Examples Of Global Business Challenges

Global Business Challenges

The global marketplace is an area that is very difficult to be successful in. It is for this reason that businesses must compete with each other in an attempt to pip their opposition and gain a competitive edge amongst the constantly changing global environment. At the heart of this are managers and leaders to ensure that the company is able to stay on track whilst maximising revenue and limiting production costs.

However, meeting company goals is also made very difficult given the way the world business environment is always changing. It is those major business challenges that continue to hamper the progress and development of firms. For many businesses to counter the various numbers of challenges, they must have

Companies require innovation to remain competitive amongst what is a hypercompetitive global market. Innovation is the process of translating an idea into a good or service that creates value or for which costumers will pay.

A firms’ success is heavily dependent on the way its senior management lead the rest of the staff and how they cope in times of chaos and calamity. Without the correct employees in place to improve, the company would find it extremely difficult to survive amongst the constant changes of the global environment. It is through research and development that firms can develop themselves in a way that maintains their competitive edge, allowing them to reach both their local and global goals.

Business Challenges

There are many challenges that can be considered to be todays major business challenges, both locally in New Zealand and on the global stage too. The following are key challenges that can be identified on a global scale

- Marketing and customer loyalty

- Effectiveness of staff

- Increased

The uprising of social media sites such as Facebook, Instagram, Twitter etc has made a complaint from one individual reach the rest of the community in a matter of seconds. What used to be formal complaints has now become a business challenge where a business could lose all its customers and interest due to online protests. It is evident that fast food franchises are the worst affected by these kind of social pressures, as many of their menu options are considered to be of a unhealthy nature. Everything from the grease content to the high levels of sugar in their soft drinks, many of these franchises take notable hits. However, due to their global presence and popularity, franchises such as McDonald’s and KFC remain in high business regardless of the social pressures they are effected by. But if you were your local bakery, things could develop to a point where no one comes to purchase your products anymore due to social