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Business Synoptic - Essay Example

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Module Name: Title of the Assignment: Name of the student: Student number: Submission date: Word Count: 4021 Feedback Sheet An example illustrating a link between two topics or concepts different concepts from two distinct modules Nestle’s approach in entering new markets is based on two different concepts – the corporate planning process and the method of inquiry…
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Download file to see previous pages It also helps define the optimal use of the resources in the changing business environment to meet the set objectives. A strategy defines the roles and responsibilities of the organization. According to the Harvard Policy Mode, strategy is a pattern of purposes and policies defining the company and its business (Carter, 1999). The strategy implementation involves several steps as follows: Source: Schraeder (2002). Globalization is a concept that speaks of one world with similar tastes and preferences. However, Nestle does not believe in globalization of consumer behavior and tastes. They follow the philosophy that consumers are individuals. They do not follow a set pattern and hence cannot be classified as global consumers. Thus, in clarification of their objectives, they evaluated the globalization trend and concluded that they wanted to have a customization approach rather than a globalization approach. However, the globalization principle did help in focusing on the emerging markets as they conducted an external and internal analysis. They could identify the gap in the services in the emerging markets and found tremendous potential. They could foresee the removal of trade barriers and the rising consumerism in these economies. This is the reason they adopted the early-mover principle in these markets. They could also analyse and find that they could achieve competitive advantage by fulfilling consumer needs in these markets. Link between the two concepts Strategy implementation involves several steps. Strategy implementation required them to evaluate the strengths and weaknesses of globalization. It also brought to light that removal of trade barriers had opened up the opportunities in the emerging markets. They thus first developed their corporate level strategy to approach the emerging markets. Strategy is drawn up at three levels – the corporate, business and the functional levels. This helps them decide on the choice of products, the choice of markets and the choice of competitors. To fulfill individual consumer needs or the local needs requires a strategy that differs from the globalization approach. They hence standardize wherever possible but adapted wherever necessary. This provided them with the competitive advantage and gain foothold in the emerging economies. To achieve success, they had to change their strategy of having global managers. Just as there can be no global consumers as per Nestle philosophy, they also believed that the workers should maintain their own cultures but follow the Nestle principles. Maintaining their own cultures enables them to understand the market needs better and make adaptation as necessary. Thus, as a part of their functional strategy, they provided complete autonomy to the local managers to function but in alignment with their overall philosophy, they maintained control having their own expatriate managers to oversee the operations in these nations. After careful evaluation they adopted the transnational approach to internationalization as it allows them control over the operations. They could understand that consumers are not global in their tastes and behavior and that local culture is important. The two concepts are interlined because strategy cannot be developed in isolation. Since the trend was towards globalization, Nestle evaluated the strategic options and concluded that it could gain competitive advan ...Download file to see next pagesRead More
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