Business Report: Testing Viability of Business Initiative

This report evaluates the potential market threats, potential and opportunity for ToolsCorp Corporation in the global market. It includes SWOT analysis, business plan outline, mission statement, target market analysis, strategic proposal, and financial plan.

Running Head: BUSINESS REPORT 1
REPORT TESTING VIABILITY OF BUSINESS INITIATIVE
Author name
University

Business Report 2
Contents
Introduction......................................................................................................................................4
SWOT analysis................................................................................................................................4
Outline of business plan for ToolsCorp’s entry into global market................................................8
Mission statement..........................................................................................................................12
Key operating principles................................................................................................................13
Target market analysis...................................................................................................................16
Strategic proposal for three time frames........................................................................................19
Factors leveraging ToolsCorp’s global strategic initiative............................................................23
Conclusion.....................................................................................................................................25
References......................................................................................................................................26

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Executive Summary
Evaluation of the potential market threats, potential and opportunity is essential for ensuring
success of a company in a new market. This report is developed for acquiring permission for a
business plan targeting the entry of ToolCorp Corporation into the global market. Along with
evaluating the strengths and weaknesses of the company, it also identifies its potential
opportunities and probable threats in the target market.
It has provided an outline of the business plan developed a mission statement based on the nine
components of a mission statement and marked the key operating principles of the business.
Through a market analysis, it has compared the two potential markets Australia and France and
identified Australia as a more suitable option for the recent venture. Then the report proposes
strategic initiative of market entry in three timeframes, namely, one year, five year and ten years.
Finally, as additional evidence of viability of such proposal, it has provided an evaluation of the
economic condition of US as well as Australia for explaining the decision of entering the market
of Australia.
Through the completion of this report, it has been identified that a detailed financial and
marketing evaluation is needed in the business plan along with assessment of the human resource
requirement.

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Report testing viability of business initiative
Introduction
Entry into global marketplace calls for extensive market analysis and strategic decision-
making for which evaluation of the potential markets and identification of their suitability as a
target market essential. This report is an evaluation of the prospect of market expansion for
ToolsCorp Corporation, which would be submitted to the Strategic Officers Steering Committee
(SOS-C) of the company to obtain permission for the business plan. Hence, the strength,
weakness, opportunities and threats concerning the organisation and its strategic venture are
evaluated and the requirements of the business plan are outlined along with objectives. For this,
the suitability of two markets, namely France and Australia are evaluated through market
research depending the more suitable one is identified for entry of ToolsCorp Corporation and an
outline of strategic objectives and implementation plan is provided.
SWOT analysis
Strengths Weaknesses
 Locally produced products
 Strong distribution system incorporating
large retailers
 Positive brand image
 Quality products
 Stronghold in the market of USA and Canada
 Manufacturing process concentrated in
Tennessee, USA
 Limited market space
 Limited accessibility for global consumers
 Lack of experience in global operation
management
 Few marketing activities
Opportunities Threats

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 Improvement of global market presence
 Sales escalation
 Competitive brand positioning in target
market
 Collaboration with multinational retail chains
 Establishment of regional headquarters
 Less vulnerability to local economy
 Difference between preferences of home
market and target market regarding product
 Lack of acceptance in target market
 Legal hazard
 High market competition
 High expenses on logistics
Table 1: SWOT analysis of ToolsCorp Corporation
(Created by student)
Explanation for the strengths, weaknesses, opportunities and threats listed in the table are
presented here:
Strengths
The locally produce products enables ToolsCorp to exhibit strong control over the
manufacturing process and quality of the product. The high quality of product and sales through
large retailers within USA and Canada helps the organisation to maintain a profitable sales
performance and positive brand image, which is the key to the consumer preference in the
market. This also results in stronghold of the company in its existing markets, which provides the
company the financial security to explore other markets.
Weaknesses

