Fundamentals of Global Strategy
The globalization of the competitive landscape has forced companies to fundamentally rethink their strategies. Whereas once only a few industries such as oil could be labeled truly global, today many—from pharmaceuticals to aircraft to computers—have become global in scale and scope. As a consequence, creating a global competitive advantage has become a key strategic issue for many companies. Crafting a global strategy requires making decisions about which strategy elements can and should be globalized and to what extent.
Key questions for analysis include:
- What markets and/or regions should a company compete in and why?
- To what degree can and should products and services be standardized?
- Is it advantageous to adopt a more or less uniform market positioning worldwide?
- What value-added activities should it keep in-house, outsource, or relocate for competitive advantage?
- How can competitive responses be most effectively coordinated on a global basis?
Answers to these questions help define a company’s global strategic focus on a continuum from a truly global orientation to a more local one.
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