Implementing a global expansion strategy is crucial to the growth of a business from small start-up to international brand name. Companies such as McDonald's, Home Depot, Starbucks and more have made their presence known around the world over the past few decades. However, each global expansion presents its own set of obstacles which the parent company must tackle, in order to be successful in their global expansion.
In order to implement the best global expansion for your business model, it is important to stay up-to-date on the latest news and trends. Finding out where other companies went right or wrong will give you a clue as to how to proceed with your global expansion. Here are some tips on where to find quality resources that cover global expansion strategies.
1. Visit news wire websites for the latest information on global expansion strategy news and trends.
2. Read magazines that cover the global expansion strategy of various businesses.
3. Find business associations and news organizations which release information about global expansion strategy news and trends.
Action Steps
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Find news wires that cover news stories on global expansion strategy
Find wire services or news websites which cover global expansion strategies. With the world being so interconnected now, there are constantly stories being updated on these websites about how various companies are succeeding or failing in regard to the global expansion strategy that they are implementing.
I recommend: Check out the website for Business Wire for constantly updated announcements of expansion plans by companies. Economist.com is a globally oriented source of business news. Also, websites like BBC News cover global expansion of many significant companies throughout the world.
Find publications that write about businesses implementing a global expansion strategy
There are also many publications in magazine form which can be found online or at your local news stand which cover global expansion. These magazines, usually published monthly, will talk about the costs and planning associated with growing businesses in different areas of the globe. Each industry and each new location presents its own set of unique challenges. Understanding their challenges will help you implement a top-notch growth expansion strategy for your own business.
I recommend: Check out the website for Business to Business Magazine. They are an online publication that follows and reports on many companies that are implementing global expansions. Also check out Entrepreneur magazine. They have both print and online forms. There's even a section entitled "Grow Your Biz" which talks about implementing global expansion strategies as well as other growth methods.
Locate resources that report on global expansion strategy news and trends
Finding business associations that report on global expansion strategies through newsletters or other publications is a great way to stay up-to-date on the latest news and trends.
I recommend: The World Economic Forum is a leader in bringing together top corporate executives from global companies.
International business strategy is an important tool to going global. While emerging markets worldwide seem ripe for the implementation of strategic planning for globalization, not every business should jump on the bandwagon. Take time to develop your global strategy through studies, market research and trial operations. Once you enter the global marketplace with a solid global expansion strategy list, you need to be prepared to follow through with the goods.
It might be a good time to invest in a global expansion strategy provider that has been through the process and can help you over the pitfalls. As you look abroad, consider a global expansion strategy list of a number of consultants with strategic global planning experience. Plan on assigning new duties to current staff or adding to your roster as well. Prepare your global expansion strategy on a number of fronts.
1. Prepare a study of your strengths before beginning your global strategy
2. Bring in outside global expansion strategy information
3. Find global expansion strategy experts to finalize your plan
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Consider strategic global planning
Before you jump out and begin setting up a global expansion strategy list, you should take an inventory of your company's position. What do you have to offer the international marketplace? Can you leverage your current operations to fit new paradigms? How are you doing at home and what strengths do your employees bring to the table? Find a formula to test these and other crucial markers.
I recommend: Get a clear picture of your company’s position with both finances and people through Audit and Business. Contact SAS to get on board with some self-analyzing software so that you can have a clear picture of your position.
Hire a global expansion strategy provider
Once you are ready to begin, bring experts on board who can direct your efforts so that you don't follow false leads or get stuck in problems that seem insurmountable. There are plenty of consultants willing to take you through the entire global expansion strategy process.
I recommend: Accenture is a leading global strategy consultant with research on hand to back up its recommendations. TSI specializes in helping labor-intensive industries such as textile and consumer products to build and implement a global expansion strategy.
Continue your strategic planning for globalization
Once your plans have been solidified and you are ready to move into the international marketplace, you need to continually update your international business strategy. You also can outsource your logistics and marketing to global consultants who can run the day-to-day operations for you. Stay on track with a global strategy firm you trust.
I recommend: At A.T. Kearney you can choose from a suite of services to launch your global operations. Actovian can help you move into the global marketplace so that your efforts are profitable.
Tips & Tactics
Helpful advice for making the most of this Guide
- • Consider hiring a couple global expansion strategy firms to handle various aspects of your international operations so that you get a varied picture of the landscape and take advantage of all the opportunities available.
