EnerGlide Technology Corp - Assignment Example

ENERGLIDE TECHNOLOGY CORP The target global markets for EnerGlide Technology Corp should be diving, lucrative fishing, and marine tourism, ecotourism, lake tourism, and reef tourism, sports in waters and also in water transport. It is because EnerGlide Technology Corp provides reliable and safe watercrafts for vacation activities. Tourists like diving activities very much. Diving is an area whereby EnerGlide Technology Corp should target. Since most diving activities are restricted to shallow activities, the safe watercrafts can be used (Nickels, William; McHugh, James; McHugh, Susan; Cossa, Rita, and Bob, 2013) The dive sites include the internal fresh marine forms and the slighter ocean parts. Other diving sites can be in the canals, lakes, quarries, rivers, dams and springs. Most parts of the world have all this sites and it is an ideal global market that EnerGlide Technology Corp should enter. There is a diving site in Blue Heron Bridge, in USA, Florida at the Riviera Beach. This is a potential marketplace for the company to major into. The corporation should think of investing its watercraft to this place. Another diving site where there is a potential market is in Hawaii, USA at the Kona Mantas. It is recommended for the divers to visit this area to explore the nature wonders here. They will kneel on the bottom off that is shallow at the Keahole point, and then attract the plankton by using their dive lights. It is a beautiful habitation that tourists like to holiday. The tourists visiting the place would prefer to use watercrafts that are quite. It is indeed a great opportunity for a market for products of EnerGlide Technology Corp. Another diving potential market area for the corporation is Must-Dive destination in the Caradonna. There is also a diving site in Vandenberg in the USA and many other places in Europe and Africa and the entire world. There are many diving sites along the world, and this makes diving an ideal place for watercrafts’ market. Another global market area is reef tourism. Reef tourism is an area that most tourists like to visit and enjoy an attractive scenery of reefs. Oculis, the initial product of the corporation is an equipped personal electric watercraft that has an innovative underwater module of viewing for the reef tourism. It enables tourist without any disturbance to observe marine life. Global markets are all over the world and a good example is the Great Barrier Reef. The Great Barrier Reef stretching across the coastline of Queensland is a tourist attraction site that the Oculis will be needed. EnerGlide Technology Corp should consider marketing their products in places like this. The reason is because of the superior functionality and innovative features of this product which provides a smooth and safe journey for the tourists. Lucrative fishing is another global market area that the corporation should put in mind. Potential market areas include along the halibut and Atlantic cod. The only thing that the corporation should do is to add features to the existing innovations of their watercrafts, and then there will be a market for the lucrative fishing industry. Other potential global markets for the products of EnerGlide Technology Corp are ecotourism, lake tourism and sports activities in water areas. In the ecotourism, potential markets are in the natural waters. The natural waters where there are accessible rivers and springs. Tourists like enjoying the attractive set of the waters. The corporation should design speeding boats because it is another area they will find a global market. Marine conveyance is commonly used nowadays. The organization should also consider water transport when designing new features to their watercrafts. EnerGlide Technology Corp indeed has wide potential global market areas to invest in because almost every activity in the waters involve use of watercrafts (Nickels, William; McHugh, James; McHugh, Susan; Cossa, Rita, and Bob, 2013). According to Nickels, William; McHugh, James; McHugh, Susan; Cossa, Rita, and Bob, (2013), the strategies the corporation will use to enter global markets and compete is licensing in the foreign countries. Licensing enables EnerGlide Corp have a right of manufacturing its goods in overseas companies for a payment. Another strategy is through exportation. It will be done by EnerGlide Technology Corp getting an export-trading company which matches buyers for the watercrafts of the corporation. Franchising is another strategy for the corporation to practice. It will enable the organization market its products in the franchise’s home country. Overseas straight assumption. The company should also joint venture and provide strategic alliances with companies that offer the same line of goods in their countries. The long term partnership will be useful in countries where the watercrafts are in high demand so as not to compromise with the market of the foreign company (Oxley and Brown, 2003). The corporation