Blog about ​Globalization

User Generated

noqhyynuzhuqnyqu

Business Finance

Description

Globalization is no longer an abstraction but a stark reality that virtually all firms, large and a small, face. Firms that want to survive in the 21st century must confront this all encompassing force that pervades every aspect of business. In a wide range of industries from automobiles to food and clothing, firms face the pressures of global competition at home as well as in international markets. Choosing not to participate in global markets is no longer an option. All firms, regardless of their size, have to craft strategies in the broader context of world markets to anticipate, respond and adapt to the changing configuration of these markets. Firms initially entering international markets will be more concerned with learning about international markets, selecting an appropriate arena to compete, and determining how to leverage core competencies in international markets. Once in international markets, firms have to build their position in these markets, establishing a strong local presence by developing new products and adapting to local tastes and preferences. As the firm expands internationally, it will need to move away from country-centred strategies and improve integration and coordination across national markets, leveraging its competencies and skills to develop a leadership position.

Discuss the various challenges and opportunities of competing in global markets

Tags: blog
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running head: CHALLENGES AND OPPORTUNITIES IN GLOBAL MARKETS

Challenges and Opportunities in Global Markets
Student’s Name
Course Number- Name of Course
Instructor’s Name
Date

CHALLENGES AND OPPORTUNITIES IN GLOBAL MARKETS

2

Challenges and Opportunities in Global Markets
Participating in global markets has its share of benefits and challenges. Benefits accrued
to participating in the global market are explained below. It gives firms the advantage of
enjoying economies of scale. This is due to large-scale productio...


Anonymous
Really helpful material, saved me a great deal of time.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags