You are a business analyst working at a small domestic organization that produces high-quality baseball bats. Your organization has begun to see its sales flatten in the domestic market. While the organization is not losing money, leadership would like to explore options to continue growth. One option that leadership has noticed competitors attempting is entering international markets.
You have been asked to examine the benefits, drawbacks, and key considerations for your organization to enter one of the global markets below, and to summarize your findings in a business brief for leadership.
Select one of the following international markets to use for your course project:
- Republic of Korea
If you would like to use another country for your course project, please reach out to your instructor.
Develop a business brief that explains why many organizations are investing in efforts to expand their businesses internationally, the key impacts of global business, and cultural considerations for entering the global market. You will then create a market profile and outline market considerations for your chosen international market. Use the Business Brief Template in the What to Submit section to complete this project.
- Drivers for Global Entry: Explain the purpose of global expansion, business impacts of global business, societal impacts of global business, and cultural considerations using evidence from course and outside resources to support your explanations.
- Purpose of Global Expansion: Explain key benefits of successful global expansion for domestic organizations.
- Business Impacts of Global Business: Explain how global expansion of a domestic organization can impact business operations such as strategic planning, marketing, supply-chain management, human resources, and so on.
- Societal Impacts of Global Business: Explain how the global expansion of organizations has impacted society, citing specific examples regarding culture, transportation, employment, infrastructure, and environmental climate.
- Cultural Considerations for Global Business: Explain the importance of researching the culture of a potential global market prior to market entry, as well as key cultural considerations to explore to inform expansion decisions.
- Market Profile: Compare and contrast important cultural, political, and economic elements of your selected market versus the United States to explain similarities and differences between cultural practices, attitudes, economic factors, and political environments.
- Cultural Profile: Compare and contrast important cultural elements of your selected market against those in the domestic market, including communication, values and attitudes, cultural dimensions, and so on.
- Political and Economic Profile: Compare and contrast important political and economic factors for your selected market against those in the domestic market, including political systems, current leaders, and economic measures or characteristics used in classification.
- Legal and Regulatory Profile: Compare and contrast important legal and regulatory requirements of your selected market against those in the domestic market, including trade restrictions, regulations of products or services, legal processes for business transactions, and import restrictions or documentation.
- Market Considerations: Compare and contrast important market considerations for your selected market against those in the domestic market. Explain the similarities, differences, and considerations for conducting business between the two markets, such as general legal and regulatory requirements, monetary and management logistics, and mode-of-entry considerations.
- Monetary Considerations: Explain how monetary considerations such as currency, exchange rates, and exchange-rate management would impact the organizations decision to expand into your selected market, using current exchange rates between your selected country and the United States to support your explanations.
- Management and Logistics Considerations: Explain management and logistics practices that best address human-resource considerations for your selected market, such as management approaches or staff and labor laws and their impact on policies and procedures.
- Mode of Entry Considerations: Describe advantages and disadvantages for traditional modes of entry that would be most appropriate for entering into your selected market.
What to Submit
To complete this project, you must submit the following:
Your completed Business Brief template should be a 750- to 1,000-word Word document. Sources should be cited according to APA style.