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The concentration of the entire manufacturing process in Tennessee, USA, increases the
cost of distribution. As the organisation expands in more markets such concentration might
exhaust the organisation’s ability to deliver market demands. The organisation’s marketing
solely depends on the sales paper inserted twice a week by its retailers, which indicates towards
unexhausted marketing potentials. The limited market space and unexhausted marketing
potentials restrict the organisation’s accessibility to the potential customers. The lack of
experience in global operation management and low access to global consumers has restricted its
ability to access other countries despite its exceptional performance in USA and Canada. It also
has the opportunity to access the market of different countries through selling its products via
multinational supply chains this way the organisation’s performance would be less sensitive to
the policy, economic crisis and market alterations in the home country.
Opportunities
The countries under consideration in this study, Australia and France are unexplored
territories for ToolsCorp Corporation. Entering these markets for global expansion would help
the organisation to enhance its presence in the global marketplace, and position uniquely its
products leveraging its existing performance and new operational setting. As ToolsCorp, by
entering Australia and France, would also acquire a chance to explore new continents, it might
use its units in these countries as regional headquarters and conduct its operations in the
continent through it.
Threats
Due to the difference in culture and preferences between the existing and target markets
of ToolsCorp, the organisation faces the threat of lack of acceptance in the target market for its

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products and marketing activities. Both the countries considered for market expansion, France
and Australia might pose distinctive legal obligations restricting the operation of ToolsCorp in
the target market. As per the rankings of the World Bank Australia stands 6th in simplicity of
acquiring construction permit, 26th in tax payment, 51st in registering property for business and
95th in trading across the border while France ranked 18th, 54th, 100th and 1st in the respective
categories (Doing Business, 2018). Presence of multiple strong suppliers of similar product in
the target market would cause highly competitive pricing, ultimately limiting the profit margin
and revenue of the organisation. The cross-country business operations increase the expenses on
logistic especially when the target market is located on another continent, which ultimately might
hamper the result of the venture.

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Outline of business plan for ToolsCorp’s entry into global market
Objective-
Basic objectives of the expansion would be identified. The preliminary objectives of the
expansion are as followed:
 To become one of top suppliers of lawn accessories in target market
 Development of positive brand image
 Acquisition of 30% market share by the end of ten-year
 Development of sound distribution channel in target market
Mission statement-
Mission statement would be reviewed, modified and stated
Past performance-
Past performance of the company in USA and Canada would be evaluated to identify its
performance and strength in its existing market in terms of:
 Sales
 Gross margin
 Inventory turnover
 Operation expense
Assets and liabilities-

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Current assets and liabilities of ToolsCorp Corporation in USA and Canada market would
be evaluated to evaluate its ability to enter a new international market.
Requirement estimation-
The requirements for the market entry would be assessed and presented. This estimate
would include the breakup and summary of the following factors:
 Total expense
 Asset requirement
 Total liabilities
 Planned investment
Product-
The products that would be initially marketed in target market would be determined and
listed. The Substitute products in the target market would be evaluated to realise potential of the
product in the target market.
Market analysis-
An extensive market analysis would be conducted on the target market to identify its
different segments, nature of market competition, competitors and consumption potential based
on the buying pattern.
Industry analysis-
The nature, potential, regulations and level of competition in the industry would be
identified through industry analysis.

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Strategy-
Based on the result of market analysis the following would be determined:
 Promotion strategy
 Marketing strategy
 Product modification strategy
 Distribution strategy
 Pricing strategy
 Sales strategy
 Positioning statement
 Potential strategic alliances
Milestones and sales forecast-
The market and industry analysis would also provide an opportunity to forecast sales
performance and determine performance milestones. It might also incorporate the milestones of
this expansion plan.
Management-
The management plan during the global expansion of ToolsCorp Corporation would also
be planned, which would include operational personnel plan, determination of management team
and supplier identification.
Financial plan-

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Finally, after consideration of all the requirements discussed above a detailed financial
plan would be developed and the key financial indicators along with the break-even point would
be assumed. This section would include:
 Profit and loss statement
 Break-even point
 Key financial indicator
 Business ratio
 Projected cash flow
 Balance sheet

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Mission statement
The following is the mission statement, for ToolsCorp Corporation for its strategic
initiative of breaking into the global market, developed based on the nine components of a
mission statement (David, David & David, 2014).
To provide armatures as well as professional cooks, technicians and gardeners of
Australia/France; convenient tools and equipment for household fixes, lawn maintenance and
cooking at varied range of prices, backed by exceptional customer services, available at one
phone call, operating globally. The products are developed using latest technology and
environmentally viable material to profitably manufacture and market products to handypersons
and workers across the globe. ToolsCorp Corporation aims to be the bestseller of handy tools and
equipment of the world starting from Australia/France, leveraging compliance, care and
convenience for its customers.

