Global Business Aspects Assignment Sample

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An Introduction Of The Company And Its Current Market

XYZ is a well-known global retailer based in the UK. It has grown to become one of the world's largest and most powerful grocery businesses. XYZ operates in a variety of formats, involving superstores, supermarkets, and digital platforms, and offers a wide variety of products, including food, apparel, technology, and financial services (Kim, 2020). XYZ seeks to offer quality items at competitive costs while providing superior consumer service through a client-centric strategy.

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  • XYZ Company is an international retailer with headquarters in the UK. One of the biggest and most prosperous grocery chains in the world, it has expanded to become.
  • XYZ has more than 6,800 stores and caters to millions of clients each week with an important position in the UK and developing operations abroad.
  • It provides a wide variety of goods, such as food, apparel, technology, and investments.
  • As it competes with online stores and bargain chains, XYZ's present position on the market is characterised by strong rivalry inside the retail sector.
  • To maintain its excellent market position, XYZ, however, keeps innovating and adapting to shifting consumer expectations.

In the context of its present market, XYZ has a solid foothold in the UK retail industry, where it has an extensive market share. XYZ has also grown its operations overseas, having stores throughout Europe and Asia. The retail business, on the other hand, is extremely competitive and fast-evolving,with the development of Internetstores and discount chains posing obstacles. Regardless, XYZ strives to develop and adjust to changing customer demands, harnessing its strong reputation and efficient operations to maintain a significant place in the worldwide retail sector.

In the context of globalization's impact on business

Globalization has had a significant impact on the business of XYZ. As a global business, XYZ has taken advantage of globalization's chances to grow its operations outside the boundaries of the UK. The company has expanded into worldwide markets, with a presence in several nations and areas (Zeibote, 2019). This growth has not only broadened XYZ's market presence but has also enabled it to reach fresh customer categories and vary its source of income.

Globalization has promoted supply chain integration that allows XYZ to source items abroad and provides a larger range of options to its clients. It has also created opportunities for associations and partnerships with vendors and suppliers from all over the world. Furthermore, XYZ is using e-commerce and online technology to respond to shifting customer shopping behaviours in a globalized economy.

Figure 1: Effects of Globalization

Effects of Globalization

(Source: Justin Kuepper, 2022)

However, globalisation has not been without its drawbacks. XYZ must traverse multiple cultural, legal, and economic situations while maintaining its brand reputation and client experience continuity (Tu, 2019). To appeal to local tastes and meet international trade restrictions, the corporation must change its plans and operations.

Protecting Intellectual Property Rights in a globalized economy

In a globalized economy, preserving intellectual property rights (IPR) is critical for XYZ. As XYZ develops its activities around the world, it confronts the danger of infringing a trademark, counterfeiting, and unauthorised use of its logos, trademarks, and confidential information. XYZ should adopt numerous techniques to protect its intellectual property.

Figure 2: Intellectual property

Intellectual property

(Source: Harrison Pensa LLP, 2021)

  • XYZ must register its brand names, patents, and copyrights in each country where it does business. This provides legal protection and enables the company to pursue legal action in the event of a violation (Abbott, 2019). Ongoing audits and tracking for any violations will assist in identifying and addressing any IPR issues as soon as possible.
  • When dealing with vendors, affiliates, and employees, XYZ should use strict secrecy and confidentiality contracts. These contracts guard against the disclosure or misappropriation of confidential data and trade secrets.
  • It is critical to educate both staff and stakeholders on the value of intellectual property rights (Sherwood, 2019). XYZ can organize training programs to educate people about the dangers of infringing and copying, along with the effects of breaking IPR laws.
  • Working with local governments, business groups, and IP offices can help XYZ protect its rights. Sharing knowledge, and best practices, and taking part in initiatives to curb IPR infringement may all contribute to the development of a supportive environment.
  • XYZ shall conduct regular market surveillance for fake or illegal products carrying its trademarks. Working with investigation authorities, building solid supply chain management platforms, and utilising technology-driven solutions such as preventing counterfeiting controls or track-and-trace systems can all be part of this.

To summarize, preserving XYZ company's IP rights is critical in a globalised economy (Cohen, et.al, 2019). XYZ can limit risks and protect its important assets by executing a complete IPR protection plan that entails registration, confidentiality contracts, staff education, engagement with officials, and market monitoring. Enabling that IP is protected not only protects XYZ's image but also keeps the company competitive in the worldwide economy.

Managing business functions in an international context

As a worldwide corporation, XYZ must efficiently coordinate and integrate multiple business tasks throughout its global operations. This involves handling supply chain logistics, purchasing, marketing, staffing, finance, and data technologies. XYZ's success is based on its capacity to accommodate its operations to varied cultural, constitutional, and economic situations while maintaining constant quality and client fulfilment. It employs tactics for instance product and service localization, market research, and people management to efficiently negotiate the difficulties of foreign markets. XYZ's focus on effective communication, collaboration, and exploiting local experience ensures that its business activities run smoothly in a global context.

