Discussion Board
Running head: GLOBAL MARKET STRATEGY 1
GLOBAL MARKET STRATEGY 5
Global Market Strategy
Student’s Name
Institutional Affiliation
Global Market Strategy
My Thoughts on the Relevance of the Tools that I Chose
According to the discussion board that my classmate posted concerning the tools that are needed in determining the global strategy, I still believe that my tools are relevant in determining the best practices to incorporate in enhancing the global approach of a business (Anton, 2015). First, I have outlined elements of SWOT analysis, which are relevant in improving an understanding of a company approaches in improving their practices with marketing communication and strategy. However, I still need to learn more about the application of PESTEL analysis which is relevant in determining the issues that an organization or a company needs to uphold in defining the approaches that are supposed to enhance business practices beyond the common ground.
The elements that are relevant in determining global strategy include analyzing a company's political factors surrounding the operations, the economic factors regarding positive and negative influence, social factors which include income demographic lifestyle fashion and social mobility, and technological factors that incorporate rate of technology transfer changes in mobile technology, new inventions and the speed of technological obsolescence. Besides, PESTEL analysis also outlines the relevance of studying legal factors concerning analyzing tax policies, safety regulations, regulations of competition, unemployment laws that a company needs to uphold while practicing its business approaches in a particular region. I also discovered that I need to analyze the environmental factors that an organization can follow to improve better global strategy concerning interpreting protection and environmental regulations.
Initially, I selected SWOT analysis. I still value the elements of SWOT analysis since they will also enhance my understanding of the needs that the organization has to uphold to maintain its relevance in the market. For instance, my short analysis established the significance of analyzing the internal and external factors with respect to corporate strategy, the importance of studying Porter's five forces, and importance of analyzing competition with respect to ultimate viability of the company and the suitability of explaining new product line in new regions by following five elements (Anton, 2015). The factors include customers, rivals, suppliers, substitutes, and potential entrants. The four categories of SWOT analysis are effective in analyzing the elements that a company can incorporate in enhancing global strategy while looking at the competitive side and performance management of other companies in the market.
The Evidence that I have
The evidence that I have for supporting SWOT analysis is the fact that it is an instrument that has majorly enhanced the performance of Apple Inc company concerning improving its strategy and maintaining its relevance in the society as the top performing industry in the production of electronic gadgets like smartphones.
My Thought on People Who Choose an Additional Tool
Since I have also added the relevance of studying PESTEL analysis in improving global strategy, I also acknowledge the value of the individuals who have chosen to follow an additional tool rather than focusing on the one they selected to enhance the global strategic analysis of a company (Anton, 2015). Improving global strategy analysis requires incorporation of different tools to ensure that the results meet the required standards.
A Brief Analysis of the Market
An analysis of the Chinese market requires the company to focus on entry barriers, and once they have attained relevance in the market, the companies need to analyze their viability in terms of surviving with the available competition by enhancing their products through promoting a better relationship with suppliers and the potential market share (Anton, 2015). The primary Focus is studying supplier’s ability the power of substitutes and improving customers perception towards a company's products. Additionally, an analysis of opportunities in the Chinese market requires a stable focus on the value of competition and the elements to improve in a company to enhance its relevance in the potential market. In that manner, the market is the primary tool to focus on determining the suitability of a company in the Chinese global markets.
Reference
Anton, R. (2015). An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Deephouse, D. L. (2000). Media reputation as a strategic resource: An integration of mass communication and resource-based theories. Journal of Management, 26(6), 1,091–1,112.
Fombrun, C. B. (1996). Reputation: Realizing value from the corporate image. Boston, MA: Harvard Business School.