Can multinationals wield competitive advantage by aggressively hiring talented members of the excluded social group in each market?
Initial DB on Tailoring strategiesby Celia Farr – Thursday, 11 May 2023, 4:34 PM 8o6 DB 1 A business looking to expand into new locations considers adjusting its business strategy to meet the needs of the new market. Consideration must be given to the market specifics, the local targeted consumer, and the regulatory framework governing the location. The organization may tailor the business strategy through a comprehensive plan that includes market analysis, cultural study, and an in-depth examination of the regulatory structure. In studying the market, the business adapts its strategies to meet the needs of the regional market. Additionally, consumer preferences, spending patterns, and local trends are examined. After tailoring offerings to the local market, the customs and norms of that locale are analyzed. Knowing the cultural needs and expectations minimizes possible blunders or missteps that might damage the brand. Further, buy-in enhancement occurs when respect for the culture occurs. Different locations have different regulatory structures that affect the ability to expand into their markets. Not knowing the governance can cost time, money, and reputation when proper regional necessities are not followed. Legal difficulties might offset any success the company anticipates before the expansion occurs. Considerations of markets, cultures, and legalities are important when tailoring an addition into a new market.DHA 806 DP :WK 2by Eberechukwu Nwaogu – Wednesday, 10 May 2023, 10:57 AMThe aim of global strategy is financial gain and business success. When expanding into a location, it is essential for a global strategy to determine or evaluate the extent of activities that will be tailored to the area of interest in the location, such as customers’ willingness to pay, reduced cost, or a mixture of both. Therefore, performing business analysis and learning about the competitive landscape, customer choices, regulatory bodies, and cultural differences is essential. For example, a market idea that works for one region may fail in another. Therefore, it is necessary to understand an area of interest to avoid business suicide.Next is calculating the extent of involvement and how it should be executed. Therefore, examining the costs and benefits of the location is significant. So, evaluating the competitive landscape allows providing a strategy to have product differentiation that creates a unique difference from other products, thereby increasing competitive advantage. A competitive advantage allows for innovation and growth by increasing financial growth.
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