To maintain seamless operation and achievement of organizational goals, XYZ must efficiently coordinate and integrate numerous departments across its global operations.

  • Supply chain management- XYZ must build effective supply chains which connect numerous nations to ensure timely product delivery to its outlets. This includes handling logistics, working with suppliers, and optimising stock levels to fulfil the needs of customers in various areas.
  • Marketing- XYZ's marketing strategy must be tailored to local cultures, tastes, and legal needs (Gallardo-Gallardo, 2020). This involves product localization, pricing methods, promotional activities, and market-specific advertising.
  • Human resources management- It entails recruiting, developing, and maintaining a group of employees with the necessary skills and cultural awareness to function in many markets. XYZ needs to tackle intercultural interaction and manage international staff interactions.
  • Financial management- This involves handling foreign exchange risks, adhering to global accounting norms, and allocating financial resources efficiently across borders.
  • Information technology- Applying centralised systems and technology allows for effective data management, enhanced interaction, and decision-making between departments and locations.
  • Effective multi-functional collaboration- This includes encouraging interaction and expertise exchange across divisions and regions, maintaining goal and strategy alignment, and capitalising on synergies within the organization (Crane, et.al, 2019).

Managing company processes in a global context necessitates XYZ efficiently coordinating and integrating logistics, marketing, human resources, financing, and IT throughout its worldwide operations. XYZ may effectively traverse the hurdles and capitalise on the opportunities afforded by working in global markets by integrating into local cultures, meeting regulatory obligations, and promoting cross-functional teamwork.

The impact of national cultures on international markets

National cultures have a tremendous impact on worldwide marketplaces. Consumer behaviour, business practices, and market interests are all influenced by national cultures (Steenkamp, 2019). Values, conventions, ways of speaking, and decision-making procedures change between cultures, influencing how goods and services are viewed and used in different nations.

Business discussions, collaborations, and legal compliance are all influenced by national cultures. Building solid ties with regional stakeholders necessitates cultural awareness and practices. Adapting to local customs increases trust, improves customer happiness, and improves the organization's reputation in foreign markets.

Businesses may successfully negotiate the complexity of global markets and establish tactics that connect with local customers by recognising and appreciating national cultures (Ergashev, 2020). It exhibits a dedication to understanding and satisfying the demands of a wide range of customers, resulting in enduring company growth and achievement.

National cultures have a huge influence on the structure of global markets. They have an impact on customer behaviour, company practices, and market preferences. National cultures have an impact on communication techniques, decision-making procedures, and social conventions. Understanding and appreciating cultural variations is critical for foreign firms because it impacts product positioning, promotional strategies, and consumer involvement. Adjusting to cultural norms can improve client satisfaction and foster long-term connections. It also has an impact on commercial negotiations, collaborations, and adherence to regulations. Failure to recognise and adjust to national cultures may give rise to confusion and misunderstandings, stifling performance in global markets.

WTO across markets

Figure 3: World Trade Organization

World Trade Organization

(Source: WTO.com, 2023)

Addressing the World Trade Organization (WTO) among markets is critical for XYZ's global operations. The WTO establishes laws and rules that regulate international trade and maintain equitable competition for enterprises globally.

XYZ may negotiate trade barriers, taxes, and laws that vary among markets by understanding the WTO's rules and agreements. Considering the WTO's rules on equality, market-entry, and fair trade practices enables XYZ to recognize opportunities and address obstacles in international trade.

XYZ ought to stay up-to-date on WTO changes, discussions, and dispute resolution methods (Mavroidis, 2019). This knowledge enables the company to predict prospective alterations to trade policies and adjust its tactics accordingly. It also enables XYZ to actively participate in lobbying activities to influence trade legislation and encourage an appealing business atmosphere.

XYZ may make educated decisions, build successful tactics, and seize chances for expansion in various sectors by knowing the WTO's values and their consequences for global trade.

An assessment of entry strategies in international markets

To establish its footprint in international markets, XYZ can use a variety of entry techniques. Joint ventures or tactical partnerships with regional stakeholders are one popular approach (Grøgaard, 2019). As a result, XYZ can benefit from the partner's understanding of its marketplace, legal environment, and customer tastes.

XYZ can also make purchases from current retail chains in other areas, allowing it quick growth and entry to a pre-existing client base. This approach facilitates XYZ's rapid establishment of its brand and facilities in new markets. XYZ also supports organic expansion by establishing its stores and activities in overseas regions. This strategy gives XYZ complete control of its activities, brand reputation, and client experience.

XYZ can customise its offerings to fit local tastes by adapting its entrance techniques to particular market factors and cultural environments. This localization method entails tailoring product selections, pricing tactics, and stores to the target market's preferences.

