxxxxx and xxxxxxxxx Building xxxxxxxxxxxxx at xxx levels xxxxxxx together xxx sharing xxxxxxxxx making xxx all xxxxxxxxxx in xxxx culture xxxxxxxx alignment xxxx the xxxxxxx s xxxxxxx stance xx sustainability xxxxxxx an xxxxxxxxx decision-making xxxxxxx reinforces x shared xxxxxxxxxx to xxxxxxxxxxxxxxx sensitive xxxxxxxxx Carmine xx al xxxx Manufacturing xxxxxxxxx Weakness xxxxxxx the xxxxxxx s xxxxxxxxxx for xxxx production xxxxx methods xxx not xx as xxxxxxxx as xxxx may xx As xxx business xxxxxx the xxxxxx market xx may xxxxxx more xxxxxxxxx to xxxxxxxx sustainable xxx effective xxxxxxxxxx methods xx keep xxxxxxxxxx on x greater xxxxx both xxxxxxxxxxxxxx and xx high xxxxxxx this xxxxxxxxxxx must xx fixed xxxxxxx Market xxxxxxxxxx Weakness xxxxxxxx to xxxx seasoned xxxxxx the xxxxxxx might xxx have xx much xxxxxx experience xx others xxxxx its xxxxx three-year xxxxxxx This xxxx of xxxxxxxxxx might xxxx it xxxx difficult xxx the xxxxxxxx to xxxxxxxxxxxx negotiate xxx complexity xx the xxxxxx market xx becomes xxxxxxxxx to xxxxxxx market-specific xxxxxxxxx to xxxxxxxxxx this xxxxxxxxxxxxx External xxxxxxxxxxxxxxxx Market xx India xxxxxxxxxxx The xxxxxxx has x great xxxx of xxxx to xxxx due xx the xxxxxxxxxxxxx in xxx Indian xxxxxx The xxxxxxx s xxxxxxxx on xxxxxxxxxxxxx boats xx in xxxx with xxxxxxxx demand xxx if xx can xxxxxxxxxxx capitalize xx this xxxxxxxxxx market xx may xxxxxxxxx itself xx a xxxxxx in xxxxxxxx fishing xxxxx in xxxxx and xxxxxx Surdu xxx Mellahi xxxxxxxxx Partnerships xx Asia xxxxxxxxxxx Forming xxxxxxxxx alliances xx India xxxxxxx opportunities xxx additional xxxxxx throughout xxxx Working xxxxxxxx with xxxxx businesses xxx associations xxx help xxx company xxxxxxx its xxxx of xxxxx a xxxxxxxxxxx industry xxxxxx by xxxxxxx up xxx markets xxxxxxxx insightful xxxxxxxxxxx and xxxxxxxxxxxxx its xxxxxxxx presence xxxxx et xx Regulatory xxxxxxxxxx in xxxxx Threat xxx company x entry xxxx the xxxxxx is xxxxxxxxxx by xxx intricate xxxxxxxxxx landscape xx India xxxxxxxxxx regarding xxxxxxxxxxxx and xxxxxxxx criteria xxx financial xxx operational xxxxxxxxxxx of xxx organization xxx be xxxxxxxx if xxxxx investments xxx operational xxxxxxx are xxxxxxxx to xxxxxx with xxxxx rules xxxxxxxx Adaptation xxxxxxxxxx Threat xxx company x success xx threatened xx the xxxxxxxxxxx of xxxxxxxx mismatch xxx the xxxxxxxxxxx that xxxxxx fishing xxxxxxxx won x accept xxx folding xxxx To xxxxxx this xxxxxx it xx crucial xx get xxxxxx cultural xxxxxxxxxx and xxxx sure xxx product xxxxxxxxx the xxxxxx needs xx Indian xxxxxxxxx Finally x thorough xxxx analysis xxxxxx as x basis xxx strategic xxxxxxxxxxxxxxx assisting xxx business xx leveraging xxx advantages xxxxxxxxx its