Importance of Global Business
Following are the importance of global business:
Globalization offers businesses vast brand identity and brand equity.
It enhances the overall capacity of an organization, such as the headcount, cost-effective production, global exposure and opportunities to employees, etc.
It paves the way for an additional source of income.
The goodwill and reputation are enhanced not only globally but also locally as well.
The globalization of business has a huge influence on the firmâ€™s quality of products and services.
It helps the firm to plan on utilizing the resources strategically.
It enhances the firm’s innovative ability.
It paves the way for establishing a chain of business.
Generates additional demand for products, which in turn scales up production and income-earning opportunity.
Challenges of the Global Market
While expanding business in the global market itself is a challenge, the actual challenge begins while practically doing the business in the other country. Some of them are as follows:
Giant capital investment: Investment is the basic requirement for any business. Global expansion requires huge investment and is prone to high risk.
Target audience: Unless a team is set up in the country, it is impossible to establish a target audience base.
Catering to the needs: A firm needs to develop goods that the people of another country accept. This is quite challenging as the producer needs to know in and out of the consumer preference of the country where he/she is planning to do business.
Competition with the local brand: Irrespective of reaching the pinnacle of global business, it is challenging to face the countryâ€™s local brands and sustain them in such markets.
Policies and regulations: Businesses are largely affected by the policies and regulations of a country. Even in the home country, more than dozens of policies will not favor the firm. Then it is indeed very challenging to understand and be obliged to the policies of a different country.
Politics: The political impact on business is huge. The trading activity in other countries can happen only when the relationship between two countries stands right in the eyes of politics. The countryâ€™s politics can greatly influence major aspects of business such as taxation, laws concerning labor, transportation, procurement of raw material, etc.
Public relation: Establishing a public image and branding in a completely new location is a huge challenge. These are vital aspects yet challenging.
Team management: Setting up a team, managing them remotely, being able to communicate and delegate work, proper execution, is only possible if all the team members are working toward establishing the same goal. However, this may have some hurdles as it is entirely on a remote base.
Geographical aspects: Language and cultural differences are another hurdle to establishing a healthy public relationship with target buyers.
Inflation and currency factors: When the firm is involved with global marketing, they are dealing with the currency of 2 or more countries, and the currency rates fluctuate. This can result in loss of value and require expert advice at an additional cost.
Overcoming Challenges of Global Market Issues
Challenges are an inevitable part of any business. Though cannot fully eradicate it, can somehow manage it with substantial effort and some of the below-elaborated solutions.
Research: Having required genuine information about the demographic preferences of the country where the firm is planning to do business helps in customizing the product, the selling strategy, the kind of resources required, etc. can resolve the firmâ€™s hurdle in many aspects
Trail and Test: Whether the firm is aiming at local market penetration or global, it is always advisable to do a couple of trial and test attempts to see how the products or services are accepted in the market. This, in turn, assists in carrying out required alteration before making it large. However, this can absorb additional investment, but at the same, it is very much essential.
Dynamism: Stable and stagnation, especially in the global market, lead to loss of interest among the buyers, resulting in poor business performance.
Strong Local team: Setting up a team locally in the marketing country can help to resolve all the issues that may pertain to business dealings.
Adaption and Modification: It should be framed according to the buyerâ€™s preference and local market. The name, promotional strategy, the pricing, the release cycles, etc.
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