⦁ Potential Markets – Research the Market of Ireland for global business opportunities from “purpose” section in terms of: (a) a specific product or service, including customer benefits; and (b) a potential market – a country that would be appropriate for this business opportunity. Include an overview of geographic, economic, cultural, political, and technological factors that creates the proposed global business opportunity.
⦁ Absolute and Comparative Advantages – Analyze for the presence of an absolute or comparative advantage that might be related to a business opportunity. Describe how this analysis might influence the success of your proposed business idea. (For example, the availability of natural resources can make a business opportunity cost efficient.)
⦁ Business Opportunity Analysis – Compare two or more proposed business opportunities based on factors such as foreign market potential, start-up costs, and foreign business risks. (For example, a proposal to construct new highways may be appropriate for a developing economy. However, the risks in this market are probably greater than in an industrial nation.)
⦁ Potential competitors – Research potential competitors that have business activities and operate in Ireland.
⦁ Competitive Advantages – Research the competitive advantages of these companies.
⦁ International Strategies – Compare the international business strategies of these companies — i.e. standardization and operating policies.
⦁ Geographic factors – Identify geographic factors (climate, terrain, waterways) that influence business activities in the country.
⦁ Major products and industries – Describe Ireland’s main natural resources and products.
⦁ Current economic conditions – Assess GDP, inflation, interest rates, currency value, personal income and employment.
⦁ Infrastructure – Analyze transportation, communication and utilities.
⦁ Recommend actions that may be used for proposed business opportunity
⦁ Demographic trends – Identify demographic trends (such as birth rates, literacy rates) that may influence business activities.
⦁ Cultural analysis – Analyze customs, traditions and beliefs of Ireland.
⦁ Social institutions – Analyze the influences of social institutions (family, church, labor organizations) on the business culture.
⦁ Informal trade barriers – Describe informal trade barriers created by social and cultural factors. (Communication styles and negotiating tactics)
⦁ Recommend actions for your proposed business to deal with social and cultural environment of foreign market.
⦁ Government and politics – Describe the type of government and recent political developments that could influence the success of your business venture.
⦁ Formal trade barriers – Identify formal trade barriers that have to be considered to ensure success of business venture.
⦁ Promoting global business – analyze host government efforts to attract foreign investment.
⦁ Intellectual property – discuss Ireland’s regulations to protect intellectual property – i.e. brand names, copyrights, patents.
⦁ Recommend actions for your proposed business to deal with political and legal environment of foreign market.
⦁ Strategic planning – develop strategic objectives that communicates major goals – i.e. mission statement.
⦁ Entry modes – analyze different entry modes that a company might select when planning entry into foreign markets.
⦁ Organizational structure – Discuss organizational structure that will be used in foreign market.
⦁ Strategic alliance – Identify companies that could be used to form potential alliances.
⦁ Describe recommended strategic alliances.
⦁ Product concept – Identify the product benefits and competitive advantage to be offered.
⦁ Product life cycle – Discuss economic, cultural, political and technological factors that may affect product life cycle.
⦁ Branding and packaging – Suggest a brand that enhances chances for success in foreign market.
⦁ Target market – Identify characteristics of potential customers in foreign market.
⦁ Recommend actions for your proposed business to target potential customer.
⦁ Promotional goals – Identify promotional goals –i.e. informing customers, low price, etc.
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