Global Strategic Management Sample
Introduction
The strategic analysis of the Curry PLC company and its prospective global market are the subjects of this research. This report’s goals are to indicate the best new country market for Curry PLC and to present entry-mode tactics for the markets. The functional strategies for the target market will also be included in the report, covering 4P, marketing, and operational choices. Finally, the report will offer a look into the future and strategic plans for how to continue doing business in the global markets.
The external and internal surroundings of Curry PLC must be analysed and assessed in order to fulfil the goal of this study. The VRIO model will be used for the internal analysis, while the 5 forces model will be used for the external study. Curry PLC will analyse the market/country attractiveness and competitive strength matrix to determine the optimal new France market. The entry-mode tactics for the marketplaces in the selected market will also be discussed. The functional market strategies, including 4P, marketing, and operations options, will be covered. The report will also include strategic goals for the future that will help the company maintain its position in the international markets.
This study will offer a thorough review of Curry PLC’s potential new market as well as an in-depth analysis of the strategic analysis and market selection of Curry PLC. It will offer beneficial insights into the functional strategies for the market place as well as the entry-mode strategies for the specified country markets. Finally, the report will offer a look into the future and strategic plans for how to continue doing business in the global markets.
Part 1
a) Examination and assessment of the corporation Curry PLC’s crucial external and internal environments
External Analyse:
Identifying and assessing an organization’s external environment, including opportunities and threats, is done through external analysis. Organizations can better position themselves in the market and respond to changing environmental conditions by using this analysis to identify how to position themselves. Furthermore, the five forces model is used to analyse Curry PLC’s external environment (Martinez-Contreras et. al. 2022). Companies may better understand their competitive environment and decide how to position their goods and services to take advantage of their competitive advantages by examining these five forces.
Figure 1 Porter’s Five forces
(Source- Brahmbhatt, 2020)
- Suppliers’ bargaining power: Suppliers have the authority to increase costs or lower the quality of the goods and services they offer. Curry PLC could need to rely on a select few suppliers to fulfil their production needs (Madsen and Grønseth, 2022). Costs can go up as a result, and the market might become less competitive.
- Bargaining power of Buyers: Buyers have the authority to bargain with suppliers about conditions and prices. This could mean for Curry PLC that customers may expect lower costs, quicker delivery dates, or better products in order to buy from them.
- Threat of Replacements: Products or services that can serve the same demand as Curry PLC’s offerings are substitutes. For instance, if Curry PLC sells a spice blend, a consumer could use a pre-made spice blend from the grocery store in its place. Sales and profit could decline as a result of this.
- New Entrants: Firms that enter the market and go up against Curry PLC are considered new entrants (Zhang al. 2022). Market share can decline and competition might increase as a result.
- Rivalry Among Existing Firms: This refers to the competition between businesses operating in the same sector. Curry PLC could have to contend with reputable businesses that have greater resources and experience. Market share and profit margins may decline as a result of this.
In general, Curry PLC’s external environment is made up of a highly competitive market with a small number of suppliers and customers, potential competitors, and new entrants (Nataliia, 2022). In order to remain competitive, Curry PLC must comprehend these pressures and adopt strategies.
Internal analysis is the practise of examining a company’s internal environment to find areas of strength and weakness that can be exploited to the company’s advantage. This process entails assessing the organization’s competencies, resources, and competitive position. A VRIO analysis was conducted to examine the resources and capabilities of Curry PLC.
Value: Curry PLC is widely known for providing its consumers with high-quality goods and services and has a solid presence in the retail and services segments of the economy. With a significant number of stores and outlets, the company has a comprehensive range of goods and services as well as a dominant market position in the UK (Astawa, 2022).
Figure 2 VRIO Analysis
(Source- VRIO model, 2021)
Rarity: There are other retail and service businesses in the UK that provide similar goods and services to those provided by Curry PLC. However, the company’s strong brand identification and consumer loyalty have allowed it to establish a strong market position (Kaunisto, 2022).
Imitability: Although Curry PLC has high levels of brand awareness and customer loyalty, it can be challenging for rivals to replicate these. Customers recognise Curry PLC as a trustworthy brand and rely on the company to provide them with high-quality goods and services. Competitors might find it difficult to duplicate this.
Organizational Support: Strong organisational structure and a distinct hierarchy of accountability and decision-making are features of Curry PLC. As a result, the business is better able to respond quickly to market changes and make timely, sensible decisions. Additionally, the business has an effective supply chain and distribution infrastructure that enables it to rapidly and effectively deliver goods and services to customers (Murcia et. al. 2022).
The objective of the VRIO analysis is to ascertain whether Curry PLC have the assets and skills required to acquire a competitive edge in the global market.
b) Selecting on a suitable new country market for Curry PLC.
Identify the continent to focus on
According to a market analysis, the European continent is the best place for Curry PLC to expand. This is because the European market is the largest in the world and has a wide range of nations with various cultures, languages, and economies. The European market is also well known for having a large population of wealthy consumers and for having a high demand for luxury goods and services (Curry, 2022).
