Approaches to Competing Internationally
Assignment Instructions
Goal: Locate and review three websites that inform you about Crafting Strategies for international markets, or multi-business companies, or diversified companies. You may elect to review websites of specific companies themselves, but it must be clear that there is a global element to the company. To verify: The point is to showcase three different websites that demonstrate any one (or more) of the “Three Approaches for Competing Internationally” (Figure 7.2). What company or companies you select is secondary.
Instructions: Using the course textbook as a chief resource, locate three websites in order to complete the goal stated above—international strategic planning. You may also benefit from conducting your own Internet search of international marketing strategies. Write a 600-750 word paper as a memorandum of discovery. No particular format will be observed for this paper, but organize your writing into three sections that review each of the three websites, and then write a fourth concluding section that summarizes what you gleaned from this investigation. The summary conclusion should put together the benefit of the whole experience. [Note: Keep in mind that this assignment is not aimed at reviewing articles in websites, but rather, the company websites themselves, and the international strategies that they describe.]
How To Review Websites For This Assignment:
• Summarize the overriding purpose/thesis of each website. What is the essential message of the site? Provide a link (or address) for each website reviewed.
• Describe what appears to be the crafted strategy based on what you are informed by the textbook (Global Strategy, Transnational Strategy, or Multidomestic Strategy). Be as clear on this point as possible, and make sure that you identify the global involvement mentioned in each website. (If no global strategy is mentioned, then you should avoid that website source.)
• Discuss the material in the website in light of your understanding and outside research related to the material presented on the site. Do you agree or disagree with what the website presents?
• What do you, the student, benefit from having viewed/examined this website?
• After discussing each of the three websites, write a summary that combines what you learned from the experience. Present your own views. First person is accepted for this assignment.
Websites Review (Approaches to Competing Internationally)
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The international market is very dynamic necessitating the need for use of aggressive marketing strategies. Competitive success is highly dependent on the company’s ability to innovate and adapt to the changing business environment. Sustenance of competitive advantage will pull off if the company’s strategy are also dynamic. Understanding the international market is the key consideration for most players. But many do appreciate the fact that full understanding of the same market is impossible. They would just rely on professional forecasts and risk-taking measures to make profits. Sure factor is the understanding the customs and history of the given sector in international front.
Hbr.org outlines how companies gain competitive advantage in international market. Successful international companies do not necessarily apply the same strategies to beat competition. The underlying factor is still the same- they approach the market with open-mindedness. They incorporate the latest technology and methods in their dealings/proceedings. Principle factor in innovation is information. Information provides the knowledge about the old strategies, your competitors’ history and customs. Analyzing this information critically will provide you the hedge to beat your competitors on international market as you will have identified their strengths and weaknesses. Therefore, you will utilize their weaknesses to your advantage to downplay their strengths. It comes often from the openness of the market and the company’s determinations as opposed to using the right material sources or the conventional astuteness. That is why, innovation is perceived more by the traditional players, but from the opportunistic fellows. They include those who were initially not appreciated by the same industry or had no background in the same industry. International companies must therefore identify such fellows and incorporate them in their organizational structure for better success rates. Little funds and efforts are dedicated to such ventures or prospects especially for the poor performing international companies. Competitive advantage will also be enhanced through diversification; through the introduction of new and better skills, resources and even perspectives. Often, the market will not respond well to new ideas which seem to downplay the traditional established ones. Due to competition, adversity and other unnecessary pressure may dog into the innovation stance. All in all, these will serve to strengthen the strategies used. The competition will even spun the growth of the company into wider markets not ventured before.
Strategicorganizationdesign.com defines strategy in terms of perspective and also time. A successful business strategy is based on a wide long-term perspective. The owner or manager has to view the business from the global perspective at the current and future prospects. A broader perspective will censure the business or organization from unexpected global dynamics and if they occur, the appropriate measures to take against such. Time, on the other hand, helps the business or organization keep up with the changing...