Geyeo Tech's Mission to Support Students

Vision Statement

Geyeo Tech is a London-based start-up organization that operates with a vision of delivering the highest quality wearable devices which will automatically give reminders to students on their classes and assessment deadlines and fuel innovation. In the next five years, the company wants to grow to a billion-dollar organization while adding new features to wearable devices. Managing greenhouse emissions and reducing pollution from their end.

Mission Statement

Geyeo Tech’s mission is to process innovative work to provide adequate benefit to students along with management of business ethics and contribute to their corporate social responsibilities.

The organization is focused on developing certain technologies that will help the students to become competent in managing deadlines and being attentive during classes. This company is primarily focusing on lowering down of costs such as production and laboring (Burnell, 2017). As commented by Daniels, Radebaugh, and Sullivan (2019), several harmful elements are coming from special economic zones that are mixed with water, and in turn it is leading towards a pollution at the oceans. All the garbage is created due to the production taking place at those point. The company is committed to lower the garbage material. It is trying to balance the environmental technology components and provide essential features such as recording class notes. Geyeo Tech is having an idea to outsource in the free trading zone of Kandla that is expected to lower down costs and re-invest within production zones while managing the quality control aspects. Hence, the product is expected to be sold at a faster pace and positioning will also be managed. Goyeo has been identified to have access to the new markets that increase profit and sales as it becomes affordable to the student with production costs going downwards. This innovative idea of wearable technology that best fits students' needs is already being hyped. Students need to focus on their classes instead of chatting with friends or fidgeting with their mobile phones. This particular sensor based device is expected to help students to become attentive in class and give them shocks when they are not focused (Hollander, Hollander and Houndmills, 2012).

Outsourcing

Outsourcing strategy for Goyeo is doing business in special economic zones and allowing low cost labors to perform certain jobs and manage the business risk on behalf of the organization. Outsourcing definition is identified as it helps in employing labor that will effectively manage tasks inside on behalf of an organization to free up resource (Hollander, Hollander and Houndmills, 2012, p.20). Organizations are more focused on outsourcing since it improves their flexibility and improves competitive advantage by allowing third parties to process time-consuming actions. Geyeo Tech is trying to outsource their production to the free trading zone of Kandla (India) just to mitigate the product issues and costs faced at London facilities (Poon, and Rigby, 2017). In this way, they will be able to lower the price of products which will, in turn, give more profit to the organization. SEZ is the special economic zone is identified to be an area where differentiated business trade laws are applied which are different from rest of the country (unctad.org, 2021). SEZ are located within a country’s borders which is identified to be helping in trade balance, increased investments for overall growth. It is important for Goyeo since the process will benefit Goyeo’s strategy of outsourcing. More of the people are expected to get a chance of getting work in Goyeo. This helps in low cost labor for Goyeo and ensure that needy and talented people secure a job. Outsourcing is blamed for non-reduction of poverty within country itself. Now, in many parts of the chosen country for outsourcing, unequal distribution of wages is observed. Rather an economic redistribution is required to ensure the overall growth of the country and contributes nothing to the reduction of global poverty (Hillberry, and Zurita, 2021). This might help Goyeo in cost cutting however, the contribution to global economy is lesser. Goyeo is identified to benefit from outsourcing the production at improvement at the special economic zone. Cheap labor is identified as the minimum wage component of $5 per day which is beneficial to the company (tradingeconomics.com, 2021). In this way, Goyeo Tech is expected to gain more profit and market share. As a major difference, it can be seen that UK labor cost is higher than 8 to 15 dollars per person per day (nidirect.gov.uk, 2021). Tax-and duty-free exportation of goods implies that the shipment of goods will not have to face any additional costs and shipment charges (fao.org, 2021). In addition, it is also remarkable that the China has shown tremendous industrial recovery rate whereas the entire world was still in shock (Bollard, 2020). China's outsourcing market is in its infancy, accounting for a fraction of the $1 trillion-plus global market and it also has a huge application of 6600 outsourcing firms (chinabusinessreview.com, 2021). This information relates in this context since Goyeo tech is improving its competency and working on undertaking different strategies of outsourcing. Hence, Goyeo Tech should learn from the country on reviving the business even after a pandemic and manage outsourcing. It is observed that outsourcing contributes towards greenhouse emission while exporting of elements are occurring. All companies do not calculate carbon footprint and Goyeo Tech is also showing less interest in that aspect which, is making the situation unfavorable for the company (asiapathways-adbi.org, 2021). Overall transportation pollution releases while a company is on effective uses of outsourcing as a method business development. Burning of fossil fuels automatically harmful gases becoming a reason of emissions.

