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Marketing strategic factors are essential for successful product disposal through a strategic marketing plan that understands these factors. According to Drummond, Ensor, & Ashford (2010), strategic market planning is the method through which businesses can direct their efforts where they will significantly impact revenue growth and competitive advantage. While venturing into a diversified market like Ireland, which has a complex cultural dimension, high GDP and per capita level, and stable political climate, it is crucial to consider the best way to operate effectively. Therefore, the company should understand vital market indicators like consumer behavior and communication styles to avoid unnecessary conflicts and underperformance in the new market.
Consumer behavior in Ireland
The market in Ireland comprises individuals who are pragmatic in their purchasing decisions. Irish customers frequent visits to dealership lots before their final purchasing decisions are crucial when discussing their intentions to buy a car. As a result, prospective buyers can gain access to multiple resources that could create alternatives for final purchasing decision-making. Besides, the younger customers in Ireland tend to consult their older counterparts before buying, especially on vast commodities like cars. An Internet error, 92% of the Irish population uses the Internet, and they, especially the young generation, make many Internet purchases (Kepios, 2022).
Consequently, the corporation should stay current with internet information resources to maintain a consistent and reflective image of current events. Kepios (2022) illustrates that looking at vehicles online, reading reviews, watching videos, and participating in discussion boards to discover the best fit is a prevalent pastime for younger customers in Ireland. When assessing customer preferences, it is essential to consider the vehicles technical dependability and total cost because the Irish are price-sensitive. However, many surveys indicate that the Irish have no problem spending more money on goods made in their own country. Therewithal, the majority of Irish customers still prefer to purchase in physical stores. 86% of Irish people accepted that they seek products from physical stores before heading online for better offers (Statista, 2016). A projection also implies that Irish consumers prioritize buying locally more than their global counterparts. As such, the company should consider producing their cars and car products locally in Ireland or actively involve local investors to establish their general acceptance by the locals.
Communication Style
The company needs to have a well-rounded approach to communication that will tell potential Irish customers about the effects on their financial security. Communication is important within and without any given company and needs to happen daily so customer marketers can effectively link with their target customers (Shen, 2021). Besides, the company must focus on cutting costs as a fundamental driving force behind its decision to adopt a cautious approach to communication. Given the somewhat restrained purchasing habits of the Irish public, the company must establish channels of communication through which demand is generated by highlighting the enhanced benefits of the proposed product. The company should also learn Irish beliefs about communication styles, both verbal and non-verbal (Buchanan, 2017). By so doing, they will effectively eliminate compromising use of language and gestures that can easily turn off deals with their potential Irish customers. The most success can be had if an emotional connection is made through the brands image. One of the convincing factors could be implicating everything towards boosting local communities. There needs to be a push to get customers to spend money to boost the local economy and counteract peoples growing unease.
Human Resources and Organizational Strategy Factors
Legal Consideration
Ireland is one of the countries with a profound and accommodating legal framework regarding economic ventures in Europe. Due to its novel approach to delimiting foreign collaborations, Ireland has emerged as one of the most alluring countries for expansion. The administration is giving much attention to foreign direct investments to help the country establish as many international relationships as possible. As OSullivan et al. (2020) imply, the country has favorable tax rates and employee legislation policies. Workers have a range of job protections, such as the right to a living wage and reasonable workweek, as well as paid vacation, sick leave, paternity leave, and holiday pay (David, 2020). As a result, it is against the law to treat someone differently because they are different. With this knowledge, the company might allocate resources toward making the switch from American to European vehicles easier. In addition, Brexit has opened new doors for Ireland to form fruitful commercial partnerships with countries worldwide since they are now free from harsh EU regulations. The Irish ports and local partnerships are a gateway to the European market. It could bring about new laws governing mergers and acquisitions in the long run.
Ethical Consideration
Business ethics is important for any business partnership. When the connection between the American headquarters and the Irish partners is finally built, either side will have no ethical problems. For that reason, the corporation should ensure that equal value is placed on the honesty and reliability of employees, which is a tenet shared by the American and Irish economies. However, the firm should proceed cautiously because Irish companies are less prominent than other European countries when sanctioning immoral activities (Jannat et al., 2022). While most employees behave ethically, some people in certain positions within companies often break the rules but are allowed to remain employed. As such, the company must ensure that its employees do not engage in unethical practices, fraud, and corruption. The companys management board should also partner with Irish investors to ensure ethical behaviors in their deals and punish those caught in action. They can also set up appropriate training programs to help foreign employees from America learn Irish ethical practices and overcome the challenge of establishing an ethical workplace in a foreign country is raising employee awareness (Jannat et al., 2021).
