How Firms Take Advantage of Globalization through Their Internationalization Strategy - Assignment Example

Business Analysis Table of Contents Section A 4 Q. 3. Distinguish Between Mission And Objectives Of A Firm. With A Few Case Studies Examine Whether aFirm’s Vision Is a Static Concept or Dynamic. 4 Mission of Business 4 Objectives of Business 5 Difference between Mission and Objectives of a Firm 5 Vision: Static or Dynamic 7 Q. 4. Distinguish Between Globalization And Internationalization. With A Few Case Studies Examine How Firms Take Advantage Of Globalization Through Their Internationalization Strategy. 8 Globalization 8 Internationalization 9 Difference between Globalization and Internationalization 9 Taking the Advantages of Globalization through Internationalization Strategy 10 Section B 13 Q. 5. Explain Why An Understanding Of Market Structure And Its Implications For The Nature Of Competition Would Be Useful For An Organisation And Discuss How They Might Use This Information To Their Advantage. Use Appropriate Examples To Illustrate Your Argument. 13 Q. 7. The Recent Recession Has Led To The UK Government Employing Austerity Measures And Quantitative Easing In Order To Mitigate The Effects Of The Downturn. Explain How These Policies Are Intended to Work and Discuss The Implications Of These Policies For Businesses In The UK 17 Austerity 18 Quantitative Easing 18 Implications of Employing Austerity Measures and Quantitative Easing For Businesses in the UK 20 References 23 Bibliography 28 Section A Q. 3. Distinguish Between Mission And Objectives Of A Firm. With A Few Case Studies Examine Whether a Firm’s Vision Is a Static Concept or Dynamic. In the present day business scenario, companies have the need to perform efficiently in order to sustain in the global market for a longer duration. In this context, it will also be vital to depict that the level of competition in the global business is also quite intense owing to which the need to ensure effectiveness in each of the business domain is indeed quite prominent. Observably, setting proper mission and objectives is one of the primary steps towards executing the activities of the business. Notably, companies with clear set of appropriate, achievable, or measurable goals and objectives in alignment with the abilities and capacity of the business, have greater probability to attain utmost success. It will be vital to mention that objectives and mission of companies are often seen as two similar facets (Adekola&Sergi, 2012). However, their lays major set differences between the two components which are discussed in detail hereunder. Mission of Business Missionalsoknown as mission statement in the business domain is a particular approach of the companies where they present the plans of the business in a precise manner based on their abilities and capacity. It can also be described as a statement of any business where the functions along with the goals of the unit are presented. It can be asserted that a mission statement is a particular document that describes organization in a brief. It also depicts the primary aims of the business with regard to customer satisfaction, products orientation, and growth and expansion of the business among others. Mission statement provides the human resource of the business with an overview of what the business intends to achieve in the long run. Attainment of the mission of the company will ultimately lead to success for the business in the long run (Whitman &Mattord, 2013). Objectives of Business Similar to that of the mission, objectives of any business is also a vital component that contributes towards setting the right tone for the operations of companies. Objectives provide clear set of strategic direction to any business. It will be key to mention that companies that are been able to enjoy enduring success in the global business platform has been quite effective in setting the right vision for their business in alignment with the ever-changing and challenging business world. Objectives of any business depict the core values and ideologies. Core values of any business might refer to the aspects of product diversification, leadership, management approach and technological competencies among others. Core values of any business provide the organization with the glue that can hold the business together with regard to decentralization, diversification and globalisation among others. Precisely, it can be depicted thatset of objectives provide clear picture of the business with regard to its strategic planning for the future context (Fisher & et. al., 2014) Difference between Mission and Objectives of a Firm As described earlier there is a considerable difference between mission and objectives of any business. Observably, mission statement can be considered as a particular statement that depicts the predetermined vision of the unit. It will not be ambiguous to state that vision that company sets acts as a core component of the mission in the long run. One of the most vital roles of the mission statement is to ensure that the vision is put into effect in practicality for further setting the desired direction for the unit. It has also been observed that mission statement of companies also provided the platform to put into practice the core values as well as ideologies of the business. Mission statement of companies also depicts the purpose for which the business intends to operate effectively in the long run. It is also often regarded as the methods though which the vision of the business are accomplished. It will also be crucial to mention that a mission statement not only set the long term approach for the business, but it also provides the probable or the desired