Global Business World – Three Strategies You Should Consider

This article introduced three strategies of globalization business and analyzed the relations among them; then offers some essential decisive-related questions for strategy scheme and decision making; and at last summarizes some issues for executives to think about.

The globalization directly affects the competitive situation of the world, it is necessary to make good use of strategies and reduce risks in order to establish and lift the power of business competition.

Because competition is emerging in very much different markets, today’s businesses are forced to be globalized in non-traditional ways. Before enterprises make a presence in markets just so that they know what competitors in that market are doing and use it as a window to look into new trends and new competitive strategies. These are just some of the reasons that require businesses today to have a global mindset-it is an essential factor for survival.

Followed are three strategies for globalization business.

The first is to adjust measures according to local conditions of target area, and it’s the essence of all global business strategies. There are differences in terms of costs for different raw materials, labor power, working skills, and institutional infrastructures. The decision makers with a global perspective, have to recognize the differences across countries and account for them in the strategic decisions. Those decisions may have to do with customers, raw materials, manufacturing, capital funds, market capacity or any of the dimensions on which strategic plans are made. Thus, a company in a labor-intensive business that fails to account for labor cost differentials across countries.

On the contrast, the second strategy is to fully use the similarities across countries. Because there are significant similarities, it means that products, skills and investments that are made or developed for one market have the potential to be leveraged in multiple geographic markets. The similarities imply that a product  created or developed in some market can be sold in another market without having to be reinvented. What that enables a business to do, for example, is to use its research and development dollars by selling a proven product from one market, usually the company’s home market, to different countries. This advantage is particularly significant in businesses like pharmaceuticals that are research and development intensive.

The above two strategies of similarities and differences across markets are not opposite ends of one scale. Rather, they are complementary dimensions and should both be leveraged. An executive needs to ask what the similarities and differences are across markets. It then becomes a matter of strategic choice whether to exploit similarities first or differences first or both simultaneously, in order to take advantages of the global potential that lies inherent in each business.

The third of globalization business strategy is about the fundamental choices. Typically, these decisions involve four considerations: operations and costs; customers and markets; competition; government policies. Does the product have a committed champion? Can a product sold in multiple markets increase competitive advantage in home market? Are the competitors in that particular market already global and therefore, does the company needs to have a presence in multiple markets to be able to defend against the competitors? Sometimes, answering these questions in the context of a company’s organization is as much an administrative as an economic and strategic process.

Ultimately, an executive must make sure that the company has a presence in multiple markets and view it like a global game of chess. He must coordinate competitive moves across countries; consciously decide in which country to launch a product, where the global competitors are strongest, where the cost structure is lowest, and where the business is likely to get the quickest market feedback. Then he must decide how to launch the product in other markets and how to manage pricing in multiple markets. It is the global chess game rather than individual market share games being played in local area. Unless all elements fit together, it is difficult to develop the competitive global business.

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Website Translation and Global Business!

Developments in global communication and the advantages of the internet have resulted in language being one of the only real barriers remaining in international business possibilities. Website translation services are at the forefront of breaking through this barrier and creating a business world with no borders. Since 2004, nearly 50% of all online business transactions were completed in a different language to English. Automatic translation tools are almost useless for this purpose as the accuracy cannot be guaranteed or monitored. This is why a reliable and professional translation service is pivotal to ensuring the upkeep of your company’s reputation and the positive outcome of your business ventures.

Despite the current unstable financial climate in many countries, some economies around the world are continuing to thrive and grow. Particularly, parts of South America, the Middle East and Russia are seeing a burst in business activity that is bringing international investment into these countries. China has also long been a major player in global business and is the second largest economy in the world behind the United States. Over the past 30 years, China has increasingly invited trade from overseas businesses and this is an opportunity that many in the west have taken keen advantage of. Translation professionals operating in China had a 46.09% increase in their income in 2012, a figure that is sure to continue growing.

