When a business competes locally, it primarily needs to consider the factors that affect the local community. As it expands, so do the factors for consideration. One region may respond to a product differently than another because an existing product is already in place. Have you ever traveled to a different state and found that gas stations and convenience store chains are different than what you are used to in your state? Or, perhaps you have had the experience of moving across the country and being unable to find your favorite restaurant chain in the new location. A southern BBQ may face more competitors in South Carolina than in New Jersey and would therefore need to create a different strategy to create a competitive advantage. Considerations such as this are further compounded when a company aims to compete in the global market. Not only will the competitive landscape be much different, but aspects such as people’s general preferences, tax laws, and governmental regulations may be drastically different from one country to the next. As the company competes in multiple countries, it may need to work with the variables of each company as well.
In this Discussion, you will identify a company and examine which strategies you would recommend for how it can effectively reach a domestic and global market.
To prepare for this Discussion:
As companies grow, they often expand into new areas. These “areas” can be geographical, such as in a new region or country, or they can be something else, such as into a new product or industry. As companies spread their horizons, it is important that they factor in aspects of globalization and diversification in their strategies. These resources explore aspects of diversification and competing globally.
Note: The approximate length of this media piece is 6 minutes.
Post a 225- to 300-word (3- to 4-paragraph) analysis of the strategic approaches that businesses can take for domestic and global competition. In your analysis, include the following: