...THE DEVELOPMENT OF AN INTERNATIONAL BUSINESS STRATEGY International Market & Investment Surveyors DeRuiter Consultancy A STEP-BY-STEP APPROACH TO DEVELOPING A BUSINESS STRATEGY FOR INTERNATIONAL GROWTH We at DeRuiter Consultancy have formulated an efficient and cost effective step-by-step approach to developing an international business strategy. Its focus is on penetrating foreign markets and its development process involves structured meetings with the top management of a company. The strategy determines the optimum mix of direct exports, foreign investment, cooperation through outsourcing, licensing, co-production, joint venture, acquisition or merger with regard to selected target markets. This brochure informs you of our approach. DeRuiter Consultancy: The Development of an International Business Strategy 2 IN WHICH DEVELOPMENT PHASE IS YOUR COMPANY ? Few opportunities for exports Active export marketing from home country Limited foreign investment Major dependence on international business Multinational : no distinction between home and export markets WHY GO INTERNATIONAL? Global competition will increase. The European Union, notwithstanding the obstacles will more and more become a single market and notwithstanding cultural differences dominating for a long period. European companies have to strengthen their international activities. US and Japanese firms try to obtain market shares in the European market. Businesses in the former...
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...Strategic Management Process Paper Strategic Management Process Paper Before any business is started they have to have their own strategic management. I want to start my own business by forming my own bakery. I have to first achieve my mission and my vision. In order to do this I also have to have specific goals and objectives. It isn’t just strategic management that is involved it’s also process strategic management. The process of starting the business starts with either the owner or the manager. The manager or owner is faced with many situations. They are challenged through everybody including people working for them, the customers, banks, tax people, and sometimes even the worse the law. Overcoming all these challenges and getting things done is called management success. Management success is an accomplishment of the mission and objectives. Not all owners or managers succeed in their businesses though. They fail to accomplish the mission and objectives. Success in a business also requires in my belief effectiveness and efficiency. There is also much more to that in owning your own business. There is a formulation that many businesses do use. It is called the P-O-L-C formulation. This is a strategy formulation and it stands for planning, organizing, leading, and controlling. I will begin to explain the planning process. This is the most important process of all the steps that are involved...
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...Du’Quita Richardson April 12, 2013 Intro to Business. Period 1 Financial Planner: “Financial Planners” go over people's finances and financial goals, and then try to pick investment strategies, like annuities, life insurance policies, CD's, etc., to create options to help the client develop a portfolio that would help achieve their investment aims. Create a Sound Financial Plan:: Step 1 Establish Goals Step 2 Gather Data Step 3 Analyze & Evaluate Your Financial Status Step 4 Develop a Plan Step 5 Implement the Plan Step 6 Monitor the Plan & Make Necessary Adjustment Competitive Analysis: Competitor Analysis is an important part of the strategic planning process. This revision note outlines the main role of, and steps in, competitor analysis Why bother to analyze competitors? Some businesses think it is best to get on with their own plans and ignore the competition. Others become obsessed with tracking the actions of competitors (often using underhand or illegal methods). Many businesses are happy simply to track the competition, copying their moves and reacting to changes. Competitor analysis has several important roles in strategic planning: • To help management understand their competitive advantages/disadvantages relative to competitors • To generate understanding of competitors’ past, present (and most importantly) future strategies • To provide an informed basis to develop strategies to achieve competitive advantage in the future • To help...