Employee Management
The workforce is essential during the expansion process for any company. As a result, the organization must adopt appropriate approaches to keep employee management in step with the growth plan. One of the strategies the company should incorporate in its plans is harmonizing organizational culture. With a stable organizational culture among employees, the output level will increase, and so will the companys performance in the new market. According to Mughal (2020), team members actions and output must be held to a very high standard if problems with staff are to be avoided. While it is true that some Irish workers are unhappy with having to comply with administrative directives, the company should nevertheless try to avoid establishing arbitrary goals in the very first place. However, the companys reputation is at risk if employees engage in misconduct or other unethical actions, making it critical that management encourages and facilitates 360-degree feedback from employees (Krishna, 2021). It will allow workers to voice their dissatisfaction with working circumstances and contribute positively to a workplace where their efforts are valued and rewarded. Therefore, it could be beneficial for the expansion process if, indeed, the American administration avoided retribution regarding the quantity supplied.
Corporate Social Responsibility Strategy Factors
Research and Development
The company requires relevant and resourceful information about its potential market. Therefore, the marketing department must engage in one of its sole roles: conduct intensive research on the Irish market. The organization can take advantage of various resources to help it grow internationally. For instance, business incubation centers enable startups to work more rapidly in a proactive setting by testing out ideas before they are fully implemented (ONeill et al., 2019). Research and development in Ireland is so cutting edge that it can be regarded as ever-changing and responsible for the influx of native-born and foreign-born workers into the countrys labor market. Since the United States is a high-growth economy, this company might be a game-changer for the Irish economy through ambitious crossover projects. The group may, for instance, partner with a domestic firm to establish a sustainable international connection and emphasize the advocacy of alternative ideals.
Sustainability
The Republic of Ireland is the second nation in the world to recognize Climate change as a significant emergency issue behind the United Kingdom. With such an understanding, a company like this corporation, which deals in vehicles, must understand that they are expanding into a market that values the environment over anything else. Therefore, sustainable solutions must be prioritized over profits in the post-pandemic corporate environment, requiring a new lens through which to interpret the concept of sustainability. With the recent realization of some environmental challenges, including water, noise, and air pollution, greenhouse gas emissions, and biodiversity loss resulting from manufacturing firms like ours, the Irish government is very strict on production procedures (David, 2020). Besides, Ireland is infamous for its unrelentingly soggy climate. Focusing on sustainability could speed up the process of answering climate-related concerns without breaking the bank for the business. Cugurullo et al. (2021) highlight the importance of carbon emission reductions for businesses worldwide. These reductions may lead to new manufacturing standards and impact how the industry attracts and retains talent. Since the Irish sustainability policy is in line with the initial American goal, it is crucial to keep the ball rolling, invest more money in appropriate technological controls, and boost the reputation of the US-based organization to achieve expansion.
Financial Operations and Accounting Strategies factors
Financial Legal Consideration
Observing legal and regulatory financial requirements is essential for an organization establishing its premises in Ireland. Business regulations, customs policies, tax codes, and packaging standards are just a few. A unique feature of this country is its standardized rate of taxes, which has led to its economic growth (Government of UK, 2022). A relationship exists between the United States and Ireland, which has led to significant developments. For example, in 2007, almost a quarter of taxes paid in the county came from US companies. These tax rates have attracted more direct foreign investors. With increased EU markets in Ireland, the organization can access a wide variety of customers from different diversity while enjoying the countrys open economy with limited restrictions. The tax policy in Ireland will not only act as a reward to the expanding organization but also as a pathway to open investment markets overseas (Hogan, OSullivan, & Doohan, 2018).
