Strategic approaches

Management
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Distinguish between the terms "Think-Local, Act-Local," "Think-Global, Act-Global," and "Think-Global, Act-Local" strategic approaches.

FYI..No copy n paste, Half a pg 1 reference. The best will do a wrk for me.

Nov 7th, 2014

Think- local, act- local is a multi-domestic approach, think global, act global is a global strategy while think global, act local is a transnational strategy. Think- local, act- local which is a multi-domestic approach is suitable for organizations and industries that must diversify their offerings of products and services. The approach also ensures that a country changes its competitive approaches in different countries. This is usually in an effort to contain the different customers and clients with dissimilar preferences. There are also different market conditions in the different countries that must be accommodated. On the other hand, the think global, act global which is a global strategy must be adopted by organizations and industries that want to gain significant cost benefits. The cost benefits are accumulated from the homogeneous and global approach that is integrated. With this approach, there is little or no need for local receptiveness (Wilken & Sinclair, 2011).

Finally, the think global, act local which is a transnational strategy must be used by organizations and industries where there is need for local receptiveness. The organizations must be in a position to accumulate substantial benefits from the approach. It is an international strategy that must be implemented with a lot of carefulness. The organization implementing it must realize that there are challenges associated with its implementation. In this strategy as opposed to the others, an organization can apply the same competitive advantages in different markets. It can do this along with the customization of offerings of product and operations. This will enable the organization in question to fit in all the local market circumstances (Wilken & Sinclair, 2011).

References

Wilken, R., & Sinclair, J. (2011). Global marketing communications and strategic regionalism. Globalizations.



Nov 7th, 2014

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