International Trade 3 Assignment Sample

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Introduction

International Trade means an exchange of goods and services within two or more countries across geographical boundaries. The report will be based on a company that provides electrical installation services. The report will conduct a self-assessment of Charles Company for the internationalization of business and outline a competitive advantage and a suitable business strategy, useful for students who want to write my assignment on international business. In addition, for internationalization, the report will emphasise building a calendar for activities and highlight risks that are included in business while providing preventive actions.

Self-assessment

The business needs to identify its strengths and weaknesses before stepping towards internationalization. It helps the business to act according to the strengths that are crucial for succession. or this, SWOT analysis is important, it is a tool that enables the business to identify its strengths, weaknesses, opportunities and threats. In the context of International Trade, conducting a thorough self-assessment is essential to understand how the company's capabilities can meet the demands and standards of foreign markets. SWOT analysis of Charles Company is as follows:

Strengths: Strengths of the Charles Company include its high-quality services, competitive and affordable pricing system as well as qualified and experienced workers (Dam and Dam, 2021). The company while providing its services ensures that customers' needs are satisfied in terms of safety from electric shocks, and protection against damage to property during installation. In addition, the employees of the company are skilled and competent as a result able to install electrical equipment in the best manner.

Weaknesses: One of the weaknesses of the company is the high cost of operation. For installation of electric equipment, business requires well-maintained tools and technical tools. It makes it difficult for the company to provide services at affordable prices.

Opportunity: The Company has an opportunity to expand its business into a new market with the help of participation in a multilateral development project, which leads to an increase in its profitability.

Threats: Intense competition is one of the major threats as there is the existence of a number of electric installation companies. Another threat is regarding political risk as countries' policies are rigid for foreign trade hence incompliance hinders the company's reputation.

Competitive advantages and convenient business strategy

The term competitive advantage means anything that provides a company with an edge over its competitors, resulting in grabbing more customers and increasing market share. Charles Company have a competitive advantage in terms of its high-quality services, pricing and competent workforce. When expanding through International Trade, these competitive advantages become even more critical, as the company must differentiate itself in markets where local and international competitors are already established. The services of the company include electric installation within one day in an entire building and, the use of new technology that results in a lack of damage to existing property. It offers a wide range of services such as indoor lighting, cable connection, exterior architectural fittings and so more.

In addition, the pricing of the company furnishes its competitive edge as an affordable pricing strategy helps the company to mark its presence and grab the attention of a wide range of customers (Nagle, Müller and Gruyaert, 2023). Moreover, the skilled and experienced workforce of Charles Company ensures the furnishing of quality services to customers. An efficient workforce helps in providing customized solutions or services, helps in maintaining quality of service, and focuses on using technology to get a competitive edge in the industry.

According to the competitive advantage within the company, it is identified that a differentiation strategy is best for the Charles Company. The strategy includes offering unique and distinct services to customers to remain ahead of the market competitors. In current times, customers become eco-conscious as a result to get a competitive advantage the company will provide renewable energy source installation at affordable prices as well as quality customer care services.

Objective of Project

Every company run its business to attain the goals and objectives within the organization. The objectives of the Charles Company are as follows:

• Furnishing electrical installation blocks of flats located in the most conflictive areas of Bogota
• Expansion of operations of the company into Colombia via participating in a multilateral development project
• To become top competitive in the upcoming year within the Colombia market

Some of the actions to attain the objectives of Charles Company are as follows:

• To provide the electronic installation service in most conflictive areas of Bogota the company will gain access to the electric industry of Colombia via the project. For this, the organization is required to gain a business visa by fulfilling the documentation and legal processes crucially.
• To expand its operation into the market of Colombia the company will conduct market research. In addition, company to grow and expand the company's operations the organization also established a partnership with local companies.
• In addition, to become a top competitor in the next year the company makes its offering unique as offers sustainable electronic installation at affordable prices. Also, to make customers aware of the business, the company will create brand awareness by investing in marketing as well as advertising (Kaveh et al, 2021). To aware the customers about the company's nique services Charles company use promotions as well as offer discounts to grab the attention of the customers in the first year of branding. In addition, to provide services to areas of Bogota, Charles company focus on hiring local workforces as well such as experts in customer service who are aware of various languages to deal with customers and to provide services considering the satisfaction of customers.

Calendar of activities

An activity calendar refers to a schedule that effectively defines working as well as non-working patterns for particular activities within a project. To attain the objectives of Charles Company, following the calendar of activities.

