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MGMT 490 Strategic Management
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MGMT 490 Strategic Management
0 Download4 Pages / 857 Words
Course Code: MGMT490
University: University Of Louisiana At Lafayette
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United States
Question:
Case study:
Read and analyse the case, The Import/Export Process: Exporting Jerk sauce from Jamaica to the United States
Is the business concept viable, would you invest in the project?Is the paper technically correct- that is, did the student prepare a complete plan including all the steps and processes in the import/export process? What would you have done differently?
Answrer:
Introduction
Jamaica exports $1.6 billion in sauces, which overtakes its earnings compared to coffee, non-alcoholic drinks and other baked products (Gordon, 2015). The country has high income source from export earnings, which also impacts its balance of payments. The scope of current analysis deals with Spur Tree Spice in Jamaica which provides the country with 80% exports. The analysis examines viability of the business in order to consider for investments, along with processes for export consideration for the Company.
Business Concept Viability for investment
Export business constitutes a proportion of earnings for businesses based in Jamaica. The country rich in various herbs and spices can easily source raw materials for the product (Gordon & Williams, 2016). Moreover rise in consciousness related to organic products can easily be manufactured by the Company and supplied to various parts of the world. The country being abundant in natural produce has immense potential to produce and manufacture organic fresh sauces and condiments. From analysis of the business plan’s financial statements, it can be seen that projected profits from the business is extremely high and rising from one year to the other.
Trade and other regulatory measures in order to establish the business can easily be obtained and overcome by means of licensing agreements. Once an entrepreneur plans to establish the business within this type of market then the only hindrance that he has to face is in obtaining the necessary trade licenses and then obtaining funds to set up factory for the manufacturing processes. It can easily be understood that it is a labor and capital intensive business which has capability to yield high returns on investments, meaning the entrepreneur merely has to do efforts in obtaining funds at lower costs. In case the entrepreneur is able to procure funds at low costs then he will easily be able to reap maximum benefits from the business. One aspect of the business is in making tie-ups with various companies and countries in supplying the sauces. Once the purchasers of the product are identified then the business is bound to become more viable and profitable in nature. This implies that once the business’ value chain, marketing and other processes are established then it can function as a rather competitive one delivering greater amounts of returns. Lack of opportunities in business and prevalence of this profitable venture ascertains that entrepreneurs can easily opt for this mode of venture and gain profitability from the same (Meléndez & Uribe, 2012).
Technically evaluation of Complete Plan
The business plan evaluated in the earlier report identifies key scopes that are present in sauce exporting business. Moreover, regulations related to the business of exporting food products are also undertaken in the evaluation (Ennis, 2009). The report has also successfully been able to analyse the key external factors along with the Company’s internal analysis by conducting SWOT. Then the business plan goes on to describing the product manufacturing, marketing, distribution and financing aspects of the business. The business plan described here is almost complete however; the report has not been able to include competition analysis in export market. Competition analysis is a major part for any type of business plan in order to understand situation that is prevalent within the industry (Wilson, 2018). Competition analysis helps the business form suitable strategic move for establishing the business. Moreover, the strategic choices that have been made by the Company meaning whether cost leadership, differentiation or focus has not been selected or established by the Company. The business plan progresses with very little number of references to correlate with data and information that has been included in the project. In financial analysis of the business, there is no depiction of break-even point. A value chain analysis for the project has not been undertaken in an extensive manner which forms basic process for any type of manufacturing or production businesses. Therefore, though the business has encompassed major steps only lacks a few steps, incorporating which can allow completing the business plan in a more rigorous process.
Conclusion
It can be concluded that the business plan undertaken for Jamaican Sauces Company is a complete one and only lacks a few steps and processes which can easily be accommodated. The business is highly viable and profitable which is reflected from its financial statements as well. Thus, this proves that the business can be used as a sample for other entrepreneurs as well, who can adopt them for their businesses.
References
Ennis, G. (2009). Analysis of the Jamaican Fresh Agricultural Produce Industry.
Gordon, A. (Ed.). (2015). Food Safety and Quality Systems in Developing Countries: Volume One: Export Challenges and Implementation Strategies. Academic Press.
Gordon, A., & Williams, R. (2016). Case study: formula safe foods—sauces. In Food Safety and Quality Systems in Developing Countries, Volume 2 (pp. 117-148).
Meléndez, M., & Uribe, M. J. (2012). International product fragmentation and the insertion of Latin America and the Caribbean in global production networks: Colombian case studies (No. IDB-WP-374). IDB Working Paper Series.
Wilson, S. (2018). Assessing export competitiveness of food manufacturers in SIDS. Competitiveness Review: An International Business Journal, (just-accepted), 00-00.
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