Global Strategy and Management

International Management, International Managers and Their Roles, Globalization and Its Impacts on Organizational Management

International management is the monitoring or control of a corporation's or business entity's activities conducted in more than one country or across the globe. Therefore global managers are the overall heads or heads of departments in an organization that monitors or overseas corporation's activities and functioning across borders. The role of international managers is to oversee the functioning and managing employees and departments of the corporation that work in one or more countries in the area of their jurisdiction. Therefore, the international managers ensure that employees conduct themselves according to the country, Regional, or Global international guidelines.

Globalization is the expanding mutual dependence of the global economies, cultures as a result of global trade. Globalization has opened doors for international organizations to acquire resources, both raw materials and human resources readily available from sources. An increased market base is another significantly attributed to globalization. Since markets are open globally and are all interdependent, it causes an efficient flow of goods and services to different ends of the globe, expanding the corporations market (Yang, 2018). It is important to note that globalization also leads to stiff competition due to the smooth opening of global markets.

Culture, Culture Transmission and Its Impacts on International Management.

Culture is the beliefs or socialization behavior and attitude of a specific society. Due to the cultural differences in the international market, the global manager must learn the cultural practice or culture of the target market, that is, the cultural transmission. These cultures can be learned through socialization with the members of that particular society and also engagement with the legal authorities in the market.

Additional, it is crucial to examine the impacts of the cultural differences on international management. The central identity of a culture is language and marketing based on the foundations of communication. Therefore, global managers need to verse themselves with the cultural expression of those customers. The language barrier is the principal obstacle to international management. Cultural attitude differences upon management structure can adversely affect the establishment of the roles in global marketing. It is, therefore, crucial under the cultural attitude towards a specific management structure.

Economic, Legal, and Political Environment of Foreign Markets, Strategies Formulation, and Market Entry Strategies into International Markets

In international markets, it is vital to globally comprehend the economic, legal, and political environments of various subsidiary markets. Therefore, it is crucial to note that the political environment and legal factors exert pressure or encourage an organization's operation. Understanding the political and legal factors helps an organization to establish political risk and sovereign risk in a particular market (Morgan, Feng, & Whitler, 2018). Learning the legal and political factors of a market base is essential since it gives the multinational organization the information about the trade agreements available, and the corporation can understand the trade barriers like tariffs, taxes, and enacted laws of the market base land.

It is also vital to understand the economic factors of a specific market, whether it is a market economy where most individuals own businesses, socialist economy (many industries and state businesses), or communist economy (states' owned business) or mixed economies. This evaluation helps the organization to understand the kind of practices and type of business that should be conducted in a specific market. If an organization understands the economic laws of a market, such as taxes, interest rates, exchange rates, inflation will be in a position to anticipate or predict the future incomes from the subsidiary and concurrently know the possible future legal and economic obligations of the organization.

When an organization faces the mentioned unfavorable factors in a market, it should formulate global strategies to enable it to thrive or succeed in the business opportunity identified. The corporation should introduce new products and all diffuse excellent innovations like High Technology Company. Additionally, when an organization is entering a new global market, it is essential to formulate strategies according to the possible identified factors. For example, a market entry strategy like "piggyback" can be so useful that environmental conditions are not favorable. It involves using other domestic companies with an international presence in the target foreign markets to introduce the product to international agencies.

Leadership Skills.

For efficient governance in international businesses, a global manager should show leadership skills, both internally and ethically (O'Keeffe, Ozuem, & Lancaster, 2016). Therefore, for the success of the subsidiary market, the international manager manifests excellent communication skills that the employees and other members of the global staff can emulate. He/she should know how to communicate efficiently and clearly without being misunderstood. He /she should be sensitive to non-verbal language by versing himself with the non-verbal communications acceptable and unacceptable in the culture.

Exemplary management should be visionary, and the vision must be realistic to match the environmental challenges in the future, including the stakeholders' prospects. It must be able to accommodate possible global changes.

He/she should understand cultural stereotypes. Understanding stereotypes in culture is essential in overcoming self-biasness and recognizing the value of other members at workstations. The manager is objective in guiding people and open-minded in cultural differences. Ethically, the manager should understand persons as they are or want to be seen and not as they have been labeled.

An international manager should coordinate the subordinates' needs and roles to match the organization's purpose and goals. He/she should appreciate and reward the subordinates as the key motivating factor.

He/ she should have excellent and persuasive decision-making skills. In organizations, there exist conflicts and differences. An effective leader should have the ability to intervene between the warring parties, get the cause of action, and amicably solve. The managers' decisions should not be questionable in the points of biasness.

Strategy Evaluation, Control, and Review

In international business, it is essential first to evaluate a strategy for efficiency and effectiveness of the plan to achieve the desired results of a thriving international market. Strategy evaluation guides the organization on the duties, responsibilities, and goals of the organization.

First, in strategy evaluation, a set benchmark is observed to learn what the organization requires for its success. In this context, the Coca-Cola company domestic market is used as the benchmarking outcome to match the subsidiary market's performance. The international subsidiary market can use both qualitative or quantitative measures such as the net profit, cost of production, employees' turnover of the parent corporation to set its goals, and what is required of it.

After the benchmark has been set and the strategy laid down, it then monitored and controlled to match the desired results. After that, strategy performance measurement is conducted after a certain period. The actual performance is compared to the benchmark, which is the standard performance to know the similarity or the diversion. Financial statements, such as balance sheet, Income statements are prepared annually to measure the performance of the subsidiary market.

After the evaluation of actual performance against the benchmark, variances that occur are evaluated. There are tolerance limits set for any variation that occurs. Therefore, if the actual results vary from the parameter, the variance must be analyzed. Positive difference demonstrates excellent performance, while negative deviations show a shortfall in production. If the cause of the negative divergence is identified, appropriate corrective measures are undertaken immediately. Primarily, managers should first research to determine the cause deviation. If during corrective actions, the performance standards are considered very high, then the strategy is reviewed with lower expectations. The whole plan or strategy can also be reviewed, which means restructuring or reformulating the strategy by allocating new resources, strategic management review, and plans reframing.

References.

Cateora, P. R., Meyer, R. B. M. F., Gilly, M. C., & Graham, J. L. (2020). International marketing. McGraw-Hill Education.

Morgan, N. A., Feng, H., & Whitler, K. A. (2018). Marketing capabilities in international marketing. Journal of International Marketing, 26(1), 61-95.

Yang, M. (2018). International entrepreneurial marketing strategies of MNCs: Bricolage as practiced by marketing managers. International Business Review, 27(5), 1045-1056.

O’Keeffe, A., Ozuem, W., & Lancaster, G. (2016). Leadership marketing: an exploratory study. Journal of Strategic Marketing, 24(5), 418-443.