Business Strategy: Marketing Essay

Below is a rubric, competences, and scenario. At the bottom there are links to reference for your convenience.

COMPETENCIES
3063.1.9 : Managing Risk
The graduate utilizes evidence-based techniques to make strategic decisions.
3063.1.10 : 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 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.
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
File Restrictions
File name may contain only letters, numbers, spaces, and these symbols: ! - _ . * ' ( )
File size limit: 200 MB
File types allowed: doc, docx, rtf, xls, xlsx, ppt, pptx, odt, pdf, txt, qt, mov, mpg, avi, mp3, wav, mp4, wma, flv, asf, mpeg, wmv, m4v, svg, tif, tiff, jpeg, jpg, gif, png, zip, rar, tar, 7z
RUBRIC
A:MARKET ENTRY RISKS
NOT EVIDENT
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.
APPROACHING COMPETENCE
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 details.
COMPETENT
The 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.
B1:SWOT ANALYSIS: STRENGTHS
NOT EVIDENT
The submission does not identify 2 internal strengths of the company.
APPROACHING COMPETENCE
The submission identifies 2 internal strengths of the company, but 1 or both strengths are inaccurate.
COMPETENT
The submission accurately identifies 2 internal strengths of the company.
B2:SWOT ANALYSIS: WEAKNESSES
NOT EVIDENT
The submission does not identify 2 internal weaknesses of the company.
APPROACHING COMPETENCE
The submission identifies 2 internal weaknesses of the company, but 1 or both weaknesses are inaccurate.
COMPETENT
The submission accurately identifies 2 internal weaknesses of the company.
B3:SWOT ANALYSIS: OPPORTUNITIES
NOT EVIDENT
The submission does not identify 2 external opportunities for the company.
APPROACHING COMPETENCE
The submission identifies 2 external opportunities for the company, but 1 or both opportunities are inaccurate.
COMPETENT
The submission accurately identifies 2 external opportunities for the company.
B4:SWOT ANALYSIS: THREATS
NOT EVIDENT
The submission does not identify 2 external threats to the company.
APPROACHING COMPETENCE
The submission identifies 2 external threats to the company, but 1 or both threats are inaccurate.
COMPETENT
The submission accurately identifies 2 external threats to the company.
C:STRATEGIC RECOMMENDATIONS
NOT EVIDENT
The submission does not identify 2 strategic recommendations that are based upon the SWOT analysis results in parts B1–B4.
APPROACHING COMPETENCE
The submission identifies 2 strategic recommendations, but 1 or both recommendations are not accurately based upon the SWOT analysis results in parts B1–B4.
COMPETENT
The submission identifies 2 strategic recommendations that are accurately based upon the SWOT analysis results in parts B1–B4.
C1:JUSTIFICATION OF A STRATEGY
NOT EVIDENT
The submission does not justify a strategic recommendation from part C.
APPROACHING COMPETENCE
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.
COMPETENT
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.
D:SOURCES
NOT EVIDENT
The submission does not include both in-text citations and a reference list for sources that are quoted, paraphrased, or summarized.
APPROACHING COMPETENCE
The submission includes in-text citations for sources that are quoted, paraphrased, or summarized and a reference list; however, the citations or reference list is incomplete or inaccurate.
COMPETENT
The submission includes in-text citations for sources that are properly quoted, paraphrased, or summarized and a reference list that accurately identifies the author, date, title, and source location as available.
E:PROFESSIONAL COMMUNICATION
NOT EVIDENT
Content is unstructured, is disjointed, or contains pervasive errors in mechanics, usage, or grammar. Vocabulary or tone is unprofessional or distracts from the topic.
APPROACHING COMPETENCE
Content is poorly organized, is difficult to follow, or contains errors in mechanics, usage, or grammar that cause confusion. Terminology is misused or ineffective.
COMPETENT
Content reflects attention to detail, is organized, and focuses on the main ideas as prescribed in the task or chosen by the candidate. Terminology is pertinent, is used correctly, and effectively conveys the intended meaning. Mechanics, usage, and grammar promote accurate interpretation and understanding.
REFERENCE LIST
Hanko Hackberry Group. (n.d.). Fisheries industry. Retrieved from http://investinindia(dot)com/industry/fisheries/fisheries-industry

National Fisheries Development Board. (n.d.). About Indian fisheries. Retrieved from http://nfdb(dot)gov(dot)in/about-indian-fisheries.htm