your marketing strategy, you will assess your organization’s use of web networks and social media for e-marketing, given the unique ways in which computers, smartphones, the Internet, and social media are used among the country’s consumers. As you undertake this assessment, read more about management, strategies, tools, and practices in e-marketing. To complete this step, address the following components:
• Prepare market share estimates for your product or service in the country and revenue forecasts for the near term (6–12 months) and longer term (2–4 years).
• Provide proper justification for your projections, such as prior industry performance in terms of unit sales, market size, and profit margins in the country.
7. Your estimate of the timeframe needed to break even and implement your strategy. As you continue developing your business plan for entering the new country, assess any financial and accounting challenges by answering the following questions:
• Examine the financial statements of competitors in the country. Are there any differences in terms of language, currency, or the type of statements (income statement, balance sheet, financial statement format, extent of footnote disclosures, and the underlying GAAP [generally accepted accounting principles]) between your organization’s reports in the United States and the reports required by law in the country? Review National Adoption of International Accounting Standards: An Institutional Perspective.
• What are the challenges your organization may face in the country because of its accounting standards?
• What is the required investment for relocating your organization’s value-chain activities to the country for years 1, 2, and 3? What are the projected savings, if any, for the same time periods? Provide justification for your estimates.
• What are your estimates of revenue projections for your company in the country for years 1, 2, and 3?
8. After you have assessed the financial and accounting challenges associated with entering the new country, continue to the next step, where you will address strategy implementation and control measures.
The next step of developing your business plan is to address strategy implementation and control measures by discussing the following components:
• Specify the major factors to be tracked for strategy effectiveness using the four perspectives of the balanced scorecard: learning and growth perspective, business process perspective, customer perspective, and financial perspective.
• Specify how your organization will monitor and report issues with joint-venture partners, subsidiaries, suppliers, and distributors in the country.
When you have addressed strategy implementation and control measures, continue to the next step, where you will make recommendations about your organization’s governance and accountability standards.