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Running Head: DEVELOPING A STRATEGIC PLAN
DEVELOPING A STRATEGIC PLAN
Tenea Lewis
HUMN 8660
Developing strategic goals
October 19,2020
Developing a strategic plan
It is a significant concern for every business owner and every manager to hold a global business. The actions of globalization can only be realized when some strategies are implemented. When a company can trade with customers and clients from other countries and overseas, several profits are realized. The several dimensions that are majored in the globalization of business are classified as the strategies, where steps are followed in drafting and implementing the ideas ("Global Business Strategies for Responding to Cultural Differences | Principles of Management," 2020). The formulation and implementation of several reasons lead to the need for strategies. This calls for the employment of different means that help realize the global effect's success in business.
The strategies employed in globalization include the standardization strategy, export strategy, and transnational strategy. Foremost, the standardization strategy is a successful idea that can be realized when a given company views the markers worldwide as one and without any variations. This strategy enables the company to produce accepted items and meet the standards of every customer no matter the place or nature. The design proves to work well and successfully during the business to business transactions. Examples can be witnessed where one company can sell its goods to another company in another state without having any price difference and variations ("Global Business Strategies for Responding to Cultural Differences | Principles of Management," 2020). The various companies that already operate on the idea of standardization include the building companies and the food companies, where the consumption and the pricing of the commodities are equal worldwide.
The transnational strategy is an idea that has the blending of more than one system together. Design is one of the useful methods but usually hard to maintain. It involves the production of goods that surpass the standardization mark, but at the same time, it gets to the level of the needs of the local consumers. Examples of the companies that have associated with the global strategy of globalization include the automobile companies, where they have to produce acceptable vehicles and one standard and price worldwide. Still, in other circumstances, they should make add-ons and different models for regions with different specifications ("Global Business Strategies for Responding to Cultural Differences | Principles of Management," 2020). This leads to the cumbersomeness and difficulty in the implementation of the transnational strategy.
Export strategy refers to the process employed by some companies whereby they have their interest in domestic production and marketing. However, they also do exports to take advantage of the opportunities and the situations that come. The products that are manufactured in the export strategy are highly customized to the home market.
The strategies that can be used in realizing the functions of the globalization strategies include securing the foreign market and creating room for more customers and goods all over the world. Companies that are willing to export and earn needs in other countries should provide trading sites and expand their business circle to the states in different regions ("Global Business Strategies for Responding to Cultural Differences | Principles of Management," 2020). During the monitoring of the execution and implementation of the strategies, there will be managers and salespeople worldwide who will help in marketing and selling the products in different countries. In executing the plan, there will be rules set to ensure that the planned ideas go through well. This will ensure that the strategies are implemented successfully and that the management will be liable for all the deeds that accrue from the system.
In the execution of the strategic plan's aspects, the different states' employees will play a significant role in ensuring that all the planned ideas get to the expected results and levels. The employers will have unique personal identification gadgets linked to the company so that all the actions they do will be visible and traceable. The clients and the stakeholders will have the role of completing and complying with the quality services and goods they will realize from the globalization strategy.
Reference
3 Keys to Successful Globalization. (, 2020). Retrieved 16 October 2020, from https://www.industryweek.com/the-economy/article/21938770/3-keys-to-successful-globalization
