Strategies in Multinational Development - Assignment Example

Strategies in Multinational Development Strategies in Multinational Development Contacts canbe developed by a business manager travelling to their target export destinations, where they are set to meet foreign buyers and representatives; for business discussions and make identifications, evaluation and signing of business deals. This could also happen through attending trade shows, not only at the local level but international; which will have them exposed to what the market demands are and therefore be able to make the right decisions when it comes to finding the right export strategies. Just in case also travelling is much of a deal and they want to save time, managers are advised to find out more about the export market; which is through the internet and have a look at business journals and various banks of the region. 2. Internationalizing a small business through the incremental stages creates high chances of success for that business and high sustainability is guaranteed. This is quite different from when it is started at once by investing a lot of money, which ends up putting the whole idea at risk in case things don’t go as expected. It should be noted that success is only realized when the business is conducted internationally, in a self-directed manner by simply filling normal orders. It will be the growth of this business that places it in a better position for more orders and therefore gain prosperity in the international business world. There are however barriers to this success, and this is in terms of the export market where if not researched on well, the manager might end up unsuccessful in case the product they want to distribute has no market internationally. Inadequate resources can also be a hindrance, as external support is of great need for one to go through this successfully. The culture of a particular country too is a barrier, as some countries attach beliefs to some products and ignorance in this case can be quite an issue. China for instance associates watches with death, therefore such products in that country are not welcome. 3. The internet is widely known to be informative in diverse fields that one would want to research on. When it comes to internationalizing businesses, a manager can be able to find out about the export market; in terms of what products are acceptable in that particular country of choice, their demand, and also get to find representatives in the export market that are to be of help in terms of conducting their business. It therefore in this case saves on the time that would have been used in travelling to one’s country of interest for research purposes. The business person can also, through the help of the internet, access the non-profit agencies that are set to provide external financial support to those with need to venture in international business, which therefore gets them equipped with adequate resources necessary for international business. 4. When thinking of venturing in the export market, one should first be ready to dedicate to it all the attention it deserves, be organized and really plan well. They should have with them the right knowledge as well as organizational skills that are necessary for the business to succeed. This knowledge is in terms of the international currency and regulations governing trade and can be made possible through the manager or business person making a visit to the target country so that they equip themselves with the right knowledge of the export market. It is also important that one finds out about what possible competitors they have in the export market in the target country and know about the culture of the place; as those have an effect on what profits or success one is determined to achieve. 5. Entrepreneurs are known to be the power that drives economic growth. In their business activities, they will always come up with new products in the market through continued innovations. These innovations are welcome, as they result in opening up of new industries that increase productivity as well as the competition we experience in the business market; making it possible for consumers to have various product options to choose from. This competition is what makes it possible for a country to have quality products and therefore be in a position to compete favorably with their competitors. For success to persist, they have to employ a lot of dedication to their work if they have to earn more each day. It is the cropping up of industries due to more innovations that reduce the poverty levels in the country and therefore enhance the economy of the country through provision of job opportunities to the unemployed. Considering entrepreneurship levels on the other hand enables multinationals to come up with different innovations from what the nation offers and therefore have the ability to compete favorably with their competitors in the market. This will make the company better placed as its products will be one of a kind and fulfilling as per the ever changing needs of the consumers. 6. The inability to obtain all the necessary resources required for the business to begin could be a barrier. This can however be handled through seeking of assistance from the government through the short loans they provide for the entrepreneurs who have inadequate resources, or the agencies that are non-profitable and are ready to support small businesses that are to internationalize. Another barrier could be the culture of the country or nation one wants to carry out export business with. Some countries do not recognize some products, or rather as far as their culture is concerned some products are rendered unacceptable. Watches are a good example when it comes to a country like China that associates them with death. It therefore will be impossible for an export business of watches to the country to prosper; due to the beliefs they hold in that matter. It is for this matter that, need to extensively research on the target country comes in. Managers are expected to travel to their target countries or use the internet well in finding out more about the country and what goods are acceptable. 7. It is through the small businesses that innovations come up and the country is developed. As a result of this therefore, job opportunities are availed to the countrymen who have not been lucky enough to get higher level jobs; reducing the levels of poverty in the country. It is also through them that various talents come to light and join in giving ideas that keep expanding the business and welcome even better innovations that make the life of the consumer comfortable; as a result of the products that keep being better each day. Whenever tough economic times knock, these small businesses tend to withstand the waves and be of great help to the ordinary countryman and therefore strengthen the economy of the country. 8. A small business in my view is one that is able to earn one money and provide solutions to the consumers in need of the products. For one to sell their products well therefore, they need to come up with quality innovations that will enable them provide better products in order to be better placed in the business market. Providing better products could be a good strategy because, being that people like getting to experiment on new things, their satisfaction will bring one even more of them once they praise the product amongst their friends. Small businesses also target the needs of all consumers as far as the price of their products is concerned; small businesses therefore come up with goods that are priced in a way that every other person will be able to afford comfortably. References Cullen, J. B., & Parboteeah, K. P. (2014). Multinational Management: Strategic Approach (6th ed.). Mason: OH-South Western. Robert, M. (2007). Internationalizing Business. Journal of international business studies, 14(6), 1132-1161. Read More