What are International Business Strategies?
International Strategies
In order to understand international business strategies, it is important
to first understand strategy itself. Strategy is a course of action set by
an organization that reflects and leverages its core competencies and
position in the industry to achieve a desired future state. Tactics, on the
other hand, are specific steps that an organization takes to achieve its
strategic objectives. Now that we have a basic understanding of
strategy and tactics, let's discuss how core competencies and position in
the marketplace play a role in determining the best strategy for an
organization.
Core Competencies
A core competency is a capability possessed by a company that gives it
a competitive advantage and cannot be easily matched by a competitor.
It is something that the company does really well and should be
leveraged going forward.
Position in the Marketplace
The position in the marketplace refers to where the organization stands
in relation to its competitors and target audience. It helps determine
the best overall course of action to take in order to reach the desired
future state.
An Example
Let's take the example of an educational content creator, like myself. My
position in the marketplace is weak, as I have no funding or corporate
backing. However, my core competencies include creating videos and
presentations. Based on these factors, my strategy is to create a suite of
free educational materials, such as videos, podcasts, and articles, that
can be accessed by anyone. This aligns with my values of providing
open and free access to information for students worldwide.
Choosing the Right Strategy
International Strategies
In order to understand international business strategies, it is important
to first understand strategy itself. Strategy is a course of action set by
an organization that reflects and leverages its core competencies and
position in the industry to achieve a desired future state. Tactics, on the
other hand, are specific steps that an organization takes to achieve its
strategic objectives. Now that we have a basic understanding of
strategy and tactics, let's discuss how core competencies and position in
the marketplace play a role in determining the best strategy for an
organization.
Core Competencies
A core competency is a capability possessed by a company that gives it
a competitive advantage and cannot be easily matched by a competitor.
It is something that the company does really well and should be
leveraged going forward.
Position in the Marketplace
The position in the marketplace refers to where the organization stands
in relation to its competitors and target audience. It helps determine
the best overall course of action to take in order to reach the desired
future state.
An Example
Let's take the example of an educational content creator, like myself. My
position in the marketplace is weak, as I have no funding or corporate
backing. However, my core competencies include creating videos and
presentations. Based on these factors, my strategy is to create a suite of
free educational materials, such as videos, podcasts, and articles, that
can be accessed by anyone. This aligns with my values of providing
open and free access to information for students worldwide.
Choosing the Right Strategy
