Firehorse: Globalisation Strategies and Market Entry in China

This report examines Firehorse's globalisation strategies, focusing on its market entry into China. It explores the concept of globalisation, the strategies employed by Firehorse, including licensing and franchising, and their importance in the Chinese market. The report also delves into methods for monitoring financial transactions and minimizing costs. The research methodology employs a qualitative approach and interpretivism research philosophy. The literature review provides insights from various authors on globalisation, market entry strategies, and financial management. The study aims to determine the significance of globalisation and the strategies employed by Firehorse to enter the China market, providing recommendations for future business operations. The report includes a detailed table of contents, literature review, research methodology, and conclusion, offering valuable insights into Firehorse's approach to international expansion and financial management in a global context. This report is contributed by a student to be published on the website Desklib, a platform which provides all the necessary AI based study tools for students.

Research Project

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................1
Research Aim: ............................................................................................................................1
Research Objectives:...................................................................................................................1
Research Questions.....................................................................................................................1
Rationale of Research.................................................................................................................2
CHAPTER 2: LITERATURE REVIEW.........................................................................................2
Concept of globalisation.............................................................................................................2
Different strategies employed by Firehorse to enter emerging market.......................................3
Importance of different strategies used by company to enter into emerging market..................3
CHAPTER 3: RESEARCH METHODOLOGY.............................................................................4
Type of Investigation..................................................................................................................4
Research Approach.....................................................................................................................5
Data collection............................................................................................................................5
Sampling.....................................................................................................................................6
CHAPTER 4: TIMELINE...............................................................................................................6
CHAPTER 5: DATA ANALYSIS .................................................................................................8
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................17
Conclusion.................................................................................................................................17
Recommendation.......................................................................................................................17
CHAPTER 7: REFLECTION .......................................................................................................18
REFERENCES..............................................................................................................................19
.......................................................................................................................................................20

CHAPTER 1: INTRODUCTION
Globalisation consider as an important process of international integration that arise from
the interchange of the ideas, products and another aspects of culture. As per current scenario,
globalisation is result of closer ties in international trade that provide opportunities to business
organization to increase their trade. Along with this, it also help in increasing in investment
which is aided by the enhancement in information technology and communication as well. With
the assistance of this concept, business organization can easily expand their activities and also
start selling products to other countries (Boulouta and Pitelis, 2014). The main benefit of
globalisation is to reduce the gap between different countries by increasing trade and at the same
time also enhance wealth of the country. Mainly, it offers both benefits and challenges to the
business organization as it can provide opportunities for improving quality of life for various
people that may contribute in enhancing the economic growth. On the other side, it also leads to
challenges with the welfare of workers and the environment. Current report is based on
Firehorse, is a small business organization which operate their business with the aim of
enhancing their image at market place by providing their quality services in market place. With
the use of globalisation, company easily expand their business activities and also improve their
brand image. Thus, it is important for company to analyse market trends and culture before
globalising their business. This will support them in establishing competitive brand image at
market place.
Research Aim:
To determine the significance globalisation and different strategies employed by
businesses to enter into China market. A study based on Firehorse.
Research Objectives:
 To understand the concept of globalisation.
 To identify the different strategies employed by Firehorse to enter emerging market.
 To determine the importance of different strategies used by company to enter into China
market.
 To establish the methods which monitor every financial transaction and minimize the
cost.
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Research Questions
 What is the main concept of globalisation?
 What are the different strategies employed by Firehorse to enter emerging market?
 What is the importance of different strategies used by company to enter into China
market?
 What is the methods which monitor every financial transaction and minimize the cost?
Rationale of Research
Concept of globalisation is an important aspect which provide various opportunities to
business organization to expand their activities at global level. This research is based on different
strategies which employed by the company with the aim of entering into emerging market (Crane
and Matten, 2016). With the assistance of this, investigator easily understand about the strategies
which help company at the time of entering into new market. The main aim of carry out this
research to increase skills and knowledge about the globalisation strategies through which
company easily operate their business into new market. The main reason for choosing
Firehorse as research base is because of small organisation which was
established in 2018 in order to gain more knowledge about it and entering
into new market for globalisation.