The obstructive structure does not allow airflow easily and emits heavy smoke in the air. All metal elements used in the production are being disposed in the sea. This becomes a reason for water pollution and causing harm to water bodies underneath the sea (asiapathways-adbi.org, 2021). The toxicity is being increased and it is worsening health condition of the underwater animals. This deterioration are becoming a reason of water bodies to be endangered and distinct and increase the scale of pollution. However, Goyeo is observed to be outsourcing in the SEZ which allows a gradual increase in their production efficacy. The SEZ infrastructure is not wide open and contributes to environment pollution. Environmental consequences do not disappear just because the manufacturing takes place on the other side of the ocean.

Exporting

Exporting strategy can be identified for Goyeo as “targeting markets and conducting export diagnosis regularly to identify any flaws in the process” (opentext.wsu.edu, 2021). Exporting definition is identified as “an exporting strategy starts with the products or services that a business offers by doing trade and market research on foreign partners, distributors, buyers, and customers” (Prater, and Whitehead, 2012). As explained by Prater, and Whitehead (2012), it can help the company to get an idea of what products or services can be sold in different markets. WTO is identified as a governing body which controls the trade rules between countries, while international trade links are updated to solve trading problems within countries (opentext.wsu.edu, 2021). WTO is in action to ensure that trade flows are done smoothly, and predictably. It has the job of being conductor, monitoring and negotiating the trade policies. Trade process is benefitted by WTO through increasing the transparency of decision-making process in international trade market. It smoothens out the trade process by monitoring trade liberalization and resolve any trade related dispute while implementing technical standards (wto.org, 2021). Goyeo Tech is also allowed to find a fair trade policy out of all the available ones. Fair trade policy is defined as trade standards which explains a fair payment for services which are rendered and some good working conditions. It explains a maintenance of transparency as the price paid by the producers of market in developing countries is sometimes too low to survive (farmaid.org, 2021). Free trade agreements encourage economic growth since no equal distribution is observed within the country. On the other hand, the company can lose market share if no affordable price tags are attached with the products (Bollard, 2020). A free trade agreement is supposed to be organized between nations to limit barriers to import and export.

As a part of the discussion, some of the regional agreements can be added that will put forward the benefits of entering new markets. Regional grouping influences political, economic safety, and security cooperation. A regional trade theory is a certain treaty that is usually signed by more than two countries for an encouragement of free goods movement (Lund, and Tyson, 2018). It provides services that in reduces the global trade barriers. Regional economic integration is associated with “free trade area, customs union, and common market, economic union and total economic integration” (farmaid.org, 2021). The trade theory is applicable with Goyeo Tech since it focuses on the business development. It contributes majorly towards business development in India. The theory maximizes growth curves for companies. Out of these free trade area is applicable within this company index. While using this theory it is possible to facilitate the tariff or duties, which allows a low cost labor management and high tech goods production while the workforce is educated. Exporting is identified to be reducing the entry cost in the market (Bhavsar, Diallo, and Ülkü, 2021). Higher return on investment channels observed with increased promotional campaign in moving through product life cycle stage. The growth curve is increasing throughout years as it has been plotted on the graph [Refer to figure 2.1]. All the products being sold by the organization are aiding upon their lifecycle of lasting longer.

Figure 2.1, explains how the developing economies are facing transitions and values of world total developed economies. There is improvement on economic group observed. The impact is high in developing countries and values are identified as 706 for economic groups. However, the percentage is less in developed countries which is identified as 557.

Logistics

The recommendation strategy for management of logistics is produced in terms of gaining more benefit while the wearable technology is sold to maximum people. “Goyeo Tech needs to identify the KPI of the organization while upscaling production and automating the process along with using container shipping for transportation of items” (cscmp.org, 2021). On the other hand, optimization of freight speed can be essential in the management of logistics. Keeping everything portable along with managing customer satisfaction is concerned. This attitude of the company influences the market position (Scott, 2017). As an advantage of the chosen strategy, warehouses in London will be filled out effectively once the products from SEZ arrive. Moreover, the creation of transparency on shipping prices and partners outsourcing boosts the efficiency of the profit margins. The negative impact on Goyeo misses out on the sales of inventory and specific concentration is made upon the factors while the demand is high. Meeting demands are important since the market share will drop if the demand and supply curve is not fulfilled (Spartak, and Likhachev, 2018). Inventories have been generated to focus on the market share for the success factor of Goyeo. The shipping of products can cause delays due to following unauthorized practices like an idle laborforce not willing to work and pay raise issues (Suominen, 2017). Regional trade agreements are taken into consideration since two or more governments assign rules of trade for all signatories (worldbank.org, 2021).

