2nd 3 Assignment

USE THE YELLOW HIGHLIGHTED REVIEW TO UPDATE THE ONES HIGHLIGHTED IN BLUE

Required Licenses, Patents, and Rulings or Legal Requirements to Compete in the Market

            For JGJ, Inc. owners to not be at risk when opening their doors from lawsuits, it is recommended that JGJ, Inc. complete the process for licensing as an LLC (“How to Start,” 2020). Once this is complete, JGJ, Inc. also needs to register the company to pay taxes, obtain an employer identification number, and register for unemployment and workers’ compensation (“Do I need,” 2020). JGJ, Inc. should also consider applying for a resale certificate for purchasing the raw materials for their products (“How to get,” 2020). Along with licenses, JGJ, Inc. must look into patents. 

            JGJ, Inc. is highly encouraged to submit patents for every product that is invented. Patents are designed to protect the investment of research and development for each product (Kenton, 2020). Without the patent, JGJ, Inc. puts itself at a greater risk for threats of substitutes than the company is already projected to be. JGJ, Inc.’s top rival Amazon has 2,504 patents (Coppola, 2020). Given that Amazon has so many patents, JGJ, Inc. must perform additional research of their soon to be rivals to avoid any copyright infringement lawsuits. Copyright infringement laws are not the only lawsuits JGJ, Inc. should be concerned with, JGJ, Inc. must also follow legal requirements per various states and countries.

            Currently South Korea is the only country that has legal requirements when producing robots (Regulatory Institute, 2017). However, there are a few ISO standards that have been created that cover the topics of safety and vocabulary for various robot types (Regulatory Institute, 2017). JGJ, Inc. needs to be aware of new legal requirements year after year, which is one of the other reasons why a legal department is necessary. JGJ, Inc. needs to be a frontrunner in terms of robotic safety to avoid any major issues in the future as new laws and regulations are created.

References

Coppola, D. (26 Nov. 2020). Number of U.S. patents registered by Amazon 2019. Statista, 26. Retrieved from www.statista.com/statistics/897773/amazon-patents-usa-registered/.

Do I need a business license? (24 Dec. 2020). StartingYourBusiness.com. Retrieved from startingyourbusiness.com/do-i-need-a-business-license/.

How to get a resale certificate. (30 Oct. 2020). StartingYourBusiness.com. Retrieved from startingyourbusiness.com/how-to-get-a-resale-certificate/.

How to start a robotics company. (11 Aug. 2020). TRUiC. Retrieved form howtostartanllc.com/business-ideas/robotics.

Kenton, W. (22 Apr. 2020). How patents work and notable patents that changed how we live. Investopedia. Retrieved from  www.investopedia.com/terms/p/patent.asp .

Regulatory Institute. (17 Apr. 2017). Robots: No regulatory race against the machine yet. How to Regulate? Retrieved from www.howtoregulate.org/robots-regulators-active/.

BEFORE YOU WORK ON THIS ONES THAT IS HIGHLIGHTED IN BLUE- PLEASE READ AND UNDERSTAND THE PEER REVIWED THAT IS HIGHLIGHTED IN YELLOW ABOVE. YOU WILL USE IT TO ANSWER THIS ONE BELOW

Internal and External Marketing Environments

Introduction

This paper examines the internal and external marketing environments that JGJ Inc. will encounter if it decides to enter the market. Therefore, the paper analyzes the market's significant aspects through Porter's five forces and examines the major external factors. Lastly, the paper examines the aspect of Licenses as well as legal requirements.

 

Analysis of Key External Factors in the Market

· Porter’s five forces model

This refers to the provision of the account of the competitive rivalry. It is essential to help the organization comprehend the various competitive forces, enabling JGJ Inc to maximize its profitability. The five forces this paper is considering include:

The intensity of rivalry:

There is robust competition in this industry. Because this industry is considered futuristic, they will likely gain the right margin because many individuals and other companies have invested in the company. Additionally, the amount of money that is invested in the also contribute and strengthen the rivalry. This paper recommends that JGJ Inc. should focus on producing quality goods and services with different new features.  This paper recognizes that the price point should be considered essential (Miller, Vandome, & John, 2011).

Threats of new entrants

This is a force in this industry; however, this force in the industry is medium. There is high capital invasiveness in the industry; this calls for intensive innovations, which will help achieve a competitive advantage in the market to be on top of the already existing companies. It is essential to understand that the higher the barriers to entry, the less the beginners or the startup will likely venture into the industry, as they will be discouraged by the barriers. This is precisely what happens in this industry; there are many barriers to new entrants. Moreover, according to analysis, for instance, distribution cost, among others, also play a significant role as far as barriers to new entry are concerned (Miller, Vandome, & John, 2011).

