Colorado Technical University Global Strategy Questions

Colorado Technical University Global Strategy Questions

APA format 2-3 pages

You enter your project team meeting with Mike and Tiffany to hear them discussing the tools that they found to conduct an analysis of the industry and competitors. “Mike, there are so many more tools than I even realized to give us some good data,” Tiffany states.

“I know,” Mike says. “That’s why I wanted to take some time to look at our options and figure out what information we really need to support the board’s decision.”

Mike and Tiffany both found some great tools from their research on the subject. Complete the following:

• Based on your classmates’ discussion posts for Week 2, do you still believe the tools that you selected will work best for a global strategy? Why or why not?
• What evidence do you have to support your decision?
• How would you refute the people who chose an additional tool rather than one of the tools that you selected?
• Based on the tools that you selected, provide a brief analysis of your market, using those tools.

My previous posting is also attached.

Classmate Postings:

Classmate 1: Unit 2 – Discussion Board

The furniture company is in the process of creating a strategy to become a global organization. With depleting revenues, action needs to be taken, and expanding the company’s reach can give them another chance of success. While creating this multinational strategy the furniture company needs to conduct analysis on the industry and the competitors. There are many tools that are useful in this type of analysis. The tow tool that will be the most effective for this situation are the SWOT analysis and the PESTEL analysis. These two tools will give a well rounded view of the industry and where to lead the project into becoming an international organization (Hall, 2019).

The first analysis tool is SWOT. The furniture company will be able to look a the strengths, weaknesses, opportunities, and threats to the organization and its strategy to move into Canada. This environmental scanning technique shows internal and external factors (Grant, 2019). Strengths help identify distinctive competencies that are where the furniture company has the edge over its competitors (MGMT 690, p.140). Strength are internal factors and weaknesses are also internal factors of the company. Weaknesses could be seen as what processes in the company need to be improved for more efficiency or effectiveness (Grant, 2019).

Opportunities and threats are external factors to consider in a SWOT analysis. Opportunities are areas where the company can take advantage of in their current situation. Threats are external factors working against the company (Grant, 2019). With a SWOT analysis completed the company will be able to strategize on how to capitalize strengths, overcome weaknesses, take advantage of opportunities, and protect against threats (MGMT 690, p. 142). Conclusions can be made as to where the company stands against its goal. This is one of the best ways to analyze the market because there is a focus on internal and external factors that will affect the furniture company (MGMT 690, p.146). This balanced view is one of the easiest ways to compile all the information available to make a sound decision. The SWOT analysis will be used to dissect the company to find out how to most effectively execute the strategic marketing plan on moving into the global furniture market.

The PESTEL analysis is also another great too for the company to use. There are six factors that are researched on a macro-environment level. These factors include: political, economical, sociocultural, technological, environment, and legal (Hall, 2019). The benefit of this tool is a more in-depth look at the external factors for the company. Going into an international market is a large change, and the more information on the external risks is critical. PESTEL will be used to gain knowledge on the Canadian environment for the furniture manufacturing industry. Tax policies, exchange rate, inflation, cultural influences, technological advances, geography, and laws and regulations will be researched to find the information needed on these environment risk (MGMT 690, p.118). This is an effective tool because the company will be able to see a clearer picture of what they would be walking into by opening a subsidiary in Canada.

By combining the SWOT and PESTEL analysis the company will have the information needed. Data will be collected on the internal factors as well as the competitors and the external environment of the country selected for global expansion. Questions will be answered on if Canada is the right environment as well as if the furniture company is ready for this change. It will also answer the question of if the competition of the bigger furniture chains are too big of players for them to make an impact globally. The goal is to have a successful transition when creating this move to being a multinational corporation.

Classmate 2:

Exploring innovative ways to increase sales and expand internationally requires a well-designed plan, known as a global market strategy. In order for this strategy to be effective, it must include all useful details about the business and the business environment (Delaney, L., 09/07/18). Hence, research analysis will be the primary tool used to provide insight into the things that affect the business both positively and negatively. In turn, decision-makers will be given information to determine what elements of the strategy are effective, or ineffective; in hopes of creating a plan to successfully enter into the global market and increase company profits (Lorette, K., 02/12/19).

Furthermore, the best tools to analyze the business and global market, for John and Debra’s furniture company, is Porter’s Five Forces of Competition and SWOT analysis. First, Porter’s Five Forces of Competition is a method that is utilized to evaluate and examine the competitive power and position of a business. The theory is founded on the notion that there are 5 forces that impact competition in the marketplace (CGMA, 06/10/13). The forces include the power held by the supplier, the power held by the buyer, intensity of competitors, risk of substitutes, and the risk of new entrants. Supplier power analyzes how easily suppliers can increase market prices. Buyer power involves determining how easily customers to influence prices to lower. Competitive rivalry examines the number of businesses competing in the market. Whereas, the threat of substitution takes into account other alternatives in the market that might attract customers. Lastly, the threat of entry assesses how easy it is to get into the market (CGMA, 06/10/13).

Porter’s Five Forces of Competition is an effective tool to analyze the market because it will help assess the competitive environment. It will also help the company understand the forces that influence profitability in the market. This tool will be used to help measure the competitive environment, attractiveness, and profitability of the market (Chappelow, J., 04/11/19)

Additionally, the SWOT analysis is an effective tool to examine the business and global market for John and Deborah’s company. A SWOT analysis is an environmental scanning method that identifies a company’s strength, weaknesses, opportunities, and potential threats (M.U.S.E., 2019). Strengths and weaknesses are viewed as internal factors that the company can influence and change. On the other hand, opportunities and threats are external factors that happen outside of the company influence (Parsons, N., 04/05/18).

The SWOT analysis is an effective method because this framework provides an evaluation of the company’s strengths, weaknesses, opportunities, and threats. Before entering a global market, it is important to identify what is working well for the company, and what opportunities are being missed. This tool will be used to help improve the global marketing strategy by determining what factors will help assist with achieving goals, because of strengths and opportunities, and what problems must be overcome because of threats and weaknesses (Colgate, A., n.d.).

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