Business Essay Example | Topics and Well Written Essays - 1500 words - 8

Business - Essay Example â€Å"Self† and condition is an essential fitness for administration notwithstanding specialized capabilities. As Gardner (1983) clarifies â€Å"expanding on the ideas introduced in early knowledge function just as social insight hypothesis, built up a hypothesis of various insights. ...one of the seven zones of insight talked about in numerous knowledge hypothesis, individual knowledge, relates to prior speculations, for example, social intelligence†. II. Gathering Level: Leadership initiative starts with learning the â€Å"self†; to have sureness about himself/herself to as an establishment of certainty to lead and complete things â€Å"It is important for a â€Å"leader, who has an unmistakable self-idea through private hesitance, to be bound to have a solid reason throughout everyday life. Having a solid reason includes consistency in self-personality (i.e., self-idea lucidity) (Campbell, 1990; Frankl, 1992). This away from of oneself means a more clear fee ling of objective and reason which will advance to Self-Belief. Self-conviction, which is the inward certainty that will cause a person to succeed and defeat any obstruction to accomplish the best results for administration improvement. ... Also, as others are associated with the procedure of dynamic, majority rule administration is polished as the best type of showing up towards a shared objective and agreement. Lawler (2001: 16-17) contended that majority rule government is inescapable, even in the work environment . . . Hierarchial associations are straightforward excessively resolute and inflexible to contend successfully in the present business condition. They neglect to pull in the correct human capital and to create the correct center abilities and authoritative capacities. Accordingly, they should be supplanted by parallel types of association that depend vigorously on groups, data innovation, systems, shared administration, and included representatives . . . [These new authoritative forms] will have level, light-footed structures, open data, power that moves to skill, and framework that make information and representatives all through the association. Fair initiative isn't just valuable for settling issues yet additionally in requesting smart thoughts on the most proficient method to better the association. Popularity based procedure is additionally essential to produce cooperation in any association. In driving and overseeing individuals, free progression of thoughts among my friends and subordinates ought to be empowered and unrestricted with dread and suppression so they can contribute the best of themselves. This popularity based procedure will make contrasts see points of view that might be obscure to previously. What's more, all things considered, better methodology and answer for specific issues may take shape after the trade and free progression of thoughts. At last, this majority rule procedure won't just empower the creation of better thoughts however will likewise make a group durable. Where correspondence process is open, with friends and subordinates are

Blog and Reflective Report for Education- myassignmenthelp.com

Question: Examine about theBlog and Reflective Report for Education. Answer: On the main seven day stretch of the meeting, the general necessities and procedures were embraced so as to survey the understanding degree of the up-and-comers and general idea was clarified. The nuts and bolts of configuration believing were presented and the explanations for its notoriety in the modernized world were clarified. Certain recordings and slideshows were anticipated in the class so as to attempt the better comprehension of the ideas of the plan thinking, and how it works in taking care of the issues of the customers along these lines. The belief system and the speculations were made a note of, in this manner the fundamental wellsprings of the data were featured, and subsequently the main week furnished with the winged creatures eye perspective on the complete situation of the meeting. Week 2 On the subsequent week, the educator took an exercise on the deterrents that the understudies may look in the later long periods of the critical thinking process. the development that the procedure requires and the utilization of the acumen in the ideal spot is a significant thought that all applicants are required to follow. The up-and-comers are made to build up a system for structuring and teaching the reasoning procedure. The undertaking that was given was not mind boggling, yet it expected time to continue ahead with it. The teacher gave a brief of the fiendish issues that the applicants may look in the later years and the arrangements alongside the issues. The boundaries to the compelling tackling of the issues are additionally being talked about in the class. Week 3 In the third seven day stretch of the meeting the up-and-comers can comprehend the gadget of the plan thinking as a procedure, as it should be. The understudies were advised about the various procedures that are remembered for the plan thinking in this way improving the capacity of the possibility to comprehend and decipher the issues relying upon their own knowledge and recognitions. A concise diagram of the various procedures that is associated with the structure believing is being disclosed to the competitors with the assistance of pertinent recordings. It helps in the better comprehension of the entire procedure of configuration thinking and consequently builds up an understanding of the understudies in this association. Week 4 The fourth week has achieved an adjustment