Introduction
In the early 1990s, several of Dirk Schuyster’s closest friends helped him lay the groundwork for the firm that would later be known as Go Global. They had all honed their skills while working for some of the most reputable tour companies in the UK. Still, in the end, they decided to strike out on their own because they believed they could generate significantly more revenue. They had shown that there was a legitimate ground for disagreement. Since they advertise to locals in media relevant to the area, pick up customers close to their homes, and leave from ports nearby, these businesses can focus more on their customers than their larger, more established competitors.
Business Failures
- The quality of the market analysis and the research was relatively low.
- Poor Management
Diagnosis
First Failure
One of Go Global’s problems is that the market analysis and research quality could have been higher. Angus (2019) says that the quality of a company’s market research and analysis may need to be improved if it wants to grow internationally. A bad plan for entering the market, the need to know more about the local market, a higher chance of failing, and being unable to compete are all things that could cost the business money and hurt its reputation. Businesses need to place a strong emphasis on doing in-depth market research in order to overcome these challenges. This could mean finding out about local competitors and what customers want, doing surveys, studying market trends, and collecting data on market trends. Businesses may improve their chances of success in foreign markets by doing in-depth research to understand the target market for their products or services.
Second Failure
Poor management at Go Global Business may have significant unfavourable effects on the performance and success of the organization. Some examples of these problems are operations that could be more productive, staff members with low morale, missed opportunities, bad decisions, and insufficient strategic planning. When dealing with bad management, it may be necessary to change the leadership, the organizational structure, or the management strategies. Increasing the amount of communication and teamwork between employees and management may also help make the workplace a better place and boost productivity overall.
Analysis
First Failure
A company needs thorough market research and analysis to grow its business worldwide. This helps the company learn about the local market, find possible competitors and problems, and adjust to the area’s culture. Businesses that do not plan before moving overseas may face several problems, such as not understanding their target market, being unable to adapt to local cultural norms, more competition, legal and regulatory issues, and damage to their reputation. Thus, marketing efforts, product positioning, and local consumer satisfaction must be improved. Firms may find it hard to get a foothold in the market and follow local rules if they know who their competitors are and who might be coming in. Businesses may face different problems that make it hard to compete in these markets.
Second failure
Ineffective management at Go Global Company has the potential to have a significant negative impact on the firm’s performance and success. The following are some examples of such problems: operations that could be more productive, low morale among staff, missed opportunities, bad decisions, and poor strategic planning. When there is bad management, changes may need to be made to the leadership, organizational structure, or management methods. It is also possible that these changes will be essential. Getting workers and managers to talk to each other and work together more could also make the workplace more pleasant and the company more productive. In the end, improving poor management requires two things: an admission that problems need to be addressed and ongoing efforts to do so, and a willingness to adopt changes that will increase the company’s bottom line. Both of these things must be done to see any improvement.
Recommendation
First failure
If Go Global Business can improve the quality of its market research and analysis. It will be in a better position to make choices that align with current market conditions and will see an increase in its overall performance. To reach this goal, the business must hire experienced analysts, spend money on training and development, work with knowledgeable people, use technology, and develop quality standards. Experienced analysts must be familiar with quantitative and qualitative research methodologies and have experience in the appropriate sectors or marketplaces in which Go Global Business works (Rodríguez-Morales et al., 2020). Analyst training and development programs must teach research methods, data analysis, and information about the sector. When looking at big data sets, working with people who know what they are doing and use the latest technology is essential. When making quality standards, you must include instructions for collecting data, figuring out what it means, and making reports. If the company uses these procedures, it can make better decisions, stay ahead of the competition, and improve its bottom line in the long run.
Second Failure
It is essential to address the poor management at the firm in order to solve both the lacklustre performance of Go Global Business as well as the disagreeable working environment that it has generated. For the business to achieve this purpose, it will need to improve communication, provide leadership training, define clear objectives and goals, cultivate a healthy culture in the workplace, and guarantee that managers are held accountable for their actions. For management to be successful, communication has to be straightforward and productive. Also, it is of the utmost importance to guarantee that all communication throughout the company is open and consistent. In addition, managers must provide feedback to employees to aid those workers in becoming more effective in the execution of their jobs. Managers must be held responsible for their decisions and actions as part of their jobs. It will need a concentrated effort from all levels of the business in order to realize this goal of establishing a working environment that is both more productive and more satisfying for its employees.
References
Angus, A., & Westbrook, G. (2019). Top 10 global consumer trends. Euromonitor International: London, UK.
Rodríguez-Morales, A. J., MacGregor, K., Kanagarajah, S., Patel, D., & Schlagenhauf, P. (2020). Going global–Travel and the 2019 novel coronavirus. Travel medicine and infectious disease, 33, 101578.
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