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Strategic Planning Process

Implementation of new product. the product is a new line of shoes being introduced into the Country of Hungary.

Describe how you would manage these risks

Summarize your strategic planning process:
Select and justify an appropriate mode of entry for your global product or service
Implement strategy
Control and evaluation
Devise contingency plan
only looking for brief descriptions to get me started. around 300 words.
thanks

Solution Preview

The response addresses the queries posted in 1131 words with references.

//Before lettering about the Implementation of new product for Globalization, it is essential to know about the main objective of the Company. One should about the mode of entry of the firm, which further will aid in the process of strategic planning //

Strategic Planning Process

Mode of Entry:

Objective of the company is to enter into the Hungarian market. As the company is planning to introduce its new shoe line in the country of Hungary, it has to first study the environment over there. On the basis of its objectives and the environmental survey, it must identify the mode of entry into that market. Characteristics of the product should also be kept in mind while deciding the mode of entry. Differentiated consumer product can be sold through local production modes. This is also helpful in product adaptation.

The company can enter in to Hungarian market through export. And when it becomes well established, it can develop its international supply chain based on manufacturing of simple phases like shoe assembling. For this, it needs to develop contacts with local firms which will further help in understanding the local environment and trends in the market. This also helps in maintaining the quality of the product. Moreover the company can exercise the full control. It has many advantages such as, low initial investment, low risk and economies of scale. In Hungary, there is no need to obtain import license and the political environment is quite stable.

//Above is the discussion of mode of entry of the Company. As per the instructions, now I will move towards the explanation of Strategy Implementation//

Strategy Implementation:

The strategic plan developed by the company must cover the ways in which the strategies could be put into action. As the company has ...

Solution Summary

985 words, APA

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