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Key operating principles
The following operating principles and prescribed measures to apply them are expected
to guide the business plan towards achievement of its objectives.
Vision driven
Serra and Kunc (2015) stated that the management that is driven by the organisational
vision leads the human resource towards successful achievement of the targeted goals. The
market expansion team of ToolsCorp would be guided by the vision of achieving the position of
market leader in the target market. Therefore, every strategy would be aligned directly towards
fulfilment of that vision and the workforce would have better motivation to work hard.
Empowerment and teamwork
Encouraging autonomy of the employees encourage, them to take responsibility and
motivate them to prove their worth as a part of the company (Mittal & Dhar, 2015). On the other
hand, only through collaboration and cooperation between the members of team, a particular task
can be completed efficiently (Ceschi, Dorofeeva & Sartori, 2014). The market development and
expansion team would be encouraged to take shared decision while every employee would be
encouraged to state their opinion so all the aspects of an issue or strategy can be evaluated from
different points of view.
Simplicity of operations
Picard (2014) Identified that elimination of the complications through strategic and
systematic evaluation of each operational options helps the business organisation to reduce the

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time waste during performance or completion of an operation. Therefore, while development of
the strategic plans for every aspect of market, entry would be evaluated and resource
requirements, availability and affordability would be evaluated. This would reduce the
complexity during the implementation of such plans and hence ease the process of market entry.
Customer focused
Success of a business venture depends on the acceptance of the venture in the consumer
market (Hill & Alexander, 2017 and David Mc, 2013). Hence, before determining the marketing
strategy or introducing its products in the international market, ToolsCorp Corporation would
have to conduct an extensive market research to identify the preferences and attitude of the target
customers. Finally, the business plan for ToolsCorp’s global market entry would also have to be
based on an exhaustive market research to ensure that its entry strategies are in line with the
target consumers and their attitude.
Consistency
Consistency in the business objectives and strategic processes determine long-term
success of a company in the target market (Sodeyfi, 2016 and Goetsch & Davis, 2014). The
performance of ToolsCorp Corporation in the USA and Canada market marks its consistency in
terms of deliverables. Similar processes would be followed in the international market as well, to
establish trust among the consumers towards the products of ToolsCorp.
Innovation
Research and innovation is the key to the retention of competitive advantage (Boons,
Montalvo, Quist & Wagner, 2013). Visnjic, Wiengarten and Neely (2016) added that innovation

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is essential for retention of consumer attention as well. While operating in the international
markets such as Australia/France the organisation would have to incorporate human resource
from the target market in its research and development processes to develop innovative models
of its handy-tools and appliances and manners of marketing them, which would serve as its
competitive advantage (Srivastava, Franklin & Martinette, 2013).
Persistence
ToolsCorp in its initial years of global market entry might face obstacles such as high
competition in the target market or lack of faith among consumers towards its product (Pindado
& Requejo, 2015). However, persistence exhibited during such period is expected to result in
success in long run. Therefore, the initial sales forecasting of the business plan, though might
project potential loss at the initial years, persistence towards making a successful market entry,
continuous effort put in product development, and persuasive marketing would help the
organisation to pass the obstacles successfully and develop a strong market presence.

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Target market analysis
Overview of the markets
The senior management team of ToolsCorp Corporation has selected two different
countries from two continents for initial consideration as a target market for ToolsCorp
Corporation’s Global market entry. The countries, selected, are France and Australia. Evaluation
of scope of ToolsCorp in these two markets is expected to hint the organisation’s prospect in
their respective continents as well. With the population of 66,896,109 and 24,127,159, both the
countries offer large consumer markets to ToolsCorp Corporation to explore (Doing Business,
2018). The high spending ability of the consumers of both the countries also makes them suitable
for expansion if ToolsCorp Corporation.
Cultural Dimensions
Chart 1: Comparison of countries based on cultural dimensions

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(Source: Country Comparison, n.d.)
From the chart presented above it is evident that the culture and hence the nature of the
consumer market of Australia is more similar to that of the home market of ToolsCorp, that is
USA and the existing market Canada; than that of France. Therefore, for initial market entry, the
organisation would have to bring less change in marketing strategies and the product if it enters
the Australian market than the market of France (De Mooij, 2013). Here it is noteworthy that in
case of Individualism both Australia and France scored considerably above which makes word of
mouth marketing less effective. However, the score of France, in this category is considerably
low than that of rest of the countries marking its consumers less individualistic than the others.
Its low score in indulgence/resistance combined with its high score in uncertainty avoidance
makes it more resistant towards a new product’s entry in the market (Gillespie & Riddle, 2015).
From this evaluation, Australia appears to be a more agreeable target market for ToolsCorp, as a
means to enter the global marketplace.
Porter’s five-force analysis
Market forces France Australia
Bargaining power of consumer High High
Bargaining power of supplier Moderate Low
Threat of new entrants Low Low
Threat of substitutes High High
Industry rivalry High High
Table 2: Five-force analysis of France versus Australian market
(Source: Created by student)

