2859 : International Business Management Assessment Answers
Question:
Answer:
Introduction:
The aim of any business is to make profit, and to maximize on profit investors can do anything at their scope to increase the number of independent willing and able clients commonly known as customers create an environment they will thrive in better, this may be achieved through heavy investment on advertisement or increased number increased number of independent similar stores, when this happens at a level beyond a countries boundary it is referred to as an international business.
Short term wise suggestion to Lawrence that would help him copes with the business situation.
Compliance with the government rules and regulations is not optional in business environment and therefore should not be taken for granted at any one time. The wisest idea is to have yourself set and ready to comply. Lawrence seems to have skipped a step in his business registration with the government and that is why after the customer is injured in the new CircusTrix Park located in Edinburgh a city in Scotland the governing body forces the business closure for him to file for an additional permit (Misakov et al., 2016). My advice to him is to ensure total co-operation with the government rules in all his business. Lawrence also has to be very specific and target his potential customers. Also before starting he has a lot to understand about the tradition and was of doing things of his customers.
PEST analysis on business viability in Scotland, Germany, France and Holland.
Before entering into any kind of a business investment, it is vital for the investor to clearly understand the moves of the ruling government of the area of investment, the economy and market trends, Social and cultural behaviors of the targeted customers without leaving out the technological changes.
Political
Lawrence has a good understanding of the rule of law having being in the university as a law student, he knew what it meant to assume or contradict the law but went ahead to break these laws for his personal benefits and protection of his business and his investors (Rocha et al., 2016). Later when a customer gets injured is when he feels the actual wait of these rules as the governing body forces for the business to close until he comply fully with the law.
Economical
The dynamics of the market is basically the economy; Lawrence targets the city centers where there possibly exists similar business creating stiff competition .He also fails a test by unifying his brand and therefore an error in one plant would affect the entire investment. As he moves to scot he targets the rich young generation but fail to consider their hardness to work with.
Social
Social skills is of great importance when investing in a new area also is the tradition, norms and believes of the newly targeted customers. Lawrence in his analysis decided to invest in the centre of a city with young active population of the pop-culture as a way of fighting localization and ease branding and marketing having it in mind English is the dominant language he went to Hong Kong only for the matter to be worse from a bad business name in America and missing an official from Hong Kong origin to certify the room for occupancy limits, on query he was informed that the general contractor had done the same. This was contrary to his expectation of the expanding because after the entire process that is when he realized that it was very hard for him to work with them regardless of whether there was a big population of English speaking people like America (Ramdhani, Ramdhani, & Ainissyifa, 2017).The employees fail to portray proper social mannerism for beating up the injured customer; actually this is the end of Lawrence.
Technological
The changes in technology would possibly affect the business you venture in either positively or negatively. Lawrence finding Landon a young energetic man applying technology of communication in the social media was a great achievement. On the other hand its fallout brings them him down (Scarborough, 2016). Was it not through the technology of communication then the information on the injured customer could not have been possibly relayed to the communication centre and back to Lawrence informing him of the injured customer.
Advantages of joint ventures
(a). There is creation of a pool of resources.
(b). it ease the exploration of the market with now the newly created network.
(c). There is the sharing of the risks of loss.
(d).It creates more chances of success.
(e). Cost sharing e.g. in advertisement.
(f). When it is at national level, the chances of discrimination is reduced.
Disadvantages of joint ventures
- There is high tendency of vague objectives.
- The imbalance on expertise, assets and investment weighs a negative impact.
- There is involvement in a lot of research and planning.
- Exit in the venture is not easy before the contract is done.
- The difference in horizons creates a gap for clear and proper communication.
- Some of the partners may not be fully devoted
Advantages of direct investment.
(a) it create a boost in the economy and employment.
(b) It eases the engagement in international trade.
(c) Allows for the recourses transfer.
Disadvantages of direct investment
- It hinders domestic and investment
- Dynamics of politics in different country is a big challenge.
- May affect exchange rate to advantage one country.
- Its cost to invest in some of foreign countries.
- It brings about modern colonialization from developed countries.
Advantages of joint venture over direct investment
Engaging in joint business venture is better than direct investment as it is easy for independent location to comply fully with the law that govern their operation in their area, also they have a good understanding of the peoples culture and tradition and the economy of the land without leaving out the understanding of the technology in use.
4. From the pest analysis, the best method to venture into a market and achieve success is through direct investment. This is because an individual will choose the sector of the economy that gives maximum returns in investment. The best strategy is to determine the economic sector that is thriving well and investing wisely. Direct investment is better as compared to joint ventures and franchising because an individual shall enjoy the entire profits alone.
Conclusion:
A thorough PEST analysis is crucial for the success of any business enterprise. This is because it provides a thorough analysis of all the risks and uncertainties that the business might face and appropriate action taken. International business necessitates the formulation of the appropriate strategies to venture in the new business environment.
Reference:
Doz, Y. L. (2017). Strategic management in multinational companies. In International Business (pp. 229-248). Routledge.
Hoque, A. S. M. M., Awang, Z., Jusoff, K., Salleh, F., & Muda, H. (2017). Social Business Efficiency: Instrument Development and Validation Procedure using Structural Equation Modelling. International Business Management, 11(1), 222-231.
Klychova, G. S., Zakirova, A. R., & Kamilova, E. R. (2016). The methodological instruments of social audit in the agricultural companies development. International Business Management, 10(22), 5254-5260.
Misakov, V. S., Kuyantsev, A. I., Dikinov, A. H., Kazancheva, H. K., & Misakov, A. V. (2016). National agriculture modernization on the basis of import substitution. International Business Management, 10(10), 1946.
Ramdhani, A., Ramdhani, M. A., & Ainissyifa, H. (2017). Conceptual Framework of Corporate Culture Influenced on Employees Commitment to Organization. International Business Management, 11(3), 826-830.
Rocha, C., Duclos, L. C., Veiga, C. P., Bischof-Dos-Santos, C., & Neves, N. A. F. (2016). The control mechanisms on the performance of the strategic initiatives management: analysis of critical sales process in a metallurgical business. International Business Management, 10(4), 357-369.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.
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