xxxxxxxxxxxxx seizing xxxxxxxxxxxxx and xxxxxxxx possible xxxxxxx in xxx Indian xxxxxx Grant xxxxxxxxx RecommendationsRecommendation xxxxxxxxxxxxxx - xxxxxxxx Innovative xxxxxxx Design xxx Decentralized xxxxxxx The xxxx should xxxxxxx its xxxxxxx in xxxxxxxx product xxxxxx culture xxxxxxxxxxxxxxxx etc xxx company xxx achieve xxxx by xxxxxxxx a xxxxxxxxxxxxxxxx approach xxx ensuring xx inclusive xxxxxxxxxxxxxxx process xx this xxxxxx the xxxxxx has xx consider xxxxxxxxx age xxxxxx and xxxxxxxxxxxxxx needs xx Indian xxxxxxx The xxxxxxx must xxxx employ x decentralization xxxxxxxxx to xxxxxx every xxxxxx is xxxxxxxxx right xxx in xxxx with xxxxxxxxxxx operations xx addition xx enhancing xxx company x competitive xxxx this xxxxxxx style xxxxxxxx smooth xxxxxxxxx between xxxxxx partners xxxxxxx et xx Recommendation x Managing xxxxxxxxxx and xxxxxxxx challengesThe xxxxxxx can xxxxxxxx weaknesses xxxxxxxxxx with xxxx manufacturing xxxxxxxxx and xxxxxxx market xxxxxxxxxx by xxxxxxxxx market-specific xxxxxxxxxxx and xxxxxxxxx scalable xxxxxxxxxx approaches xx the xxxx time xxx organization xxxxxx explore xxxxx issues xxx determine xxx it xxxx cope xxxx Indian xxx especially xxxxxxxxxx material xxxxxxxxxxxx and xxxxxxxxxxx by xxx National xxxxxxxxx Development xxxxx It xxxx also xxxxxxx incorporating x culturally xxxxxxxx strategy xx that xxx fishing xxxx conforms xx local xxxxxx and xxxxxxxxxx Mitigating xxxxxx relating xx cultural xxxxxxxxxxxxx in xxxx a xxxxxxx may xx achieved xx building xxxx relations xxxx Indian xxxxxxx for xxxxxxxxxxx feedback xxx their xxxxxxxxxxx from xxx design xxxxx Surdu xxx Mellahi xxxxxxxxxxxxx of x strategic xxxxxxxxxxxxxx from xxxx C xxxxxxx to xxx CompanyThe xxxxxxx would xxxxxx from xx efficient xxxxxxxx of xxxxxxxxxx innovative xxxxxxx design xx combination xxxx a xxxxxxxxxxxxxx culture xxx company xxxxxxx a xxxxxxxxxxx advantage xx integrating xxxxxxxxxxxxxxxxx design xxx involving xxxxxxxxxxxx in xxx final xxxxxx decision xxxxx from xxxxxxxx corporate xxxxx and xxxxxxxxxx this xxxxxxxx matches xxx company x point xx view xxxxxxx corporate xxxxxxxxxxxxxxxx which xxxxxxxxxxxxx customers xxx highly xxxxx The xxxxxxxxxxxxx design xxxx facilitates xxxxxxxxx communication xxxxxxxxxxx with xxxxxx partners xxxxxx decision-making xx terms xx all xxxxx advantages xxxx allows xxx company xx compete xxx cope xxxx some xxxxxxxxxx related xxxxxxxxxx ensuring xxxx products xxx accepted xxx establishing x strong xxxxxxxx in xxxxx leading xx long-term xxxxxxxxx and xxxxxx ConclusionIn xxxxxxxxxx a xxxxxxx balance xxxxxxx opportunities xxx risks xx revealed xx the xxxxxxxxx study xx the xx fishing xxxx manufacturer x entry xxxx the xxxxxx market xxx risk xxxxxx ratio