MGMT690-2305A-02 unit 3 ip 3

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Jan 9, 2024

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1 Unit 2 IP 2 Advanced Strategic Framework for Global Expansion: Payton D Stanford Dr. Gialanella 12/3/23

2 Unit 2 IP 2 Abstract: This research paper explores the complexities of developing a strategic framework for the global expansion of a furniture manufacturing company led by John and Deborah Ferrer. The paper introduces the Balanced Scorecard (BSC) and delves into its four perspectives, emphasizing their relevance to the organization's goals. Additionally, the paper discusses the integration of ethics and an innovation strategy into the framework to ensure a comprehensive and effective approach to global expansion. The importance of combining these diverse strategies is highlighted for a nuanced market entry into Germany.

3 Unit 2 IP 2 Introduction: In the quest for global expansion, organizations face intricate challenges that demand a sophisticated strategic approach. “It is impossible to improve any process until it is standardized. If the process is shifting from here to there, then any improvement will just be one more variation that is occasionally used and mostly ignored. One must standardize, and thus stabilize the process, before continuous improvement can be made “(Imai 2009). This paper’s focus aims to provide supportive strategies to advance the strategic framework for John and Deborah Ferrer's furniture manufacturing company by incorporating the Balanced Scorecard, ethics, and innovation into the global expansion strategy. The focus is on positioning the organization for success as the organization navigates challenges of transitioning into the German Market. Our company’s main goal is acknowledging the need a healthy supply chain model that cohesively adds value to the expansion model. Balanced Scorecard Perspectives: The critical characteristics that define a Balanced Scorecard include: a focus on the strategic agenda of the organization/coalition concerned; a focused set of measurements to monitor performance against objectives; a mix of financial and non-financial data items,

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4 Unit 2 IP 2 originally divided into four perspectives – Financial, Customer, Internal Process, and Learning & Growth” (Supply chain today 2017). For this organization, The Balanced Scorecard will be a management tool that will track our overall performance of these four perspectives during our global transition. Financially this will allow the company to evaluate profitability, Return on Investments, and shareholder value. Alternatively, from a customer perspective the company can measure customer satisfaction and customer loyalty. Internally the organization can process our internal processes and systems, and lastly Using growth to train management and implement career advancement training to ensue internal employees are being promoted as their career grows. This Balance scorecard will allow for a foundational element of the strategic global expansion plan, providing a comprehensive view of our organizational performance. The four perspectives of the BSC are crucial components that contribute to a well-rounded approach for our supply chain management. Learning & Growth Perspective: Our company will evaluate the Learning & Growth Perspective as it demands an in-depth analysis of organizational capabilities and knowledge management. This includes setting forth a culture of learning, promoting innovation, and leveraging new technologies for our enhanced manufacturing processes. By investing in employee training and embracing technological advancements, the company can ensure continuous improvement and adaptability. Business Process Perspective:

5 Unit 2 IP 2 Analysis of the Business Process Perspective requires a sophisticated evaluation of internal processes. Beyond optimizing manufacturing processes, this involves implementing advanced supply chain management strategies for continuous process improvement. The focus here is on achieving operational excellence and keeping up with our competitive advantage through efficient processes. Customer Perspective: Our Customer Perspective model demands a thorough understanding of customer behavior and their buying trends. For this German transition, this perspective involves market segmentation, customer journey mapping, and the incorporation of advanced customer relationship management (CRM) systems. By aligning product offerings with local demand and preference, the company can build strong customer relationships and enhance its market presence. Financial Perspective: Lastly, the Financial Perspective extends beyond basic metrics to advanced financial modeling and risk management. This perspective requires a per found understanding of international financial markets, exchange rate risks, and the development of sophisticated financial strategies. By adopting a strategic financial approach, the company can ensure a robust financial foundation for global expansion.

6 Unit 2 IP 2 Ethical Plan: Our organization also strongly believes in ethical operations. “When expanding internationally, businesses should make a concerted effort to be mindful of cultural differences. This is an important part of ethics in international business, and disregarding this practice can result in a number of negative consequences” (CEO monthly 2023). Ethics form a critical component of our Company’s values and mission, emphasizes the organization's commitment to responsible business practices and social responsibility. For the integration of our Advanced ethics approach, ethical considerations will allow for the company to ensure operations are always preforming in good faith. This involves not only compliance with legal standards but also the organizations as a whole engaging in advanced ethical decision-making. Ethical considerations include global ethical standards, corporate social responsibility (CSR), and the integration of ethical considerations into the organization's everyday operations. By adhering to the highest ethical standards, the company will build trust, enhance our reputation, and establish our brand as a socially responsible global player. Innovation Strategy: The Innovation Strategy is pivotal for this company to stay competitive in a dynamic global market. “What works for an innovation project conducted in a single location doesn’t

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7 Unit 2 IP 2 necessarily work for one dispersed across many sites around the world. That’s partly because many important enablers of innovation happen naturally in colocation. Single location projects draw on large reservoirs of shared tacit knowledge and trust, and when issues arise, senior management is on hand to make decisions and provide direction and support” (Wilson and Doz 2012). Also, this allows additionally for team members to work on sharing the same respect for language and cultural norms. Being able to effectively communicate with those who may have cultural differences will be crucial for keeping productivity during a global expansion. Ultimately this enables flexibility and a constant learning curve as the project unfolds. This process requires continuous investment in research and development of the global supply chain strategy. The Innovation Strategy also requires cutting-edge research and development initiatives. This involves the establishment of advanced innovation labs, collaboration with research institutions, and the integration of emerging technologies into the product development process. By staying at the forefront of innovation, the company can introduce new designs, enhance sustainability practices, and meet the evolving demands of the German market. Conclusion: In conclusion, combining the Balanced Scorecard, ethics, and innovation ensures an efficient and integrated approach to our German global expansion. This multifunctional strategy will allow the company to capitalize on strengths, mitigate weaknesses, and adapt to the dynamic German market. Furthermore, the crafting of a strategic framework for global expansion demands a sophisticated and integrated approach. The Balanced Scorecard, ethics, and innovation strategies, examined through the four perspectives, provide a structured foundation for our internal alignment. This advanced strategy positions the furniture manufacturing company for success,

8 Unit 2 IP 2 emphasizing the importance of proper analyses, ethical considerations, and cutting-edge innovation. With a well-rounded strategy, the organization is poised to navigate the challenges of global expansion and thrive in the competitive German market, fostering sustained growth and resilience.

9 Unit 2 IP 2 References: Imai, M. (2009, March 12). The principle: Standardization is the basis for continuous improvement and quality . Toyota Management System. https://www.ineak.com/the- principle-standardization-is-the-basis-for-continuous-improvement-and-quality/ Here, supply C. T. (2023, October 25). The balanced scorecard - simple explanation . Supply Chain Today . https://www.supplychaintoday.com/the-balanced-scorecard-simple- explanation/ CEO Monthly. (2023, April 3). Maintaining an ethical business through expansion . https://www.ceo-review.com/maintaining-an-ethical-business-through-expansion/ #:~:text=Being%20Mindful%20of%20Cultural%20Differences,a%20number%20of %20negative%20consequences . Wilson , K., & Doz, Y. (2016, April 29). 10 rules for managing global innovation . Harvard Business Review. https://hbr.org/2012/10/10-rules-for-managing-global-innovation

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MGMT690-2305A-02 unit 3 ip 3

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