in the plans of the instructing plan. The mental attribute that influences the perspective is being presented particle this week and was advised. The mental quality influences the brain research of an individual, yet makes it a point to control the body of the person also. The sympathy, which is viewed as one of the procedures of the plan thinking, helps the competitors in keeping up the public activity successfully, acquires the steadiness of the connections, and in this manner rehearses the viability of the procedure. The business perspective that is required to comprehend the profile all the more intently is being joined in the up-and-comers in this weeks meeting. Week 5 The week showed the contender to accumulate the experience of dealing with the circumstances in taking care of the issues of the customers. Compassion that assumes a significant job in taking care of the issues is aced in this week with a progression of exercises that help in understanding the brain science of the individuals encompassing the applicants. An issue can be understood just when the expert will investigate the issue from the point of view of the customer and not the presumptions that he holds in his heart. Sympathetic perspective on tackling the issues is in this manner a significant advance in comprehension and taking care of the issues of the customers. The applicants were made to instill the propensity for investigating the issues from the point of view of the customer and give an answer for the difficult that has been raised. Week 6 The 6th week opens the understudy to the immediate market situation from where the understudy can comprehend the circumstance all the more intently. It is increasingly similar to a pragmatic assignment that can't be attempted adequately in a homeroom. Characterization of data and the progressive blend of the data or the difficult inquiry so as to get hold of a sensible arrangement are instructed in the week. Exercises were attempted so as to upgrade the comprehension of the circumstance of the understudy. The utilization of fondness outlines in the educational program helped the understudies in understanding the manners by which the thoughts and considerations can be grouped to a particular source. The week showed the understudies the manners by which the data can be handled and along these lines introduced as it were, which is methodical and extensive simultaneously. Week 7 The seventh week achieved an adjustment in the standard educational plan as it remembered the up-and-comers dynamic interest for the critical thinking method. The applicant is required to keep up a recurrence of the occasions and the issues that emerges out of boundaries influencing the compelling methods for critical thinking technique. The competitor is required to embrace the tests so as to comprehend and work expertly in the work place. It helps in upgrading the competitors abilities and aptitudes in this respects. Week 8 The week showed the up-and-comers the significance of the ideate procedure of the plan thinking so as to make the up-and-comers mindful of the all out imperatives that they may look in the working timetable. The week likewise showed the understudies to comprehend the significance of the consistency that the understudies may increase out of the tests. The thoughts that are created by the applicants so as to take care of the issue of the customers are ordered under the procedure of ideation. It enables the applicant in the better comprehension of the issues and the age of pertinent thoughts so as to take care of the issue successfully. Week 9 The ninth week empowers the understudy to build up the models and subsequently comprehend the necessities of the issues and the issues, which may emerge out of the procedure while undertaking it. It empowers the understudy to embrace tries that may record to the experience that the specific individual accumulates from the inconsistencies. The arrangements that the competitor proposes to the customer depend on the incessant experimentation and the age of the inventive thoughts, that helps the customer in beating the hindrances with the assistance of the arrangement that has been given. The lucidity of the arrangement is a significant standard that is being educated to the understudy, as ambiguous arrangements may result to errors. Week 10 The tenth week makes the understudy to incorporate the themes that has been canvassed in the earlier weeks. It is productive in its own particular manner, as the strategies helps the understudy in remaking the originations and make oneself acquainted with the procedure. It is increasingly similar to a recap meeting that the teacher takes so as to cause the understudies to recall the early exercises that has been instructed. The nuts and bolts of the plan believing are advised by and by which fits in the psyches of the understudies adequately as they have just finished and attempted the down to earth of the circumstances that may emerge out when they are at their separate work environment. The week resembles a closing week, which tests on the memory of the understudies and the input that the understudies give to their teacher. Week 11 The eleventh week causes the understudies to acknowledge of their improvement in the intensity of censuring successfully on a given issue. They would now be able to infiltrate into the profundities of an issue and teach the arrangement out of the issue. The understudy can likewise utilize the parts in the issues and connection them to their answers. It resembles finding the arrangements inside the inquiry itself. Week 12 In the absolute a week ago of the meeting, the understudies are made mindful