Utilizing a matrix of competitive strength and market attractiveness, three countries are compared.
A market or country attractiveness and competitive strength matrix is used to analyse France, Germany, and Italy as three potential countries in order to determine the most suitable one to enter. Market size, market growth, market maturity, market potential, market trends, market access, market infrastructure, legal environment, and competitive environment are the factors that were taken into consideration when ranking the nations. Although, France is determined to be the most desirable country to enter after the analysis. In addition to having the largest market size and greatest market potential, France also boasts a developed market infrastructure, a supportive legal system, and a vibrant commercial scene.
Finally, it can be concluded that since of France’s high demand for luxury goods and services, Curry PLC considers the country to be a worthwhile business venture. Therefore, Curry PLC should enter France as soon as possible. France is a desirable market for Curry PLC due to its sizable market, strong market potential, well-developed market infrastructure, favourable legal framework, and competitive environment.
c) Provide entry-mode tactics for particular country markets
In order for Curry PLC to successfully enter the French market, joint ventures, alliances, and foreign direct investment are the preferred entry-mode tactics. Because they enable Curry PLC to utilise the assets, local expertise, and market presence of their partner, joint ventures and alliances are appealing entry-mode tactics in France. Through this alliance, Curry PLC is also able to take advantage of economies of scale and shared risks while still having operational control. A joint venture or alliance also offers a platform for developing long-term connections with suppliers and clients.
For Curry PLC in France, foreign direct investment is another alluring entry-mode approach. This approach has a number of advantages, including complete control over the business, the chance to establish a local presence and brand, access to neighbourhood resources and expertise, and the potential to gain government subsidies. Additionally, foreign direct investment enables Curry PLC to establish a long-term presence and have a comprehensive understanding of the regional market.
Nevertheless, these entry-mode techniques have a number of disadvantages. Joint ventures and alliances demand a large investment of money, expertise, and effort (Vesterlund et. al. 2022). Additionally, there is a chance of dispute between the partners, and managing the partnership is challenging. Furthermore, because the corporation must make a sizable initial investment and is vulnerable to the local political and economic context, foreign direct investment entails a high level of risk.
For Curry PLC to successfully enter the French market, joint ventures, collaborations, and foreign direct investment are the ideal entry-mode strategies. These entry-mode tactics have a variety of benefits, including full ownership of the business, access to local resources and expertise, economies of scale, shared risks, and access to economies of scale. However, there are significant drawbacks connected with these entry-mode techniques, such as the high amount of investment necessary and the potential for partner disagreement.
Part 2
a) Functional Strategies
4 P’s Marketing Mix
Product: Curry PLC should concentrate on marketing goods that are consistent with French culture and values. Curry PLC should concentrate on selecting goods that attract to the French market and emphasize the distinctive culture of France (Wang, 2022). The Company should concentrate on selling electronics, computers, game consoles, smartphones, tablets, and other tech products in France. The sale of household goods, audio and video gear, and other items that are well-liked in the French market should also be considered.
Figure 3 Marketing Mix
(Source- Marketing Mix, 2022)
- Price: When determining the prices for its products, Curry PLC should take the French market’s price sensitivity into account. In order to stay competitive, the business must maintain pricing that are comparable to those of other merchants in the business or price its goods competitively while still making a profit. To encourage people to buy their items, they should also think about providing discounts and promotions.
- Promotion: Curry PLC should concentrate its social media and digital marketing efforts. To sell its goods and services to the French market, the company should make advantage of digital channels including social media, search engine marketing, display advertising, and email campaigns (Devi, 2022). It should also take into account more conventional strategies like print ads, radio, and television.
- Place: Curry PLC should concentrate on developing its own stores or collaborating with regional retailers to establish physical stores in prominent areas throughout France. In order to guarantee that its products are easily accessible in the French market, the company should also concentrate on building an efficient distribution network.
Brand:
The company needs to put its efforts into developing a strong brand identification in the French market. The business needs to put its energy into developing a distinctive brand identity that appeals to the French market’s values (Mix, 2022). The employment of imaginative imagery, messaging, and storytelling can accomplish this. Making a distinctive logo, tagline, and overarching brand message are all part of this.
Operations of the business
To ensure that it has access to the top goods and services on the French market, the company should concentrate on establishing connections with local partners and suppliers. In order to make sure that its operations are in line with the values and culture of the French market, Curry PLC should concentrate on hiring local personnel. To achieve the greatest efficiency, it should concentrate on streamlining their activities.
Communications with the customers
To guarantee that customers have a consistent experience, the business should concentrate on developing a coherent message across all of its channels. The development of a mission statement for the French market should be another area of emphasis for Curry PLC.
Customer Service:
Curry PLC must to make an effort to provide exceptional customer service. This entails giving friendly and knowledgeable customer support, as well as a variety of services like refunds, repairs, and exchanges (Pradipta, 2022).