outcome from the same. It is also one of the vital parts of the business with regard to ensure a commendable performance for any business unit (Dermol, 2012). On the other hand, objectives of the business primarily depict the short term and long term goals of companies. They are also regarded as the series of goals that companies determine or develop in order to accomplish their mission. It will be crucial to mention that each and every objective of business units is differentiated through a series of steps so that the ultimate mission of the unit could be attained. Furthermore, it will also be worth mentioning that unlike mission of companies, the prospect of business objectives are actionable as well as measurable up to quite a larger extent. Notably, objectives are the specified and quantifiable targets that are set by companies for a particular period. An example in this regard will be the approach of companies to increase their short term profitability. When companies seek to augment their revenues for a specified period, it will be considered as an objective. In precise, objectives of any business can be regarded as the set of goals defined by the companies to attain their mission statement. Thus, it can be stated that a mission can be in the form of exceeding the expectations of the customers through the deliverance of products and services while objective in the same context would be to improve the abilities of the human resources along with the business infrastructure so that the mission to deliver quality services to the customers could be duly accomplished (Business Case Studies, 2014). Vision: Static or Dynamic Vision of companies clearly depicts about what company intends to achieve in its long run operations. In general, a vision statement remains constant with the operations of the company over the years. A vision statement is presented for the stakeholders of the company with the initiation of the business. Vision statement mainly intends to present the approach of the company towards the stakeholders including the society, employees, environment and the investors along with what it intend to achieve for the same in the long run (Evans, 2012). Vision statement mostly remains static as it represents the core values and ethics of the business which could not be transformed in course of time. This can better comprehend from the static nature of the vision of the companies like Coca Cola and Tesco that remains constant over the years. Notably, Coca Cola which is one of the largest food and beverage companies of the world has a clear mission and a set of predetermined objectives to attain the same. The vision of the company over the years is to attain a position in the global market where it can create a difference and refresh the world with its products. It also intends to convey happiness from the deliverance of its products and services. In order to attain its vision in the long run the company set certain measurable and realistic objectives. The company intends to deliver healthy and trustworthy products to the customers around the world so that it can create a better position in the global market. The company also intends to ensure continuous development in its products or services so that it could live up to its core values i.e. to refresh the world with its operations (Coca Cola, 2014). Similarly, Tesco which is one of the leaders in the global retail sector also has a static vision statement. The company sets a vision to ensure the deliverance of value for the customers with its products or services so that it could be able to earn the loyalty of the customers in the long run. Contextually, in order to attain its vision, the company seeks to develop its retailing services and diversify its business in various sectors so that it can serve the customers on a wider scale. The company also seek to deliver products and services to the customers at an affordable price along with noteworthy qualities so that they can contribute positively in the day to day lives of their customers. These are further regarded as objectives of the unit (1Tesco, 2014). Q. 4. Distinguish Between Globalization And Internationalization. With A Few Case Studies Examine How Firms Take Advantage Of Globalization Through Their Internationalization Strategy. With the rapidly increasing competition in the global business domain, companies seek to attain a sustainable position for itself through its operations. In this regard, the approach of business expansion is deemed to be primary choice of business units where they seek to operate globally and compete in the global market. Contextually, the aspect of globalisation and internationalization came into existence. Though both globalization and internationalization are relevant with expansion policies of company, there still exist certain difference amid the two. These are apparently highlighted hereunder. Globalization Globalization in the business domain refers to the expansion of the business in the global platform across national and international boundaries. With the advent of the globalization countries around the world have shown flexible approach towards the foreign companies while encourage them to operate in their respective business market. This aspect not only benefits the companies as they can operate in a wider scale but also deemed to be advantageous for the countries owing to the aspect of economic development. Notably, the phenomenon of globalization has improved communication amid countries to a larger extent and thus with less barriers companies have offered with the opportunity to establish their operations in other nations of the world (Ali &Kaynak, 2012). Internationalization Notably, internationalization