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Global strategy as defined in business terms is an organization's strategic guide to globalization. Such a connected world, allows a business's revenue to not be to be confined by borders. A business can employ a global business strategy [1] to reap the rewards of trading in a worldwide market.
The most effective way to enforce geocentrism is with a formal reward system that encourages both subsidiary and headquarters managers to work for global goals rather than just defending home country values. This ideology is a great example of how today's business must manage both global and local issues in order to succeed in the end. [2]
learning to improve international business relations through appropriate communication strategies; understanding the global business environment—that is, the interconnections of cultural, political, legal, economic, and ethical systems; exploring basic concepts underlying international finance, management, marketing, and trade relations; and
Glocal, an adjective, by definition means "reflecting or characterized by both local and global considerations". [2] The term "glocal management" in a sense of "think globally, act locally" is used in the business strategies of companies, in particular by Japanese companies that are expanding overseas. [3]
If a firm's business strategy could not cope with the environmental and market contingencies, long-term survival becomes unrealistic. Diverging the strategy into different avenues with the view to exploit opportunities and avoid threats created by market conditions will be a pragmatic approach for a firm.
Global sourcing is often associated with a centralized procurement strategy for a multinational, wherein a central buying organization seeks economies of scale through corporate-wide standardization and benchmarking. A definition focused on this aspect of global sourcing is: "proactively integrating and coordinating common items and materials ...
International business strategy refers to plans that guide commercial transactions taking place between entities in different countries. [citation needed] [1] [2] Typically, the phrase "international business strategy" refers to the plans and actions of companies (public or private) rather than of governments; as such, the goal of such a strategy involves increased profit.
Corporations will engage in a governance strategy in order to achieve greater benefits from the global supply chain. While these decisions are most often in search of cost reduction strategies there are also some corporations that consider environmental factor and good corporate social relationships when creating a global supply-chain governance strategy.