The days of global strategy forethought are long past. Today having a global strategy is a business mandate. It requires identifying and responding to business opportunities and weaknesses while also being intentionally alert to threats and your own strengths in both foreign and domestic markets. Additionally it implies the use of resources, including distribution and communication channels, to obtain the inputs and value-added services needed to produce and sell your finished products to the final customer.
Skills to Monitor and Respond To Opportunities and Threats
Business leaders today must have the requisite skills as well as access to the resources required to monitor and respond to opportunities and threats abroad. At the same time they must develop strategies to remain competitive and grow their business at home. This is particularly important because a domestic company’s greatest competitive threats usually come from foreign competition. A business leader today must also have a strong understanding of customer, labor and distribution networks and how they operate throughout the world and across geographical, linguistic, legal and political boundaries.
In the past, from a competitive standpoint, involvement in global trade was in certain respects much easier for U.S. businesses that sought to sell their products throughout the world. Four decades ago, it was unusual for foreign manufacturers to market goods in domestic markets. But now, there is foreign competition in nearly every industry, even to the point of being an industry leader. U.S. producers of consumer electronics, automobiles, clothing and linens, industrial products and even dinner wear have faced heightened competition, struggled to maintain their market shares and profitability and many have even downsized and reorganized. Regardless, the global market has opened new opportunities for companies like General Motors and Ford which have experienced success in China.
Partnering With A Professional Translation Service
Being able to capitalize in global markets demands a strong communications partner that can translate your plans, policies, contracts, collateral and procedures into the native language spoke in each market. A full service translation agency like 24 Hour Translation is your key to a successful international strategy,