Company Expansion Revised

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Company Expansion
Global expansion is not primarily the most excellent way to grow a company. The American market is quite large for most organizations to develop almost ad infinitum. However, entering the global field has the possibility of safeguarding against the risk of decline in domestic markets as well as extensively improving the company’s overall expansion potential. Posh Palace is a local coffee shop located in California. It is a serene and environment-friendly spot where people can have their formal or informal meetings as well as enjoy the locally brewed variety of coffee. Posh Palace started in Sacramento California and now has 24 locations all over the country and is looking to expand globally. At Posh Palace we aim to provide our consumers with a homely taste of our locally grown products. It allows each store to be unique and different from each other. For Posh Palace to be successful in this venture will need to gain a deep understanding of its competitors, targeted markets, current local trends, and the governmental policies trends of the locations they wish to expand to.
The best approach to use is to develop a business strategy plan. Since each market has its challenges because of the market, economic, governmental, and cultural situations. It is vital to create a company strategy that drives domestic success as well as continues being integrated with the overall corporate objectives and strategy. Secondly, the company will need to plan a product gap analysis aligned with local services and products and carry out a SWOT analysis of competitors.

A product gap analysis is a method that permits project managers to establish where the company is at present and future goals (Marra et al. 156). This will help the company understand how big the market they are trying to enter is as also finding out if there is enough demand for the product or service they are offering. This process will help them understand the current social trends in the market and be able to invest money and time into finding out if the locals would be satisfied with their products and services. It can be done using online surveys, social media interactions and any other trending technological advancement such as websites, and blogs.
After doing a product gap analysis, the next step would be to look at the government policies and trends in the region the company wants to expand to or the competitive market they wish to join. The senior managers will need to evaluate industry and government specific policies to make sure that certifications and compliance are acquired if needed. Secondly, in this step, it is vital to ensure that the company has initiated a trademark and patent review since some countries are known for imitating ideas. The company should also determine if any localization of their service and product is required due to issues such as language barriers. Finally, for the company to have successful marketing and selling of their products and services they need an inclusive, solid strategy that tackles pricing, sales and marketing strategies, value and brand propositions, sales delivery and marketing programs. These approaches will help enable the company to form comprehensible market differentiators that will increase revenue. Another way the company can gain a competitive advantage on a global scale is by creating a supportive network through third-party dealings. The company can partner, negotiate an alliance with local companies or build an in-house pact team to manage and foster relationships with other organizations.
Work Cited
Marra, Manuela, et al. “A Gap Analysis Methodology for Product Lifecycle Management Assessment.” IEEE Transactions on Engineering Management 65.1 (2018): 155-167.