The case basically states about the two Irish people migrating from Ireland and starting up their wool based business in United Sates of America. From the case, it is also evident that they were successful in their business venture…
With the success of their product in the local US markets, they are thinking of catering to a wider region by penetration in the bigger markets of US and global markets too. In order to do so a major study has to be undertaken while deciding about the expansion of the market. A faulty expansion step can, not only account for a dip in profits but also be a threat for the whole existence of the business. Thus, a market plan is a serious necessity for market expansion.
With the question of market expansion, the most widely used method used to analyze the decision aptly is that of SWOT analysis. It is majorly done to analyze the strengths, weaknesses, opportunities and threats of the particular business proposal. In this case, SWOT analysis is required to understand the strengths and weaknesses of the organization with respect to the idea of global expansion and also the opportunities and threats it may face from the external resources while expanding their business in the global forum.
Another study which would be quite handful in this project would be the Porter’s Five Force Model. The Porter’s Five Force Model mainly takes into the account the major forces which affect the functioning of the firm namely the suppliers, competitors, substitutes, barriers to entry and buyers’ powers. A thorough study is to be made regarding all these heads so that it could be well understood that whether the decision taken of expanding their business in the global markets is really viable or not (Kotler, 2009).
With the progression of the case all such topics would be covered under different heads. Each and every essential detail for entering into a global market with relation to the case will be analyzed in details and probable solutions will be provided.
The nature of the product is a determining factor while decision regarding market expansion is taken that too globally. In this case, the major product is that of ...
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