As globalisation is intensifying, to compete effectively in the global environment businesses need to think long term and determine what would be the most suitable strategy within their industry both domestically and globally.
To a great extent the strategy will be determined by:
- The size of the business
- Its structure
- The industry
- Degree and strength of globalisation
- Major players in the domestic market
All of these determine the degree of pressure that the local business will be under.
Most local companies appreciate the impact of internal and external factors, the significant role they play and the challenges and opportunities they present. Each company must determine its strength and weaknesses in order to determine the international marketing strategy which would serve it best long term.
One way of determining a suitable strategy would be to consider the company’s assets. If a company’s assets only gives it a competitive advantage domestically, then these assets cannot easily be replicated overseas. So the key is to think long term and adjust accordingly where the company’s assets can be utilised (transferable) in the selected overseas markets as well; thereby maintaining its competitive advantage domestically and internationally.
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