PowerPoint Presentation

BUS6100 Final Project Mark Okpatuma Dr. Bill Reed Nexford University BUS 6100 Global Business 21st July 2023..

[Audio] Bold Foods LTD is a global garri processing business that is strategically positioned to dominate the international market space with an approach that encompasses market analysis, product adaptation, efficient supply chain management, compliance with regulations, effective marketing and branding, and a focus on sustainability. By implementing these strategies, we can successfully launch and expand our finished products globally, tapping into the growing demand for this versatile and culturally significant food product..

[Audio] Given the substantial Nigerian population in the UK, it is safe to say that we have a readily available market for our processed garri. However, we present a superior value proposition compared to our competitors in the following ways: organically grown cassava, and quality assurance with emphasis on superior quality, eco-friendly packaging, and a transparent supply chain..

[Audio] To achieve local market dominance in our business we shall greatly consider the Product Differentiation strategy thereby offering unique variations or flavors, adding value-added features such as fortified garri with additional nutrients or specialized blends to cater to specific dietary preferences or health-conscious consumers..

[Audio] Entering an emerging market such as Nigeria has prompted us to build a model characterized by brand recognition, sustainable distribution networks, and gaining consumer trust by focusing on market insights, product differentiation, quality control, and effective marketing..

[Audio] Data Analytics and Monitoring: We shall Utilize data analytics tools and software to gather and analyze production data, sales trends, and customer feedback. This information will enable us in identifying areas for improvement, optimizing production processes, and making informed business decisions. It will also assist in forecasting demand, managing inventory, and developing targeted marketing strategies. Mobile Applications: Develop a mobile application that provides product information, recipes, and customer engagement features. The app can offer personalized recommendations, loyalty programs, and a platform for customers to provide feedback and reviews. This helps in building a loyal customer base and increasing brand engagement..

[Audio] Sustainable Sourcing: We shall establish partnerships with cassava farmers who practice sustainable agricultural techniques, and encourage the use of organic or environmentally friendly farming practices, such as natural pest control methods, minimal use of chemical fertilizers, and responsible water management. This promotes soil health, reduces environmental impact, and ensures a sustainable supply of high-quality cassava. Product Packaging: Opt for sustainable packaging materials that are eco-friendly, recyclable, or biodegradable. Minimize packaging waste by using efficient packaging designs and sizes. Consider options like compostable bags or reusable containers. Encourage customers to return packaging for reuse or offer incentives for environmentally responsible disposal..

[Audio] Globalization will increasingly blur the distinction between foreign and domestically owned enterprises, and between developed and developing countries. Countries that are open to foreign investment stand to share in the rising global prosperity that globalization brings. Establishment of Joint Ventures or Partnerships: We shall seek partnerships with companies and investors who have expertise in agro-processing, distribution networks, and access to the UK markets. Such collaborations can provide financial resources, technological know-how, and market entry opportunities..

[Audio] Challenges and Risks Related to Establishing an International Business. Currency and Exchange Rate Risks: Currency fluctuations can impact the profitability of the business, affecting the costs of imports, exports, and repatriation of profits. Supply Chain and Logistics: Establishing an international supply chain and managing logistics can be complex. Distance, transportation costs, customs procedures, and coordination with suppliers and distributors across borders can create challenges in ensuring the timely and cost-effective delivery of goods and services. Potential challenges and risks related to innovation. Customer Adoption and Changing Needs: Customers' preferences and needs are constantly evolving. An innovation that was successful in the past may become outdated or irrelevant in the future. Continuous customer engagement and understanding of changing market dynamics are essential to align innovation efforts with evolving customer demands..

[Audio] Potential Challenges and Risks Related to Sustainability Practices Cost Considerations: Implementing sustainability practices may involve upfront costs, such as investing in renewable energy sources, energy-efficient equipment, or sustainable raw materials. While these investments can yield long-term cost savings, the initial financial outlay can be a challenge for our business. Measurement and Reporting: Accurate measurement and reporting of sustainability metrics can be challenging. Establishing reliable systems and methodologies for data collection, analysis, and reporting can be time-consuming and complex. Incomplete or inaccurate reporting can lead to reputational risks and undermine the credibility of sustainability claims..

[Audio] Potential challenges and risks related to Foreign direct investments Infrastructure deficiencies in Nigeria pose challenges to foreign investors. Inadequate transportation networks for farmers, energy supply, and telecommunications infrastructure may hinder business operations, increase costs, and affect the efficiency of supply chains..

[Audio] We shall develop contingency plans to address potential infrastructure disruptions. This may involve identifying backup suppliers, establishing emergency response protocols, or implementing alternative transportation modes when infrastructure constraints arise..

[Audio] The global garri business has immense potential, driven by the growing demand for African food products, health-conscious consumer trends, and increasing globalization. By focusing on quality, sustainability, and innovation, the Bolds foods business can establish itself as a leading global player in the garri industry, capturing significant market share and generating sustainable profitability..

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