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Benchmarking and best practices involves setting up mechanism to ensure implementation of best standards and practices through planned rational and organizational approach to process analysis and change. Although benchmarking and standard management comes in a variety of forms and is initiated for a variety of reasons, it has distinguishing characteristics and functions defined as the essence of good management. These include understanding and adapting to the external environment; empowering managers to analyze and improve processes; adopting a norm that customers preferences are important determinants of quality; developing a multi disciplinary approach that goes beyond conventional departmental lines; and adopting a planned, articulated philosophy of ongoing change and adaptations. It is thus clear that for a Company rolling its services out in a foreign country by merely opening of new stores is not enough (DePalma, 2002).
Implementation of entry strategy must have a plan. This involves identifying the steps already taken and actions still required. If the company decides to form an alliance, it should form a management team to evaluate and target a partner and negotiate the deal. Planning should include systems for monitoring performance and benchmarks for tracking progress. Milestones that are commonly used in business plan include deadlines for completion of product development activities, productivity measures or revenue objectives.
The process of implementation should also be considered in terms of short- and long-term planning. Immediate needs and actions are important, of course, but entry into a foreign market will have long-lasting effects and can even impact the company's long term survival and business objectives in other markets. The Long Term Objectives should be aimed at solidify its operational base in both the country of origin and the foreign market base by establishing a strong international brand recognition and also strongly develop its business in the new market.
Benchmarking and best practices should involve major decision making, choices and actions that chart the course of the entire business enterprise. This consists of both internal and external environment of the firm, defining of mission of the firm, and formulation and implementation of the underlined strategies that provides a competitive advantage. Because these efforts will steer the organization in a particular direction, it will be the responsibility of top executives within the company.
The Company has to strategically choose this specific location by considering the characteristics of target market. Market screening should be carried out to establish the following; Basic need potential, Exchange rate trends, Import restrictions and Price controls (Hollensen, 2007). In addition, it's important to establish the government and public attitude toward buying products or services being offered by a foreign/ international establishment (DePalma, 2002). Market screening should also be carried out to establish Socio-cultural forces such as, attitudes and beliefs, languages and education as it affects company's type of business.
Business ethics plays an important role in boosting or harming the corporate image and ethical misconduct can be extremely costly for individual companies and society as a whole. Indeed, there is much the company investing in a foreign market need to understand about the approach to business in order to deal with the complexities of business in this new region.
Some countries require or encourage partnership between native firms and the new entrant. However, these native firms may not satisfy the quality standards. The company should be concerned that several areas of its business practices, though acceptable in the foreign country, may be viewed in a negative light in the international business community. All these issues should be identified as potential problems that would bring significant differences in the attitudes and perceptions between the two countries. These similarities and differences should therefore be addressed so as to better equip the business to deal with the issue of ethics in business through the use of codes (Institute of Business Ethics, 2008).