Strategies for Businesses to Stay in the Competitive Global Market

In the recent past, businesses, organizations, and institutions have resorted to operating on a wide international scale, therefore affecting the general prices of goods and services globally as the financing sector is also influenced. Although local businesses have always relied on the traditional ways of competition, global markets have forced businesses to rethink and shift their competitive strategies to match and surpass the widely grown international market if they are to survive and stay in the contest. The challenge of International Competitive Strategy is critical for businesses operating at global levels. It is not only concerning more common issues such as quality, technology, and innovation but also regarding the symbolism associated with uniqueness and the symbolism of global and local versus local products. Dealing with international products in international markets requires quite different ways and thinking to be innovative in the ways that can overcome the negative stereotypes and images at home and in foreign markets associated with the products from undeveloped countries (Ger 68). Organizations operating in the international marketplace must design the master plans that would enable them to stay in the global competitive markets, such as through cost leadership, focus strategy, joint venture strategic alliance, patenting, and customization of products and services.

Businesses and organizations have developed their original form of operation by producing and delivering more goods to the market and focusing on sales, advertisement, and marketing activities. This method of operation is an anomaly to the recent globalization that has given rise to global markets where competition is based on forecasting international customer needs, and the products are tailored to individual customer demand to achieve satisfaction. Customization is one of the crucial factors for manufacturers to stay in a competitive position in today’s turbulent environment since the mainstream of mass customization is focused on flexibility and quick responsiveness through a variety of customized goods with low cost and high quality (Hou 6). Linking technologies like emails and the Internet allows firms to rapidly and more effectively communicate with consumers in a co-design process to learn what is wanted in the product and service features to deliver as specified by customers (Helms 1).

Operation of businesses as independent entities and not in operational contract with other external organizations has been the norm in the recent past. In-house sourcing is inconsistent with the current regionalized markets where it is necessary to have strategic alliances and joint ventures to pool resources together to effectively reach the customers, persuade, sell to them and maintain a long-term relationship with them. Corporations must enter into strategic alliance arrangements with comprehensive plans outlining detailed expectations, requirements, and benefits. Strategic alliance offers the business arrangements competitive benefits of entering the market, bypassing government restrictions, bringing together funds, and quickly learning from the leading firms in a given field (Elmuti 205). Businesses and corporations can achieve a global market competitive advantage by application of various ways of developing inter-organizational relations, such as: through joint ventures. Equity investments, franchising, licensing, and market relations (Todeva 1-3).

The trend of technology in the business world has pushed the market towards global commonality such that only businesses that are aggressive enough to adjust are the only ones that can survive this fast-growing sector. Corporations, therefore, apply all the reasonable and applicable master plans that would enable them to stand by in competitions, such as through business relations, and to be flexible to the specific individual customer demands.