CHAPTER 2: LITERATURE REVIEW
This section play a significant role in carry out the research activities as it support
investigator to effectively analysis the information towards the specified research topic. With the
assistance of this, researcher can easily attain positive outcomes. Mainly, it includes different
views and opinion of various authors who has experience within the research topic. IT is related
with secondary source as the data is already published in different sources such as books,
journals, articles, newspaper and many more. All these are directly contribute in gathering
relevant data towards the research area.
Concept of globalisation
According to Williamson, (2019), globalisation is an important concept which includes
the process of integration among people, business and government in over the world. Mainly, it
includes various aspects such as global trade, investment, technology and culture that directly
influence the overall business activities. The main aim of implementing globalisation within the
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organization is to expand business activities which may contribute in enhancing the market share
of the company. With the assistance of this, company get various benefits from the globalisation
concept such as free movement of labour, free trade, Greater competition, increased economic
scale and many more. All these are directly contribute ins making the organizational
performance more competitive. On the other side, company operate their business at global level
that require various aspects like skilled workforce, advancement in technology and so on that
help business organization to establishing their competitive brand image at global level.
Different strategies employed by Firehorse to enter emerging market
According to Cui, Meyer and Hu, (2014), it is important for business organization to
analyse market trends before operating their activities at global market. This will help them in
understanding the overall activities present at market place. In this context there are some
effective strategies that employed by the Firehorse with the aim of entering in China market
are as follows:
 Licensing: This type of strategy is also play a vital role in entering into new market in
which company allow local parties to use their name and products to sell under a license
agreement. In exchange of this owner of the company receive royalties in exchange. With
the assistance of this, company can easily increase their profitability level at market
place.
 Franchising: It is an important business strategy that allow another party to operate
business under their brand name. With the help of this strategy, company can easily
expand their brand. Under this, the franchiser grants the franchisee the right to use your
brand name and operating their system.
Importance of different strategies used by company to enter into China market
According to Hill, Jones and Schilling, (2014), Market entry strategies are important for
business organization to expand their activities at global level. Along with this, it is a planned
distribution and delivery method to serve products to a new target market. With the assistance of
this company can easily increase their overall profitability level and at the same time also make
strong customers base. In this context there are importance of strategies that used by Firehorse
with the aim of entering into Chaina market are as follows:
 Increase profits: When company use strategies to operate their business at international
level than they have opportunities to enhance their market share. With the assistance of
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this, company invite large number of customers towards its offerings and at the same
time also provide them same to attain their satisfaction level. This will directly contribute
in increasing overall profitability level of he company.
 Improve brand image: Use of market entry strategies, company increase the chances of
capturing larger market share from its rivals. It help Firehorse to get opportunities to
make their brand image more popular by serving best quality services in China market.
This will directly contribute in making brand image more competitive as compare to its
rivals.
Methods which monitor every financial transaction and minimize the cost
According to Ocloo, Akaba and Worwui-Brown, (2014), it is important for every
business organization to monitor whole financial transaction so that they can measure the actual
performance of the company by minimizing unnecessary cost. While operating business at global
market place, it is crucial for Firehorse to manage their financial activities or
transaction in order to maximize the profitability level and at the same time
also increase the chances of establishing their competitive brand image. For
attaining the same, there are some systems which used by the company to
monitor every financial transaction to minimizing the overall cost. In this
regards, monitoring financial transaction is one of the effective transaction
monitoring software or system that allow company to monitor all the
transaction as per daily basis that may aid in increasing the chances of
attaining success at China market.
 Preparation of all the key financial systems is beneficial for business
to produce a balance sheet that includes all the profits/ losses of the
company. With the assistance of this, firm can easily evaluate their
actual performance at market place.
 Systematic preparation of Aged Debtors trial balance help company is
keeping track all the customers who owe them money.
 Working capital statement and financial ratio is also evaluate the
liabilities of the company and at the same time also evaluate that how
many assets they an convert quickly to cash so that unnecessary cost
can be easily cut down.
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CHAPTER 3: RESEARCH METHODOLOGY
It is one of the important aspect of whole research work as it help researcher to carry out
the research activities in an systematic manner (Hilmersson, 2014). Mainly, it is related with the
theoretical evaluation of method which used by investigator with the aim of gathering accurate
information about the specified research area. For collecting relevant data, researcher is
responsible for selecting appropriate method so that they can easily undertake research activities
and also attain positive results.
