Globalization

Question 1

Operations related strategies

Answer 1

Global supply chain optimization

Strategic sourcing and vendor management

Lean and agile manufacturing practices

Offshoring and nearshoring strategies

Quality management and standardization

Risk management and resilience planning

Technology and digital transformation

Environmental sustainability and green operations

Collaborative partnerships and alliances

Continuous improvement and operational excellence

Question 2

Global supply chain optimization:

Develop strategic partnerships with key suppliers and vendors to foster collaboration, innovation, and value creation throughout the supply chain

Answer 2

Streamline and integrate supply chain processes to enhance visibility, coordination, and efficiency across global networks.

Implement advanced supply chain technologies such as IoT and AI to improve transparency, traceability, and real-time monitoring of inventory, shipments, and logistics.

Question 3

Strategic sourcing and vendor management:

Answer 3

Identify and evaluate suppliers globally to optimize sourcing decisions based on factors such as cost, quality and reliability.

Develop strategic partnerships with key suppliers and vendors to foster collaboration and innovation throughout the supply chain

Question 4

Lean and agile manufacturing practices:

Answer 4

Adopt lean manufacturing principles and practices to eliminate waste, improve productivity, and enhance response to changing customer demands.

Implement agile manufacturing strategies that enable rapid adaptation to market fluctuations, demand variability, and supply chain disruptions.

Question 5

Offshoring and nearshoring strategies:

Answer 5

Evaluate offshoring and nearshoring options for manufacturing, production, and service activities to leverage cost advantages, access specialized skills, and mitigate geopolitical risks.

Balance cost considerations with factors such as transportation costs regulatory compliance when determining optimal sourcing locations

Question 6

Quality management and standardization:

Answer 6

Establish robust quality management systems and standards to ensure consistency, reliability, and compliance with quality requirements across global operations.

Implement and Total Quality Management (TQM) practices to drive continuous improvement and excellence in product and service quality.

Question 7

Risk management and resilience planning:

Answer 7

Conduct comprehensive risk assessments to identify and mitigate risks associated with global operations

Develop contingency plans to respond effectively to unforeseen events and minimize operational disruptions.

Question 8

Technology integration and digital transformation

Answer 8

Embrace digital technologies such as cloud computing and enable real-time decision-making.

Integrate enterprise resource planning (ERP) systems, supply chain management (SCM) software, and digital platforms to connect global operations and facilitate data-driven insights and collaboration.

Question 9

Environmental sustainability and green operations

Answer 9

Adopt sustainable manufacturing practices, renewable energy sources, and eco-friendly materials to minimize environmental impact and promote CSR

Implement green supply chain initiatives such as carbon footprint reduction and recycling programs to achieve environmental sustainability goals and meet regulatory requirements.

Question 10

Collaborative partnerships and alliances

Answer 10

Collaborate with strategic partners, suppliers, and customers to share resources, expertise, and best practices for mutual benefit and competitive advantage.

Form alliances to address common challenges, pursue innovation opportunities, and drive industry-wide initiatives for sustainable growth.

Question 11

Continuous improvement and operational excellence

Answer 11

Foster a culture of continuous improvement, innovation, and operational excellence across the organization through employee training, empowerment, and recognition.

Implement performance metric to monitor performance, identify improvement opportunities and drive operational excellence initiatives globally

Question 12

Entry strategies

Answer 12

Approaches that businesses employ to enter and expand into international markets

Question 13

Exporting:

Answer 13

Involves selling products or services produced in one country to customers in another country.

Direct Exporting:
Selling products directly to customers in foreign markets without intermediaries.

Indirect Exporting:
Utilizing intermediaries to sell products in foreign markets.

Question 14

Licensing and franchising:

Answer 14

Licensing:
Granting permission to a foreign company to use intellectual property rights in exchange for royalties or fees.

Franchising:
Allowing a foreign entity (franchisee) to operate under the brand of the franchisor in exchange for franchise fees and royalties.

Question 15

Joint ventures and strategic partnerships:

Answer 15

Joint Ventures:
Establishing a new business entity in partnership with a local company or foreign partner to share resources, risks, and expertise in entering a foreign market.

Strategic Partnerships:
Collaborating with local companies, suppliers, or distributors to leverage their market knowledge, networks, and resources for mutual benefit.

Question 16

Foreign Direct Investment (FDI):

Answer 16

FDI involves establishing wholly-owned subsidiaries or manufacturing facilities in foreign countries to gain full control over operations and market presence.

Greenfield Investment:
Building new facilities or establishing operations from scratch in a foreign market.

Acquisition:
Acquiring existing businesses, assets, or stakes in local companies to enter or expand in foreign markets

Question 17

Strategic alliances and consortia:

Answer 17

Forming strategic alliance with other companies to jointly pursue opportunities, share resources, and mitigate risks in foreign markets.

Consortium Bidding:
Collaborating with competitors to bid for large-scale projects in foreign markets.

Question 18

E-commerce and online platforms:

Answer 18

Leveraging e-commerce platforms to reach international customers directly without the need for physical presence or intermediaries.

Setting up localized websites, digital advertising, and payment gateways to cater to diverse consumer preferences

Question 19

Strategic diversification:

Answer 19

Diversifying into related or unrelated industries or product categories to spread risk and capitalize on growth opportunities in different international markets

Leveraging core competencies, technology, or brand equity to enter new markets or expand product lines globally.

Question 20

Strategic licensing/ co-production:

Answer 20

Licensing technology to local partners or manufacturers in foreign markets to produce or distribute products locally.

Co-producing with local partners to benefit from their market knowledge

Question 20

Strategic alliances and joint research:

Answer 20

Collaborating with local research institutions or government agencies to conduct joint research projects in foreign markets.

Sharing knowledge, expertise, and resources to develop innovative products and technologies tailored to specific market needs.

Question 20

Subsidiary management and control

Answer 20

Establishing subsidiaries in strategic locations to manage operations, sales, marketing, and distribution activities in multiple foreign markets.

Ensuring effective governance, management oversight, and coordination between headquarters and subsidiaries to maintain control and alignment with global business objectives