New Products for the Company - Essay Example

For this project to prove viability, it is prudent for the company to evaluate and analyze the factors that will limit its ability to control the market. For instance, the company needs to determine; the target market, political aspects, economical aspects, beliefs and culture, and if there are any legal matters that the Company ought to familiarize itself with. Since it is significant to exalt immediate reaction to a few inclinations that may be present that ought to offer the company a competitive benefit internationally. Thus, the company necessitates a strategic tactic that is amidst the company’s preeminent interest to define how the company will successfully succeed other companies in the market. Rationally, for the company to be prosperous it needs to first understand and comprehend the challenges that the company products face from other companies.

The above move targets the company to identify a policy that ensures the company’s product achieves overwhelming support from across all markets.
“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable.” (Baffoe-Bonnie & Mohammed, 75)
• The reason as to why The company should consider mining diamonds
To Intensify sales and control the diamonds market
Safeguard the company future
To curb the adverse risks that come along with losses from the company’s current products
This goal will allow the company to grow and increase its revenue.
• However, there are some geographical aspects to consider.
Currently, some parts of the country suffer from poor infrastructure, adverse weather conditions like flooding and scarce energy materials for manufacturing processes.
 Reoccurring earthquakes and tropical weather conditions; The Company needs to fully consider and come up with strategic plans to avert the aforementioned problem from affecting the company.
The Political and Legal Environments Facing the Business
The political setting of the US is the most influential on earth, thus it is very stable.
The two foremost political parties: Democrats and Republicans are the ones that determine US politics. Besides, citizens' interests are competing and thus differ on the basis of their different families, their race, or age.

Operational concerns
Starting up a business- requires registering the company name, finding licenses, authentic certifications and documentation, and insurance.
Making and implementing contracts- an inclusive contract needs to be placed in the location that is lawfully binding, what activates a breach and necessitates legal act, principles that contrast across boundaries, and debate the legal consequences based on the legal structures of the US
Employee hiring and sacking- the company's prerequisites to comprehend the legal consequences that come along with labor issues.

Business culture in the new product
Cultures are the arts, ideas, insolences, and beliefs and other indices of human rational achievement considered collectively.
 The communication language in the office is English, thus it is advantageous to the company as most employees are conversant with the English language.
 The companies that deal with diamonds require gem diamonds. The above diamonds are abundant in the company’s mining fields.

Cultural modification issues may surface in the company
 The company’s products depict high quality as compared to others. Therefore, the company must struggle to maintain quality products while embracing healthy competition.
 Cultural collision may also occur when different cultures come together and there is trouble in accommodating foreign behaviors. For instance, cultural collusion with companies that manufacture the same products.
 Possible rejections; the company products are relatively costly compared with other products with the same features. Thus, it is lucid for the company to consider manufacturing products that are affordable to the general public.
 Hofstede Standards Dimensions;

Economic Environment that faces the business
The current situation is undesirable. The economy faces a lack of employment opportunities, a high cost of goods and inflation.
The GDP as of the year 2012 marked 49,965.27 USD
The Gross Domestic Product (GDP) is the monetary worth of all the finished products and services that a country produces within its country's borders in a definite time period.
The US expects stagnant growth since it suffers from unemployment and a budget deficit.

Conclusion
The information reveals the US as a strategic market for the Company. The used economy is somewhat stable and thus can accommodate company products. The political environment is suitable for conducting the business. Besides, law, labor and industrial aspects put into consideration significant factors that spearhead the success of a company. Reasonably, for the company to succeed, it should consider economic, political and cultural aspects. It should adhere to the stipulated aspect of the above-mentioned rationale. With due regards, I feel that the Company can continue to enjoy a desirable market control, it betters the current situation and pushes for the government to offer reforms as regards the business.