Tools for Analyzing Opportunities
The location of a business is a very important factor for the success of a business. In international business, different countries have different opportunities and risks. Therefore, some countries fit capabilities and strategies better than others. By comparing the external environment with a company’s objectives and capabilities, an organization is able to choose the best-suited countries to run their business.
Market research companies, as well as business consulting companies, conduct research for most countries. They prepare studies that they sell to interested companies at costs lower than company individual studies. Location flexibility is essential, and hiring the right people to analyze country differences and implement company operations is critical. Most of these companies generate reports that are mainly geared toward general areas or some specific subject of interest, such as product lines, tax or trademark legislation, and competitive positions.
Moreover, governments and government agencies are another source of information. Organizations such as the United Nations, the World Trade Organization, the International Monetary Fund, the Organization for Economic Cooperative and Development, and the European Union are supported by more than one country. These organizations have a large research staff that compile reliable research and reports as well as recommendations.
After companies have completed the data collection and scanning process, there are two common tools used for analysis namely, grids and matrices.
Grid Technique
A company must analyze the data and select the best-suited country; this can be easily done by selecting a team of people from different departments. The team will consider some conditions that are more important than others, depending on the different countries, by setting minimum scores and risk indicators.
Matrices Technique
Matrices are can be plotted as tables that a company can use to make precise distinctions in weighting and comparing variables. They give clear comparisons among different potential countries. They simplify the managers’ ability to make useful projections.
Conclusion
Companies undertake business research to reduce uncertainties and to assess performance. The grids and matrices aid in making location decisions. These projections are useful, but only to an extent, mainly because it is difficult to tell the direction of a country or where it will be in the future.
References
John D. Daniels, Lee H. Radebaugh, & Daniel P. Sullivan. (2018). International Business- Environment & Operations. Pearson. ISBN. 13: 978-0-134-20 005-7
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Question 
Tools for Analyzing Opportunities
What are the major types of published data that managers can use to compare countries? Describe the tools available to managers for making country comparisons.
Text:
International Business- Environments & Operations
John D. Daniels, Lee H. Radebaugh & Daniel P. Sullivan, 2018
Pearson
ISBN.13: 978-0-134-20005-7
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