Task 2:  Innovative and Strategic Thinking

Course Code: C714 v2 & v3; D081

Student Mentor Name:

Not EvidentApproaching CompetenceCompetent
The submission does not reflect on potential risks the company encounters in entering the new market or does not include a detailed description of the impact to the company.The submission reflects on at least 2 potential risks the company encounters in entering the new market and describes the impact to the company, but the submission is not supported by specific detailsThe submission reflects on at least 2 potential risks the company encounters in entering the new market, describes the impact to the company. The submission is accurate and is supported by specific details.

A. Discuss at least TWO potential risks that the company from the scenario may encounter in entering the new market and describe the impact to the company.

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(Unit 3: Managing Risks.)-Consider the risks below as you prepare your response. Make sure you discuss and describe the risks you select).

·       Preventable risks

·       Strategic risks

·       Uncontrollable risks

·                     Financial loss

·                     Operational risks

·                     Hire nursing writer for this project

·                     Strategic business planning

·                     Legal risks

·                     Project planning

·                     Reputational risk and branding

Not EvidentApproaching CompetenceCompetent
The submission does not identify 2 internal strengths of the company.The submission identifies 2 internal strengths of the company, but 1 or both strengths are inaccurateThe submission accurately identifies 2 internal strengths of the company.

B1. Conduct a SWOT analysis of the company in the scenario by identifying at least two internal strengths (Strengths: These are the characteristics of a business or project that lend an advantage to the organization/project). The identification of each strength (weakness, opportunity, and threat) requires more than just listing each element.  Consider a sentence or two that relates the strengths (weaknesses, opportunities, and threats) to the given scenario.

Not EvidentApproaching CompetenceCompetent
The submission does not identify 2 internal weaknesses of the company.The submission identifies 2 internal weaknesses of the company, but 1 or both weaknesses are inaccurate.The submission accurately identifies 2 internal weaknesses of the company.

B2. Conduct a SWOT analysis of the company in the scenario by identifying at least two internal weaknesses (Weaknesses: These characteristics of a business or project result in a disadvantage) The identification of each strength (weakness, opportunity, and threat) requires more than just listing each element.  Consider a sentence or two that relates the strengths (weaknesses, opportunities, and threats) to the given scenario.

Not EvidentApproaching CompetenceCompetent
The submission does not identify 2 external opportunities for the company.The submission identifies 2 external opportunities for the company, but 1 or both opportunities are inaccurate.The submission accurately identifies 2 external opportunities for the company.

B3. Conduct a SWOT analysis of the company in the scenario by identifying at least two external opportunities (Opportunities: These are elements that the project could exploit to its advantage) The identification of each strength (weakness, opportunity, and threat) requires more than just listing each element.  Consider a sentence or two that relates the strengths (weaknesses, opportunities, and threats) to the given scenario.

Not EvidentApproaching CompetenceCompetent
The submission does not identify 2 external threats to the company.The submission identifies 2 external threats to the company, but 1 or both threats are inaccurate.The submission accurately identifies 2 external threats to the company.

B4. Conduct a SWOT analysis of the company in the scenario by identifying at least two external threats (Threats: These elements in the competitive environment could create problems for the business or project).

The identification of each strength (weakness, opportunity, and threat) requires more than just listing each element.  Consider a sentence or two that relates the strengths (weaknesses, opportunities, and threats) to the given scenario.

Not EvidentApproaching CompetenceCompetent
The submission does not identify 2 strategic recommendations that are based upon the SWOT analysis results in parts B1–B4.The submission identifies 2 strategic recommendations, but 1 or both recommendations are not accurately based upon the SWOT analysis results in parts B1–B4.The submission identifies 2 strategic recommendations that are accurately based upon the SWOT analysis results in parts B1–B4.

