Globalization paper

Globalization paper

Globalization is in the best interest of the company since it would go along way in making sure we assert our position in the market. Competing with other international brands is going to make sure that we work to improve superiority in standards of our products and services offered. Globalization well as helps us to adjust to the fast-changing trends and preferences to continue making our customers satisfied to keep coming back for more and eventually refer others to our exquisite services. For a company such as ours to attain success and realize profits venturing into global markets is imperative, on the condition that sufficient research on the proposed new demands (Eriksen, 2018). Key issues that are to be considered include developing cultural competence, competitive position in the market, international regulations on products, and raw materials, among many other problems.

Expanding our operations to another market will help the firm acquire new clients and also initiate and implement changes in production, marketing as different markets require different strategies. It offers new ways of solving problems as they help the firm know market preferences and also develop new production strategies giving them an edge in the market. To ensure marketmaldonado-tores et al is a success, the firm needs to develop a comprehensive Global Strategy that will provide the expected objectives are achieved. Countries like Denmark, Sweden, and Germany offer good globalization options for all prospective companies seeking to expand to new markets; also, China is open to foreign investors and their products.

Globalization facilitates the promotion of high standard goods introduced to the market-leading to higher market standards for firms to compete favorably. Germany offers an inviting allure for a company like ours since they are welcoming to new products from foreign markets; this is because their local markets are stable and have, in recent years, grown to giant corporations across the world over. The country does not also suffer from homogeneity issues because it already produces a variety of products at the local level. In more recent times, some people have shied away from Germany since there are reports of unemployment brought about by globalization. Some people lose their jobs due to market takeovers, which, on my part, is a good thing since it shows there is growth in the industry (John & Roberts, 2017). They involve high taxes, which is a core issue since it directly impacts the financial position of the company.        However, Germany still stands out despite its shortcomings. It has very few market limitations and regulations and has been in business for long, meaning they know to operate about globalization (Steger, 2017). Globalization suffers from having several limitations. Still, it should be encouraged and promoted by many more nations since its benefits, as well as advantages outweigh the weaknesses, and steps are being taken to address emerging problems and solutions to be arrived at.

The success of the company in local markets presents the firm with the opportunity of globalization. The Asian region provides a ripe opportunity for the company to seize to increase revenue and profitability. Tools and measures should be in place to facilitate development based on the ability to determine sources of competitive advantage and potential strengths. China is also for the front in promoting globalization, especially in Africa and other underdeveloped nations.

A clear strategic plan informs on the business activities of the company. Management teams should invest heavily in a diabolic efficient strategic plan to ensure proper resources allocation determines particular objectives to achieve substantial improvements in productivity. Investing in elaborate strategic plans relative to the firm’s specific investments ensure set goals are and ideal outcomes will be made. The balanced scorecard offers the company opportunities to evaluate different aspects of the market, which is crucial to the firm’s success. Having a strategic plan helps the firm avoid and overcome challenges around resource management allocation due to poor management skills. Successful implementation of the strategic plan is heavily dependent on critical issues in the scorecard and development of consequent benchmarks.

The use of a balanced scorecard offers methods of ensuring the firm institutes’ different management processes; for instance, a balanced scorecard should provide an ideal understanding of the envisioned company’s progress in a named period of interest. The customer perspective provides benchmarks on customer satisfaction and experience at the same time, offering the opportunity to learn and grow aspects based on the firm’s operations. The financial outlook is essential in determining a firm’s success and helps make sure the business goals are attained by the organization. The scorecard is very important in measuring the company’s performance in the merit of decision making based on the company’s achievements.

According to Steger (2017), expansion and market penetration strategies are critical for any business because they give an outline of how the company secures competitive advantage in the market. Investing in the Chinese market provides opportunities in the firm’s growth due to factors such as high population size, high purchasing power, and ease of success in the business. All the same cultural differences play a significant role in ensuring the success of the business venture. Achievement of successful growth depends on consistent growth in all sectors and different subsidiaries. Organizations combine various aspects of strategies as they pursue global expansion.

China is the ideal location geographical and is best suited and in line with our global expansion plan objectives and interests. Expansion into China offers immense opportunities based on the relatively low cost of labor and significantly high purchasing power in the region. Also, the senior population offers potential suppliers an advantage due to the limited number of suppliers. Secondly, consumer power is relatively low due to the absence of many choices. This provides our firm with a unique opportunity to fill the market gap by addressing the two issues and offering products that are tailor-made to meet the consumers’ needs. It is crucial to ensure that all organization activities are in perfect harmony with the set of laws and regulations to prevent conflict with the government. The presence of adequate and skilled labor, sufficient finances, raw materials determine the success and expansion of the organization (Chee, & West, 2017).

Venturing the China market will ensure we secure more customers in foreign markets since our products are of higher quality and are tailormade to meet needs by consumers. Setting up shop in China will go a long way to achieve our goals as a company to broaden our reach to other markets. Also, developing economies offer the opportunity of growth potential since they have a vibrant, growing population, though most of these countries prefer importation from developed nations. Introducing our products and services in the China market will us realize our goal of global expansion since they have a strong market appeal.

Adoption of new and creative ideas in the production brought about by the need to ensure products conform to the cultural diversity of the people of China as we try to make products that are going to be useful to the consumers and perform as to their expectations during purchase. The Chinese market also offers a ready market for products produced by our organization, and it also provides unsaturated demand for new goods and services since the market is always evolving (Chee, & West, 2017).  Moving into China will ensure we are able to achieve profitability since we will access lower labor costs, affordable natural raw materials, and complementary inputs to products.

Operating in other countries ensures that firms achieve higher revenue or help them keep a lean inventory by reducing the cost of operations in the organization structure. The recent advancements in technology have also gone a long way to ensure operating a business is more convenient than before. Adopting the strategy of mass-production in global markets has proven to lower the production cost and other products. They may also consider looking for economies of scope by investing in the right geographical markets. The use of either strategy will eventually lead to the growth of the business enterprise with larger profit margins. Areas with strong economic growth provide endless opportunities for business growth since they experience a gradual increase in income earned by the population.

By careful examination of all factors surrounding the global expansion of companies, it is pretty evident that it is the way to go for organizations that are seeking to increase their revenue. Trying to venture to new markets gives a company the chance to get out of their comfort zone and develop products that are competitive in the market. The success of other existing large firms in foreign markets is a clear indication that globalization has proven to be critical in realizing profitability (Chee, & West, 2017).

In conclusion, global expansion is the way forward for companies seeking to expand their market hold and growth in terms of revenue collection. Though this move has a lot of rewards if not done with correct information and the right procedure, it may prove to be fatal to the existence of a firm. A lot of critical examination of factors influencing the global expansion process is paramount to help the organization’s top management in making informed decisions. Strategic plans need to put in place to facilitate the growth process and expansion into foreign markets, and a program ensures the workforce works with definite goals in mind to help attain the set business objectives. Critical issues like government policies and established laws and regulations need to understood and observed to make sure the business venture doesn’t have conflicts with the government. A high population offers a ready market for products and also ensures that an organization secures more market share of consumers to achieve more revenue. Finally, it is imperative to note that globalization is a new frontier will a lot of promise for firms with enough courage to venture into the new markets.