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Both Australian, as well as France’s market, contains a number of companies that avail
similar products as ToolsCorp Corporation. For instance, in Australia organisations such as
Honda, John Deer, Masport and Toro accommodate a massive share of the market for Lawn
Mowers (WCR, 2017). Here while Honda is the market leader Toro receives the favour of
economic buyers. On the other hand, in France, several companies like Triangle, SDMA SAS
and Stiga sell garden equipment Garden equipment France companies, n.d.). A number of
substitutes of other products of ToolsCorp are also available in the selected markets. Therefore,
in both the markets, the risk of substitution is high and as the consumers have plenty of option in
such markets, their bargaining power is high as well. Due to the presence of strong competitors,
the industry rivalry is also high in either of the markets.
As the process of manufacturing of products such as power tools, ranges, microwaves,
lawn furniture and lawn mowers involve use of heavy and expensive machinery, large factory
and considerably large number of human resources, therefore, the threat of new entrants in this
industry is considerably high. However, in both the markets a number of suppliers of raw
materials and parts of the products offered by the company are available, although the number is
higher in case of Australia. Therefore, the bargaining power of suppliers in Australia is lower
than that of France. Hence, Australia is expected to be a more preferable market for ToolsCorp’s
product in long run as it can establish a manufacturing unit in Australia once it begins to operate
in the market, successfully.
Ease of business
As per a report of The World Bank, Australia won 14th position to the 30th position of
France in respect to ease of doing business (Doing Business, 2018). While it ranked 7th in the

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ease of starting business while France ranked 25th (Doing Business, 2018). The result of this
report, in combination with the analysis presented above, marks Australia as a better option for
market expansion for the ToolsCorp Corporation.
Strategic proposal for three time frames
One-year
Strategic
objectives
Implementation plan Potential
ramification
Feedback
mechanism
 3% market share
 Association with
major retailers
and supermarkets
of Australia
Distribution: Selective distribution
through large retailers in major
Australian cities
Marketing: Through Direct
marketing, television commercials
and social media
People: Persuasive salespersons
from the retail stores, hired to
peruse customers
Resources: initially the resources
will include funding for export,
sales and marketing
Limited
accessibility
might be one
major
consequence
of this
distribution
process.
Online survey for the
salespersons and
buyers of its
products in Australia
In return for loyalty
points, the buyers
would be asked to
participate in the
surveys
Rating different
aspects of the
product and its
market presence
Table 3: Strategic proposal for one-year
(Source: created by student)

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To achieve this target first a distribution type and a distribution channel is to be selected
for ToolsCorp Corporation’s operations in Australia. For the initial market entry, the
organisation might use selective distribution channel and avail its products only at the stores of
major city of Australia (Baker, 2014). It needs to introduce one of its best-performing products.
Based on the consumer feedback, ToolsCorp might need to alter some of the features of its
products to acquire customer preference.
Five-year
Strategic
objectives
Implementation plan Potential
ramification
Feedback
mechanism
 Establishment of
distribution units
in every major
citiy in Australia
 Development of
a strong market
position
 20% market
share
Distribution: Indirect
distribution through retail
stores and the products will be
directly sold to the retailer
Marketing: Through Direct
marketing, loyalty
programmes, social media and
television advertisements
People: staffs to manage
warehouse, marketing staffs
and own representatives in the
retail stores
Resources: location for
distribution unit, funding for
This plan entails
considerable risk of
loss of funds, as at
the incidence of
changed consumer
preference or
economic downfall
the expenses on
warehouse would
be irretrievable, in
short term.
Service and product
rating option for
customers
encouraged with
bonus points
Employee feedback
acquisition through
online survey and
direct questioning

