Globalization Essay Examples & Outline
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Strategy formulation process is the series of connected actions used in the development of the long-term plan for an organization with the short terms goals cascaded from the long-term plan. The process entails the establishment of the mission of the organization and the objectives. It also entails the selection of the strategic alternatives. Strategic planning entails the development of a long-term plan for the organization (Jeffs, 2008). Strategy formulation focuses on the development of the most beneficial course of action for the entire organization. Strategy formulation entails six steps whereby one defines the organization, sets the strategic mission, competitive objectives, competitive strategy, implementation and evaluation of the progress. The two processes in the planning are definition of purpose and implementation. All the stages are important in order for the organization to attain the strategic objectives that it has set. They have to be synced in order to attain required success.
Companies are increasingly going to the global market for the attainment of more influence and influence. Increased competition in the domestic market is the main source of impetus for the global organizations to open new operations (Jeffs, 2008). Global operations come with new challenges given the management of the diversity and the different regulatory and operational environment. In order for the organizations to attain the required growth and development, It has to work according to predetermine strategy.
Failure of the organization to focus its efforts on one strategy may lead to small units working on their own. The overall goal of the organization is also under threat from the lack of an integrated strategy. Development of a single approach to issues affecting global operations of an organization is impossible. It is also hard for the business managers to adopt a single strategy. Global integrated strategies give the general direction of the organization. Modifications can be done to suit the contextual needs. Born global companies focus on the global market from the onset. The company is developed with the global market in mind.
Environmental variables that an organization has to evaluate before going global are political, environmental, social, technological and legal (Jeffs, 2008). The political environment in the country, where the company plans on investing, ought to be conducive enough for the investment activities. Political goodwill in a country will determine the ease at which a company will operate globally. Political stability is important more so when the company plans to make significant long-term investments.
Environmental considerations include the regulations and impacts of the firms operation on the environment. Some countries have stricter regulations than others do. Social factors may increase the aversion of the locals towards a certain business. Therefore, the establishment of the business has to consider social factors such as culture and religion. Legal factors cover the regulatory framework for the business. Some regulation may cover aspects such as the taxation, the employment and labor relations. Economic factors cover the issues such as inflation, the level of development of the country, the cost of labor and other inputs.
Regionalization is the process of moving into the international market by focusing on small regions. Strategy focuses on the development of the business priorities that are relevant to some sections. In globalization, the focus of the companies is on the entire global market. There are no specific criteria parts. The globalization strategy does not accommodate diversity in that it does not have modifications for the accommodation of the site-specific aspects. Regionalization is more practical compared to the globalization (Jeffs, 2008). Globalization focuses on the entire world and assumes that what works in one area will work in the other. This mode of thinking is faulty since strategies are contextual.
Jeffs, C. (2008). Strategic management. Los Angeles: SAGE.