Global expansion strategy education and training for employees provides a company with avenues to the worldwide marketplace. In the era of globalization, riches are available to savvy leaders and managers who efficiently and effectively use appropriate strategies to move local or national businesses into international competition. Knowledge of the emerging markets, the consumers and their cultures in these markets, are keys to success.
Business leaders should keep in mind the familiar names that adorn coffee houses and fast food restaurants around the world when working on a plan for global expansion strategy education and training. Keep the following in mind when embarking on a global expansion strategy:
1. Executives working on a global expansion strategy should be aware that different currencies, languages and cultures are important factors in many global endeavors.
2. An effective global expansion strategy education and training program will include information on the commonalities as well as the differences that affect movement from the local to the international markets.
3. Global expansion strategy education and training should include methods for re branding and retooling to meet the needs in emerging markets.
Action Steps
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Enroll in certificate and degree courses with a focus in global expansion strategy
Attendance at a university with a special program on global expansion strategy will provide access to teachers who are experts in the field. Fellow students enrolled in these courses should provide the beginnings of a valuable network of people working in the global marketplace. Evidence of a formal education in the field will enhance a resume.
I recommend: Consider enrolling in the Thunderbird School of International Management, one of the best starting points for successful business leaders. Look into the academic programs, global business projects and other global expansion strategy programs available from several universities through the Centers for International Business Education and Research.
Attend courses run by experts on global expansion strategy education and training
Experience in the global marketplace is invaluable, so companies adopting a global expansion strategy benefit from the help of these experts. Consultants will work with senior management executives and other employees to provide the necessary tools and knowledge for global success. Working with these experts at all stage of expansion is usually worth the expenses incurred.
I recommend: Sign up for programs in different business capitals at Global Education Services, a leader in best business practices and global expansion strategy. Lionbridge provides information to connect with specialists in many areas of international commerce.
Attain credentials from universities with international partnerships in global expansion strategy
Training personnel to compete with a global expansion strategy is essential for success when contacting businesses in different parts of the world. Workshops, seminars, video presentations are available to assist workers with the challenges of stiff competition. Universities team up with their counterparts abroad where students form relationships that will benefit them when competing in the global marketplace.
I recommend: UCLA Anderson School of Management offers a Global Access Program (GAP) and degree plans in global business and strategy. The University of Michigan Ross School of Business Executive Education offers specialized programs for global expansion into the Asia Pacific region, where you will gain insight into regional business environment and growth strategies for business dealings in Asia.
A global expansion strategy is a way for businesses to enter foreign markets simultaneously with the same product or service. This allows for a standard in production and customer services throughout the markets where a business has a presence. While a global expansion strategy may not work for all businesses, it can be customized to meet the financial and operational needs of a business when located in one or more foreign markets.
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Product life cycle
Product life cycle is the complete cycle of a product from development to the decline in interest from consumers. A global expansion strategy can expand the life cycle of a product by offering older products to less developed countries.
I recommend: Net MBA provides an overview of the different stages in a product life cycle.
Risk
Implementing a global expansion strategy can diversify risks, making less of an impact on one particular sector of a business. Businesses can take on many types of risk including operational, economic and labor risks.
I recommend: Bain provides information on how a business can reduce risk even when entering a global market.
Competitive advantage
The competitive advantage of a business is the position that it takes against competing businesses. A company can have this advantage through costs, focus and differentiation between products or services provided to the consumer.
I recommend: Investopedia provides an explanation on competitive advantage.
Multi-domestic strategy
Multi-domestic strategy is a type of strategy similar to global expansion, but different in that, instead of providing a single product to all markets, products are customized to individual markets resulting in more localized control over decision-making practices.
I recommend: Tutor2u provides a comparison of global expansion and multi-domestic strategies.
Market share
A market share is the proportion of the market that is controlled by a company producing products or offering services for that particular market. Global expansion strategies must consider the percentage of market share in each country where the company will introduce products or services.
I recommend: Quick MBA provides information on when to increase or not increase the market share of a product.
Foreign market entry
To globalize a company, the company must have a plan on entering foreign markets. There are four ways a company can enter a new market: through licensing, exporting, joint venture or foreign direct investment. Each method has its pros and cons.
I recommend: TAO Online provides an overview of the different market entry methods and information on creating an entry plan.