Threat of substitutes

The analysis indicates a very high risk of the alternatives for the f JGJ Inc's. In this case, the business has to substitute a robot to make human life more comfortable, and human resources can most certainly replace it. Various machines are already in place, and this offers a significant barrier towards raising risks.

Bargaining power of the buyer

Generally, as far as the business is concerned, the customer's bargaining power is high considering that the industry is niche. This means that customers can define the sales' scope. Customers have very high bargaining power in this industry.

Bargaining power of suppliers

The suppliers' bargaining power is not very significant in the business, considering that most of the products are hardware. However, other aspects may also play a part in regulating the forces' part (Walder, 2017). The summary of Porter's five rules is provided below:

· Other macroenvironmental external factors

They refer to the external factors that JGJ Inc. cannot control. Even though the company is not in control of the factors, the company needs to strategize itself so that these external factors may favor its operations. These external factors include:

 Political factor

This considers various changes in the industry's policy, trade policy, for instance, the current steel tariffs. Moreover, the various regulations incorporating safety are among the political factors (Cordell & Thompson, 2018).

 

Economic factors

Various economic factors have to be put into consideration when JGJ Inc. when deciding to enter this market. Such factors may include the Market boom, the inflation period, the rate of unemployment, recession, the interest rate, and the foreign exchange rate, among others (Cordell & Thompson, 2018).

 

Social Factors

The various social factors that JGJ Inc. will face if it decides to enter this market include the population's demographics, which constitute age, level of income, preference, etc.

Technological Factors

This considers the various advances in technology that might directly influence the Machinery, software, and computers used to ease business operations (Cordell & Thompson, 2018).

Required Internal Resources and Competencies to Compete in the Market

JGJ Inc. has vast capital, and this is advantageous because it will enable to invest in a manner that will follow the standard industry methods; this could also enable the company to set up different business departments across the company, for instance,

· Management department

· Finance department

· Sales department

· Operations department

· Legal department

· Development department

The departments will be able to work effectively once they process-specific resources such as:

· Infrastructure

· Technology

· Service

· Operations

· Sales

· Logistics

· Reputation

· Financial

· Wellness

· Workforce

· Consistency

· Reliability  

Required Licenses, Patents, and Rulings or Legal Requirements to Compete in the Market

Regulations refer to the deliberate attempt of influencing people's behavior. It's clear from the company's analysis that robots are not the target for regulating the regulatory intervention I am concerned about. However, they may be incorporated in the process of design, building, and various work. In this case, the 'robotics regulation' shows that the regulation is meant to influence people's behavior as far as developments in the robotics field is concerned (Godbey, 2014).  

People's behavior may be influenced by the law as well as other intentional mechanisms. Generally, the law, market, social norms, and architecture are the behavior influencing factors in this case. Therefore, it is essential to delve into different regulatory dilemmas which the company may probably face if it decides to enter the market; these dilemmas ought to be addressed as far as consideration of different types of regulatory intervention is concerned and that which is demonstrated by various issues which are as a result of the robotics regulation as well as applications.

The first regulatory dilemma related to technology regulation is the strategy of keeping up with advances in technology. The advances in technology might result in gaps, resulting in undesirable conflicts and demand for the changes. Therefore, the actual dilemma, in this case, involves "technology-neutrality versus legal certainty." This constitutes the negative impacts of technology, which ought to be regulated.

The emerging technologies also lead to another technological related-dilemma. Premature and obtrusive legislation may hinder scientific advancement while preventing the possible advantages, which might result in various economic inefficiencies. On the same note, when there is no reliable and secure legal environment, technological innovation is likely to be hindered (Godbey, 2014).

 

 

 

 

 

 

 

 

 

 

 

 

References

Cordell, A., & Thompson, I. (2018). Macroenvironmental analysis (Steeple). The Category Management Handbook, 69-71. doi:10.4324/9781351239585-19

Godbey, W. (2014). Patents and licenses. An Introduction to Biotechnology, 393-402. doi:10.1016/b978-1-907568-28-2.00019-8

Miller, F. P., Vandome, A. F., & John, M. (2011). Porter five forces analysis. Alphascript Publishing.

Walder, J. (2017). A critical evaluation of Michael Porter's Five Forces framework. Createspace Independent Publishing Platform.