is a particular strategic process of companies where they intend to increase their involvement within international markets through establishing their operations in the same. It is often regarded as growing preferences amid the companies all over the world to operate in the global market. Owing to the approach of internationalization companies seek to take maximum advantage of the available opportunity to expand the business in foreign nations. It will also be crucial to mention that owing to the aspect of internationalization companies aim to emerge with products that can be acceptable across boundaries in any culture (DHL, 2013). Difference between Globalization and Internationalization As portrayed earlier, there is a considerable difference amid the prospect of globalization and internationalization. Though both the prospects fulfil similar objectives, there is certainly a difference amid the two. Notably, the prospect of globalization is often referred to as drastic transformation throughout the world in terms of technologies, economies and cultures while internationalization simply means a specific strategic approach of companies to operate internationally. Globalization includes the advancement in the domain of telecommunications, trade flexibility along with financial regulation that has further worked towards developing positive relationship amid countries. It also ensuresan increase in the flow of FDI throughout the world. On the other hand, internationalization is a more simple and universal approach which mainly relates with the domain of trade and business rather than cultural or economical factors. It is not used as a tool to improve relationship amid two nations rather it focus on ensuring positive transformation of trade relationship between two nation through signing trade or business treaties (Mitchell & Nielsen, 2012). The difference amid internationalization and globalization can also be specifically portrayed in the domain of business and trade. Notably, in terms of business, globalization is a particular phenomenon that primarily refers to liberalization of the companies while internationalization explainscross-country business-related activities of firms. Again, it can also be stated that globalization is the process or the strategy where companies presents their products or services in the global market while on the other hand internalization is a particular approach of firms to developed products and services for the international market based on linguistic or cultural significance (Anastasiou&Schaler, 2014). Internationalization and globalisation can also be differentiated on the basis of social and cultural factors. Notably, globalization is a particular prospect that depicts the interconnectedness amid nations on the basis of social or cultural factors. Owing to improvement in communication and transportation resulting from the process of globalization, people began to migrate from one place to another further which increased the sharing of culturaland social values. This has also lead to the increased dissemination of western culture throughout the world. On the other hand, with regard to social and cultural factors internationalization is a term that can be described as sharing of business culture including ideas and values amid people all over the world (Anastasiou&Schaler, 2014). Taking the Advantages of Globalization through Internationalization Strategy It is evident that with the emergence of globalization in the scene, companies have been able to expand their business across national and international boundaries further enhancing their scale of operations and market share. In the contemporary environment, business units have the opportunity to grow their business in the international market with the assistance of their global strategies. This aspect further depicts that companies take the advantages of globalization through their global or internationalization strategies. These aspects can be better comprehended from the case studies of internationalization of companies. Internationalisation of Chinese firms has been one of the key examples of how companies are taking advantage of globalization. China is often regarded as one of the prime internationalised nation in the contemporary world as most of the Chinese firms seek to operate outside the national demography. For example, in the domain of exporting Chinese firms are deemed to be the most prevalent. There is large number of Original Equipment Manufacturing (OEM) companies in China which are involved in subcontracting with foreign companies. This can be better comprehended from the fact that an excess of 7470 number of Chinese firms has expanded their business in more than 160 nations of the world (Rosch, 2013). This is largely owing to flexibility in the trade policies amid nations due to the emergence of globalization. This aspect also depicts the ways companies are leveraging the benefits of globalization with the assistance of their global business strategies. The case of internal growth of company like Haier can be vital to be taken into consideration. Notably, Qingdao Haier is one of the most recognised players of the world in the electronic sector. However, this reputation gained by the company is largely owing to its internationalization strategy that enabled to grow and flourish in the global market. In its initial days the operations of the company was mainly limited in the mainland of China. However, in course of time the company owing to globalization succeeded in attaining a commendable position in the global electronic market. In course of its operations, the company shifted its focus on its internationalization strategies and growth in