of the precise plan thinking technique separated from the system that they are into. The manner by which appropriate structuring of the contemplations, feelings and thoughts are embraced so as to take care of the issues is being instructed to the understudies. It makes the explaining procedure increasingly basic and brief. The fulfillment of the meeting will achieve an adjustment in the life of the competitors. They can concentrate more on the self-hierarchical abilities that causes them in making the most out of their critical thinking profile. Intelligent report The structure believing is one of the most innovative system that can be utilized to plan the methodology by the planners. This can likewise be viewed as the methodology that has been utilized to use in settling the various issues with a total importance to determine them. This can be considered comprehensively as the case for the expert plan making procedure and approach (Koh et al., 2015). Henceforth, it tends to be expressed that the application that can be found inside the circles of the social issues has been inside the business issue too. At the point when, I was going to find out about the distinctive business thinking forms, I am not so much secure with what precisely should be done if there should be an occurrence of this course work. I was not even sure that what are the things that I will learn in the weeks and in what manner will I apply my learning in the various circles of my life. While I comprehended at the underlying stage that the structure believing is the arrangem ent that is principally revolved around the reasoning procedure that is somewhat not the same as the logical strategy. It is viewed as an increasingly inventive and viable answer for the issues highlighted that will produce a helpful outcome for what's to come. The more I began finding out about this course work, it caused me to understand that it will make me offer things that are novel and none of different courses will cause me to get this. The things that have been normal in this course of work is the one of a kind learning process and the diverse new methodologies that should be settled (Johansson?Skldberg, Woodilla etinkaya, 2013). Alongside that I have additionally understood that this uncommon course work in the plan believing is about the distinctive structure process that incorporates the meta perception, cognizance and

How to Enter a New Market

How to Enter a New Market HOW TO ENTER A NEW MARKET1. CommitIt is of foremost importance to clearly identify who you will be selling to. This may sound simple, but there is often an overly optimistic need to capture a larger share of a new market. A smaller market will make it easier to assess customer requirements and ensure that a larger chunk of a smaller market is obtained rather than an insignificant part of a large share. It is also imperative to set a clear timeframe within which the desired target share is to be achieved and results of the move are to be assessed.2. Identify Entry PointsOnce a clear market is identified, it is necessary to identify potential points of entry. To minimize initial investment and maximize future revenues it becomes vital to study key possible entrance points, weigh pros and cons of each and then make an informed decision. The final choice should also ideally allow for future growth possibilities, both inside the new market as well as into adjoining ones. Any entrance poin t chosen should be assessed against a set of criteria, such as, does it allow access to an underserved market? Is there a strong need that can be fulfilled? Are the key decision makers among the target audience accessible and do they have the funding needed to find the new solution attractive? Are there any existing competitors and is the new solution strong enough to counter their resources and knowledge of the market?3. Define Market Entry StrategyAll the activity thus far leads right into the roadmap for future steps â€" the strategy for entry into the market. The first step is to price your product. It needs to strike a balance between affordability for the target audience and feasibility for the business. It also needs to take into consideration existing pricing strategies and how to place the new product within them. Once the price points are defined, the new product or solution can now be positioned accordingly. How do you want to be perceived by the customer? With this targe t perception in hand, the communication strategy comes into play, where the target audiences as well as the methods to be used to reach them are identified and consolidated. All levels of the target audience need to be considered carefully, including influencers, decision makers, media, end users among others. And once all this is carefully set in place, the distribution model is designed which is the most effective means of putting the product into the user’s hands.4. Assemble PlanAny strategy needs to be followed up with a detailed action plan. This turns a high level plan into an on-ground implementation solution. This should include details of all required marketing plans and campaigns as well as timelines for all these to be set into motion. Clearly defined milestones such as sales targets, market share etc need to be decided upon with all the key stakeholders. All campaigns and targets need to be communicated to the relevant personnel and clear ownership needs to be assigned for each of these processes to ensure transparency in evaluations. Processes also need to be defined and communicated for all activities such as what will be the sales cycle followed and how will leads be pursued and closed.5. ResearchA well