Successful companies develop strategies for doing business in emerging markets that are different from those they use at home and often find novel ways of implementing them, too. Once a company has identified the market space it wishes to target, it's time to look more specifically at how to serve that market. In this paper, an attempt has been made to discuss the strategies for global competitiveness.
Globalization means adopting a global outlook for the business and business strategies aimed at enhancing global competitiveness companies which have adopted a global outlook "Stop thinking of themselves as national marketers who venture abroad and start thinking themselves as global marketers". 'A truly global corporation views the entire world as a single market; it does not differentiate into domestic markets and foreign markets.
[...] The above purchase criteria may be compared with the relative importance to the customer a study of which is an important task to the company for each of the segmented products that too market wise. STRATEGIES AT THE CORPORATE LEVEL: In an open economy it is extremely important now strategies are made rather than what strategies are being prepared by a corporate. The four main strategies could be as follows: o Business portfolio strategy ( Vertical integration ( Horizontal integration ( financial holding strategy. [...]
[...] STRATEGIES FOR GLOBALIZATION: There are a number of strategies for globalization of business. These strategies are sometimes referred to as foreign market entry strategies. A strategy very appropriate for a particular market may not be very suitable for another market with different business environment. Therefore, it is not uncommon that a company employs different strategies for different markets. A brief account of the different strategies is given below: EXPORTING: Exporting the most traditional way of doing business internationally is very common even today. [...]
[...] The strengths and weaknesses of the firm and opportunities and threats in the environment will indicate the portfolio strategy and other strategies it should pursue. An organization should address questions such as what are the changes, including possible future changes, in the environment which have implications for us and how should we respond to them? - What are the opportunities in the environment which can be exploited utilizing our strength? - What are the threats and do we have the strength to combat the threats? [...]
[...] Assembling the product meant for the foreign market, in the foreign market itself has certain other advantages, besides the cost advantage. The import duty is normally low on parts and components than on the finished product. Assembly operations would satisfy the 'Local content' demand, at least to some extent. Because of the employment generation, the foreign government's attitude will be more favorable than towards the import of the finished product. STRATEGIC ALLIANCE: Strategic Alliance has been becoming more and more popular in international business. [...]
[...] May be it is important to see how the market conditions are important for forming strategic business units (Subs) and how Subs are emerging from the corporate strategies and how the mission and belief should guide strategies and how these shall enhance the financial performance which would ultimately help to create stakeholder value. The following flowchart would help to understand the chain:- STAKEHOLDERS VALUE FINANCIAL PERFORMANCE MISSION AND BELIEFS CORPORATE STRATEGY STRATEGIC BUSINESS UNITS MARKET CONDITIONS Market conditions mostly are not within the control of one player in the market. [...]
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