Cultural Values:
To make sure the business is in line with the standards of both markets, the corporation should concentrate on developing strong connections with its headquarters in the UK.
Information Technologies:
It needs to concentrate on using them to help its activities in the French market. The business should concentrate on utilising technologies like AI, machine learning, and big data in order to get insights into the French market and improve its operations.
Curry PLC should concentrate on utilising digital marketing strategies to penetrate the French market. It should concentrate on utilising strategies like search engine optimization, content marketing, and social media advertising to target the French market (Perelygina et. al. 2022).
b) A perspective on the future that includes strategic plans for how to maintain their market share internationally.
Curry PLC should work to create a diversified company strategy that can be used in several markets. The company should concentrate on expanding its presence in international markets, with a special emphasis on markets with significant growth potential. Curry PLC should create strategies that are adapted to the unique requirements of each market in order to accomplish this goal (Aagaard, 2022). For example, to reach potential customers in these markets, the business could employ digital marketing and e-commerce. The business should also spend money on developing fresh goods and services that would appeal to consumers in these markets. In order to ensure that Curry PLC can establish a presence in the local market, the company should work to forge strong bonds with local partners in each area.
Recommendations for existing in the ‘new normal’ era.
- Increase online visibility: Curry PLC needs to maintain its focus on building a strong online presence in the France market by using digital marketing and engagement tools including social media, its website, and other online resources to connect with local customers. This will aid the business in maintaining its competitiveness and growing its customers.
- Widen the range of products: To meet the changing needs of the customer base, Curry PLC should diversify its product offering by adding new goods and services including mobile phone contracts and subscription services. By doing this, the business will be able to outperform its rivals and increase its market share.
- Focus on customer service: By giving its consumers with free shipping, an extended warranty, and after-sales support, the business should concentrate on supplying top-notch customer service. Long-term client loyalty and trust-building for the business will result from this.
The Role of Sustainable Business Practices in a World That’s Growing:
Curry PLC should work to create a sustainable company strategy that is founded on moral and ecological values. The business should prioritise lessening its negative effects on the environment while also making sure that the goods and services it offers are of the highest calibre and satisfy the needs of clients in various marketplaces. Curry PLC should concentrate on making investments in renewable energy sources and lowering its reliance on fossil fuels in order to accomplish this goal (Williams et. al. 2022). The business should also make sure that it complies with all pertinent environmental laws in each market while also making efforts to lessen its environmental impact. The business should make an effort to guarantee that its workers receive fair compensation and have comfortable working circumstances.
Strategic Destination
It should consider making India its upcoming strategic market. With a population of over 1.3 billion, India is among the largest and fastest-growing markets in the world. India is a desirable market for Curry PLC due to its sizable and expanding middle class and high discretionary income (de Vasconcelos Gomes et. al. 2022). The business should also benefit from India’s extensive digital infrastructure, which may be leveraged to connect with potential clients there. Furthermore, Curry PLC’s goods and services might be produced in India, which has a substantial manufacturing sector. Last but not least, Company may have a solid foundation for future growth because to India’s sizable and expanding economy, which is now going through a period of fast economic growth.
The overall business model from a prospective of the future:
Curry PLC should work to create a business plan that considers how consumer needs are changing throughout international markets. The business should concentrate on making investments in cutting-edge products and services including blockchain technology, artificial intelligence, and the Internet of Things (Huang et. al. 2022). The business should also make an effort to adopt a customer-centric strategy, which would entail offering clients a tailored experience. This might be accomplished by using data analytics, which would enable the business to customise its goods and services to meet the needs of clients in each market. In order to ensure that the business is able to take advantage of opportunities in each market, the corporation should also concentrate on building strong relationships with partners in each one.
Conclusion
It can be concluded that the Curry PLC company should enter the France market as a result of this investigation. The country is a good place to penetrate because of its sizable population, consistent economic growth, and prospective consumer base, according to the 5 forces analysis and VRIO model. Additionally, the nation offers a market climate that is appealing, with strong competition and opportunity for expansion. Curry PLC should integrate price plans, marketing strategies, and operational decisions in its functional strategies. Pricing needs to be competitive and suitable for the intended market. To reach customers, the marketing plan should put a strong emphasis on online channels like social media and websites. Additionally, decisions made about operations should be made with cost effectiveness, process simplification, and quick customer response in mind.
Finally, the organisation should have a future strategy that includes methods for continuing to operate in the global market. Market expansion, product diversity, and utilising technology to enhance client involvement are some of these tactics. The business should also concentrate on fostering client relationships, generating value-added services, and increasing consumer loyalty. The company will be more successful in the long run on the international market as a result.
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Appendices
Internal Analysis of Curry PLC company by VRIO Model:
| VRIO Component | Value | Rarity | Imitability | Organization |
| Customer Base | ü | ü | ||
| Financial Resources | ü | ü | ||
| Well-defined strategy | ü | ü | ü | |
| Performance | ü | ü | ü |