C. Based on the SWOT analysis from B1 – B4, identify TWO strategic recommendations for the company. (Unit 4: Business Strategy.) (Cost leadership strategy; Differentiation strategy; A focused differentiation strategy; integrated strategy; and a focused low-cost leadership strategy) PLEASE NOTE: The identification of each strategic recommendation requires more than just listing each strategy.  Consider a sentence or two that relates the recommendations to the SWOT analysis for the given company.

Not EvidentApproaching CompetenceCompetent
The submission does not justify a strategic recommendation from part C.The submission justifies a strategic recommendation from part C by explaining the benefits of the recommendation to the company, but the submission is not supported by specific details, or the submission contains inaccuracies.The submission justifies a strategic recommendation from part C by explaining the benefits of the recommendation to the company. The submission is accurate and is supported by specific details

C1. JUSTIFY a strategic recommendation from C. by explaining the benefits to the company for the recommendation (Highlight improvements and advantages for the strategy selected).

References (if applicable)

If using sources to support ideas and elements in a paper or project, the submission should include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing.  For example, if you used 4 different books and articles and there is at least one in-text citation for each, you need to have 4 references here.  Use Purdue OWL for questions on APA formatting.  References need to be double-spaced and all but the first line of each need to be indented.

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CASE STUDY

C714v2 and D081

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 7% of global fish exports (Hanko Hackberry Group, n.d.).

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.

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Innovative and Strategic Thinking Task 2

  1. Potential Risks           

            There are various risks that the company might face when entering the new market. One of the risks is financial loss. Since the company considers a sizeable investment, it will be forced to build premises, buy machinery, seek licenses, and hire staff. The whole process is costly and distressing if the business fails in India. Revenue and assets will be lost, thus shaking the financial stability of the company. Human resources are a risk because the company ought to hire Indians in the company. The staff might be under qualified or unskillful to produce what the market needs. It will be a big blow for the company if it allocates much money on training and salaries, resulting in a loss. The issue of job satisfaction and morale will be a major concern. Disputes due to a cultural difference between India and America will hinder the development of the company. As a new entrant, the company is prone to unsafe practices, corruption, and lack of freedom that might deter its growth.

B1. Internal strengths

  1. The organization has distinctive abilities .through innovation; it creates a non-mechanized, foldable, and eco-friendly boat. The product will first pioneer in India. The innovative brand is unmatchable and one of a kind in the market.
  2. The company is decentralized, giving room for involvement and consensus. Decisions are made quickly in the organization.

B2. Internal weakness

1. High operating costs because the company has to invest heavily in India. The costs are prone to fluctuations and inflation.

2. Personnel skill gaps could be a weakness because the Indian workforce is inferior to that in the United States. Language and the cultural difference could hinder skills implementation.

B3. External opportunities

1. Partially exploited markets. The company is the first to bring a unique product to the market. This serves as a competitive advantage to make the most of the Indian market. Again, India relies on fishing to generate revenue.

2. New social trends such as portability and comfortable serve the company an opportunity to venture into the market. Fishers are considering varieties, especially unique machinery.

B4. External Threat 

1. Competition- any business is susceptible to competition. Competitors will not accept the US-based company enjoying a monopoly. Other companies will try making similar or better products to get a piece of the market share.

2. Government regulations and authorization – customarily, government regulations are lengthy with bureaucracy. The wait for an endorsement could delay the business plan because it has to use plastics made in India to care for the environment. Government processes could spike the production cost.

C. Recommendation 

1. A low-cost leadership strategy can be viable. Since the total cost of producing a unique boat is low, the retail price should be reasonable even if the company is the only retailer offering that particular product. The strategy is sustainable because it will draw lots of customers.

2. A focused differentiation approach is not bad, either. The company should continue with innovativeness, improvements, and developing unique features.

C1. Between the two strategies, the focused differentiation approach is superior. The strategy helps employees sharpen their skills, prevents competition and copying, includes expertise, and builds rapport amongst parties. The strategy ropes flexibility, especially when the market needs change. Customers want a product design that they can relate to. Consequently, a strong relationship will result, thus leading to customer loyalty.

C714 Task 1:  Innovative and Strategic Thinking assignment