planned approach following the steps above should ensure that your risk is minimized. But to further strengthen and support the plan, some basic research can be carried out on a focus group. Identifying a well-balanced cross section of the target audience and approaching them either in person or via an online survey can help provide some basic results that can provide data to make any changes before a full market entry is committed to.6. TestAnother risk mitigation strategy is to run a pilot project in the target market. This test needs to be carefully defined so as to ensure that it is big enough to give an accurate depiction of a large scale roll out effort but not so big as to suck in additional resources and commitment. By reaching a few ke y milestones in the pilot study, any remaining issues can be ironed out before full deployment.7. Ramping UpYou are now ready for a full scale roll out. Armed with a concrete strategy, a detailed plan of action and results of research and pilot phases, it is now time to grow and try to achieve more market share. The goal should be to target increased market share and not just increased revenues. A focus on market share will mean increasing both marketing and sales efforts simultaneously. As you sell more, the easier it will to sell because there will be more visibility of your brand in the market and general buzz about the new player.8. Exit StrategyThe last but extremely important step of this process is to plan for both success and failure. What will you do if you achieve phenomenal success? You could commit for the long term or sell while you’re ahead and move on to new markets. Or if you fail to achieve the milestones set in the specified time, will you try to learn and contin ue or cut out before further resources and time are wasted. In any case, a timely move can only be made if a plan is already in place.TIPS FOR ENTERING NEW MARKETSWe’ve given you a detailed plan for stepping into new markets. Some additional tips to consider before taking the plunge are:Choosing the right country or region; If your growth efforts are towards a new country or region, identify where the demand is strong and the supply weak. Then pick one country and focus a strong strategy. If you plan to target a region, make sure it is one with a similar culture or languages.Check cost of doing business; Is your new target market mired in unnecessary or exceptionally high taxes? Are there import duties that you need to consider? Are there any hidden costs that may emerge later on? All these need to be factored into the plan for entry and whether you will be able to have a competitive pricing strategy.Know the people;  Before stepping into a new market, try to get into the minds of the people you’ll be selling to. What are their tastes? What do they like to buy? How much are they willing to pay for products and services? How do they like to shop?Know the competition;  Who is successful and who is just there? Try your best to learn from success as well as failure so you don’t repeat mistakes. If there are too many players already, would it be best to partner up?Choose the right partner;  If you do decide on a business model that supports partnering up, make sure that they have the same way of work as you do. Are they to be trusted? Can you rely on them to do business as you would and ensure that your products/services are marketed and provided as they should?Understand the Challenges;  Make sure that you approach a new market with the appropriate respect. Don’t assume that the target audience and the environment will behave as you are used to. Instead, approach each issue as an unpredictable entity and keep an open mind towards solutionsKnow the law;  Tr y your best to work with local experts in understanding the laws that govern business in your new market. From personnel laws to taxes and custom duties, there are many different factors to know and learnBegin with the right attitude;  Begin as you mean to continue with the business. Set up collaborative practices, ensure transparent business and be open to changes in your plans.SUCCESS STORIESFor inspiration and best practices, consider the following examples. Both are large companies, recognized world over. But in entering difficult markets, both did their due diligence to achieve successful footholds in their target region.Huawei Enters IndiaHuawei is second largest supplier of telecommunications equipment in the world. Huawei set out to enter India in 2000. There were several challenges to be overcome. The Indian telecom supplier market was heavily saturated and to make an impact, Huawei needed to separate itself from the rest and create a distinct identity as well as a reputati on for reliability. Historically, Indians have viewed Chinese companies as hard to form relationships with and Chinese made products as subpar and inferior. In addition, China and India have relatively uneasy diplomatic relations.To counter these issues Huawei employed carefully thought out strategies. Contrary to the market view of inferior products, Huawei channels 10percent of its yearly profits into research and development. Given high sales figures, this is a substantial amount. Huawei began establishing its foothold in India by setting up RD and service center facilities in India and hiring predominantly locals to show commitment to creating value for Indians rather than just extracting benefits. India is now Huawei’s second largest research center outside China.In addition to this, Huawei works with local producers at its manufacturing plants in Chennai. Sourcing components locally is cheaper and allows local companies to raise their manufacturing standards