For this module’s discussion activity, dig deeper in your evaluation of a potential location for international expansion by identifying significant factors to consider and by using the FRM to rank, weight, and compare the factors. Also, identify cultural issues and consider the type of product benchmarking you need to do.
Complete the following steps:
- Consider the results of the SWOT analysis you conducted in Module One and the feedback you received. Focus on the weaknesses and threats identified in your SWOT analysis that pertain to both locations (Russia and South Korea) that you feel are important to research further. Generate a list of three to four factors that pertain to these weaknesses and threats. For example, if the SWOT analysis showed that transportation was a potential weakness, your factors may include transportation methods such as road conditions (e.g., highways), available railways, available airports, or available ports.
- Watch the Factor Rating Method video, which explains how to assign ratings and weights to each factor. Practice conducting an FRM on the factors you identified.
- Post an initial response that includes the following:
- List three to four factors that should be included in the FRM. State which factor carries the most weight and explain why.
- List two to three cultural issues that you will need to be aware of at this location, and briefly describe how you would accommodate them.
- Briefly describe the type of product benchmarking you would need to do with this organization.
In your response post, compare and contrast the findings of your FRM with your those of your peers. Offer additional factors and considerations that may apply in their situations.