It has been felt that the basic prerequisite for a company is to analyze their product and utility. There should be analysis of the utility of the product within the domestic and the international markets. Added to this, there should be adequate resources for manufacturing and marketing operations. The form of entry into the newer markets and the key market demography of the company should be clearly defined. The company must find ways to address its vulnerabilities and overcome the inherent challenges by innovation. Apart from this, there are plausible trade barriers and unpredictable events that the companies should address. There should be a risk management and contingent plan that should be incorporated into the export plan. In the future while developing the export plan, I would incorporate risk management and disaster management plan in the export plan. This would address some of the unexpected events of the company.
The export plan should first conduct an audit of the current process. There should be clear identification of the goals and the financial plan. There should be resources to manufacturing for the emerging demands. A company should have a sustainable plan to manage the increase in demands of manufacturing. The next audit should be of the human resources. There should be clear understanding of how the human resources can meet the demands of the markets.
There was discussion of utilizing formalized approach or pragmatic hands on approach during our group discussions. We agreed that as a group that formalized approach cannot be feasible in all the situation. There can be a number of advantages of a formalized approach. However, it cannot be plausible for all the unpredictable situations. Hence, there is a need for pragmatic approach. Again, the issue in this model is that there will be no documentation or a formal method of addressing the issues. This in itself can be a problem. There is a need for each company to have a contingency unpredictable situation plan when venturing into newer markets.
This exercise has made me realize that there are some major steps that the companies need to incorporate in their export plan. The first step is the auditing of the current processes and understanding the utility of the product. Consumer requirements should be clearly known. Based on this the legal, manufacturing, marketing and financial plan should be drawn for the company. Intangible such as motivational factors for the employees should also be added to the plan. Apart from this, there should be risk management plan to address any external issues for the company.