Read the article below and Write a 250 to 300-word response. In your reply you must make a recommendation of a peer reviewed journal article that provides additional information on the topic. In your response, you should give a summary of the article in your own words and discuss why it is relevant to the article below. It must be different than articles reference in the article below. Include an APA formatted in text citation and at the bottom of the reply.
Amazon, Apple, and Coca Cola are three different businesses who have set themselves apart from the competition on the international business stage. The strategy that each of these companies have used to do this is very simple. When it comes to marketing on an international level Amazon, Apple, and Coca Cola market themselves as the best and biggest there is in their respective categories. This marketing strategy has allowed all three companies to engage in international trade and dominate in populated regions around the world. One of the main ways that these companies were able to gain and maintain a dominant foothold in every part of the world is by using advancing technology. The ability to coordinate business activities in multiple regions around the world and communicate almost instantaneously has opened the pathway to global success. True success of an international business requires the coordination of both management and the individual workers (Casson, 2022).
One of the results of increased globalization is the increase of international business dealings (Verbeke & Yuan, 2021). An increase in globalization opens a door for individuals wishing to trade and expand their products to new and emerging markets. A major issue when it comes to a business growing in an international market is they must find a way to increase their market growth. Businesses seeking to sell their product in new markets must be focused on ensuring that they are able to maintain a foothold, or they could face the consequences of being forced out of that market (Bhattacharyya & Verma, 2019). This competition between companies fighting for a limited amount of space in the same market can lead to some business failing, while others continue to grow and go on to gain international dominance. Individuals seeking to grow businesses and expand their influence in the market will often merge or buyout other businesses to reduce the amount of competition present in the market. International business dealings have led to the emergence of conglomerates business groups and networks (Thome & Medeiros, 2016). These conglomerates control large aspects of the business world and have a great deal of sway when it comes to international trade deals being made. A lot of the influence that an international business has in the international market comes from their market power. Market power is a company’s ability to manipulate the level of supply and demand in the market, and thus manipulating the overall price (Casson, 2022).
Building a proper international trade business strategy requires comprehensive knowledge and knowing consequences of possible actions. Domestic and foreign implementation of international trade strategies are based on systematic processes that seek to identify the most effective actions to take (Dumanska, 2021). Businesses will often go through the hassles of creating detailed assessments for international trade to ensure that the chosen actions will yield the best results (Dumanska, 2021). The international business strategies that are implemented by a business depends heavily on the organizational structure of that business and the overall objective. Many international business strategies take their strategies from competitive strategy, economics, and game theory (Casson, 2022). It is essential for a business to gain a competitive advantage over their competition to guarantee their success. The key to analyzing the international success of a business is to analyze not only the core activities, but also the support services that the business provides (Casson, 2022).
Bhattacharyya, S. S., & Verma, S. (2019). The intellectual core and structure of international business strategies (IBS). Review of International Business, 29(3), 180-206. doi:10.1108/RIBS-01-2019-0013
Casson, M. (2022). Extending internalization theory: Integrating international business strategy with international management. Global Strategy Journal, 632-657. doi:10.1002/gsj.1450
Dumanska, I. (2021). Quality assessment of business strategy in international trade: Indicators and parameters. Baltic Journal of Economic Studies, 7(2), 57-64. doi:10.30525/2256-0742/2021-7-2-57-64
Thome, K. M., & Medeiros, J. J. (2016). Drivers of successful international business strategy. International Journal of Emerging, 11(1), 89-110. doi:10.1108/IJoEM-09-2012-0120
Verbeke, A., & Yuan, W. (2021). A few implications of the COVID-19 panademic for international business strategy research. Journal of Management Studies, 58(2), 597-601. doi:10.1111/joms.12665