the markets of US and European continent. Owing to the opportunities provided by globalization, the company started exporting its products in European, American and Japanese market through offshore manufacturing. It will be crucial to depict that owing to internationalization strategies, the company had been able acquire revenue of USD 12 billion in the international market during the operations years of 2004 (Yan &Guanli, 2014). This particular aspect also depicts about how companies take the advantage of globalization strategy through their internationalization strategies. Section B Q. 5. Explain Why An Understanding Of Market Structure And Its Implications For The Nature Of Competition Would Be Useful For An Organisation And Discuss How They Might Use This Information To Their Advantage. Use Appropriate Examples To Illustrate Your Argument. With the rapidly increasing competitiveness of the companies across different industry seek to develop various functions of business so that overall effectiveness of the company could be ensured. In this regard, it will be vital to mention that effective strategies within the decision making of the management of the business are extremely important. It has been analysed that in the present day scenario companies will need to be more accurate and effective in terms of strategic development in comparison to that of its competitors in the global business domain. This will not only provide a competitive edge to the company but will also lead to long term sustainability. Contextually, it will be key to mention that in order to compete in the global competitive business market, companies has the need to develop proper understanding about the market structure along with the competitive environment so that appreciate decision making can be ensured within the business in the long run. It will be vital to mention that market structure refers to the composition of the market as well as its nature with regard to the approaches of the companies operating in the same. It can also be in the form of analysing the relative strengths of the buyers or the customers in terms of their purchasing power. Some of the basic forms of market structure include perfect competition, monopoly and oligopoly among others. It will be crucial to mention that each of this market structure has its own set of characteristics that can influence the operations of the companies one way or the other (Grimes, 2012). Notably, market with perfectly competitive structure often requires companies to operate more effectively and efficiently in order to gain a competitive edge. This means that since companies in this particular market structure deal with identical goods, they need to levy focus on differentiating their operations on the basis of price and quality of the products to attain sustainability (Arnold, 2013). In such market structure, there is large number of companies while the products and services offered by the same are more or less similar in nature. Furthermore, it has also been noted that in such market companies need to be more innovative in presenting their products so that the customers can consider their operations unique. Innovative products will attract the attention of the customers and will enable them to make better decision while acquiring the product. Since, this market has mostly similar products; customers make their purchasing decisions mainly on the basis of price, design and quality of the products, thus focus should be levied more on innovation and product design. This approach will not only yield loyalty of the customers but will also provide a competitive advantage for any player within the market (Arnold, 2013). In monopolistic market, competition is quite minimal amid companies due to the presence of few noteworthy players. As in such markets the threat of substitution of products is less, companies can operate with a traditional approach with less implementation of innovation within the business. Furthermore, the fact that monopolistic market includes one single seller for a particular product, the level of competition is indeed limited. On the other hand, in oligopolistic market structure several companies are involved in offering similar products. Though the number of companies in this particular sector is limited to an extent, the level of competition is fierce owing to the lack of product differentiation amid the companies. The automobile sector of the world depicts the features of an oligopolistic market. From the analysis it is apparent that each of the market structure has its own set of characteristics. It will be crucial to mention that in order to ensure better decision making companies need to have a better comprehension about the market structure. It is also important in developing the marketing strategy of the company based on market structure so that better awareness about the products and services can be assured amid the customers (Grimes, 2012). Market structure has certain specific implications on the nature of competition within a particular market. Notably, each of the market structure has its own features that raises or limits the level of competition in the same. For instance, in the oligopolistic market a large number of companies sell similar products. This shows that there is little scope for ensuring product differentiation. This aspect further raises the level of competition within the sector. However, companies within the sector focus more on attaining price leadership to gain advantage over the rivals. These companies adopt strategies to enhance productivity and supply large volume of products so that the customers within the sector could be attracted to make purchase of the same. On the other