Buy American Requirements
Hiko92
Running head: STARTUP COMPANY 1
Startup Company
Name
Institution
Date
1. Describe the new start-up company that you have created. Include in your description the nature of your company, its mission and vision, your company’s product, an analysis of your staff, and your target clientele.
Dronetech is a new company in the drone navigation industry and since it was founded, it has been able to develop a standard operating procedure that has been largely responsible for the identification, acquisition, and transfer of knowledge between the different sections of the company’s network. Because of the skill displayed by its management when handling diverse issues the company has been able to develop a clientele which in such diverse institutions in such a short time, where other companies take years to achieve the same. The vision of Dronetech is to generate an enhanced form of technology for all its clientele in the best and most secure manner possible and in order to achieve it; it has worked toward the provision of a range of well-designed and serviceable navigation systems. In addition, it has ensured that the cost of production is low enough to ensure that the sale price of its products is low enough to so that as many people as possible can be able to purchase them. Its main human resource policy is to provide down-to-earth individuals the opportunity to grow in both their individual and professional roles in order to create a better everyday life not only for the employees but also its clientele as well. The close relationship between the company and the companies with which it collaborates provides Dronetech with the opportunity to make an analysis of the factors that determine how the company performs over a certain period (Lessard, Lucea & Vives, 2013). In addition, the company has a diverse number of partners, which enable it to maintain its independence through not relying on only it. It is a means through which Dronetech’s management is able to be in a position where it is competent enough to provide guidance to its employees towards a path which will lead to improving clientele service.
2. Criticize VectorCal’s forecasting method. Determine the appropriate forecasting approach for your company. Provide a rationale to support your determination.
Unlike Dronetech, VectorCal does not make use of the more efficient qualitative methods of forecasting where it can be able to utilise the short term predictions which are gained through this method to ensure that it corners the market. This is in contrast with Dronetech, which utilises the qualitative methods of forecasting to develop its short term strategies as well as to ensure that it is able to corner the market in the short term (Stahl, Björkman, Farndale, Morris, Paauwe & Stiles, 2012). All of the forecasts made by this company are expert driven with the intention of ensuring that the forecasts are as accurate as possible so that contingency plans can be made to protect the company against potential errors. Research is conducted in the market as a whole in a bid to develop an informed consensus concerning the various forecasts that are made in the short term. Market research is conducted in a manner where all potential clients are polled about specific products so that a prediction can be made concerning how many of them are likely to buy or not. Furthermore, the Delphi method is used, where experts are asked their opinions about products in a general manner so that proper predictions can be made using the answers that they give. In this way, Dronetech has been able to utilise the methods that its rivals do not normally use, making it a leader in the industry on its own right.
3. Suggest the semi-variable, allocated, and indirect costs that you should address in the startup phase of your company. Provide a rationale to support your response.
For a startup such as Dronetech, it is essential for significant costs to be incurred in marketing because the latter is not only done at a local level, its marketing campaigns are also done at a regional, national, and international level and this is one of the reasons why this company is one of the most successful of its kind worldwide. The professionalism of its staff enables it to effectively compete against other companies in the industry and in fact, it gives it an edge over them. The low utilization of marketing by its competitors, such as VectorCal just helps to show the top quality of work that is done at Dronetech because its work is put on display for all potential clients to see (Senge, Carstedt & Porter, 2001). This is a company which any client in the world would aspire to do business with because it would be a guarantee of its success in the present and the future. Dronetech continuously innovates and develops according to the changes in the market scene in the industry and it does this for the purpose of assisting its clients keep up to speed on things so that they do not lose any opportunities if there are any unexpected changes in the market. This company provides the means through which institutions that need the drone navigation technology can acquire it in the best form in a manner which they have need of in order to be used successfully. It provides its clients with the necessary product experience so that they can be able to develop sufficient confidence in them to encourage them to purchase more. In this way, Dronetech has been abler to achieve success at a much lower cost than its competitors since it makes good use of all the resources it has available to promote itself and its products.
References
Lessard, D., Lucea, R. & Vives, L. (2013). Building Your Company’s Capabilities Through Global Expansion. MIT Sloan Management Review. 54(2), 61-67.
Senge, P.M., Carstedt, G. & Porter, P.L.(2001). Innovating Our Way to the Next Industrial Revolution. MIT Sloan Management Review. 42(2), 24-38.
Stahl, G., Björkman, I., Farndale, E., Morris, S.S., Paauwe, J. & Stiles, P. (2012). Six Principles of Effective Global Talent Management. MIT Sloan Management Review. 53(2), 25-32.