should also do contract manufacturing in the foreign country. EnerGlide Technology Corp will select well known foreign organization and then brand their name on watercrafts of EnerGlide Technology Corp. Outsourcing is the best and most beneficial strategy especially where the foreign company is best known for providing durable products. Through the above processes, the corporation will make its product public in the foreign nations. Another approach is to do marketing and advertisements of their products online. Online advertisement is the best promotional method that will enable EnerGlide products to be public. Computers are widely used today which makes the world a global market. Through online advertisement, the world will be aware of the watercrafts of EnerGlide Technology Corp (Pujari, 2004). There are many forces that will affect trade between Canada and other countries. The first force is social-cultural forces which will affect trade. There are differences in religion, customs, manners, social cultures, languages used, attitudes and also personal communication. The second force that affects trade is the financial and economic force. It is due to the differences in currencies and the exchange rates between Canada and the countries where there is a potential market for EnerGlide products. The third forces are the regulatory and legal forces that also affect trade between countries. The fourth forces are the regulatory and legal services. Since there is no main law that control global marketing there will be a problem. It will cause numerous unlike laws to be applied. Some laws may collide and, therefore, affect trade. Environmental and physical forces have a big impact on trade among different nations. Since EnerGlide is used to trade in Canada and trading globally will bring a difference in the new environment which it has to adapt first. Factors in the external business environment of the target country that the company needs to consider are the economic, political, technological, social and legal factors. A country with stable political system will not hinder business compared with a country with unstable political system. A country with advanced technology will enable success of EnerGlide Company in the foreign country. For instance, a country with stable external environment factors will lead to success of the EnerGlide Corporation. Canadian Provincial and Federal government provide resources, valuable information, support, programs and services of trade opportunities. The Foreign Affairs and International Trade Canada (DFAIT) for instance, strengthens trade arrangements and expands fair and free access to markets at global and also at regional levels. The department works with both private and public sectors and attains economic chances and safety for Canadians abroad and also at home. Canadian Trade Commissioner Services is another department that has enabled EnerGlide to prepare plans for export and developing entry strategy into markets. DFAIT Canada’s commissioners of trade are situated worldwide in over 150 cities. They offer advice to the Canadian investors and help implement strategies on meeting the international business opportunities (Lamoureux, Trépanier, Bourassa, and Violette, 2006). The Virtual Trade Commissioner connects companies to the information they need and also the commissioners of trade to their objective market. The information that the Virtual Trade Commissioners has provided is useful EnerGlide Technology Corp since it has enabled it meets international market. EnerGlide has also benefited from the Trade Online Data which provides report on goods traded overseas and has enabled it realizes how it is progressing. Canada’s Gateways is a website that chains strategies of strengthening international commerce position of Canada. The website has information that connects to corridor initiatives, three main gateway, and also foreign trade information. Through Canada’s Gateways EnerGlide Technology Corp has marketed its watercraft products in Western countries of Africa and in South America coastline countries. Another government federation that has enabled EnerGlide excel is the department of Export Development Canada (EDC). It has provided EnerGlide organization bonding services, insurance, finance and foreign market expertise. References Lamoureux, S., Trépanier, J., Bourassa, M., & La Violette, É. (2006). U.S. Patent No. 7,117,809. Washington, DC: U.S. Patent and Trademark Office. Nickels, William; McHugh, James; McHugh, Susan; Cossa, Rita; Sproule, Bob. (2013). Understanding Canadian Business. McGraw-Hill Ryerson Ltd. Canada. ISBN-13 978-0-07-105161-3 Oxley, A. C. I., & Brown, R. D. (2003). Sustainability of wilderness sea kayaking in the bay of fundy, canada. Ocean & coastal management, 46(1), 189-197. Pujari, D. (2004). Self-service with a smile? Self-service technology (SST) encounters among Canadian business-to-business. International Journal of Service Industry Management, 15(2), 200-219. Read More