Expanding into Global Markets- Strategies and Market Trends Analysis
The outstanding performance of our company’s New York headquarters has created opportunities for international expansion. Extensive research was conducted on the cost of living in various major cities worldwide to determine the optimal and most financially advantageous location. A comparative analysis was conducted on the cost-of-living index, rent prices, transit costs, and grocery item prices of different cities across the globe in relation to New York. The research findings will significantly impact the selection of the new office location.
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Research and Comparison Results
Seventeen cities globally were extensively researched, analyzed, and compared to New York. The cities in question had an average cost-of-living index of 75.49. The average rent was $2,463.12, and the average transit cost was $78.01. Choosing a city that mirrors New York’s success and affordability is a prudent decision, given the thriving state of its branch in New York. Given that this new venture will be an independent entity, it is advisable to consider a city with a slightly lower cost of living.
The Ideal Choice
After extensive research and analysis of data collected from the various cities, it is evident that the most advantageous course of action is to establish a new office in Berlin. Berlin has a cost-of-living index of 71.65, which is above average compared to the 18 cities studied. The presence of promising marketing opportunities in the region is indicated in the analysis. In addition, the rent in Berlin is $1,695.77, which is significantly lower than the average rent in the surveyed cities as well as in New York. The affordability of our future employees will contribute to their overall well-being and create a positive work atmosphere.
The rent price in Berlin falls at the median of the lower quartile, suggesting a favorable balance between affordability and quality of life. The transit pass in Berlin costs $95.34, which is slightly higher compared to other cities. However, the lower overall cost of living and reduced rent expenses in Berlin make up for this difference. In addition, the cost of groceries and daily essentials in Berlin is lower compared to New York, providing cost advantages for both our employees and consumers.
Advantages of Berlin as the Ideal Location
By leveraging Berlin’s lower cost-of-living index, our company can generate substantial profits while simultaneously benefiting our employees and the city. The lower cost of living and affordable rent contribute to an improved quality of life for employees, fostering greater satisfaction and loyalty towards our company. This, in turn, enhances their dedication and commitment, ultimately driving our company’s success. The residents of Berlin will experience our highly qualified employees, the positive work environment we foster, and the exceptional products that result from this atmosphere. This will ultimately lead to greater consumer trust and loyalty. By establishing a presence in Berlin, our New York-based company can effectively manage the higher cost of living, rent, transit, and grocery expenses. Selecting a location with lower costs and significant potential is a strategic decision for a new company expanding internationally.
Conclusion
The decision to establish a new international location in Berlin is both wise and promising in terms of profitability and social impact. Berlin’s low cost-of-living index, affordable rent, and reasonable grocery prices support our goal of fostering a content and committed workforce. The city’s potential for successful marketing and positive influence on employees and consumers makes it the ideal choice for our expansion. By establishing a robust presence in Berlin, we can lay the foundation for future expansion and international success while also making a positive impact on the city’s economy and community.
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Question 
Final Project Assignment Instructions
Scenario Background:
A marketing company based out of New York City is doing well and is looking to expand internationally. The CEO and VP of Operations decide to enlist the help of a consulting firm that you work for, to help collect data and analyze market trends.
Expanding into Global Markets- Strategies and Market Trends Analysis
You work for Mercer Human Resources. The Mercer Human Resource Consulting website lists prices of certain items in selected cities around the world. They also report an overall cost-of-living index for each city compared to the costs of hundreds of items in New York City (NYC). For example, London at 88.33 is 11.67% less expensive than NYC.
More specifically, if you choose to explore the website further you will find a lot of fun and interesting data. You can explore the website more on your own after the course concludes.
https://mobilityexchange.mercer.com/Insights/ cost-of-living-rankings#rankings
Assignment Guidance:
In the Excel document, you will find the 2018 data for 17 cities in the data set Cost of Living. Included are the 2018 cost of living index, the cost of a 3-bedroom apartment (per month), the price of a monthly transportation pass, price of a mid-range bottle of wine, the price of a loaf of bread (1 lb.), the price of a gallon of milk and price for a 12 oz. cup of black coffee. All prices are in U.S. dollars.
You use this information to run a Multiple Linear Regression to predict Cost of living, along with calculating various descriptive statistics. This is given in the Excel output (that is, the MLR has already been calculated. Your task is to interpret the data).
Based on this information, in which city should you open a second office? You must justify your answer. If you want to recommend 2 or 3 different cities and rank them based on the data and your findings, this is fine as well.
Deliverable Requirements:
This should be ¾ to 1 page, no more than 1 single-spaced page in length, using 12-point Times New Roman font. You do not need to do any calculations, but you do need to pick a city to open a second location at and justify your answer based upon the provided results of the Multiple Linear Regression.
The format of this assignment will be an Executive Summary. Think of this assignment as the first page of a much longer report, known as an Executive Summary, that essentially summarizes your findings briefly and at a high level. This needs to be written up neatly and professionally. This would be something you would present at a board meeting in a corporate environment. If you are unsure of an Executive Summary, this resource can help with an overview. What is an Executive Summary?
Things to Consider:
To help you make this decision here are some things to consider:
Based on the MLR output, what variable(s) is/are significant?
From the significant predictors, review the mean, median, min, max, Q1, and Q3 values.
It might be a good idea to compare these values to what the New York value is for that variable. Remember, New York is the baseline, as that is where headquarters are located.
Based on the descriptive statistics, for the significant predictors, what city has the best potential?
What city or cities fall below the median?
What city or cities are in the upper 3rd quartile?