Assessing the Effectiveness of Global Business Strategies
I agree with the comment that global integration and local responsiveness are essential for business development. Ultimately, every business aims to distribute its products as widely as possible. Growth, therefore, implies moving into foreign markets. However, it is wise to acknowledge that each of those markets has various distinct characteristics (Kotkin n.p). To trade in those markets successfully, a trader must assimilate the products and services to fit into these features. This brings in local responsiveness and increases chances of success in these new markets.
The beauty and cosmetics industry would require global integration and local responsiveness to thrive. For this example, the production and distribution of beauty soaps will be considered. Once a company saturates its domestic market, continuous growth will depend on successful integration into foreign markets. Globalization is therefore inevitable for the growth of the business. The view that globalization is the same would imply that the company exports the products from home markets to foreign markets. It could also mean producing the exact products in international economies and distributing them. However, this will fail because of various reasons. Forts of all, the needs of consumers in these markets vary (Kotkin n.p). For example, different races have hair properties, and therefore shampoos work d…
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