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...The secret to an organization’s success, according to Joseph Rosenthal and Mary Ann Masarech’s article “High Performance Cultures: How Values Can Drive Business Results,” is a strategic business driver referencing culture and values. Organizational culture is a vital tool for driving high-performance within a business. In the past, only a few businesspeople expressed the importance of organizational culture, while the rest rejected the idea stating that it was weak. In today’s business world, culture is making a name for itself and is on the top of company managements’ business performance outline. What exactly does it mean to focus on culture and focus on performance? “To gain competitive advantage and achieve high performance, it is essential to understand the elements of high-performance cultures” (Rosenthal & Masarech, 2003). Understanding and applying the components of culture can result in competitive gains, advantages, and high performance acquisition. Rosenthal and Masarech continue to state that the core driver for high-performance culture lies within an organization’s values. By the authors’ definition, corporate culture at its most basic level is the sum of an organization‘s behaviors and practices. In short, a culture that reinforces an organization’s success, regardless of the economic state, must be shaped around (1) a clear corporate mission, (2) organizational values, and (3) the encouragement of individual employee ownership. In order for an organization...
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...Business600: Strategic Management Process Literature Review Keyona Henderson Liberty University July 04, 2014 Strategic Management Process Introduction The strategic management process is more than just simple rules. It is a rational approach used in businesses. It starts with management thinking strategically, then applying steps and thought to a process. This process should be understood by everyone in the business. Although it starts with upper management, it should be implemented throughout the entire business and everyone should be included. According to Popescu, in the International Conference on Management and Industrial Engineering “The process of strategic management consists of an ongoing analysis, decisions, and actions activities to create and sustain competitive advantages in order to obtain desired competitive position and achieve strategic objectives”(Popescu,2013). This process is not one simple step and can be complex. It is not a onetime occurrence and can happen multiple times. The ongoing analysis, decisions, and actions that are performed should include all people involved. Everyone should be on the same page throughout the strategic management process. Goal Setting It is important for any business to set goals. Goals give businesses a purpose. It helps to organize the direction in which a business should take. Businesses should always have goals and let the goals be clear. Goals should be clear to both managers and employees. Short term and...
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...Change Management Brenda Macy American InterContinental University December 13, 2015 Abstract The world is an ever changing entity. As a business owner, you will need to keep up with those changes for success within your business. There are 3 areas of change to be considered when changing the organizational culture, the technology, the structure, and the people. Sometimes resistance is met when change is introduced in the workplace. To manage that change, models of change management are introduced to make the transition a smooth process. Two of those models are discussed here. Lewin’s Change Management Model, and Kotter’s 8 Step Change Model (Normandin, 2012). Change Management No matter the size of your business or what kind of business you are in, all businesses have the common element of change. Change can come from the introduction of new technology, new structure within the organization or by the people (Normandin, 2012). The world is changing on a fast track and to succeed in business, organizations must be on the fast track of change as well. Failing to implement a successful change within the organization can cause failure of the business (EditorialBoard, 2011). A psychologist name Kurt Lewin created a change model for understanding organizational change. It is the Unfreeze, Transition, Refreeze change model. In step one, the need for change is recognized and preparing the organization that the change is needed, and effective communication of the...
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...1.0 WHAT ARE THE ELEMENTS OF STRATEGIC MANAGEMENT? Strategic management consists of the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages. The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan. Situation Analysis The situation analysis provides the information necessary to create a company mission statement. Situation analysis involves "scanning and evaluating the organizational context, the external environment, and the organizational environment" (Coulter, 2005). This analysis can be performed using several techniques. Observation and communication are two very effective methods. To begin this process, organizations should observe the internal company environment. This includes employee interaction with other employees, employee interaction with management, manager interaction with other managers, and management interaction with shareholders. In addition, discussions, interviews, and surveys can be used to analyse the internal environment. Organizations also need to analyse the external environment. This would include customers, suppliers, creditors, and competitors. Several questions can be asked which may help analyse the external environment. It examines the company’s relationship with its customers and...