When the decision is made to enter a foreign market there are many things to consider. Making your company’s website understandable to the country in which you intend to expand is of the utmost importance. In a survey conducted by, 72.4% of consumers stated that they would be more likely to buy a product if the accompanying information was in their own language. Additionally, 56.2% of consumers went on to say that being able to obtain information in their native language was more important than the price of the product. Faced with these statistics it is shocking to observe that out of the top 1,000 global websites, 433 are presented in just one language, making no attempt at all to provide translation for potential global visitors.

Approximately 33% of internet users don’t speak English as a first language, so the importance of having your site translated into the many alternatives is immediately evident. It is predicted that employment levels for translators and interpreters will increase by 42% between the years 2010 and 2012, demonstrating the rapidly growing necessity of such acute skills.

The localization of website content has to be approached in a wholly pragmatic way in order to guarantee the best results and highest returns for your company. Not only does the content have to be translated to precisely depict the original material, but the cultural differences have to be taken into account. A professional translator will be sensitive to these differences and maintain such accuracy that it will appear as though the translation version is the original written text. Being completely aware of the culture within the target country is essential to providing a perfect translation.

The semantics of languages are subject to constant evolution, therefore when it comes to achieving perfect website translation, a culturally aware linguistic professional is the only viable choice of person to be entrusted with this task. Translation technology is rapidly developing and the capabilities of such programmes are more impressive than ever. But when it comes to your business, it goes without saying that you want a highly qualified and extremely experienced professional to be responsible for your website translation. There are some aspects of language that a machine can’t always be guaranteed to comprehend so a human translator is necessitated to ensure the meaning of content is not confused.

With the many global economies that are expanding at a an exciting rate, it is foolish to presume that marketing your company solely in English will be enough to sustain your companies presence and growth. Website translation services readily exist with uncapped capabilities of promoting businesses around the world, creating and encouraging the possibilities that a truly global market has to offer.

Global Entrepreneur – Running A Global Business From Home

The Digital Age has dawned and it represents the biggest paradigm shift the world has ever seen. It may also well represent the largest transfer of wealth we will ever see in our lives.

Quietly fortunes are being made globally from home. Digital technology, the Internet, direct and referral marketing are proving to be a recipe for building wealth and enjoying freedom.

A global business is a multinational venture that allows a business from one country to operate in one or more other countries. This worldwide saturation creates the ability to allow a business to grow rapidly while accessing an enormous amount of capital.

Global expansion allows for such access to capital and technology and is key. New innovations and fresh business activities that come from across national borders open a business to unimaginable opportunities.

The benefits of being a global entrepreneur are so numerous it is impossible to mention them all. Benefits such as opening new sales offices across the globe, exporting goods and acquiring fresh new ventures allow the global entrepreneur to reach business goals rapidly and effectively.

Here is an example of how being a global entrepreneur can do wonders for your business. There is a woman from Kentucky who is of Native American decent. She takes her cultural knowledge and begins making traditional beaded jewelry and handbags as a way to make money with her beloved hobby. People begin to purchase this woman’s products and the products begin to be transferred to other states and other countries through the customer’s hands. The woman hears how her products are becoming requested in other locations. She begins to build a global network and her products become well loved leading her part time hobby into a world wide online business.

This example is but only one business that has bloomed overnight due to becoming a global business. It is easily run from home and can be done with many forms of online business. Successful businesses are created and running successfully each day. Such businesses include those from online e-stores to homemade crafts and edible delicacies and much more.

The rapid rise in popularity and the steady growth of technology has made it possible for today’s dreamer to become tomorrow’s entrepreneur millionaire. Going global is critical in today’s business market. Taking your company worldwide allows you to put yourself at a competitive advantage. That is after all what the business world is all about. Competition. Who can make it faster, do it better, and provide products at the lowest price?

Going global with a product or service first of all gets your company name out to the consumer. If they don’t know you they can’t use you. Once people have seen your company name it’s all a matter of time before they become a customer. Look at Coca Cola and McDonald’s. There are other soda companies and burger restaurants, but these two companies are in countries around the globe. Going global can be the difference from being the struggling small business to becoming a leader of the pack in today’s busy online business industry.