BUSN 460 Week 2 Discussion

BUSN 460 Week 2 Discussion | Devry University

Week 2: Discussion

What have you learned so far about your business concept? What areas of research have you explored?

Which of these items are most important and how do you think you will explore them in this plan?

Target market. Because of the electronically connected world, it's possible to target a market even halfway around the globe, and that can be a way to significantly expand your market opportunities. If you have a highly niche product, your customers may be widely scattered internationally, and you may need to or want to serve a wide geographic area. Even if you plan to concentrate on a local or domestic market, you must address how you'll serve international customers who find you online. Successful companies today at least evaluate international market opportunities when choosing which markets to target.

Competitors. It's far easier than ever for global competition to enter local markets. Certainly, if you are selling a product — even a fairly mundane one — you may find yourself competing with online international companies.

Suppliers. Whether for raw materials for production/manufacturing or inventory for sale, it is likely that at least some of your supplies will come from countries other than your own. You should certainly be considering sourcing material and inventory globally as you grow your company.

Labor. It is no longer necessary for your employees or contractors to be located in the same office, same city, or even same country as you. Finding workers — especially technology or manufacturing labor — in other countries may offer significant labor cost reduction. It is now typical for companies to "offshore" many tasks, and flexible companies evaluate some of those opportunities. Of course, managing a far-distant labor supply has significant challenges, and you must think those through as you plan the global aspects of your business.

Social responsibility. The best international companies are good global citizens. As you work globally, make certain that you are always acting in a socially responsible manner — whether dealing with labor issues, human rights, the environment, bribery, or corruption.

Legal issues. Whether protecting your intellectual property, ensuring that you are following all necessary laws and regulations, or dealing with international tax or finance issues, you will certainly need to understand the legal issues affecting you as you work globally.

Discuss these items with the class and how they may be approached for your business.