Phase 3 Writing Assignment Paper: Khalid N Aldabal

Khalid N Aldabal (600)
Phase 3: MANAGING AROUND THE WORLD Bancolombia in Colombia
Chapter 9: Growing and Internationalizing the Entrepreneurial Firm
The Most Important Learning Objective Outlined in This Chapter
The most important is LO5, and the reason I chose this one is because the strategies that the firms puts in place, both formal and informal, will determine the success of the firm in global market.
Facets That Have Changed from the Time of Peng’s writing to Present
According to Bond and O'Byrne (2014), an example of change would be change in the formal government regulations pertaining to the formation, registration and licensing of firms in a country.
Another example of change would be the technical innovation strategy that the businesses employ to produce superior products.
* For example according to Morgan, Anokhin and Wincent (2016), firms are becoming innovative and proactive and developing risk-seeking behavior.
A final example of change would be closely working with the government of the host country so that it may get support from that government.
* According to Lee, Peng and Song (2013), firms are cooperating with the host government in negotiating the favorable policies regarding to entrepreneurship such as taxation.
Significant Impacts of These Changes on Bancolombia in Colombia
Impact on my country would be the simplification of the registration and licensing procedure for the new firms. Requirements for registering a company have been simplified, for example.
Another impact would be the use of current technology in banking.
* For example, the use of mobile phone based applications that enable the bank to interact with the customers and prospects through customized messages.
Final impact would be the cooperation between the businesses and the government in coming up with policies that affect the business environment such as taxation.
Chapter 10: Entering Foreign Markets
The Most Important Learning Objective Outlined In This Chapter
I believe that the most important is LO5, and the reason I chose this is because it explains what the businesses should do to gain a relative advantage in a foreign country and be able to compete well and grow for example selling at reasonable prices or introducing better unique features in the products.
Facets That Have Changed since the Time of Peng’s writing to Present
According to Rothaermel (2015), an example of change would be the intensified use of franchising as a strategy of gaining entry into a foreign market.
* For example, food/beverage outlet businesses have penetrated in many countries through transferring their activities to other countries through entrepreneurs in these countries.
* A typical example is Coca-Cola Company.
Another example would be gaining access to foreign countries through partnering.
* According to Wooten and Hoffman(2016), because of cultural differences in the foreign country, entrepreneurs have chosen to approach them by partnering with the entrepreneurs of that particular culture for ease of penetration through understanding of local market knowledge.
According to Weinberg, de Ruyter, Dellarocas, Buck, and Keeling (2013), a final change would be the use of piggybacking strategy in entering international markets where a firm with reputable products approaches an international firm and sells the products internationally through that particular well established firm without incurring extra costs on marketing.
Significant Impact of These Changes on Bancolombia in Colombia
A significant impact in my country would be the provision of franchising departments in the banking sector that provides consultative services to many franchisors and franchisees in Colombia.
* In Colombia, many companies are gaining entry though franchising.
Another impact on my country would be intensified partnering by organizations in bringing innovations, technology and market linkages among the local companies.
* For example, USAID put together 14 partnerships in 2015.
Finally, impact of the changes on my country would be piggybacking by the small firms that produce highly reputed products.
* For example, many local firms in Colombia are making use of Canadian companies operating in the country to sell their products to the national market.
Chapter 11: Making Alliances and Acquisitions Work
The Most Important Learning Objectives Outlined In This Chapter
I believe that most important is LO3, and the reason I chose this is because understanding how a firm can fuse with another to increase efficiency and become competitive is crucial as far as globalization is concerned.
* According to Bennett and Bush (2013), for example, firms may form alliance to capitalize on economies of scale and be able to produce goods at lower cost and sell to the consumers at fair prices hence gain entry in the market.
Facets That Have Changed from the Peng’s writing to Present
An example of change would be use of alliances to access technological advancement.
* According to Ross (2013), businesses today are seeking alliances with businesses that have the best technologies so that they can benefit from those technologies too in their production of products and provision of services.
According to Volberda, Morgan and Reinmoeller (2011), another example of change would be the team that is involved in designing alliances.
* Unlike Peng (2013), alliance forming today is a collaborative process that draws members from procurement, marketing, research and development among others in the business.
¯ This has been done by the firms to ensure that they are partnering with a firm that maximizes the benefits to the latter.
Finally, according to Fay, et al (2015), another change would be the considerations that the businesses make before committing to form an alliance with a given firm.
* Initially, businesses use to seek alliances mainly to benefit from capital and enjoy economies of scale but today there is the aspect of technology that is the major factor driving alliances.
Significant Impacts of These Changes on Bancolombia of Colombia
An impact in my country would be the gaining of entry by foreign firms in Colombia through the alliances.
* For example, according to Peng (2013), Bancolombia in 2015 sealed an alliance with ABN AMRO to provide customers access to banking services and capital markets.
Another impact in Colombia would be the setting up of teams that spearhead alliance forming process by companies to ensure that they maximize the fruits from forming alliances.
* For example, According to Volberda, Morgan and Reinmoeller (2011), prior to partnership between ABN AMRO in 2015, Bancolombia had set up a 15 member committee that would sit with ABN representatives to discuss and bargain for the benefits from the association.
Finally, the impact in my country would be the alliances formed by bankers with manufacturing firms that have sophisticated technologies which have the capabilities of producing high quality services.
* For example, according to Hitt, Ireland and Hoskisson (2013), printing of papers is done by allies with the banks who have high tech technologies that produce super quality.
Chapter 12: Strategizing, Structuring and Learning around the World
The Most Important Learning Objective Outlined In the Chapter
I believe that the most important is LO2, and the reason I chose this is because before a business decides to enter a new country, the managers should be able to know of the institutional restrictions and reactions to that particular firm as it operates within the host...