to international levels of quality and become more competitive and skilled.Huawei is now working on positioning its smartphones as aspirational products by working with local English Language channels to hold contests and beat the stereotype of a low quality Chinese product. As an employer, the company rewards RD talent and promotes Indians to managerial positions. By establishing a strong research and innovation reputation in India, Huawei can boost its image worldwide.Huawei’s entry into the Indian market is a great point of reference for any company. The lesson to learn is that establishing trust, building and sustaining relationships and showing continuing commitment to the new market can lead to a successful foothold and increased opportunities.Starbucks Enters ChinaStarbucks has a strong presence all over the world. Over the years, the company has developed an internationalization strategy that allows it to enter new countries. Market research plays a key part in Starbucks’ major market e ntrance strategies.In its bid to enter China, Starbucks needed to be as inoffensive as possible to the Chinese culture. Through research it was established that the usual advertising methods may come across as a direct attack on the tea culture that prevails. Instead, stores were opened in busy areas with high traffic and visibility to promote brand recognition. In addition, products were introduced that included tea based ingredients, helping bring together the tea and coffee drinking cultures.Negative views towards elements of capitalism were also a key consideration. Starbucks carefully researched this aspect and discovered that the middle class in China accepts Western brands and luxury items as a means to pursuing a certain lifestyle of quality. The no longer consider these to be signs of over indulgence or decadence and neither do they see it as contrary to nationalism. Major cities in China now rank high in sales of luxury goods and availability of luxury stores.Through marke t research, the company was also prepared for the fact that China is not one similar market. Instead, different strategies were created for different areas. Northern Chinese culture differed substantially from eastern China. Spending power was considerably lower inland as compared to more prosperous coastal cities. This complexity was catered for by establishing partnerships with local companies to ensure successful expansion. This strategy helped Starbucks customize its offering according to regional tastes. Starbucks also understood that western brands are perceived to higher quality than Chinese brands and are therefore seen as premium brands. Through trained Baristas that act as brand ambassadors, the company ensured consistently high service and product quality.Fearing illegal copies of its business model and brand, Starbucks anticipated the need for copyright protection. Within four years of opening its first café, all major trademarks had been registered in China. Any effort to build a copycat enterprise have therefore been unsuccessful.Through an extensive study of a potential new market, Starbucks has perfected the art of localizing a globally recognized brand. A global brand does not have to mean uniform products. Instead, by catering to many different local tastes and preferences, the brand is strengthened and manages to gain a strong, long term foothold in each new market it approaches.LESSONS TO LEARN Once a business is established and thriving in its home market, it is often seen as the right time to branch out into a new market. There is every possibility that the company understands its existing market, its customer base and their requirements and knows how to meet these needs effectively. If the company enjoys strong sales, has great brand awareness and the business is stable overall, it may be the right time to take the plunge.However, as with all new ventures, there are risks attached to this move and it is not a step to be taken lightly. A new market will not be so comfortable and there will be new competitors and unknown threats. The key to success is a disciplined approach with the appropriate level of investment into a thorough market analysis. © Shutterstock.com | Sergey NivensIn this article, we look at, 1) steps to take when entering a new market, 2) tips for entering a new market, and 3) case studies of companies that have entered new markets successfully.HOW TO ENTER A NEW MARKET1. CommitIt is of foremost importance to clearly identify who you will be selling to. This may sound simple, but there is often an overly optimistic need to capture a larger share of a new market. A smaller market will make it easier to assess customer requirements and ensure that a larger chunk of a smaller market is obtained rather than an insignificant part of a large share. It is also imperative to set a clear timeframe within which the desired target share is to be achieved and results of the move are to be assessed.2. Identify Entry PointsOnce a clear market is identified, it is necessary to identify potential points of entry. To minimize initial investment and maximize future revenues it becomes vital to study key possible entrance poin ts, weigh pros and cons of each and then make an informed decision. The final choice should also ideally allow for future growth possibilities, both inside the new market as well as into adjoining ones. Any entrance point chosen should be assessed against a set of criteria, such as, does it allow access to an underserved market? Is there a strong need that can be fulfilled? Are the key decision makers among the target audience accessible and do they have the funding needed to find the