xx market xxxxx highlights xxx necessity xx employing x sophisticated xxxxxxxx to xxxxxxxxxxx traverse xxx intricate xxxxxxxx environment xx India xxx SWOT xxxxxxxx informs xxx development xx strategic xxxxxxxxxxxxxxx by xxxxxxxxxxxx internal xxx external xxxxxxxxx weaknesses xxxxxxxxxxxxx and xxxxxxx To xxxxxx risks xxxxxxx cultural xxxxxxxx and xxxxxx with xxxxxxxxxxx the xxxxxxxxxxx can xxxxxx a xxxxxxxxxxx research xxx development xxxxxx in xxxxx and xxxx alliances xxxx regional xxxxxxxxxxxxx and xxxxxxxxxxxxx projects xxxxx suggestions xxx the xxxxxxxx in x position xx take xxxxxxxxx of xxx chances xxxx have xxxx found xxxxxxxxxx its xxxx of xxxxxxxxx expansion xxx industry xxxxxxxxxx in xxx competitive xxxxxx fishing xxxxxx ReferencesOnkvisit x amp xxxx J xxxxxxxxxxxxx marketing xxxxxxxx and xxxxxx Routledge xxxxxxxxxxxxx Marketing xxxxxxxx and xxxxxx Sak xx visit xxxx Sha xxxxxxxxxxxxx com xxxxxxxx Fisheries xxxxxxxxxxx Board x d xxxxx Indian xxxxxxxxx http xxxx gov xxxxxxx I xxx Mellahi x Theoretical xxxxxxxxxxx of xxxxxxxxxxxx foreign xxxxxx entry xxxxxxxxx A xxxxxx of xxx literature xxx recommendations xxx future xxxxxxxx International xxxxxxxx Review x https xxx org x ibusrev xxxx G x LaPlaca x J xxx Sharma x Innovation xxx new xxxxxxx introductions xx emerging xxxxxxx Strategic xxxxxxxxxxxxxxx for xxx Indian xxxxxx Industrial xxxxxxxxx Management x https xxx org x indmarman xxxxx R x Contemporary xxxxxxxx analysis xxxx Wiley xxx Sons xxxxxxxxxxxx Strategy xxxxxxxx - xxxxxx M xxxxx - xxxxxx BooksCarmine x Mayorga x Miller x A xxxx J xxxxxx P x Crespo x O xxx Jacquet x Who xx the xxxx seas xxxxxxx industry xxx Earth x Who xx the xxxx seas xxxxxxx industry xxxx com xxxxxxx W xxxxxx C xxxxxxx T xxxxxxx R xxxxxxxxxx L xxxxxx E xxx Colgan x Defining xxx measuring xxx US xxxxx economy xxxxxxxxxx Bureau xx Economic xxxxxxxx Defining xxx Measuring xxx U x Ocean xxxxxxx bea xxx Counihan x D xxxxxxxxxxx L xxxxxxx S x Phillips x Thom x amp xxxxxx B xxxxxxxxxxx research xx support xx the xxxxxxxxxx and xxxxxxx of xxxxxxxxxx mussels xx the xxxxxxx United xxxxxx Management xx Biological xxxxxxxxx - xxxxxxxxxxx research xx support xx the xxxxxxxxxx and xxxxxxx of xxxxxxxxxx mussels xx the xxxxxxx United xxxxxx researchgate xxx White x R xxxxxx J xxxxxx A xxx Sorensen x The xxxxxx and xxxxxxxx effects xx a xxxxxx pandemic xx US xxxxxxx and xxxxxxx workers xxxxx e xxx direct xxx indirect xxxxxxx of x global xxxxxxxx on xx fishers xxx seafood xxxxxxx PeerJ xxxxxxxxxx of xxxxxxxxx September xxxxxxxx on xxxxxxxxx statistics xxxxxxxxxx of xxxxx https xxx gov xx sites xxxxxxx files x HandbookonFS xxxMore Articles From Management
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