Strategies for Competing in Globalizing Markets

1. CONCEPT PRESENTATION

Companies nowadays are not only concerned with putting up businesses for profit alone but, they are now more concerned of its growth not only locally, but globally. These companies go for expansion in order to:

← Gain access to new customers;

← Obtain access to valuable natural resources;

← To capitalize on resource strengths and capabilities;

← To achieve low-cost and competitiveness; and

← Spread business risk across wider market base.

In which case, here are some tips to remember in planning to go global:

← Get the right consultant to help you set up your branch;

← Aim at the neighboring markets, especially the hot markets nowadays, which include: China, Indonesia, Thailand, Dubai and South Korea;

← Find a partner who knows the market, familiar with the industry and has the money to invest; and

← Grow your business slowly.

But before eyeing the foreign market, there are things that one should first remember to:

← Be successful;

← Establish a strong brand;

← Build a reputation for quality;

← Shape up; and

← Adapt to various markets. 1

2. MATERIAL PRESENTATION

H.J. Heinz founder Henry Heinz developed sophisticated brand-building strategies without the advantages of modern economic analytic technique, data and theory.

Today we might point to Heinz and Noble's skill in exploiting economies of scope, in developing additional goods that utilized existing inputs and organizational capabilities. 2 But neither man thought in theoretical terms about what he was doing. Like other entrepreneurs at other times, they were working to expand a fledgling business operating in a new, as yet largely undefined, market. Heinz and Noble believed that they had no time to lose. To make the most of the opportunity they saw before them, they would have to use their limited financial resources and more ample creativity as efficiently as possible. Increasing the company's...