strategic management: Strategies For Competing In International Markets

Hello3x.. :)

In week seven, we learn about strategies for competing in international markets. Before we go further, try to understand first what its mean by international or globalization of market.

Globalization of markets refers to the process of integrating and merging of the distinct world markets into a single market. This process involves the identification of some common norm, value, taste, preference and convenience and slowly enables the cultural shift towards the use of a common product or service.

A number of consumer products have global acceptance. For example, Coca Cola, Pepsi, McDonalds, MTV, Sony Walkman, Levis Jeans, Indian masala dosa, Hyderabadibiriyani etc.

Talking about McDonalds, in this lecture, Miss. Ummi have shown us some video of McDonalds as an example. McDonalds has perfectly implemented international strategies. By using the transnational strategy, it has come up with an action plan that produces and sells somewhat unique, yet somewhat standardized, products in different markets.

For example, anywhere you go in the United States or even overseas, a customer is sure to come across the trademarked golden arches and the same burger and fries. Although, McDonalds targets international customers with custom approaches adapted to local tastes.