International Management Term Paper Text

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By doing so, enterprises can extend their product lines to other countries and cultures. They can also save money on labour costs by taking advantage of the lower standard of living in some countries. Global expansion enables a company to add value by transferring core skills overseas, using global volume to cover product development costs, realizing economies of scale from global volume, and configuring value creation functions in locations where value added is maximized.

Companies pursuing global strategies can gain cost economies by integrating manufacturing, marketing, and competitive strategies across national boundaries, but they must give up a certain degree of responsiveness to national conditions. This study looks at the strategies companies adopt when they expand outside their domestic marketplace and start to compete on a global basis. The first chapter starts with a discussion how global expansion creates important values for companies. The second chapter examines different strategies which companies can pursue in the global arena.

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These four different strategies are reviewed in detail the international strategy, the multidomestic strategy, the global strategy, and last but not least the transnational strategy. In addition the link between the appropriateness of different strategies and the pressures of cost reductions and local responsiveness is made. In the next section the various basic options a company has for entering a foreign market exporting, licensing, strategic alliances, joint ventures, franchising, turnkey projects, foreign direct investment, acquisitions and the establishment of a wholly owned subsidiary as well as e commerce are reviewed in detail. Finally, the last section gives a brief summary with important concluding remarks. The imf international monetary fund established under the bretton woods strategy defined globalisation as follows: the growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services, freer international capital flows, and more rapid and widespread diffusion of technology. 1 another important institution, the world bank, also established under the bretton woods system, defines globalisation as follows: freedom and ability of individuals and firms to initiate voluntary economic transactions with residents of other countries. 2 another definition of globalisation is: globalisation is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.

3 this process has not only effects on the environment and on culture but also on political systems, on economic development and prosperity, and on human physical well being in societies around the world. The history of globalization 4 globalisation is not a new phenomenon. For thousands of years, people and, later, also corporations have been buying from and selling to each other in lands at great distances. In the year 1961 „globalisation was mentioned for the first time in a dictionary. 5 34.concept of globalization why does the concept of globalization excite so much interest? we are beginning to think about the world in new ways.

The importance of borders between different countries is reduced, and cross border structures are strengthened. Individuals who possess the necessary skills find it easier and faster than before to implement complex interactions. By pushing computer keys a banker can almost instantaneously transfer sums of money between london and new york, between new york and bangkok, between bangkok and paris, and so on. The political and legal institutions of these different countries no longer present insurmountable obstacles to doing business between them.

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