new solution attractive? Are there any existing competitors and is the new solution strong enough to counter their resources and knowledge of the market?3. Define Market Entry StrategyAll the activity thus far leads right into the roadmap for future steps â€" the strategy for entry into the market. The first step is to price your product. It needs to strike a balance between affordability for the target audience and feasibility for the business. It also needs to take into consideration existing pricing strategies and how to place the new product within them. Once the price points are defined, the new product or solution can now be positioned accordingly. How do you want to be perceived by the customer? With this target perception in hand, the communication strategy comes into play, where the target audiences as well as the methods to be used to reach them are identified and consolidated. All levels of the target audience need to be considered carefully, including influencers, decision makers, media, end users among others. And once all this is carefully set in place, the distribution model is designed which is the most effective means of putting the product into the user’s hands.4. Assemble PlanAny strategy needs to be followed up with a detailed action plan. This turns a high level plan into an on-ground implementation solution. This should include details of all required marketing plans and campaigns as well as timelines for all these to be set into motion. Clearly defined mi lestones such as sales targets, market share etc need to be decided upon with all the key stakeholders. All campaigns and targets need to be communicated to the relevant personnel and clear ownership needs to be assigned for each of these processes to ensure transparency in evaluations. Processes also need to be defined and communicated for all activities such as what will be the sales cycle followed and how will leads be pursued and closed.5. ResearchA well planned approach following the steps above should ensure that your risk is minimized. But to further strengthen and support the plan, some basic research can be carried out on a focus group. Identifying a well-balanced cross section of the target audience and approaching them either in person or via an online survey can help provide some basic results that can provide data to make any changes before a full market entry is committed to.6. TestAnother risk mitigation strategy is to run a pilot project in the target market. This te st needs to be carefully defined so as to ensure that it is big enough to give an accurate depiction of a large scale roll out effort but not so big as to suck in additional resources and commitment. By reaching a few key milestones in the pilot study, any remaining issues can be ironed out before full deployment.7. Ramping UpYou are now ready for a full scale roll out. Armed with a concrete strategy, a detailed plan of action and results of research and pilot phases, it is now time to grow and try to achieve more market share. The goal should be to target increased market share and not just increased revenues. A focus on market share will mean increasing both marketing and sales efforts simultaneously. As you sell more, the easier it will to sell because there will be more visibility of your brand in the market and general buzz about the new player.8. Exit StrategyThe last but extremely important step of this process is to plan for both success and failure. What will you do if you achieve phenomenal success? You could commit for the long term or sell while you’re ahead and move on to new markets. Or if you fail to achieve the milestones set in the specified time, will you try to learn and continue or cut out before further resources and time are wasted. In any case, a timely move can only be made if a plan is already in place.TIPS FOR ENTERING NEW MARKETSWe’ve given you a detailed plan for stepping into new markets. Some additional tips to consider before taking the plunge are:Choosing the right country or region; If your growth efforts are towards a new country or region, identify where the demand is strong and the supply weak. Then pick one country and focus a strong strategy. If you plan to target a region, make sure it is one with a similar culture or languages.Check cost of doing business; Is your new target market mired in unnecessary or exceptionally high taxes? Are there import duties that you need to consider? Are there any hidden costs that may emerge later on? All these need to be factored into the plan for entry and whether you will be able to have a competitive pricing strategy.Know the people;  Before stepping into a new market, try to get into the minds of the people you’ll be selling to. What are their tastes? What do they like to buy? How much are they willing to pay for products and services? How do they like to shop?Know the competition;  Who is successful and who is just there? Try your best to learn from success as well as failure so you don’t repeat mistakes. If there are too many players already, would it be best to partner up?Choose the right partner;  If you do decide on a business model that supports partnering up, make sure that they have the same way of work as you do. Are they to be trusted? Can you rely on them to do business as you would and ensure that your products/services are marketed and provided as they should?Understand the Challenges;  Make sure that you approach a new market with the appro priate respect. Don’t assume that the target audience and the environment will behave as you are used to. Instead, approach each issue as an unpredictable entity and keep an open mind towards solutionsKnow the law;  Try your