Innovative Market Entry Strategy and Company Culture - Course Sidekick (2024)

Wryan Cross 05/01/2023 ID: 010820405 D081 Task 1 A1: The passion of innovation fostered within the company truly aligns with the adhocracy culture type based on the competing values framework. The company could find itself at an advantage for success with their market strategy because company that have a more innovative culture are more tolerant to risks of failures. These failures are perceived as part of the process, what not to do to achieve the final outcome. The company is seeking to gain endorsem*nt through a strategic partnership with the National Fisheries Development Board (NFDB) as a part of their market entry strategy. The NFDB has condoned the idea of the foldable boat, but first it must be made of recyclable plastics in India before it gets the full endorsem*nt. Due to the innovative culture, the company has the creative flexibility to meet the new material requirements of the NFDB and would not need to modify the entry strategy and seek approval and endorsem*nt elsewhere. The final component of the market entry strategy would be to use Indian angler to aid in product design and testing. We would also encourage the communication of the product with other angler to get the largest sample of data. By building on the mission statement principles for innovative consumer-driven design, we have a strategic open dialogue with the intended market and its users. The innovative culture has influenced the entry strategy by using local recruitments. A2: The organization structure from the scenario is clearly a flat structure. I believe that this type of organizational structure is an advantage because they practice active listening and open communication throughout the whole company. This ultimately creates a sense of unity and makes everyone feel like they have a purpose for being there. Employees are incentivized to be abstract thinkers which makes them feel valued. If the company opens up to a new market or produces a new product, everyone will be behind it and support the ideas and products of the company. This type of unified thinking reduces dissonance and avoid peer friction. A3: Company Culture: As we read in the scenario, this company values culture and innovation. This company praises and incentivizes their employees for innovative ideas. This is predominately supported thanks to the decentralized work environment by letting employees and founders to be considered equal partners. This praise makes the employees feel equal which establishes collaboration through all levels of the company. Another example of this is displayed when the company invites innovators of other industries, like the gaming and information technology, to help improve their designs. Due to this well- designed culture, it is not out of the ordinary for the company to reach out to local anglers to aid in their design of the new boat. As in what will work best for them and their environment. It is understood that the local anglers will aid in testing of the newly designed boats for functionality testing and to provide qualitative data about the product.

A3: Organizational Structure: The organization is at a complete advantage when it comes to the organizational structure. Exuberant information and ideas can be shared rapidly between the employees and founders of the company. This is a primary example of a decentralized work atmosphere. This means the company practices an open-door policy, which further translates to employees having access to the founders at any time. Furthermore, the levels of collaboration are strong that every employee has a chance to apply inputs to the decision on every project. This will ensure the utmost commitment to the projects. A3: Strategic Direction: The company mission statement, "We will provide the most innovative customer- driven design and growth to the industry, shows the high-levels of dedication that the company has to its product designs. This is only possible when they have customers fully involved with the decision-making process. We would expect the company to follow their mission statement no matter what product they decided to innovate, in this case the foldable boats. We can understand the founder's ideals more in their vision statement, "We will be the most sustainable company in the industry." When it comes to new products, the company will need to be creative in ways to make the materials they use environmentally friendly. This might prove to be difficult being tasked to make new boats out of recycled plastics in India while having an environmentally friendly waterproof coating. B1: Preservation of the ecosystem through the use of non-motorized boat while maintaining an improved fishing experience is the reason that India has such an open partnership business climate. The origami-inspired foldable boat is the most featured and popular fishing boats that our company has to offer. The product line has already been developed and will depend on local anglers for incremental innovation to meet the eco-friendly and sustainable materials requirements. That being said, the country favors importing products and materials due to the local laws and regulations surrounding the use of non-motorized boats, which could make manufacturing this product difficult and not cost effective for the company. Having the goal of being the first foldable boat manufacturer to reach the country is definitely attainable; but with the large capital investment of overhead, land, buildings, taxes, and other complications could render the project not feasible. B2: The open business atmosphere in India for new partnerships to improve the fishing industry and experience for those who are committed to the preservation of the ecosystem by using nonmotorized boats could be easily achievable those simple product design changed. Under the assumption that the foldable non-motorized boat product line meets and exceeds the eco-friendly requirements, then really only the anglers experience on the water would need to be changed and improved. Something as simple as solar powered lights or adding a water wheel that brings fresh water into the live well buckets to keep the bait alive. By adding these simple additions, we could partner and extend our business model to other companies in India. We would be cultivating business with solar powered light manufacturers and also design and 3D printing companies. These additions would be met with ease. With achievable design changes, we can overcome the markets favor of importing foldable boats due to the laws and regulations that surround the use of non-motorized boats. Government regulations can have a significant impact of the cost of importation through regulatory fees, import tax fees, doc stamp fees, docking fees, and other fees. A product design change would hurdle the barriers that relate to manufacturing. Examples would be to use cheaper materials, reducing product sizes, and buying in bulk to save on large batch orders. The design change would propagate profitability by providing cost effective solutions to offset the legislative hurdles put in place by local governments.

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B2a: Empathize: The scenario states that the company will be hiring local Indian anglers to aid in the design of the product, which is an important solution to the first step. The hiring pool that the company is willing to take on may be, in fact too small. This will limit the data set to really identify the need and expectations of the entire fishing community. To broaden the size of input, outreach to the entire fishing community could be achieved through online surveys or small in person surveys at the local docks. Define: The task of manufacturing an eco-friendly foldable boat in India using updated recycled plastics while maintaining an environmentally friendly waterproof coating. All of this will be done by abiding to the country's environmental regulations, while addressing the fishing community's equipment needs and expectations. Ideate: The power of brainstorming through the company's innovative thinkers, the Indian anglers, the U.S. employees, and the experts from the regulation's committees (including chemical and agricultural and recycling committees). This type of brainstorming process has been used in the company's past and time over time has been proven successful. Prototype: This is the fun part of most design thinking processes. Here, once the brainstorming is complete, we will produce two prototypes of the foldable boats to identify whether the critical characteristics of being foldable and portable are being met. Test: Here, the initial testing of the prototype boats will be done in a controlled and simulated environment to monitor and control potential adverse effects of the waterproof coating to the ecosystem, such as the plants, wildlife, and the water itself. If the waterproof coating has zero impact in the controlled environment, then we will bring it out in the field for actual testing with both the engineers and the anglers close by. B2b: The three aspects of the scenario that have the most effect in the design thinking process to me are Company Culture, Company Ethics, and The Global Legal System. 1) The company's culture of innovation is apparent throughout the entire design thinking process. The company knocks down all barriers and integrates the industries expertise and consumer feedback into their creative and innovative process which will allow for a prosperous ideate step. 2) According to the ethical standards of the company, the company will use those to guide themselves during the design thinking process to make decisions that are sustainable for the environment and their customers. This will ultimately increase the time spent in the empathize stage and the testing phase to ensure that there will be zero impact to the environment and to make sure that we are delivering a product to the customer that goes above and beyond their expectations. 3) During the ideate step, it will be crucial to incorporate the international legalities related to the commerce for the business. This phase will integrate a global legal systems expert so that all non-viable solutions will be identified and rejected immediately in the process before it gets pushed through. Many components are impacted by global legislation, including product costs, material/labor availability, marketing, time, resources, and product reviews. These are extremely important to creating viable solutions. The company could also run into laws and regulations regarding their product testing environments. The testing phase may need to be altered to adhere to local product testing restrictions that are enforced in the country.