Essential Ports:

Cochin port is identified to be the port from where the transporting will occur to Tilbury port of London. Here is the map view of two ports:

The connection is occurring via a major road network while there is less time taken to access the route and a large amount of inventory is possible through this particular port. Goyeo Tech works as a major inventory control while a faster access to UK's container terminal is implied upon.

Incoterms services:

Logistics includes incoterms, which are defined in the overall management of contracts between buyer and seller. This allows them to take risks and managing the responsibilities of buyers once the goods are loaded on board for Gooyeo Tech (Tahir, Mazhar, and Afridi, 2019). On the other hand, the CFR and CIF technologies are being used, which stand for cost and freight that controls systematic transportation of products once the production is completed. Ensuring that products reach on time is a responsibility of this method and increases popularity of the company.

Implementation challenges and mitigation strategy

Corporate social responsibilities are associated with trade responsibilities on how the organization is supposed to be managing the expectations and needs of stakeholders. At this economic position, the world's trade is growing with bilateral agreements from different countries to dominate global trade. Cost-effective positioning helps in the development of appropriate market share and development needs (Tung, 2018). The future of trading is identified to be impacting globalization and free trading is not incorporated in many aspects. Ethical organizational standards need to be fulfilled. While people are working efficiently, recyclable materials should be used in the production of Goyeo Tech's products. Uses of renewable energy like solar lights in workstations leave a positive impact on the environment. Moreover, reducing packaging wastage can also work in the management of renewable energy sources. Therefore, Adopting a CSR model is expected to give benefit to the organization. A good corporate image is positioned so that people refer to the positive or negative impact of the model on its stakeholders. As determined by Watson et al. (2017), the sustainability framework is analyzed for leaving a social, environmental, and economic impact on the organization. Accepting the importance of profit equally within people and the environment perceives a potentially good corporate image. Suppliers need to ensure to provide products at negotiated price points. On the contrary, the company has not yet mastered the art of managing wastages. One of the greatest challenges that emerge with time is eco-efficiency management. Since the final product is providing profitable growth to save upon costs and manage labor. Goyeo allows meeting society standards that will comply with working as an ethical organization. Implementing rewards for ensuring the facts of equal opportunities are maintained and equal pay is managed is seen inside organization without any specific biases is important (Watson et al. 2017). As a result, following rules specified inside the equality act of 2010, is one of the most crucial aspects of the organization goyeo Tech. It is identified as one of the primary responsibilities of an organization to ensure that they keep up the compliance with suppliers. Goyeo needs to manage its shipping and production policies to generate maximum profit while looking after the employees' benefits. Keeping up fairness in pay scale manages internal conflicts and making all processes biodegradable can help the organization to secure a sustainable position in the market.

References

Bhavsar, A., Diallo, C. and Ülkü, M.A., 2021. Towards sustainable development: Optimal pricing and sales strategies for retailing fair trade products. Journal of Cleaner Production, 286, p.124990.

Daniels, J. A., Radebaugh, L. H., and Sullivan, D.P., (2019) International Business: Environmental and Operations

Hillberry, R. and Zurita, C., 2021. Commitment behaviour in the World Trade Organization's Trade Facilitation Agreement. The World Economy.

Mayer, J., 2021. Development strategies for middle‐income countries in a digital world—Insights from modern trade economics. The World Economy, 44(9), pp.2515-2546.

Prater, E. and Whitehead, K., (2012) An Introduction to Supply Chain Management: A Global Supply Chain Support Perspective.

Scott, J., 2017. The future of agricultural trade governance in the World Trade Organization. International Affairs.

Spartak, A.N. and Likhachev, A.E.E., 2018. Long-term trends and new developments in international trade. Russian Foreign Economic Journal, (2), pp.7-24.

Suominen, K., 2017. Fuelling trade in the digital era: Policy roadmap for developing countries. Geneva, Switzerland: International Centre for Trade and Sustainable Development (ICTSD).

Tahir, M., Mazhar, T. and Afridi, M.A., 2019. Trade openness and sectoral growth in developing countries: some new insights. Journal of Chinese Economic and Foreign Trade Studies.

Tung, L.T., 2018. Impact of remittance inflows on trade balance in developing countries. Economics & Sociology, 11(4), pp.80-95.

Watson, R.A., Nichols, R., Lam, V.W. and Sumaila, U.R., 2017. Global seafood trade flows and developing economies: Insights from linking trade and production. Marine Policy, 82, pp.41-49.