International Business Strategy and Team Management
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Globalization: Advantages and Disadvantages
Advantages
- Technology: It shortens distances thanks to technological advancements.
- Development: There is growth and development in developing countries.
Disadvantages
- Cultural Loss: The tradition of each culture is lost as new cultures are inserted. This is why people show more interest in a new culture than the traditional one.
- Market Competition: Small national companies disappear due to competition from larger multinational companies.
The Role of Culture in International Business
Culture is a society’s (or group’s) system of shared, learned values and norms; as a whole, these values and norms are the society’s (or group’s) design for living.
Cultural Considerations for Success
- Understanding the culture of our target market is a must to succeed.
- Adapt our product or service to the target market.
- Establish the marketing strategy considering the culture.
- Create a culture of continuous improvement in our organization.
Strategic Analysis Tools: SWOT and PESTLE
SWOT Analysis
- Strengths: Fortalezas
- Weaknesses: Debilidades
- Opportunities: Oportunidades
- Threats: Amenazas
PESTLE Analysis
This expands on the analysis of the external context. The term PESTLE refers to the domains it considers: Political, Economic, Social, Technological, Environmental, and Legal.
Workplace Dynamics and Team Development
Generations at the Workplace
Five generations were working side by side in 2020. Generational Intelligence is the ability to understand and manage these generations in the workplace.
Team and Teamwork
A Team is a group of people working together for common goals. Teamwork is the ability to cooperate and communicate effectively with others to achieve a common goal.
Stages of Team Development, SMART, and Maslow
Stages of Team Development
- Forming
- Storming
- Norming
- Performing
- Adjourning
SMART Goals
- S: Specific
- M: Measurable
- A: Attainable
- R: Relevant
- T: Time-based
Maslow’s Hierarchy of Needs
- Physiological
- Safety
- Love/Belonging
- Esteem
- Self-Actualization
Economic Principles for Business Growth
Comparative Advantage
The Comparative Advantage is the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Economies of Scale
Economies of Scale refers to reduced costs per unit that arise from increased total output of a product. For example, a larger factory will produce power hand tools at a lower unit price, and a larger medical system will reduce the cost per medical procedure.