Reasons Forms Of Expansion Foreign Markets -Myassignmenthelp.Com

Question: Discuss About The Reasons Forms Of Expansion Foreign Markets? Answer: Introduction XYZ Corporations is a finance firm that is based out of Australia and operates from four different domestic locations. The organization serves domestic and international customers and is under the expansion phase. There are over 250 employees engaged with the organization distributed across four different business units. There are communication issues that have been observed in the company and the report analyses the same. Data Collection Method In order to understand the communication issues, it is necessary to gather data sets describing the major conflict areas, primary gaps, current scenario, expected scenario, and likewise. There are various methods that may be used for the purpose of data collection, such as online surveys, questionnaires, personal interviews, group discussions and so on. The method which is apt for this scenario is online surveys. It is the method in which the employees of XYZ Corporations can fill out a questionnaire shared over the network. The identity of the employees may be kept anonymous or may be revealed as per their comfort. The idea behind the selection of this method is due to the geographically spread business units and large number of employees. The conduction of other measures will be time-taking and higher on cost as well. However, there are pros and cons associated with online surveys as the method of data collection. Set of Advantages The method will be cost-effective in nature as there will be no cost spent on the infrastructure and resourcing. The survey will be shared over the network and the employees will be asked to give their response. The employees will be free to give their honest opinion as they may choose to keep their identity anonymous (Harlow, 2010). The survey will reach to all the employees located at diverse business locations. The management will find it easy to analyse the response and draw conclusions as the grouping of the data sets will be easier with the aid of automation of data handling and analysis. Set of Disadvantages The detailed description of the issues and problems may be difficult to gather as compared to measures like personal interviews. The employees will be required to be reminded multiple times to have a good response rate (Nulty, 2008). There may be fraud responses filled in by the employees which may be difficult to track. Report The primary aim of a business organization is to ensure that the customer expectations and met and the customers are served with best quality services and products to have increased profits and revenues. So is the case with XYZ Corporations as well. In order to achieve these goals, the team collaboration and team playing of the human resources is of utmost importance. In the four different geographical locations of the company, there are over 250 employees that are engaged with the company that belong to different age groups, cultural backgrounds, communities, and gender. Also, the skills, knowledge, and experience of these employees vary. Recommendations Some of the recommendations for the diverse set of employees to achieve their respective project goals along with the organizational goals are as listed below. There shall be an ethical and professional code of conduct that must be set-up and complied by all the resources (Acs, 2014). There must be bi-monthly trainings provided to the employees on the development of professional and soft skills. A strategic alignment shall be formed between the project goals and organizational goals. There must be regular inter-department and intra-department sessions, activities and discussions organized by the company. Every team must publish a weekly portfolio on any of their project-related topic on the company portal. Summary There are 43% females and 57% of the male employees that work in the organization. Out of these employees, 65% are below 35 years of age and 10% are above 50 years of age. The organizational structure includes senior-level management at the top spot in the hierarchy followed by middle level managers, lower-level managers and operational staff in the same order. The top-level management comprises of 12% of the overall employees. 