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This paper discusses how a company prepares itself in order to embark on international expansion. It provides an overview of a selection of the steps they need to undertake in order to prepare their business plan, explaining how their mission statement needs to provide a focal point for the entire strategic process.
From the Paper:''Before Able Corporation can embark on its expansion strategy, it must first have a sense of what it hopes to accomplish. The first step in this process is to define the company. The firm must have a sense of mission. Typically a mission statement is used to communicate the firm's mission both internally and externally. It is important to remember that the firm's mission may have changed from the time of its inception. Hence, it is important that each time a major strategic undertaking is begun, the mission statement should be renewed to ensure that it still reflects the company's mission (Radtke, 1998). The mission statement should reflect the distinctive nature of the business (David, 2008). For Able, the existing mission statement may be contained in the annual report, but if not it can be determined by looking at the nature of the company's business, and reflect where they want the business to go. Thus, we already know that the mission of the company is to market tools housewares around the world.''
Sample of Sources Used:
- David, Fred. (2008). Strategic Management: Concepts and Cases. Prentice Hall, Upper Saddle River, NJ. 2008.
- Radtke, Janel. (1998). How to Write a Mission Statement. TGCI Magazine. Retrieved February 22, 2009 from http://www.tgci.com/magazine/How%20to%20Write%20a%20Mission%20Statement.pdf
- Mitchell, Charles & Curry, Jeffrey E. (2003). A Short Course in International Business Ethics: Combining Ethics and Profits in Global Business. World Trade Press, Petaluma. 2003.
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- Boyce, Sharon Yvette. (2007). Using Intellectual Capital and Organizational Capacity to Enhance Strategic Implementation for Pharmaceutical Firms. Journal of Business and Public Affairs. Retrieved February 22, 2009 from http://www.scientificjournals.org/journals2007/articles/1072.htm
Cite this Business Plan:
Embarking on International Expansion (2010, December 12) Retrieved April 23, 2021, from https://www.academon.com/business-plan/embarking-on-international-expansion-145973/
"Embarking on International Expansion" 12 December 2010. Web. 23 April. 2021. <https://www.academon.com/business-plan/embarking-on-international-expansion-145973/>