Welcome to our guide on global business strategy terms!
In today’s world, running a successful business requires more than just knowing the ins and outs of your specific industry.
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As companies continue to expand their reach beyond borders, it is crucial for businesses to have a solid understanding of global business strategies.
- Globalization: The process of international integration arising from the interchange of world views, products, ideas and other aspects of culture.
- Multinational Corporation (MNC): A company that operates in multiple countries and has a centralized management system.
- Emerging Markets: Economies with growing markets and increasing economic influence, such as Brazil, Russia, India, China (BRIC).
- Foreign Direct Investment (FDI): The direct investment of a company in a foreign country, such as acquiring or building production facilities.
- Joint Venture: A business partnership between two or more companies sharing resources and risks to achieve mutual benefits.
- Strategic Alliance: An agreement between two or more companies to pursue common objectives while remaining independent entities.
- Licensing: The authorization to use intellectual property, such as patents or trademarks, in exchange for a fee or royalty.
- Franchising: A business model where an established company grants another party the right to use its brand and sell its products or services.
- Exporting: The sale of goods or services produced in one country to another country.
- Importing: The purchase of goods or services from a foreign country for use in the domestic market.
- Offshoring: The relocation of business processes or operations to another country, typically to reduce costs.
- Outsourcing: The contracting out of a business function or process to another company, often located in a different country.
- Global Sourcing: The process of procuring goods or services from different countries to take advantage of lower costs, specialized expertise, and other benefits.
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- Market Entry: The process of establishing a presence in a new market, either through organic growth or acquisition.
- Market Penetration: The strategy of increasing sales in existing markets, often by targeting new segments or increasing market share.
- Diversification: The expansion of a company’s activities into new products, services or markets to reduce risk and increase revenue.
- Risk Management: The identification, assessment, and mitigation of potential risks that could affect a company’s operations or strategies.
- Global Mindset: A set of traits and attitudes that enable individuals and organizations to operate effectively in a global business environment.
- Cultural Intelligence (CQ): The ability to understand and effectively navigate cultural differences in a business context.
- Digital Transformation: The integration of digital technology into all areas of a business, disrupting traditional ways of operating and creating new opportunities for growth.
- Corporate Social Responsibility (CSR): The practice of integrating social and environmental concerns into a company’s operations and decision-making processes.
- Business Ethics: The moral principles and values that guide the behavior and decision-making of individuals and organizations in the business world.
Congratulations, you have now learned 22 global business strategy terms! By understanding and utilizing these terms, you are well on your way to becoming a successful global business leader.
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