Transparency
There are several approaches used in communicating financial transparency in an organization. An organization has to have its standards and values properly aligned, hence no fear of disclosing or providing information and issues that prove problematic. Financial honesty as an approach can be used to demonstrate the value and consistency of an organization to question and answer concerns related to its financial actions (Gebler, 2022). Employees and employers need to take responsibility when mistakes are made. Admitting mistakes helps in solving the problems and challenges at hand in a better way. For example, an employee may inquire about the general policies and procedures regarding the financial matters of the organization. Outlined policies and practices of the same are to be provided without dishonesty, giving them a chance to learn and produce positive results. Organizations with transparency cultures for and not against their doings are considered imperative internal transparency rather than external transparency requirements.
Financial risks
Financial risks are associated with leverage and hence occur when an organization relies on debts and its funding source. Some of the financial risks that need to be considered by the company while expanding its operations in Ireland include operational risk, market risk, liquidity risk, and credit risk. For example, liquidity generated huge concerns for an organizations management group. Interest and principal payments must be deposited during this borrowing process to take care of the organizations debt obligations. When this company borrows debts in the country as its capital structure, the company develops susceptibility to increasing interest rates. Hence, they must stick to the agreed terms of their various creditors agreements. A company can be pushed into a default event when involving itself in possible financial risks.
Management plan recommendations
Summary of Findings
Expanding the organizations business in Ireland, thorough research in the countrys market on the products must be conducted. The government has different local cultures, laws, and other factors when purchasing products a new company produces. Through market research, the organization will know the size of the market, potential opportunities, and preferences for products purchased by the locals. Appropriate channel determination is also important when expanding into a new country. Recruiting a local channel to partner with is the right way, as it will provide an understanding of the newly ventured market and abide by the required standards. The local partner also has the advantage of navigating the local language, customs, and values and provides a precise evaluation of how the new company will conduct its sales evaluation since most locals prefer local companies over international or emerging companies. The organization can take lessons from its competitors as a high-level management strategy in the new market.
Significant Risk
The organizations expansion to Ireland results in significant risks for the company. Some of the significant risks the company is likely to face while growing in Ireland include; currency volatility, cyber-attacks if they depend on technology and internet processes, new trade barriers, and decreased competitiveness in Ireland businesses. According to research, there will also be a divergence between the actual risks that companies expanding in the country will face and corporate strategy (McCall, 2017). Most companies depend heavily on the UK as their trade and developing source, causing the diverging market. Besides, the increased introduction of new disruptive technologies is also among the significant risks the company will likely face. When low-cost competition emerges, a considerable risk is posed to the incoming companies, and hence the organization will also be affected.
Risk Management
When preparing for an expansion, management strategies are essential to mitigating risks. For this case, expanding internationally will be more accessible when the organization partners with local professionals who are experienced and have a better understanding of the markets local culture and practices of the business that they are engaged in. Finding the right business partners will help the organization understand the cultural and regulation expectations (Dalibor, 2022). Choosing the wrong partner may lead to significant damage. An organization should know a countrys resource commitments on challenging conditions in its line of business and trade restrictions.
Hiring experienced and talented local people is also a mitigating risk strategy in the companys management during its expansion. The locals must understand the organizations goals, processes, and visions (Castello, 2021). The right people to work with are essential for the companys expansion. The company can avoid language and cultural mistakes that may reduce consumer preferences for their product through local employees. Therefore, background checks are essential to ensure that the selected employees meet the required standards. Training must help the employees adjust to cultural values and the organizations diversity. In addition, a contingency plan should always be ready for the organization. All data on the benefits and risks the company will experience when operating in this country is essential. International expansion has risks, so the organization must be prepared for benefits and failures upon entry and have a backup plan.
Through the development of a business model, the organization will be able to fit into the country and its demographics. Using a multi-part business model will help incorporate all people in the diverse market with specific strategies for a particular set of customers (Castello, 2021). To determine the right business and operating models, the assigned team needs to ensure the information provided is accurate and on point before the organization enters its target market. Since obtaining such information depends on the countrys economic, cultural, and social factors that affect its business environment, the team needs to spearhead the organizations products so that the targeted customers needs and the market at large are met. Consumer preferences should also be considered to avoid products that may not be useful to the targeted population.
The created business model is also expected to consider all the direct and indirect costs linked to international trade when a business expands its borders. These may result in complex calculations as taxes, tariffs, trade zones, and laws are different depending on the country the company is situated. When mistakes are made, supply chains are disrupted; hence, proper supply chain management is essential in mitigating possible risks in the supply line.
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