Type of Investigation
Investigation is consider as a systematic process of collecting as well as analysing data
from various sources with the aim of discovering facts towards the research topic. Mainly, it
includes various aspects that should be valid, reliable and accurate so that researcher can be
submit in allotted time frame (Mathooko and Ogutu, 2015). It includes two type of investigation
such as:
Qualitative Research: This method is related with the observing as well as collecting
information from different sources in non-numerical form. It is related with theoretical
prospectives that may contribute in understanding respondents views and opinion towards the
research topic. As it includes open ended questions to collect data.
Quantitative Research: It is a method which is based on the systematic approach of
collecting as well as analysing information through different aspects such as survey,
questionnaire and many more. Mainly this type of information is gather in numerical form which
help in drawing a valid conclusion.
For this study, investigator will use qualitative research to gather information as it give
theoretical framework which help in understanding the respondents views and opinion towards
the research topic.
Research Philosophy
Research philosophy is a belief which is related with the way in which data should be
gathered, analysed and used (Lasserre, 2017). This method provide direction to the investigator
to gather information towards the research topic with the aim of taking right decision. Mainly, it
deal with nature, development and sources through which researcher easily analyse the
information. It is classified on two different types such as :
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Positivism: This philosophy of research is based on the existing theory that implement
the theory (Ocloo, Akaba and Worwui-Brown, 2014). Mainly it is based on the ideas which help
in analysing the actual truth. It provide statistical information which help investigator to draw a
valid conclusion.
Interpretivism: This method is the form of qualitative methodology which relies upon
both the trained researcher and the human subject that help in measuring the information.
Mainly, it involves various aspects such as observation, interviews and many more.
Under this research, investigator will use interpretivism research philosophy as it help in
providing qualitative information through which investigator can easily evaluate the collected
data in effective manner.
Research Approach
It is consider as a process and plan that includes various stages of assumption to collect
in-depth information about the research topic. It help investigator to analysis the actual reliability
of the information within the study. In this context, there are two type of research approaches
such as:
Inductive: This type of research approach explore the new phenomenon that help in
developing a new theory. By this, research maker can easily collect reliable data which is relate
with research topic.
Deductive: This type of method is related with quantitative investigation which
emphasise on the causality. BY this researcher maker gather valid information from the different
sources with the aim of taking right decision (Oskam and Boswijk, 2016).
For this study, research maker will use inductive research as it give detailed information
to investigator towards the specified research area.
Data collection
Collection of data is important for every investigator to undertake the research activities
in systematic manner. In this, researcher gather information from various sources with the aim of
collecting accurate information. It classified on the basis of two categories such as:
Primary data: This type of information is collect for the first time from different
respondents with the purpose of gathering accurate data. Mainly, it reduce the duplicate
information because it is help in providing accurate information. As it includes different ways to
gather data such as questionnaire, face to face interviews, survey and many more.
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Secondary data: This type of information gather from different sources which is already
published by this investigator can easily review the existing information (Sellar and Lingard,
2014). Mainly, it includes different sources such as books, journals, newspaper, articles and
many more.
Under this, investigator will use both primary and secondary methods which help them in
gathering accurate information. In primary, investigator prepare a questionnaire and in
secondary, researcher use books, journals and different authors views and opinion.
Sampling
Sampling is a process which used in analysing information in statistical manner. Mainly,
it includes number of observation from the large population with the aim of gathering
information about the research topic. For collecting data, investigator select 30 respondents by
using random sampling method as it is provide equal chances to the selected respondents. With
the assistance of this investigator can easily attain positive outcomes. The selected respondents
are staff of the company who have proper knowledge about the firm and its strategies used to
enter into emerging market.
CHAPTER 4: TIMELINE
This section is also play a vital role in completing research activities in effective manner.
In this, Gantt chart is refers to the horizontal representation that give graphical illustration of
whole schedule. It help in making plan and also tracking the project activities in systematic
manner (Rajwani and Liedong, 2015). Along with this, it includes all the activities along with
specified time frame. By this researcher maker can easily complete the research and also reduce
he chances of arising any kind of issues.
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