Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
how the internet changed online shopping
internet marketing and communication
impact of technology on business
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: how the internet changed online shopping
Marketing in a Global Economy
Vision. There's a word that hearkens back to the early '80s, at least in current management thinking. Yet despite its presence in the leadership vocabulary for more than two decades, many companies are today struggling to draft the right vision for a hyperactive, global business environment. This paper is intended to offer an overview of some of the aspects of conducting business globally and aims to identify ways in which businesses can tap the gains of this process, while remaining realistic about its potential and its risks. Specific topics will include: 1) technology challenges; 2) gaining a foothold in new markets; and 3) conducting business with different cultures. Finally, real world business examples will be used to amplify the discussion.
Technology Challenges
No other technological advancement has enhanced global business in the last 10 years like the Internet. The Internet has made accessible foreign marketplaces that for years were expensive and difficult to access. If an organization builds the right site, you can easily attract visitors from around the world. Obviously, however, this site can't be written predominantly in English and marketed with an American spin. If a company from the United States wants to be seen by all, their operations have to reach international consumers. Currently, 63 percent of Fortune 100 Web sites are stuck in the past, i.e., they are only written in English, according to Forrester Research (Internet World, 2001).
Going global does not merely mean translating English sites into foreign languages. First and foremost, organizations must think globally and tackle their challenges head-on. Companies are faced with obstacles like ...
... middle of paper ...
...he domestic arena. By following the lead of other successful companies and avoiding the stumbling blocks mentioned in this discussion, organizations can take advantage of prospective untapped worldwide business.
References
Baran, S. (2001, April 01). A small, small world. Internet World.
Bhatia, R. (2001, May/June). Economy lodging demands spur new markets around the globe. Franchising World. Vol. 33, Issue 4.
Demers, J. (Jul/Aug 2001). Exploring new markets. CMA Management, , Vol. 75 Issue 5.
Des Moines Business Record. (2001, February 5). It’s a small world.
Parker, B. (1996). Evolution and Revolution: from International Business to Globalization. Handbook of Organization Studies, Sage: London.
Yip, G. (1995). Total Global Strategy: Managing For Worldwide Competitive Advantage, New Jersey: Prentice-Hall.
General Motors is knocking on the door to world class business performance. Ohmae’s five stages of global operation support General Motors aspirations. From stage one to stage five there are significant differences to becoming a global organization. For instance, stage one, states that a company supports arm’s length customer export activity by a domestic company that links up with local and distributors to function. This stage represents the entry level global corporation. General Motors is at stage 4 of Ohmae’s five stages of becoming a global corporation, because it has exemplified the following traits: Systems and tools used globally not just at headquarters, R&D, Engineering and other business operations have a global focus, and all support functions are applied globally. (MFGO 601, WK. #2 Lecture Notes) An example of Ohmae’s, stage ...
With businesses fast emerging and competition strict as ever, most businesses seek ways to expand internationally in order to ensure their position in the competitive market. Although globalization-the shift toward a more interdependent and integrated global economy- creates more opportunities for international business, some business attempt to expand blindly in a different country without considering issues such as culture clash, other businesses tackle the competition through strategic changes in order to accustom to the new culture.
There are many critical factors contributing to the success of a global company. Some significant aspects that I had seized are the global brands (Holt et al., 2004), the distance matter (Ghemawat, 2001), the international strategy (Ghemawat, 20...
Globalization is the goal of pursuing opportunities anywhere abroad which all an organization to capitalize on business functions in the countries in which it operates (Pearce & Robinson, 2011, p. 103). It is vital that an organization chose the appropriate timeframe on when and if to advance to a global arena. The following essay will discuss some of the proactive and proactive reasons for going global.
Royal, M. A., & Stark, M. J. (2006). Why some companies excel at conducting business globally. Journal of Organizational Excellence, 25(4), 3-10.
Contemporary companies utilize global resources and markets to produce and sell their products. Managing a multinational company is vastly more complex than running a retail store in one location. Operating internationally increases the complexity
A major challenge of doing business internationally is to adapt effectively to different culture. Such adaptation requires an understanding of cultural diversity, perceptions, stereotypes, and values (Hodgett &Luthans, 2005). Doing business overseas has its challenges as well as it rewards.
The modern technology and primarily due to the internet connection, the boundaries for business are no longer confined and have allowed to expand businesses to new countries with a vastly different culture. Given that, every firm wants to be successful, the cross-cultural communication is one of the most important parts of the every international business.
Global segment include relevant new global markets, existing market that are changing, important international political events, and critical cultural and institutional characteristic of global market. When company entering the global, it automatically can increasing number of people believe or consumer in the multiple nation and this si...
Daniels, J. D., Radebaugh, L. H., & Sullivan, D. P. (2011). International Business (Environments and Operation. (13ed.). Prentice Hall.
An enterprise operating in more than one country is known to be a Multinational Enterprise or an MNE. The foremost aim of all MNE’s is to globalize their operations. Top managers of large organisations argues that globalization is one of the most critical challenge they face today. Economic globalization refers to the fast increase in the international markets for goods and services and cross border interdependence and integration of production. (Dunning, 1997a).
The world is experiencing a third wave in the economy and many changes are taking place. One of these changes is the growing corporation that decides to go global. Most U.S. companies, both large and small, are rapidly acknowledging the necessity of global marketing. The demand for foreign products in the fast-growing economies of Europe, South America, Asia, and Pacific Rim nations offer one example of the benefits of global thinking. One company that has adapted to this new economy by globalizing has been Whirlpool.
15. Hill, Charles W.L. International Business: Competing in the Global Marketplace. New York : McGraw-Hill, 2007.
Globalization encourages worldwide business. Globalization is an efficient process by which all the nations of world will commonly try to set regular universal standards & regulations (both created & recommended) which will encourage business around different nations. Business around nations or elements crosswise over different fringes is called universal business.
Stonehouse, G., Campbell, D., Hamill, J. & Purdie, T. (2004). Global and Transnational Business (2nd ed.). Chichester: John Wiley & Sons.