PENETRATING THE GLOBAL BUSINESS ENVIRONMENT
Besides that, there is a need for sustainability to ensure that businesses can strongly blend with the existing environment to remain relevant. Diversification Business diversification demands to be studied, verified and understand the economic sphere of product/service line and the equivalent factors that may hinder or affect their existence. The economic perspectives offer a wider understanding of the dynamics that shape the trends and movements within the operational environment. The global business economic environment offers a more complex platform that tests and determines the sustainability of specific ventures chosen to be aligned with that, in the long run, determines continued existence in operation (Zhu et al. Understanding the market economics is the first greatest step towards successful businesses operations. The markets continue to receive different types of products, but then how is it to make sure that the products can be known and accepted within the target population? The desire to get known prescribes the mode of customer reach.
Venturing into international business demands that taking time to bring as many people onboard (Roberts, 2018). It demands heavy investments into promotional, marketing and distribution channels that will, in turn, tell the people about the business goods and services. Ethical issues Marketing comes in handy with ethical and precisely a socially responsible behavior. The international market demands value for money hence even as they usher products to the markets, there is the desire to measure and weigh the standard for our venture. While wading through the mucky business environments, it encounters other operators that are trying to out-do our business or trying to knock them off our way. Physically this may not be impossible, however by way of ethical practice the organization can attempt to penetrate in and have our space in that sphere.
Understanding our competitor's strategies in pricing, marketing and reporting help provide us with a starting point. The global business environment requires a proper assessment of our competitors to ensure that strong understanding of their financial statistics that will help us build and keep a step ahead of the rest. Technology Operating an International business headquartered in Nigeria or Afghanistan may not be efficient if the business has to rely on the physical aspects. Therefore to be able to partake in the international business, first of all, companies must be able to understand the legal frameworks for operating within specific spheres to enable effective and smooth operations. The international trade regulations stipulate the rightful laws and procedures are permitting and barring any un-authorized practices that might hinder effective relations between the various state parties.
Recommendations Besides every successful company, lies the strength of tirelessly working individual with a similar objective to that of the company that enables them to continue working to be able to achieve this. International business platforms demand the incorporation of all the stakeholders especially the employees who are the backbone and main strengths of the company. The human resource plays a crucial role in ensuring the company finds its place in the market with utmost influence for its products and services hence the need to ensure proper strategies are in place for the motivation of employees and the need to build a work trust relationship with the management and all other stakeholders. Journal of International Entrepreneurship, 13(4), 418-451. Retrieved from; https://link.
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