Philadelphia Finance

Apr 9 2019

Global Strategy

#globalisation, #globalization, #international, #multinational, #multi-national


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Global Strategic Management

During the last half of the twentieth century, many barriers to international trade fell and a wave of firms began pursuing global strategies to gain a competitive advantage. However, some industries benefit more from globalization than do others, and some nations have a comparative advantage over other nations in certain industries. To create a successful global strategy, managers first must understand the nature of global industries and the dynamics of global competition.

Sources of Competitive Advantage from a Global Strategy

A well-designed global strategy can help a firm to gain a competitive advantage. This advantage can arise from the following sources:

  • Efficiency
    • Economies of scale from access to more customers and markets
    • Exploit another country’s resources – labor, raw materials
    • Extend the product life cycle – older products can be sold in lesser developed countries
    • Operational flexibility – shift production as costs, exchange rates, etc. change over time
  • Strategic
    • First mover advantage and only provider of a product to a market
    • Cross subsidization between countries
    • Transfer price
  • Risk
    • Diversify macroeconomic risks (business cycles not perfectly correlated among countries)
    • Diversify operational risks (labor problems, earthquakes, wars)
  • Learning
    • Broaden learning opportunities due to diversity of operating environments
  • Reputation
    • Crossover customers between markets – reputation and brand identification

Sumantra Ghoshal of INSEAD proposed a framework comprising three categories of strategic objectives and three sources of advantage that can be used to achieve them. Assembling these into a matrix results in the following framework:

Sources of Competitive Advantage

The least favorable of these roles is the black hole, which is a subsidiary in a strategically important market that has few capabilities. A firm can find itself in this situation because of company traditions, ignorance of local conditions, unfavorable entry conditions, misreading the market, excessive reliance on expatriates, and poor external relations. To get out of a black hole a firm can form alliances, focus its investments, implement a local R ?>

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