In this assignment, you will examine the external environment and discuss the management of innovative business development on a global scale.
Part 1: External Environment Analysis
Conduct an external environment analysis for a new and innovative product or service that you have developed. This can be a real or hypothetical product or service. First, describe your product or service. Based on your analysis, identify key opportunities and threats that your start-up may face. Explain how you plan to manage these opportunities and threats on a global scale. Here are the factors you should include in the analysis:
Economic factors (e.g., market size, growth rate, inflation, exchange rates)
Social factors (e.g., demographic trends, cultural factors, consumer behavior)
- Technological factors (e.g., innovation, automation, internet, and mobile technologies)
- Political and legal factors (e.g., government policies, regulations, taxes)
- Environmental factors (e.g., sustainability, climate change, carbon footprint)
- Part 2: Management of Innovative Business Development on a Global Scale
- Discuss the management of innovative business development on a global scale. Consider the challenges that start-ups face when expanding into new markets and explain how you plan to overcome these challenges. Your discussion should include the following elements:
Market entry strategy
International expansion strategy
Supply chain management
- Intellectual property management
- Cross-cultural communication and management