Answered Essay: Scenario Wanda thinks the domestic market has been flooded with start-up companies offering

Scenario

Wanda thinks the domestic market has been flooded with start-up companies offering gourmet dog biscuits. But she believes that perhaps she has a real opportunity to grow her business by participating in the global market. She has heard of other small businesses “going global,” but she isn’t sure what that would entail.

Your Task

Conduct research on taking Salty Pawz into the global economic environment, into a global market and then present your research to Wanda detailing what it would take for her business to go global.

Begin by identifying four key issues Wanda should consider before expanding Salty Pawz globally, using global business issues discussed in the text for this course as your reference. It may be helpful for you to think about these four issues as major questions that will need to answered in order for Wanda to make a sound business decision on whether or not to take Salty Pawz global. For example, does Wanda need to consider cultural issues because not every culture has the same attitude toward pets as people in the United States do? Are there legal restrictions on exporting food products to certain countries or restrictions on their import in the destination country?

For each issue present the following:

Describe the issue and provide evidence to support any conclusions or recommendations that you give Wanda—your evidence could also serve as resources that Wanda could use to learn more about each of the issues.

Explain why each of the four issues is important and the implications they have for Salty Pawz. Be sure to address the characteristics, opportunities, and challenges of operating a business in the global economic environment.

Provide resources where Wanda can learn more information about the issue, so she will be prepared beyond the introduction you have shared. You should point her to other sources and/or Web sites and explain how each one is important and can help her.

In addition to using information provided in the text, your research should include other articles and sources as evidence to support your explanations. For example, you may find related evidence in the following external sources:

Entrepreneur.com: How to Take Your Company Global

International Trade Administration: National Export Initiative

Expert Answer

Answer
  • Wanda definitely needs to keep in mind the cultural differences when she is thinking of expanding globally. In many countries she would have to face the issue of indifferent attitude towards pet and she should not be opening up business there as the demand for the product would be very low and initial investment would be very high.
  • In certain countries it is illegal to import and export edible products either for humans or pets, hence Wanda should not be setting up the business in those countries.
  • Taxation on food products is a major issue that is to be kept in mind before setting up the business. Estimates regarding the overall revenue and profits that would be earned should be kept in mind and also the estimated time to achieve the break-even is an important factor to be considered before setting up the business.
  • Many resources that can be considered to research more are WHO magazines, news articles, websites related to recent business start-ups etc.
  • All these issues are very important as it will give a clear indication of the estimated demand, the approximate revenue that would be earned and idea about the sustainability of the business related to pet food. Accurate estimations can save a lot of cost and the business setting time can also reduce.
  • There are huge opportunities to grow and expand the business if company goes global, having said that the revenues would increase but if implementation is not perfect then the company has to bear the setting up cost which is a major challenge. Going global also gives a huge opportunity to tap the untapped market and to cater to less served consumers wherein the demand is high and hence good amount of revenue and in turn profits can be earned.
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