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Strategic Directions Formal And Informal Essay

1536 words - 7 pages

2) Discuss the ways in which managers arrive at new strategic directions-formal and informal. Which is the best?The first phase of a strategic formulation process is the planning phase. A statement of missions and objectives is developed which charts the direction of the company and provides the groundwork for subsequent strategic processes. The objectives of a company evolve from the stated mission. After the mission and objectives are completed, a company must develop an environmental assessment, which will entail collecting and compiling necessary geographic data as well as forecasting trends and actions by the competition. The next step involves an internal analysis, which determines the ...view middle of the document...

b) Currency instability- Inflation and fluctuations in exchange rates can affect the profitability of overseas operations.c) Nationalism- The host country's goals for independence can adversely affect expatriate companies by using competitive and protectionist practices such as insufficient patent protection, and trade restrictions.d) International competition- Such matters as the other country's infrastructure to support new competition, profit potential, and level of supply and demand for products have to be considered when doing business elsewhere.The levels of environmental monitoring should include multinational, regional, and national. The multinational analysis provides a broad assessment of worldwide trends, economic, political and technological. The regional level analysis focuses on environmental factors to identify opportunities and risks for marketing goods or services. The national level of investigation would assess the size and nature of the market, along with any operational problems. How well these assessments serve a company depends on the quality of specific information provided about potential markets. Secondary sources are often inferior to first-hand sources within a company. Companies with their own market analysts are more successful than those who outsource the information.4) How can managers assess the potential relative competitive position of their firm in order to decide on new strategic directions?An internal analysis is conducted which focuses on the strengths and weaknesses of a firm's managerial and financial expertise compared to that of its competition. This will determine the company's ability to evaluate how well they can exploit foreign opportunities. Diagnostic tools toward this effort involve identifying KSFs or key success factors and conducting an internal resource audit to determine whether to venture into a foreign market or continue operations abroad. The relative current and potential position of firms in that market or location must be evaluated. A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis must be conducted to assess the firm's capabilities in relations to that of its competitors. Companies must develop their strategy around key strengths or core competencies. Their weaknesses must also be assessed. Poor judgment based on subjective reasoning must be avoided by acting on objective information.5) Discuss the relative advantages of globalization versus regionalization. What are the relative merits of the entry strategies discussed in this chapter? What is their role in an integrative global strategy?Globalization refers to the establishment of worldwide operations and the development of standardized products and marketing. Companies are pushed to go global due to regional trading blocks, declining tariffs, the opportunity to open up new markets, and to take advantage of the information technology boom. E-commerce, in particular, has produced a commonality of taste worldwide and...

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