This report discusses the importance of resources in global strategic management. Strategic resources form the building blocks of competitive advantage in business. They include having adequate funds, in-depth enterprise knowledge, and a skilled workforce. With these three resources, companies can achieve all the benefits of global strategy. Financial strength allows for continued growth. Enterprise knowledge such as proprietary processes helps organizations to beat the competition. A skilled workforce performs all business operations efficiently and effectively. Additionally, global strategic management allows for the production of high-quality products and services. With effective management, companies can maintain this high quality for an extended period.
importance of resources in global strategic management
UNDERSTANDING THE CONCEPT OF GLOBAL STRATEGIC MANAGEMENT
The concept of global strategic management emerges from a combination of globalization and its implications on the corporate world. The concept involves operating in an environment of mixed economies, a diverse talent pool, better competitors, and enhanced digitalization. Therefore, recognizing the importance of resources and using them effectively is crucial for international organizations. Their business growth needs to reflect the growth rates and market potential of top world economies. Managing diverse talents entails harnessing the potential and leveraging the strengths of different people working together. Thus, this is a huge step towards achieving the full benefits of global strategy. Global strategies must also utilize new technologies to beat the complexities of market competition.
understanding the concept of global strategic management
IMPORTANCE OF RESOURCES, COMPETITIVE ADVANTAGE, AND BENEFITS OF GLOBAL STRATEGY
Some of the benefits of global strategy are expanding the customer base, business diversification, improved effectiveness, and cost reductions. Access to international markets allows companies to reach more customers, thus creating more customer awareness. Nowadays, advancements in technology improve global strategic management significantly in terms of marketing. Companies can easily use various social media platforms and websites to reach millions of potential customers. Therefore, an organization can diversify business operations having attracted customers with diverse preferences. Understanding the importance of resources like skilled marketers can help international organizations to communicate with customers effectively. This is because excellent customer service is one of the major concerns for most customers.
competitive advantage and the benefits of global strategy
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