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marketing and sales
operations
Table 4: Strategic proposal for five-year
(Source: created by student)
After the completion of one year of ToolsCorp Corporation in the Australian market, the
organisation might change the distribution channel from selective distribution to exhaustive
indirect distribution, as it would increase the availability of the product in Australian market
(Kohtala, 2015). Development of warehouse in the target market would reduce the cost of
logistics, and improve the organisation’s presence in the target market (Rushton, Croucher &
Baker, 2014). Recruitment of local staffs for conducting the organisation’s operation in the target
market would help in generating positive impression among consumers concerning the products
of ToolsCorp, and the local staff members would have better understanding of the target market
and its behaviour.
Ten year
Strategic
objectives
Implementation plan Potential
ramification
Feedback
mechanism
 30% market
share
 Establishment
of a
manufacturing
unit in
Distribution: Both direct and indirect
distribution through retail stores and
warehouses
Marketing: Through mass media, social
media, loyalty programmes, app-based
The huge
amount of
funds
allocated to
the
development
For customers
 Online survey
 In-store survey
 App-based
survey

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Australia
 Expanding to
other countries
of the same
continent
making
Australia the
regional
headquarter
marketing and direct marketing
People: Expatriates transferred to
Australia to manage and monitor the
establishment of manufacturing unit in
Australia, local employees engaged in
manufacturing, sales and marketing
activities
Resources: land and funds for establishing
manufacturing unit and fund to expand the
market to neighbouring countries like
New Zealand
of
manufacturin
g unit
involves risk
of huge
amount of
irrecoverable
loss
For employees
 Online survey
 Direct
feedback
 Grievance
portal
Table 5: Strategic proposal for ten-year
(Source: created by student)
Utilisation of loyalty programmes along with the app-based marketing is expected to
boost the sales performance of the organisation, while development of a manufacturing unit
would reduce the concentration of the entire manufacturing process in the home country
(Hennig-Thurau & Hansen, 2013). It would also reduce the transportation cost and promote its
Australian unit as a regional hub centralising, which the organisation can expand to its
neighbouring countries.

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Factors leveraging ToolsCorp’s global strategic initiative
US economy
The US economy, in the first quarter of 2018, had slowed down more than the estimation
of market experts, accompanying weak consumer spending performance seen in around five
years. Through the second quarter exhibited promising growth based on the upsurge in tax cuts
and labour market. However, experts have predicted a potential trade war triggered by the
"America First" policies undertaken by the administration, which might cast a shadow over
USA’s economic prospect. The following chart avails an understanding of the change in the
economy that USA has witnessed since the first quarter of 2017 until the second quarter of 2018.
Chart 2: Change in US GDP 1st Q 2017 - 2nd Q 2018

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(Source: CNBC, 2018)
From the chart presented above, it is evident that since the first quarter of 2017 the US
economy has seen significant low GRP rate which though during the second and third quarter of
2017 appeared to be recovering began to slow since the 4th quarter of 2017 and continued till the
1st quarter of 2018 (CNBC, 2018). Although the second quarter of 2018 exhibited significant
recovery from the condition the downfall in the economy has increased the risk of doing business
depending on the US market. Though the consumer market of Canada has exhibited promising
growth in consumer spending, which market analysts predicted that would grow further (CNW,
2018). ToolsCorp Corporation needs to expand its market further to limit the potential loss
caused by reduced purchase-ability of Consumers in the US market.
Growing consumer spending in Australia
Australian GDP has witnessed rapid growth of 3.4pc in the second quarter of 2018
leveraging the 0.7pc growth rate of household spending. Until June 2018, the GDP of Australia
has reached A$ 1.84 trillion (CNBC, 2018). One of the major reasons for this performance is the
annual growth of 1.6% in the population of the country. The growing population of Australia has
exhibited speedy growth in the consumer spending while the increased demand for homes and
infrastructure has also contributed to this rapid growth of the US economy. Janda (2018)
observed that the average income of the population has not increased at the same pace as the
spending. However, the increasing consumer spending in the Australian market and its growing
economy has exhibited significant prospect for the business operations of ToolsCorp
Corporation.

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Conclusion
Through the discussion presented above, Australia has come out as the preferred country
for Global market entry of ToolsCorp Corporation as it provides the most favourable economic,
social and cultural environment for ToolsCorp’s entry to the international market. Location wise,
France would have been a better option as it would reduce the cost of logistics. However,
evaluation of the market cultural dimensions and overall ease of doing business in the respective
markets it has been observed that the cultural dimensions of Australia are more similar to that of
the home markets of ToolsCorp Corporation and the business environment on Australia is also
more favourable. Therefore, members of the senior management team of ToolsCorp Corporation
have suggested Australia for its entry into global market.

Business Report 26
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