Homework Help | Imagine you were the CEO of a major company; choose your favorite product or industry. What approach to global competition would you choose for your firm: international, multinational, global or transnational? Why?

As the CEO of a major company, my favorite industry would be the food and beverages industry. Therefore, I would choose the transnational approach/strategy to global | PLACE YOUR ORDER NOW AT writtask.com | approach applies the principle of ‘think globally, act locally’ (Bartlett & Ghoshal, 2002).  This approach will enable the company to exhibit high global integration and high local responsiveness. I would prefer this strategy because of its tendency to adapt to local preferences of the consumers in the target markets hence being able to meet their needs. This will assure the company of sustained market demand hence resulting in bumper sales which will translate to higher profits for the business.

With this approach to global competition, the company is poised to attain high efficiency and reduced | PLACE YOUR ORDER NOW AT writtask.com | is attained through the decentralization of as many of the company’s resources as possible. Some of the resources to be decentralized include labor and raw | PLACE YOUR ORDER NOW AT writtask.com | can employ affordable labor in the host countries and use locally available raw material thus cutting down on operational costs and enhance increased profit | PLACE YOUR ORDER NOW AT writtask.com | also comes efficiency in operation. Besides, this approach enables the company to penetrate more markets across the globe by adopting local strategies in the countries it operates hence increasing its market | PLACE YOUR ORDER NOW AT writtask.com | strategies, the company will resonate well with local consumers hence improving brand image and therefore increasing the probability of higher conversion rates.

The transnational strategy is also my preferred approach to global competition because it will allow the company to capitalize on | PLACE YOUR ORDER NOW AT writtask.com | benefit the company by getting diverse perspectives, ideas, creativity, and increase the reputation of the company (Bartlett & Ghoshal, 2002).

References

Bartlett, C. A., & Ghoshal, S. (2002). Managing across borders: The transnational solution. Harvard Business Press.

Stonehouse, G., Campbell, D., Hamill, J., & Purdie, T. (2009). Global and transnational business: Strategy and management. John Wiley & Sons.