To attain the objective of Charles Company of furnishing electrical installation services in the Colombia market, it is important to conduct market research to identify the level of technology and method used for electrical installation purposes as well as the level of competition within the industry. It can take approximately 3 months, leading to furnish an in-depth understanding of the industry. Afterwards, the company applies for a visa while completing the legal requirements and documentation, which takes time of maximum 1-2 months. To attain the objective of internationalization and cater installation services in Bogota, the company partnered with other companies to share technology, expertise as well as resources in terms of finance and human. It required time for 4 to 5 months. To become a top competitor, it is important company to communicate its products and services, thus, the company takes approximately 4 months for marketing purposes.

Possible risk and preventive action

Business has to be conducted in a complex and dynamic environment as it is influenced by several micro and macro factors. Engaging in International Trade allows the company to achieve these objectives on a global scale, providing access to new revenue streams and strategic growth opportunities. Charles has to operate the business with the potential risks and preventive actions are as follows:

Intense Competition: The Company has a risk of operating the business in a competitive environment that may impact the organization's revenue and profitability level (Kamkankaew et al, 2022). To prevent such a risk, the company entered the Colombian market by offering installation via green technology at an affordable price, aiding the company to outperform competitors.

Economic Instability: There is uncertainty within the economy as a high inflation rate can decline the demand of customers, resulting in a lack of revenue for the company. To overcome this uncertainty, Charles Company diversified its operations to mitigate the economic risk crucially.

Political instability: Charles Company has to operate the business with the risk of political instability as changes in government rules and regulations related to taxation can make it difficult for an organization to attain its objective (Montes and Nogueira, 2022). To overcome it company collaborate with local partners to get installation material.

Draft

The technical proposal refers to a document that outlines the details of the proposed product and services. In the context of technical proposal, Charles company:

Offering: It offers electronic installation services by using green energy sources according to the requirements of the customers at affordable prices.

Objective: Its objective is to offer electronic installation services to flats located in the conflictive areas of Bogota.

Team: Charles's company workforce is highly qualified, experienced, competent and skilled acting as a competitive advantage for the company. A competent workforce helps in gaining company objectives in an effective manner (Sinambela, Darmawan and Mendrika, 2022).

The economic proposal refers to a document that contains the cost, benefits as well as the feasibility of business idea or objective. To enter the market of Colombia via a multilateral development project and the establishment of the company in the market, the following is the economic proposal:

In the Colombian market, Charles Company provides services and operates business functions according to the budget allocated. In addition, the company strives to mitigate several risks by taking corrective action.

International Trade 3 Assignment Sample

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Conclusion

As expressed, international trade plays a crucial role in expanding business as well as attaining business objectives. The report is based on Charles's company which internationalizes its business via participation in multilateral development projects. From, the report evaluated that quality services, a competent workforce and effective pricing are the strength of the company that helps in getting a competitive advantage in a new market. In addition, the company use a differentiation strategy to offer unique services of offering green installation services at affordable price. Company via unique offering mitigate the risk of high competition.

References

Books and Journals

• Dam, S.M. and Dam, T.C., 2021. Relationships between service quality, brand image, customer satisfaction, and customer loyalty. The Journal of Asian Finance, Economics and Business,8(3), pp.585-593.
• Kamkankaew, P., Phattarowas, V., Khumwongpin, S., Limpiaongkhanan, P. and Sribenjachot, S., 2022. Increasing competitive environment dynamics and the need for hyper-competition for businesses. International Journal of Sociologies and Anthropologies Science Reviews, 2(5), pp.9-20.
• Kaveh, A., Nazari, M., van der Rest, J.P. and Mira, S.A., 2021. Customer engagement in sales promotion. Marketing Intelligence & Planning,39(3), pp.424-437.
• Montes, G.C. and Nogueira, F.D.S.L., 2022. Effects of economic policy uncertainty and political uncertainty on business confidence and investment. Journal of Economic Studies,49(4), pp.577-602.
• Nagle, T.T., Müller, G. and Gruyaert, E., 2023. The strategy and tactics of pricing: A guide to growing more profitably. Routledge.
• Sinambela, E.A., Darmawan, D. and Mendrika, V., 2022. Effectiveness of Efforts to Establish Quality Human Resources in the Organization. Journal of Marketing and Business Research (MARK)2(1), pp.47-58.