Reference no: EM132396198
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:
- Review this week's Learning Resources on competing globally and diversification.
- Select a company that you are familiar with or to which you have access to information. You should have access to information about the types of products/services the company offers, its industry, the size of the company, and where it is located (or where it operates).
- Review the Academic Writing Expectations: Capstone Courses document, provided in this week's Learning Resources.
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:
- Briefly describe your selected company, including its industry; whether it offers products, services, or both; the size of the company; and where it is located or where it operates (if multiple locations).
- For your selected company, which approaches do you think are most effective for reaching a domestic market? What about for a global market? Why do those differences exist?
- How does a diversification strategy benefit a company competing in a domestic vs. global market? What, if any, differences exist between the two?
- To support your response, be sure to reference at least one properly cited scholarly source.