hand, in the monopolistic market each company has their own differentiated products and a unique position for themselves in the market. Since different company sells different products in such market structure, the level or the intensity of the competition amid the firms is deemed to be quite low or limited to an extent. This aspect further portrays that market structure has substantial impact on the nature of competitiveness of any market. This information is relevant to the nature of market structure along with its implications is quite vital for companies as it would assist them in their strategic decision making approach (Arnold, 2013). Companies for their advantages can use information relevant to the market structure. Notably, in perfectly competitive market structure companies need to make more efficient use of their resources in order to ensure long term business sustainability. This is because of the fact that each of the companies in this sector intends to have a better hold of the market and operate the functions of the business accordingly. In this regard, proper utilisation of the resource i.e. lean approach is a potential step that companies can adopt to enhance the productivity and efficiency of the business (Arnold, 2013). Likewise, companies can adopt a lean approach where they could be able to ensure optimum use of their resources and attain higher level of productivity. The retail sector of the world can be considered as an example of perfectly competitive market owing to the presence of large number of players that sellers that sales similar type of products. Tesco which is one of the biggest players in the retail sector ensures proper use of its resources through a systematic planning process. The company believes in reducing the waste and augmenting the productivity of the business in its day to day operations (Tesco, 2014). This approach of the company has been one of the key aspects that have ensured its sustainability within the highly competitive retail sector. Again, in the oligopolistic market structure, companies needs to more efficient in marketing approach so that they could be able to attain a better market share. In this context, companies in this particular sector should not merely rely on profit maximising approach rather they must need to focus on other aspect of their operations. The automobile sector of the world is a potential example of oligopolistic market. Companies in this sector concentrate more on delivering better and innovative products and services to the customers so that a competitive advantage could be attained. For example Toyota is one of the renowned names in the global automobile sector. The reputation of the company largely creates a requirement for the company to undertake strategies towards maintaining quality as well as innovativeness of its products. The company implements the Total Quality Management (TQM) approach in order to ensure quality of its products and services (Toyota, 2012). This has proved to be beneficial for the company in the global market to acquire competitive advantage over the rivals. Q. 7. The Recent Recession Has Led To The UK Government Employing Austerity Measures And Quantitative Easing In Order To Mitigate The Effects Of The Downturn. Explain How These Policies Are Intended to Work and Discuss The Implications Of These Policies For Businesses In The UK Recession also known as economic downturn is a particular aspect that can simply be described as slowing down of the economy of a nation or the global economy. It is primarily linked with certain key economic factors such as GDP, investment and inflation rate among others. In the recent years, the United Kingdom (UK) has experienced the ill effects of recession such as increase in the rate of unemployment, loss in the labour market, reduced income per household and reduced profitability within the business sector among others (Vaitilingam, 2014). The country faced a stiff economic turmoil mainly in between the period of Q4-2011 to Q2-2012 owing to the sovereign debt crisis in the European nations (Giudice& et. al., 2012). The crisis which is also regarded as the Eurozone crisis, owing to this particular crisis most of the nations of the European continent failed to repay their national debt in the absence of the help of the international monetary fund (IMF). Notably, UK is one of the many countries of the European continent that has witnessed significant economic fluctuation particularly due to the issue of recession. The country (UK) has made an expense forecast of more than 4 times than of the usual national expense (Allen, 2014). However, recent reports suggested that the country is gradually recovering from the effects of recession. This can be considered to be owing to the policies of the government of the UK to employing austerity measures and quantitative easing to mitigate the effects of the downturn. In order to have a better comprehension of the same, the policies are presented hereunder. Austerity Austerity is a particular program initiated by the government of UK as a measure to deal with the ill effects of recession. The primary intention of this particular policy of the government of the nation is to reduce the overall public spending so that positive contribution can be made towards the budget deficit. In economic context, austerity can be referred to as policies of any government to reduce the deficit in budgets that cause due to economic turmoil or any other diverse economic situation. This particular policy mainly includes cost cutting measures along with the increase in tax or at times the combination of the two aspects. It intends to build a particular discipline within the nation where people are