Write an essay discussing Entering Global Markets and Managing Global Operations.

Discuss your selected Key ‘Entering Global Markets and Managing Global Operations’ term. You should explain why you are interested in the term, an explanation of the term, a summary of the germane current literature, and specifically how this relates to Entering Global Markets and Managing Global Operations.As you read the chapters 7 and 8 assigned to the week, you will find some concepts more interestingand applicable to your personal or work situation than others. Review the key terms listed in theassigned chapters; then, choose a key term that you wish to write on for your thread.Include the exact key term you selected in your thread’s subject line.Thread (600 words minimum)After you have successfully chosen the key term that interests you the most, research a minimumof 5 recent international business/management articles that relate to the concept on which youwish to focus your research. Articles must be found in reputable professional and/or scholarlyjournals and/or business/trade journals that deal with the content of the course (i.e., not blogs,Wikipedia, newspapers, etc.). After reading the articles, select the 1 article that you wish todiscuss.It is highly recommended that you use Liberty University’s Jerry Falwell Library onlineresources. A link is provided in the Discussion Assignment Resources. A librarian is availableto assist you in all matters pertaining to conducting your research, including what constitutes ascholarly article.Your thread must be placed in the Discussion textbox and adhere precisely to the followingheadings and format:1. Key Term and Why You Are Interested in It (100 words minimum)After reading the textbook, specifically state why you are interested in conducting furtherresearch on this key term (e.g., academic curiosity, application to a current issue relatedto employment, or any other professional rationale). Include a substantive reason, notsimply a phrase.2. Explanation of the Key Term (100 words minimum)Provide a clear and concise overview of the essentials relevant to understanding this keyterm.3. Major Article Summary (200 words minimum)Using your own words, provide a clear and concise summary of the article, including themajor points and conclusions.4. DiscussionIn your own words, discuss each of the following points:a. How the cited work relates to your above explanation AND how it relatesspecifically to the content of the assigned module. This part of your threadprovides evidence that you have extended your understanding of this key termbeyond the textbook readings. (100 words minimum)b. How the cited work relates to the other 4 works you researched. This part of yourthread provides evidence that you have refined your research key term to acoherent and specialized aspect of the key term, rather than a random selection ofworks on the key term. The idea here is to prove that you have focused yourresearch and that all works cited are related in some manner to each other ratherthan simply a collection of the first 5 results from your Internet search. (100words minimum)5. ReferencesA minimum of 3 recent articles (as described above), in current APA format, must beincluded and must contain persistent links so others may have instant access. In the eventthat formatting is lost or corrupted when submitting the thread, attach the Microsoft Worddocument to your thread as evidence that your work was completed in the proper format.Please see the appropriate instruction link in the Discussion Assignment Resources formore information on creating persistent links.

Answer & Explanation

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Entering global markets and managing global operations are two crucial aspects of a company’s internationalization strategy. In today’s interconnected world, businesses must expand their operations beyond national borders to tap into new markets and opportunities. However, going global also brings new challenges and risks that companies must navigate to succeed. In this essay, we will explore the key considerations for entering global markets and managing global operations.

Entering Global Markets

Entering global markets requires careful planning and execution to ensure success. Here are some critical factors to consider:

Market Research: Before entering a new market, companies must conduct thorough research to understand the local market’s characteristics, such as the target audience, competition, cultural differences, regulatory requirements, and economic conditions. This information helps companies tailor their products, services, and marketing strategies to meet the specific needs of the local market.

Market Entry Strategy: There are several ways to enter a new market, such as exporting, licensing, franchising, joint ventures, or

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wholly-owned subsidiaries. Companies must select the most suitable market entry strategy based on their goals, resources, and the local market’s characteristics.

Legal and Regulatory Compliance: Each country has its legal and regulatory framework that companies must comply with when entering the market. This includes registration, permits, licenses, taxes, labor laws, and intellectual property protection. Failure to comply with these requirements can result in penalties, legal disputes, and damage to the company’s reputation.

Managing Global Operations

Managing global operations requires a different approach than managing domestic operations due to the complexities of operating in multiple countries with diverse cultures, languages, and regulations. Here are some key considerations for managing global operations:

Localization: To succeed in global markets, companies must adapt their products, services, and marketing strategies to meet the local market’s needs and preferences. This includes language, cultural nuances, product design, and pricing strategies. Companies that fail to localize their operations risk losing customers to local competitors.

Supply Chain Management: Managing a global supply chain requires careful planning and coordination to ensure timely delivery of products and services while minimizing costs and risks. Companies must select reliable suppliers, manage inventory levels, and navigate transportation and logistics challenges.

Risk Management: Operating in multiple countries exposes companies to various risks, such as political instability, currency fluctuations, natural disasters, and cybersecurity threats. Companies must develop risk management strategies to mitigate these risks and protect their business operations.

Conclusion

Entering global markets and managing global operations are complex but essential aspects of a company’s internationalization strategy. To succeed in global markets, companies must conduct thorough market research, select the right market entry strategy, comply with local regulations, localize their operations, manage their supply chains, and mitigate risks. Companies that can navigate these challenges effectively can expand their customer base, increase their revenue streams, and achieve long-term growth and success.

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