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...MBO The management buy-out process can last anywhere from three months to a year or even more. The following are the steps involved in a typical Management Buy-out. However, in some cases, some of the steps may not apply and also the order does not necessarily indicate the timing. A lot of issues outlined below would be dealt with simultaneously. STEP 1 - Initial Consultation (confidential "no fee" consultation) STEP 2 - Making the First Approach Who within an organisation to first approach about a possible MBO is vital. Generally speaking, you will have a good idea who the most approachable person is. Of course, it may be a case that the existing shareholders / management have approached you with a view to considering an MBO (considering an exit?). In the extreme case if you approach the wrong person they immediately may regard you as a threat and this could have consequences for your existing position. STEP 3 - First Approaches and Completion of Confidentiality Agreements In order for you to be able to talk to your professional advisors, the target company will require you to sign a confidentiality agreement so certain information can be released to your professional advisors and yourself. STEP 4 - Deciding on the MBO Team Generally, MBO's are driven by one to two senior management. An important part of the process which we will assist you in is to try to determine what other key members of the management team you should include. The seller will generally...
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...Strategy is a plan of action developed to achieve a specific goal or objective. Strategic business planning isn’t just for large companies. It’s also required for small and mid-sized companies. Strategic evaluation is the assessment process that provides executives and managers performance information about programs, projects and activities designed to meet business goals and objectives. Corporate level strategies are developed to ensure that value is created in excess of its cost. The best business strategies will add more value than those of your competitors. This requires business leaders to identify where the opportunity for improvement exists and assess the company’s current capability to seize them using existing human capital resources. When evaluating business strategies that have already been implemented, it’s important to look at the company’s business goals and objectives. Projects, tasks and activities are developed to move these goals and objectives forward, which is best achieved by what Management review calls the SMART criteria: specific, measurable, achievable, relevant and time-limited. This will give management the opportunity to set milestones and asses the progress toward strategic business goals and objectives. An organization’s performance data might be the key indication that business goals and objectives need to be reviewed and re-evaluated. Strategic management can increase a small business’s effectiveness, but entrepreneurs first must have a process...
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...INTERNATIONAL JOURNAL OF MANAGEMENT, BUSINESS, AND ADMINISTRATION VOLUME 8, NUMBER 1, 2005 Assessing A Firm’s Future Financial Health Alicia Kritsonis MBA Graduate Student California State University, Dominquez Hills ABSTRACT The purpose of this article is to explain a step-by-step process that can assess whether a firm will remain in balance over the next two to three years. Various financial ratios will be discussed as a critical aspect of this process analysis. A case study of assessing the future health of the Harley Davidson, Inc. using a ratio analysis is included in the article to explain the step-by-step process used by managers to ensure a firm’s success. A great analogy comes to mind when considering the effects of assessing your firm’s future health. It is helpful to think of your firm as a three-legged stool. The legs are operations, marketing, and finance/accounting. As you, the leader, try to sit atop the stool, it must be balanced so that you can shift your position and sit comfortably. However, if one of the legs of the stool is too short or too long, then the stool is difficult to manage and unstable (http://www.thefullermangroup.com). Here is an example of an unbalanced firm. A firm borrows cash in order to expand its facility and operating capacity. However, sales remain constant resulting in a cash shortage. Consequently, the increased overhead costs diminish the working capital. Purchase discounts are missed resulting in decreased margins. The...
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...investing, asset management and other financial and risk-management products and services. Bank of America offers services to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. In late-2008, Bank of America acquired Merrill Lynch, a long-standing, global investments and financial services firm. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and an online banking with more than 25 million active users. Even if you are not a Bank of America customer, you have probably used some bank’s ATM system and/or online banking services. The following instructions require you to consider the business processes delivered to you as a consumer of banking services via an ATM and to help you explore the underlying information management requirements of an ATM system. Assignment: 1. List the likely core business functions (high level; major business and financial services) at Bank of America as part of its product and service offerings? 2. List the steps required in...
