PART 1 Flashcards
FACTORS THAT SHAPE THE GLOBAL BUSINESS LANDSCAPE
(5-ETPSE)
- Economic Trends and Globalization
- Technological Advances and Digital Transformation
- Political and Regulatory Environment
- Social and Cultural Factors
- Environmental Concerns
- Greater globalization leads to increased competition and access to new markets.
Economic Trends and Globalization
- Understanding economic trends is crucial for navigating the international business environment.
Economic Trends and Globalization
Rapid technological changes impact how businesses operate and compete globally
Technological Advances and Digital Transformation
Organizations must keep up with technology to avoid falling behind competitors.
Technological Advances and Digital Transformation
Varying laws in different countries affect trade agreements, tax policies, labor regulations, and intellectual property rights.
Political and Regulatory Environment
Companies operating globally must navigate diverse political and regulatory landscapes.
Political and Regulatory Environment
Consideration of cultural differences, language barriers, and consumer behavior patterns is essential for global business success.
Social and Cultural Factors
Corporate social responsibility initiatives gain importance globally.
Stakeholders demand sustainable
Environmental Concerns
Stakeholders demand sustainable practices, including ethical sourcing and reducing carbon emissions, influencing global business operations.
Environmental Concerns
STRATEGIES FOR SUCCESS IN THE GLOBAL BUSINESS LANDSCAPE
(8-MASFICC)
- Market Research and Analysis
- Adaptation and Localization
- Strategic Partnerships and Alliances
- Corporate Social Responsibility (CSR) & Sustainability
- Flexibility and Adaptability
- Investment in Innovation and Technology
- Crisis Management and Contingency Planning
- Continuous Learning and Skill Development
Deep understanding of local markets, competition, and cultural nuances.
Market Research and Analysis
Allows adaptation of products, services, and marketing strategies for specific regions
Market Research and Analysis
Market Research Process (5-PARDD)
Problem definition
Approach formulation
Research design and selection
Data collection
Data processing
Tailoring offerings to meet the needs and expectations of consumers in different countries.
Adaptation and Localization
Customizing product features, packaging, pricing strategies, and promotional materials while maintaining brand consistency.
Adaptation and Localization
Collaboration with companies possessing expertise or resources in specific areas.
Strategic Partnerships and Alliances
Provides access to new markets or technologies and minimizes risk in global expansion
Strategic Partnerships and Alliances
CSR initiatives contribute positively to society, building trust with customers.
Corporate Social Responsibility (CSR) & Sustainability
Emphasis on sustainability measures, such as reducing carbon footprint or plastic usage, for long-term social and financial benefits.
Corporate Social Responsibility (CSR) & Sustainability
Readiness to adapt strategies based on changing global conditions
Flexibility and Adaptability
Flexibility in response to environmental shifts, regulatory changes, or market dynamics
Flexibility and Adaptability
Emphasis on research and development to stay ahead in technological advancements.
Investment in Innovation and Technology
Incorporating innovative solutions to address global challenges and remain competitive
Investment in Innovation and Technology
Preparation for potential crises, considering geopolitical issues or natural disasters
Crisis Management and Contingency Planning
Implementation of robust contingency plans to ensure business continuity during unforeseen events.
Crisis Management and Contingency Planning
Ongoing training and development to adapt to evolving global business trends.
Continuous Learning and Skill Development
Ensuring employees possess the skills needed to navigate diverse markets and challenges.
Continuous Learning and Skill Development
