INT 220 - week2 - Milestone 1 - Business Brief Template PDF

Preview

Summary

INT 220 - week2 - Milestone 1 - Business Brief Template...

Description

INT 220 Business Brief Template Course Project

Yan Li INT 220: Global Dimensions in Business Professor Debester Parker 09/12/2021 Complete this template by replacing the bracketed text with the relevant information. Overview A small high-quality baseball bats domestic organization has to face the flattened domestic market and search options to grow the business, at the same time the competitors are trying to enter international markets. So, leadership is considering which global markets are better for the business to grow. The country that I choose for this project is the Republic of Korea.

Section One: Drivers for Global Entry The purpose of global expansion is to minimize costs and maximize profits. There are few key benefits of expanding from domestic to international business. Dr. Katherine pointed out in her video about these benefits. They are “finding the availability of supplies, aiming for cheaper and more cost-effective manner, looking for new markets to expand for more opportunity and profits, having lower labor costs, accessing more finance capitals, and avoiding the tariffs and import quotas” (Rosenbusch, 2016). Furthermore, the quality standards of the products from domestic are lower than the high-quality of international business at the same price range. So, the global business markets could have more benefits than domestic. However, global expansion to South Korea comes with its difficulties, such as business, societal, and cultural impacts. These business impacts such as strategic planning, marketing, supply-chain management, human resources from the domestic business do not fit for global business. So, they need to adapt their strategies and activities. The company has to research new markets and find out how to get in and what plans could make to fit in that market. Finding Korean suppliers to create a new supply chain would reduce long-distance transport of raw materials, which cost extra time and money. The human resource department should consider hiring Korean employees to build a diversified team, and people from their own country understand their culture better. Globalization helps increase living standards and build more infrastructure. Although globalization has improved society in many ways, there are also some downsides. It has

1

contributed to the income inequalities both between and within countries. Depletion of the new market's resources and intervention of the new market's political affairs if the company is powerful enough. We should respect the business and societal customs of Korean. Korean society focused on collectivism and long-term orientation. A company needs to build long-term relationships with business partners instead of just making profits. Culture includes languages, laws, values, beliefs, mindsets, communication styles, dress, political, social, economic philosophies, and decisionmaking. According to the book, “understanding of culture will affect the ability to enter a local market, develop and maintain business relationships, negotiate successful deals, conduct sales, conduct marketing, and advertising campaigns, and engage in manufacturing and distribution” (Dunung, 2020). the company has to immerse in its markets. Even though Korea is different from the US in various ways, there is existing popularity of baseball. It may provide us large customers in the market to sell our high-quality baseball bats.

Section Two: Market Profile Complete the tables below to use data and statistics to support your comparisons. Words, phrases, and numbers should be used to complete the tables, not complete sentences. Cultural Profile Category

Commonly Spoken Languages Commonly Practiced Religions

Power Distance Index (PDI)

United States

Republic of Korea

English

Korean

Christianity (Protestants or Catholics), Judaism, Islam, Buddhism, Hinduism

55% of South Koreans have no religion. Followed by Christianity and Buddhism

40

60

2

Individualism Versus Collectivism (IDV)

91

18

Masculinity Versus Femininity (MAS)

62

39

Uncertainty Avoidance Index (UAI)

46

85

26 Long-Term Orientation Versus Short-Term Normative Orientation (LTO) Indulgence Versus Restraint (IVR)

100

68

29

Political and Economic Profile Category

United States

Republic of Korea

Political System

[Insert information.]

[Insert information.]

Current Leaders

[Insert information.]

[Insert information.]

Economic Classification

[Insert information.]

[Insert information.]

Economic Blocs Impacting Trade

[Insert information.]

[Insert information.]

Gross Domestic Product

[Insert information.]

[Insert information.]

Purchasing Power Parity

[Insert information.]

[Insert information.]

Gross Domestic Product Per Capita

[Insert information.]

[Insert information.]

Human Development Index [Insert information.]

[Insert information.]

3

Gender Development Index [Insert information.]

[Insert information.]

Gender Empowerment Measure

[Insert information.]

[Insert information.]

Human Poverty Index

[Insert information.]

[Insert information.]

[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.]

Section Three: Market Considerations Complete the table below to support your explanations using current exchange rates. Exchange Rates Category

Exchange Rate

The U.S. Dollar

[Insert information.]

[Insert Country Selection From Course Project’s Currency] [Insert information.]

Legal and Regulatory 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.]

References Dunung, Sanjyot P. (2019). Global Business Management. Boston, MA: FlatWorld

4

Rosenbusch, Katherine. (Academic). (2016). Becoming an effective global manager [Video]. SAGE Knowledge. https://www-doi-org.ezproxy.snhu.edu/10.4135/9781473980655 ProQuest. (2021). South Korea. CultureGrams Online Edition. Retrieved from https://online.culturegrams.com/world/world_country.php? cid=149&cn=South_Korea&ctid=3.

5...