Overall, XYZ's can adopt various worldwide market entry techniques, including joint venture mergers and organic expansion (Katsikeas, 2020). This adaptability enables XYZ to enter new areas effectively, harness regional skills, and adjust its operations to compete in the international retail marketplace.

The functions of an organization's functions and culture within a globalized or multinational business

The organizational activities and culture of XYZ are critical to its achievement as a globalized and international corporation.

  • Supply chain and operations- These are assuring the effective and timely distribution of products across foreign businesses. This includes logistics management, inventory optimization, and worldwide supplier coordination.
  • Marketing and customer engagement- These are tailored to local markets, taking into account cultural subtleties and customer needs (Tien, 2019). In a globalized marketplace, XYZ's capability to customize its marketing plans to different locations benefits its customer-focused strategy and the brand's position.
  • Human resources- The Company prioritises talent growth, training, and building a complete work atmosphere that celebrates various cultures and supports international cooperation.
  • Financial management- This assures the financial stability of XYZ as well as adherence to global accounting norms. This includes currency risk management, financial reporting, and optimizingfinancial resources among markets.

Culture fosters creativity, adaptation, and customer attention. The organization fosters an entrepreneurial spirit by empowering local teams to make market-driven decisions while adhering to XYZ's overarching mission and principles.

Overall, the functions and culture of XYZ are consistent with its globalized and multinational corporate strategy. XYZ may successfully operate in multiple countries, utilize opportunities, and traverse the obstacles of a globalized corporate landscape by successfully controlling its activities and cultivating a culture of adaptation and customer-centricity.

An assessment of appropriate global strategy for the local company

To make sure its achievement in foreign markets, XYZ, a local corporation expanding abroad, must assess an effective international approach. Here are some crucial points to consider:

  • Market Research- XYZ must perform extensive market research to discover niche markets with high development possibilitiesand comprehend customer needs, local competitors, and market trends (Sturgeon, 2021). This study assists XYZ in tailoring its worldwide approach to unique market demands.
  • Localization- It is critical to adapt to the local customs, tastes, and interests. To appeal to local customers, XYZ should localizeits product offers, marketing efforts, and shop formats. This includes taking into account local rules, languages, and cultures for ensuring a consistent client experience.
  • Partnership and Alliances- XYZ may wish to develop collaborations or partnerships with local businesses to benefit from their market expertise, distribution channels, and client base. Such partnerships can assist XYZ in establishing a larger footprint and overcoming entrance restrictions in new markets.
  • E-commerce and Digital Expansion- Investments in e-commerce permitXYZ to access a larger consumer base and avoid physical constraints. XYZ could contend with regional and worldwide e-commerce giants by developing strong websites and delivery methods.
  • Supply Chain Optimization- To assure efficient procurement, distribution, and stock control, XYZ should prioritizeoptimizingits worldwide supply chain. Supply chain optimizationdecreases costs, increases productivity, and boosts customer loyalty.
  • Continuous Innovation- To remain competitive in global markets, XYZ must cultivate an environment of innovation and adaptation. To constantly improve its offers and stay competitive, it must embrace evolving technology, consumer behaviors, and shifting market conditions.

XYZ may determine a suitable global strategy that matches its key strengths, uses local market perspectives, and enables long-term success in global markets by taking these elements into account.

Recommendation and conclusion

According to the report it is recommended that to successfully tackle the aforementioned emphasis areas, XYZ should invest in extensive intercultural training programs for its personnel working in global markets. This will allow them to fully comprehend and value the impact of globalization, safeguard rights, apply company functions to varied contexts, and negotiate the impact of national customs. Furthermore, performing market analysis and research on entrance approaches and international tactics can assist XYZ in making educated judgments and developing localised techniques that connect with desired audiences.

The report concludes as XYZ grows its global footprint, it must recognise the importance of globalization, IP rights, company operations, and country cultures. XYZ may develop a solid foothold and prosper in multiple worldwide markets by prioritising multicultural instruction, undertaking thorough market analyses, and adjusting methods to local situations. The report has discussed how XYZ can efficiently negotiate the difficulties of a globalized economy and encourage successful growth in the future with a comprehensive awareness of its obligations under World Trade Organization rules and an in-depth comprehension of its operations and culture.

References

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  • Business jargons, 2023. Organizational Culture. [online]. accessed from <https://businessjargons.com/organizational-culture.html> accessed on 19.05.23.
  • Cohen, J.E., Loren, L.P., Okediji, R.L. and O'Rourke, M.A., 2019. Copyright in a global information economy. Aspen Publishing.
  • Crane, A., Matten, D., Glozer, S. and Spence, L.J., 2019. Business ethics: Managing corporate citizenship and sustainability in the age of globalization.
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