best to work with local experts in understanding the laws that govern business in your new market. From personnel laws to taxes and custom duties, there are many different factors to know and learnBegin with the right attitude;  Begin as you mean to continue with the business. Set up collaborative practices, ensure transparent business and be open to changes in your plans.SUCCESS STORIESFor inspiration and best practices, consider the following examples. Both are large companies, recognized world over. But in entering difficult markets, both did their due diligence to achieve successful footholds in their target region.Huawei Enters IndiaHuawei is second largest supplier of telecommunications equipment in the world. Huawei set out to enter India in 2000. There were several challenges to be overcome. The Indian telecom supplier market was heavily saturated and to make an impact, Huawei needed to separate itself from the rest and create a distinct identity as well as a reputation for reliability. Historically, Indians have viewed Chinese companies as hard to form relationships with and Chinese made products as subpar and inferior. In addition, China and India have relatively uneasy diplomatic relations.To counter these issues Huawei employed carefully thought out strategies. Contrary to the market view of inferior products, Huawei channels 10percent of its yearly profits into research and development. Given high sales figures, this is a substantial amount. Huawei began establishing its foothold in India by setting up RD and service center facilities in India and hiring predominantly locals to show commitment to creating value for Indians rather than just extracting benefits. India is now Huawei’s second largest research center outside Ch ina.In addition to this, Huawei works with local producers at its manufacturing plants in Chennai. Sourcing components locally is cheaper and allows local companies to raise their manufacturing standards to international levels of quality and become more competitive and skilled.Huawei is now working on positioning its smartphones as aspirational products by working with local English Language channels to hold contests and beat the stereotype of a low quality Chinese product. As an employer, the company rewards RD talent and promotes Indians to managerial positions. By establishing a strong research and innovation reputation in India, Huawei can boost its image worldwide.Huawei’s entry into the Indian market is a great point of reference for any company. The lesson to learn is that establishing trust, building and sustaining relationships and showing continuing commitment to the new market can lead to a successful foothold and increased opportunities.Starbucks Enters ChinaStarbucks has a strong presence all over the world. Over the years, the company has developed an internationalization strategy that allows it to enter new countries. Market research plays a key part in Starbucks’ major market entrance strategies.In its bid to enter China, Starbucks needed to be as inoffensive as possible to the Chinese culture. Through research it was established that the usual advertising methods may come across as a direct attack on the tea culture that prevails. Instead, stores were opened in busy areas with high traffic and visibility to promote brand recognition. In addition, products were introduced that included tea based ingredients, helping bring together the tea and coffee drinking cultures.Negative views towards elements of capitalism were also a key consideration. Starbucks carefully researched this aspect and discovered that the middle class in China accepts Western brands and luxury items as a means to pursuing a certain lifestyle of quality. The no longer co nsider these to be signs of over indulgence or decadence and neither do they see it as contrary to nationalism. Major cities in China now rank high in sales of luxury goods and availability of luxury stores.Through market research, the company was also prepared for the fact that China is not one similar market. Instead, different strategies were created for different areas. Northern Chinese culture differed substantially from eastern China. Spending power was considerably lower inland as compared to more prosperous coastal cities. This complexity was catered for by establishing partnerships with local companies to ensure successful expansion. This strategy helped Starbucks customize its offering according to regional tastes. Starbucks also understood that western brands are perceived to higher quality than Chinese brands and are therefore seen as premium brands. Through trained Baristas that act as brand ambassadors, the company ensured consistently high service and product quality. Fearing illegal copies of its business model and brand, Starbucks anticipated the need for copyright protection. Within four years of opening its first café, all major trademarks had been registered in China. Any effort to build a copycat enterprise have therefore been unsuccessful.Through an extensive study of a potential new market, Starbucks has perfected the art of localizing a globally recognized brand. A global brand does not have to mean uniform products. Instead, by catering to many different local tastes and preferences, the brand is strengthened and manages to gain a strong, long term foothold in each new market it approaches.LESSONS TO LEARNThe key to success in a new market therefore seems to be in the correct understanding of what the market is and what the unmet needs are. This knowledge followed by a well-rounded and well researched strategy and action plan may be the difference between success and failure for a business.