encouraged to reduce day to day spending to improve the economy (Blyth, 2013). Within an economy, Austerity mainly intends to reduce the spending of the people mainly by reducing the availability of luxurious items and consumer goods to an extent. It also can be in the form of reducing benefits provided to the public so that improvement can be made in the budget deficit. Quantitative Easing Similar to that of austerity, Quantitative Easing is another policy of the government of the UK to mitigate the effects of economic turmoil. Notably, it is a monetary policy that is mainly used by financial institutions to stimulate any particular economy. In such policies, financial institutions i.e. Central bank purchase securities of the government to reduce the interest rates along with increasing the flow of the money supply within a particular economy. In the policy of quantitative easing, financial institutions increase the supply of money with regard to promote lending as well as liquidity. The process of execution of such policies is deemed bit complex in nature in comparison to other monetary policies. In general, central banks intend to raise the level of money lending indirectly to the economy through reducing rate of interest. Notably, with lower rate of interest people are encouraged to spend more rather than focusing on saving. However, in situations of recession, banks rather than often prefers to increase interest rate so that the level of money lending is reduced and subsequently household spending is minimised. In such scenarios, bank has no options other than putting the money directly into the economy to emend its condition. This particular scenario or approach of banks is further termed as quantitative easing (QE) (BBC, 2014). Fig: Process of Quantitative Easing (Beleggen, 2014) Implications of Employing Austerity Measures and Quantitative Easing For Businesses in the UK The policy that has been described above mainly intends to mitigate the effects of recession on the overall economy of the UK. However, it has been noted that these policies of the government has major implications for the business sector of the nation. Notably, owing to austerity policies, government of the nation has reduced its spending in the business sector which can further affect the small firms within the nation negatively (Monaghan, 2014). Questions have also been raised regarding the aspect of inequality owing to the policies. It has been analyzed that owing to the austerity policy the government has increased the tax for the public but corporation taxes has remained the same despite of the better performances of the UK companies in the preceding three years (OXFAM, 2013). There are extraordinary achievements in the business sector post emergence of the austerity measures in the country. Notably, in the recent times the business sector of the nation has seen immense growth owing to the support frombanks to the business different sectors (Summers, 2014). It has also been noted that reducing the spending of the country along with providing tax benefits for the business sector have certainly impacted the business sectors mostly in the negative manner. Since spending of the people is reduced, the performance of the business sector gets decreased. Moreover, this particular factor also discourages the companies to invest in the economy of UK (Cohen, 2012). It has also been noted that the aspect of austerity has major impact on the private business sector especially on the poorer areas of the nation. This is because of the fact that owing to the austerity policies of the government of the nation, a large section of the lower middle income group has experience a reduction in their purchasing power. This aspect further impacts the medium and small companies who are dependent on the buying behaviour of the people for their effective operation. Furthermore, there are also small autonomous shops in UK that are entirely dependent on the buying behaviour of the people. They also face tough competition from the supermarkets and other large companies which further deteriorate their operations (The Financial Times Ltd 2013). Fig: Impact of Austerity (Fawcett Society, 2012) Similar to that of austerity, the implications of quantitative easing is also quite apparent in the business domain of the UK. There were both positive and negative effects of this particular policy of the government. Notably, owing to the policy of quantitative easing, the banking sector of the UK has experienced considerable growth because of the increase in the demand of loans amid the people. Furthermore, the operations of the insurance companies along with the insurance companies, pension funds and high street financial institutions impacted from the policy of the UK government. Moreover, since the value of government bonds increased substantially owing to the quantitative easing policy, business units that were holding these bonds had the need to invest the same in other companies rather than acquiring more bonds. The impact of quantitative easing within the business sector can also been comprehended from the fact that with the first quarter of 2009, financial institutions in the UK has increased their net worth by more than £200bn. This aspect further depicts that there is an annual economic outflow of 1.5% to 2%, which is again a significant improvement for the economy of the nation (BBC, 2013). References Arnold, R. A., 2013. Microeconomics.Cengage Learning. Adekola, P. A. & Sergi, P. B. S., 2012.Global Business Management: A Cross-Cultural Perspective. Ashgate Publishing, Ltd. Allen, K., 2014. UK Great Recession Almost Over, Says Think-Tank. The Guardian. 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