Globalization is no longer an abstraction. It’s a reality. For many companies, globalization is imperative.
To survive in the 21st century, savvy companies will have to develop strategies designed to help them stay one step ahead of changes in the global market. But crafting a sound global strategy depends on one’s global “maturity.” If you’re just entering the global marketplace, you face different challenges than if you’re already in it. Some challenges will be unique to your company. Others will impact every firm.
Below are five global challenges that will impact many businesses trying to address the needs of a global marketplace.
Economies Dependent On Each Other
The global economy is more intertwined than ever. The United States, China, and Europe are major players this economy. How they fare greatly impacts it. All three are currently faring better than expected. Europe looks like it’s turned a corner. China had a hard fall but didn’t crash. And the United States is beating expectations for 2013. But this positive trend could change quickly.
Keep an eye on the world economic indicators. With the big economies now dependent on each other it’s important to know what’s going on throughout the world. Currency exchanges rates and the purchasing manufacturer’s index (PMI) are two indicators that can help you gauge the potential for downtrends.
Corporate Social Responsibility In The Marketplace
The global “Go Green” movement is picking up steam.
More and more countries are enacting tough environmental laws. The European Commission, for example, issued a new definition and strategy for corporate social responsibility for 2011 to 2014. Businesses will need to create a strategy to deal with these new laws.
You can take a legal approach like Ford Motor Company and bring products up to the standards of the law only or an activist approach like Whole Foods Markets and embrace the environmental movement. Or, maybe you take something in between.
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Global Branding for Global Market
Globalization is changing brand strategy and tactics. What works in Great Britain may not work in China. Pepsi’s slogan “Pepsi Brings You Back To Life” had a negative connotation when translated into Chinese, hurting sales. Businesses will have to “globalize” their brands”. Hiring local talent and agencies helps. So does having managers with senior leader potential work in key markets abroad.
Emergence Of Everything Is A Service Strategy
The emergence of the Everything is a Service strategy is creating new market offerings that will both satisfy and generate new demands for technology-enabled services. These solutions will in some cases displace traditional service delivery options and raise expectations as clients decide on how they want their services delivered. Smart companies will look to outsourcers with a combination of BPO, ITO, application, and consulting expertise to help deal with this shift, whether its providing helpdesk services or integrated customer support services.
Impact Of China On Global Market
China’s emergence as an economic entity changes everything. For buyers, it means a wider choice of products and price points. For consumers, it means the availability of low-cost goods and services. Study the risks and opportunities in China carefully before developing a China strategy.
Globalization is an imperative for many of today’s companies. It’s a reality that will present new challenges.
The globalization of the world’s economy, the increase in environmental legislation, global branding issues, the emergence of Everything as a Service, and the impact of China are just a few of the challenges you’ll face because of globalization. How well you deal with these challenges if you’ll survive in the 21st century.
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