International strategy and global strategy are often perceived as the same by several marketers. However, both are definitely not the same. An international strategy involves the tactics adopted in different countries specific to the markets of those countries whereas, a global strategy is a concept that involves putting together plans that are unique for the worldwide market.
What is an International Strategy?
It refers to the plans laid down by strategic managers to guide commercial transactions taking place between entities in different countries. In simple words, it is a way in which a firm decides acquiring and utilizing resources to achieve international goals and objectives.
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What is a Global Strategy?
It is an organization’s strategic guide to globalization that connects it with the rest of the world. In other words, a global strategy refers to the plans an organization has developed to grow beyond its local or domestic borders. It specifically aims at increasing the sales of goods or services abroad.
Even though these two terms sometimes sound similar, both have different meanings. Let us study some key differences between the two terms that highlight their dissimilarity:-
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Based on Service or Product offering
While developing a global strategy, a company provides the exact product or service descriptions offered to the customers in all countries that it operates. On the other hand, while developing an International strategy, each market is served with specific and tailored products that are best suited to the customers in that particular market.
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Based on Customers’ Engagement
Global strategies are quite effective when it comes to customers’ engagement, however, a company can connect with its customers in international strategies by setting up better communication channels. International strategies seem to create a greater amount of engagement than global marketing does since they are working with a tailored strategy for every country.
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Based on Advertising
In a global strategy, the advertisements are typically aired on worldwide mediums; whereas in international strategies companies tend to air tailored advertisements specific to the local markets of that area.
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Based on R&D and Marketing Research
In real-life situations, R&D and marketing research are thorough in both global as well as international strategies. There have been some instances where the companies do not go through their research properly and thus their products fail miserably in the global market.
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Based on Strategy Integration and Competitive Moves
An international strategy allows subsidiaries independence to plan and execute different competitive moves. In contrast, global strategy plans and executes competitive battles on a worldwide level and does not allow freedom to execute tailored competitive moves.
Summing Up
Whether you choose an international strategy or a global one, it is your decision. Ultimately to get a deeper knowledge you will need the guidance of an online course for international business. A certified international business course will help you make better strategic decisions that will determine the success of your organization. All major decision-makers and managers can help their organizations excel and achieve greater heights with a deeper understanding of international business management. A certified and accredited online course for international business aims to help managers develop and implement strategies in the international context.
More Information:
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Learn to Strategize International Business Activities with Executive Development Program