Reference no: EM133187507

Global Talent Assessment Inc. aspires to expand internationally to introduce a new product that caters to consumers looking to disrupt this global industry. Their product is a cloud-based solution that integrates a business's payroll, benefits, human resources, and information technology into a modern system accessible via the web and mobile apps. It automates routine tasks by integrating all staff systems and data. A single overseas office will need to be established, complete with personnel, marketing, and financial requirements. The business environment will be analyzed using a variety of business techniques. This enables the company to comprehend the internal and the external world. The company will build new marketing, financial, and human resource initiatives. The entire business strategy will also consider a corporate social responsibility action plan. Global Talent Assessment Inc. is primed for global expansion because of its remarkable rise in the last few years. A majority of the company's top executives and democratically elected members of the workforce support the company's plans to grow in Australia over the next five years. 

Expansion to Australia

Successful Australian businesses will commit to reimagining themselves and taking significant actions to prosper in the new era. To achieve this, numerous firms will need to reevaluate their assumptions and seek new growth avenues in the post-pandemic age (Cruickshank et al., 2021). Due to the tumultuous and uncertain circumstances of the last several years, many firms are contemplating if now is the proper moment to begin international expansion.

Businesses have opted to concentrate on their domestic market due to Australia's economy's relative stability during the pandemic. Compared to other countries, the strength of the Australian home market provides a solid foundation for businesses. Australian businesses have an advantage over their international counterparts, still recovering from the financial crisis. New markets present their challenges and perils when expanding (Australia, 2018). Several Australian companies have found themselves trapped in foreign countries. Thorough knowledge of the formula for success may be the key to outperforming Australian enterprises that expand their operations abroad. Global Talent Assessment Inc can have an advantage in launching a new product for companies seeking an updated human resource system. Having a presence in the Australian market is generally a prerequisite for success. This usually entails designating an agent or distributor for American exporters. That appointment is negotiated and may encompass only a portion of Australia, the entire nation, or even New Zealand (International Business Publications, 2019). 

The application competes with popular HR management solutions such as ADP, Workday, Zoho, and SAP SuccessFactors. Managing the export strategy of the product and service will be necessary to its overall expansion plan to Australia.  Marketers are concerned with price elasticity, standardization versus localization, and the extent to which the country-of-origin influence should be emphasized or minimized. 

• What is a financial strategy for the new venture, including the concept of foreign money fluctuations and exchanges?
• What human resource strategies for the new venture, including a recruitment and selection plan (think about the use of parent-country nationals [PCNs], third-country nationals [TCNs], and host-country nationals [HCNs] in this decision).
• What visuals, including charts, graphs, or tables could be used to enhance financial plan elements. (Currency rate?)

 See below for what I have so far.  Any other suggestions?

The new venture's primary financial plan is to create a foothold in the Australian market. The business must choose an agent or distributor for American exporters to accomplish this. This appointment is negotiated and may cover all of Australia, a section of it, or even New Zealand (International Business Publications, 2019). One of the venture's fundamental problems is selecting whether to promote global or domestic brands. One sensible option is to produce a product that appears to be regionally tailored while optimizing synergy (commonality) in ways that clients are unlikely to notice (Peng, 2017). This synergy technique will aid in sustaining their unity, allowing them to emerge as a single vital organism and explore.

Foreign currency swings and exchange rates are a significant source of anxiety for firms developing worldwide. Money is constantly fluctuating due to various factors, including political unrest, economic recessions, and natural disasters. Businesses expanding into a new country must be aware of the current exchange rate and how it may fluctuate in the future. Additionally, they must be aware of any taxes or tariffs imposed on their goods or services. Before expanding into a new country, businesses must carefully analyze these concerns.

The Australian dollar's (AUD) value is determined by the interaction of various macroeconomic variables. These factors work in concert to adjust exchange rates and eventually decide the AUD's developing value. The AUD has historically tracked the price of Australia's primary exports and the country's terms of trade. The AUD is overvalued against the US dollar when measured on the Big Mac Index. The credit rating of the Australian government may have a minor effect on the AUD. A low credit rating makes it riskier and less appealing to buy a country's debt, limiting demand for its currency (Rodda, 2019). The AUD continues to trade in a downward trend. The fundamental reason for this is because the US and Australian economies have a negative interest rate divergence. This situation is partly explained by a deterioration in both the global and domestic economic outlooks, owing to China's economic fragility, and a protracted decline in Australian housing values (Rodda, 2019).