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Industrial development, globalization and multinational enterprises: new realities for developing countries - Term Paper Example

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Global Expansion Management Strategies Paper Executive Summary Globalization has turned the world into a global village where individuals, communities, governments, and businesses are linked around the world; it has shrunk the world by establishing the interconnection between economics, politics, technology, and culture of countries…
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Industrial development, globalization and multinational enterprises: new realities for developing countries
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Download file to see previous pages Advancement in technology has escalated the pace of globalization in past two decades; it is one the major reason which has made the globalization possible. Technology works as a vital force in the development of business globalization; it has given a new face to the world economy. Innovations in information and communication technology have become more proficient, smaller in size, and comparatively more inexpensive. In the past good and services produced were sold only at national level; the scope of the growth, profit, sales was limited to the product development; the swiftness of development was slowed down to the position where a company looks for new avenues to grow, therefore there was a growing need to expand globally to increase the market reach to achieve the new opportunities of growth. Cultural and political differences are the two major variations, companies’ encountered while operating in various regions of the world, therefore the consideration of cultural and political differences is very important as the purchasing decisions of individuals are strongly impacted by cultural and political beliefs. ...
Internationalization is the process of establishing and practicing technical standards around the world whereas localization is the process of improving or modifying a product according to the need of the local market. To expand globally, an organization needs an effective market entry strategy. There are different strategies organizations use to enter into the foreign market which are export, licensing, franchising, contractual manufacturing, strategic alliance, and investment. There are number of factors which influence the selection of the market entry strategy which includes size of the organization; target market size and potential; long-term growth potential of the business, nature of the product; cost advantage; capital required to execute market entry strategy; the intentions of growth; risk attached with each strategy; legal, political, cultural, and economic environment; and technological factors effects the decision. When an organization expands its operations in the new foreign market, it needs to understand the new market in depth as the upcoming profits depends on the developed understanding, therefore the role of research and development in global expansion and in assortment of the right strategy for going global cannot be ignored. It allows an organization to better understand the market trends and changing needs of target customers. The report suggests that to go global, an organization should determine the need of global expansion and right set of global strategies; than it should selects the appropriate market entry strategy; an organization should also spend appropriate amount and time on research and development; lastly an organization should observe the political and cultural differences in the region and ...Download file to see next pagesRead More
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