60% of the staff is at the operational level. There must be group discussions and activities organized by the company to minimize the cultural, and knowledge gaps. Please let us know if you have any concerns over the information that is shared and we will be more than happy to assist you. Message to Employees To: All Employees of XYZ Corporations From: John Hanks, CEO, XYZ Corporations Date: January, 18, 2018 Subject: Strategy for Business Expansion Our company has decided to expand at the global level due to the enhanced competitive rivalry and new entrants in the market. The financial sector in Australia has witnessed a drop by 12% in the overall market shares in 2017. The numbers are expected to drop further and we are therefore, required to take necessary steps to emerge out as winners in the tough times. Our customer base has been marginally implicated due to the changing nature of the market and we tend to maintain and enhance our customer base by revising our business schemes and policies. We will be relocating some of our employees so that they may contribute better towards the process of business expansion that will be initiation next month. Also, we will be developing a fresh web portal for interacting with our customers. There will be a new social media development department that will be set up for maintaining customer relationships and some of the employees will be shifted to the department as per their skills and our requirement (Twarowska, 2013). There are financial start-ups along with small and media scale enterprises that have captured over 45% of the total market and we need to establish the services to have a distinguished place among our competitors and peers. The transformations in the organizational strategy may introduce some changes in the business operations, techniques, and methods. It is expected that the XYZ Corporations family of employees will work together as a team to be able to establish an excellent brand image (Amoako, 2016). We are also open to suggestions and recommendations from our employees that may assist us in the process of business expansion. Let us all pledge to work together towards a smooth expansion and transition. Proposal to CEO XYZ Corporations is a financial firm that is suffering from the communication issues among the employees due to their diverse backgrounds and geographical locations. These issues may impact the organizational growth in its process of business expansion. The proposal is written to the CEO of the company to recommend the tools and techniques that may be used for the resolution of the issues. The purpose of the proposal is to provide the CEO and senior management of XYZ Corporations with the recommendations on the resolution of the problems of business issues and problems. The company is witnessing major communication gaps that may have an impact on its process of growth and business expansion. Proposed Course of Action The communication issues in the organization shall be resolved with the aid of technology. There shall be an internal chat server that must be set-up for the organization and every business unit shall be equipped with tele-conferencing tools and equipment. There shall also be Big Data and data analytics tools that must be used to analyse and understand the communication problems among the employees. These tools will allow the organization to understand the common patterns and trends associated in the communication channels (Llorente Cuenca, 2016). Further Materials/Tools to be used These tools will also be of a great aid in the business expansion process as the market status, customer expectations and demands will be easier to understand. A real-time picture of the data will be available with the management that will assist in the formation of business strategy and decision-making processes. Schedule and Costs The implementation of these tools shall be done in a total duration of six months. The budget for the required changes shall be $45,000. These shall include the cost of infrastructure, cost of operations, tools cost, resource costs, and implementation costs. Conclusion XYZ Corporations must carry out extensive planning and analysis before making the changes that are highlighted above. The current and expected scenarios shall be clear in the minds of all the resources to ensure that the transition is smooth and successful. References Acs. (2014). ACS Code of Professional Conduct Professional Standards Board Australian Computer Society. Acs.org.au. Retrieved 18 January 2018, from https://www.acs.org.au/content/dam/acs/rules-and-regulations/Code-of-Professional-Conduct_v2.1.pdf Amoako, S. (2016). The Development, Growth and Expansion of Locally-Owned Businesses in Africa. Theseus.fi. Retrieved 18 January 2018, from https://www.theseus.fi/bitstream/handle/10024/105610/Amoako_Shirley.pdf?sequence=1 Harlow, A. (2010). Online Surveys - Possibilities, Pitfalls and Practicalities: The Experience of the Tela Evaluation. Researchcommons.waikato.ac.nz. Retrieved 18 January 2018, from https://researchcommons.waikato.ac.nz/bitstream/handle/10289/6163/Harlow%20online.pdf Llorente, Cuenca. (2016). The use of Big Data in corporate communications strategies. Desarrollando-ideas.com. Retrieved 18 January 2018, from https://www.desarrollando-ideas.com/wp-content/uploads/sites/5/2016/10/161102_DI_Article_Big_Data_ENG.pdf Nulty, D. (2008). The adequacy of response rates to online and paper surveys: what can be done?. Retrieved 18 January 2018, from https://www.uaf.edu/files/uafgov/fsadmin-nulty5-19-10.pdf Twarowska, K. (2013). International Business Strategy: Reasons and Forms of Expansion into Foreign Markets. Toknowpress.net. Retrieved 18 January 2018, from https://www.toknowpress.net/ISBN/978-961-6914-02-4/papers/ML13-349.pdf