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...Functions of management MGT/230 Week 1 Functions of management Management, or the successful operation of a business or organization, can be simply described as the implementation of processes and procedures in order to solve problems in a productive and resourceful manner. This process can be carried out by means of what are commonly designated as the utilities or functions of management. The four common functions are: planning, organizing, leading and controlling which have the projected outcome of making use of any businesses available assets and resources in such a way that its mission statement and goals can be acceptably accomplished. The first and possibly most important step of managing an organization or business is the planning step. This function of management involves predicting the potential course the organization will be directed toward in upcoming months and years and coordinating specific routes that need to be followed in order to reach the businesses full potential. Planning is a methodical activity that establishes who will carry out a specific job, when that job or task needs to be performed and the manner in which it should be carried out. The planning phase of business management is a comprehensive program that concerns impending plans for specific actions. “Planning is concerned with the future impact of today's decisions. It is the fundamental function of management from which the other four stem. The need for planning is often apparent after...
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...decision. A management dilemma often triggers the need for a decision. More often not, this need for a decision marks the beginning of the research process. The origin, selection, statement, exploration, and refinement of the management question is the most critical part of the research process. One way this particular research can be done is by using the management-research question hierarchy. Cooper and Schindler (2014) state, “the process is designed to move the researcher through various levels of questions, each with a specific function within the overall business research process” (p.112). The steps of the management-research question hierarchy are as follows: management dilemma, management question, research questions, investigative questions, measurement questions and management decision. Build the management –research question hierarchy, through the investigative questions stage. Then compare your list with the measurement questions asked. The first step in the management research question hierarchy is management dilemma. During this step the researcher addresses the mangers concerns. Identifying management dilemma is frequently quite easy. “However, choosing one dilemma on which to focus may be difficult” (2014, p.77). The NCR Country Club should not have an issue choosing the management dilemma. The management dilemma NCR Country Club is faced with is new membership needs to be increased to support the renovated facility. After deciding the management dilemma...
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...Running Header: Cash Flow Management Cash Flow Management Althea M Pullins BUS313 Professor Robert Filling 10/22/2011 A cash flow forecast can be a major problem for any business; it could be even more challenging for a startup company. A negative cash flow is a major problem for small businesses and can lead to bankruptcy. This unfortunate trend will continue due to a business owner’s neglecting the principle of cash flow management. Understanding and developing a cash flow forecast is a key to business success. Most entrepreneurs launch their business with insufficient cash to keep the company afloat. Cash management consists of forecasting, cash flow revenue, disbursement, revenues, and disbursement. In order to be effective in cash flow management an owner must control when a company will collect cash and pay it out. Understanding these steps is an important task because cash is the least productive asset that a company owns. A new enterprise must have enough cash to meet its obligations it a timely manner. Unfortunately many new business owners do not engage in effective cash flow management. Although cash flow management can be challenging it is not an insurmountable task. There are steps a new business owner can take. The first step is to understand business cash flow revenues by preparing cash forecasts that recognize estimated sales each month. The second step is to consider cash flow disbursement such as wages, rent, and supplier cash...
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...understand the risk management functions in business, understand how business risk is assessed and managed, understand the effects of business risks and how they can be managed and understand approaches to crisis management and business continuity planning. The aim of this assignment is to raise business risk awareness and develop skills to assess, monitor and control business risks and to develop an appreciation of the implications of business risks I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Name: Date: Table of content Content | Page | Declaration | 1 | LO1: Understand the risk management function in business | 3 | P1.1 Examine the role of the risk management function in business | 3 | P1.2 Assess the role of business function sin the management of risk | 4 | LO2: Understand how business risk is assessed and managed | 5 | P2.1: Analyse the risk assessment process | 5 | P2.2 Evaluate approaches to managing risk | 7 | P2.3 Examine the risk management process | 8 | LO3: Understand the effects of business risks and how they can be managed | 9 | P3.1 Analyse the main drivers of business risk | 9 | P3.2 Appraise the impact of different types of risk for a business organisation | 10 | P3.3 Assess which business areas are high risk | 11 | P3.4 Analyse risk management strategies | 12 | LO4: Understand approaches to crisis management and business continuity planning...
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