question archive If you are the CEO of a global company, how might you determine whether a global strategy, or multi-domestic strategy would work best for your enterprise? What factors would influence your decision? What do you think is the best way to be go global?
If you are the CEO of a global company, how might you determine whether a global strategy, or multi-domestic strategy would work best for your enterprise? What factors would influence your decision? What do you think is the best way to be go global?
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If you are the CEO of a global company, how might you determine whether a global strategy, or multi-domestic strategy would work best for your enterprise? What factors would influence your decision? What do you think is the best way to be go global?
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Factors that influence using global or multi-domestic strategies
Globalization of a business refers to the change of a business from operating in a single country to operating in multiple countries, thus increasing its customer base. A multi-domestic strategy is when an organization uses a unique approach to market their products for each market they operate in.
Step-by-step explanation
Factors that influence using global or multi-domestic strategies
Globalization of a business refers to the change of a business from operating in a single country to operating in multiple countries, thus increasing its customer base. A multi-domestic strategy is when an organization uses a unique approach to market their products for each market they operate in.
Going global has a couple of benefits such as;
1. Diversifying company markets
Taking your business global helps your revenue streams become stable when your business takes a hit domestically, global markets make up for it
2. foreign investment opportunities
it exposes you to more potential investors
3. access to talent
your business gets access to a larger group of people with unique skill sets, which may take your company to another level.
The multi-domestic strategy has one major advantage, which is;
1. unique marketing
it allows a targeted marketing approach that meets the needs of a particular market.
The multi-domestic strategy is faced with many challenges, such as competition from local companies within the companies they operate in. The difference in currency values may affect your exports since your product may be too expensive for people living in other countries.
As the CEO of a company, I would choose the global strategy since it has more to offer the business than the multi-domestic approach.
