An international business strategy refers to planning and focusing on exporting products and services to foreign markets. It also acts as a guide for commercial transactions that take place between entities in different countries. Commonly, a strategic course for international business refers to the plans and actions of private companies rather than governments. The end goal is of undoubted course, increased profits.

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Why is there a need for a strategic course for international business?

Due to day-by-day increasing globalisation, even smaller companies felt the need to cross national borders and conduct their business abroad. As a result, these companies were given the title of multinational companies (MNC’s), global businesses, trans-national companies, etc. which also gave rise for the need to understand the nuances of doing business on an international scale.

Let’s move on to the types of international strategies.

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There are mainly 3 types of international strategies:

Strategy 1: Multidomestic Strategy

A Multi domestic Strategy is a marketing tactic used by MNCs where each branch establishes its own marketing strategy based on the distinguished needs of each country. The strategy is commonly based on the cultural and traditional needs of that nation and its preferences. It is quite different from a centralized global marketing strategy where the content is based on a wider prospect and broader elements are targeted instead of specific needs pertaining to specific geographical locations.

A firm using a multi-domestic strategy emphasizes the responsiveness to local requirements within each of its markets and as a result of which it ends up losing control over the efficiency of the whole operation.

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Strategy 2: Global Strategy

A Global Strategy is referred to as a strategic guide to globalization. Unlike a multi-domestic strategy, a global strategy is appropriate where firms are faced with cost-reduction pressures. These strategies are not focused on local responsiveness. Therefore, it allows industries to sell a standardized product worldwide.

Fixed costs like capital equipment and such are substantial. Nevertheless, these companies are able to take advantage of the costs that occur due to expansions. It affects their learning curve because they have a standardized product that can be exported all over the world.

A firm using a global strategy emphasizes efficiency as a result of which it ends up sacrificing responsiveness to local requirements, making it the complete opposite of a multi-domestic strategy.

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Strategy 3: Transnational Strategy

A Transnational Strategy comprises a series of actions defined by a company to conduct operations in markets abroad. The term “Transnational” generally applies to the methods and structures that allow a firm or company to initiate and maintain functions in foreign countries.

A firm using a transnational strategy preserves central coordination at one specific location. Also, it tries to seek a middle ground between a multidomestic strategy and a global strategy. That means they try to maintain a balance between the desire for efficiency and the need to adjust to local preferences within different countries.

To pick the best fit of a strategic course for international business that suits your business, it is advised to take a short online course for international business. This will help you understand the nature of your business and the type of marketing strategy that will be effective specific to your particular domain type of business.

The Covid-19 pandemic has left the world unprepared. Schools, factories, shopping malls, offices, everything has been shut down. The entire global economy is tussling to stay afloat. It’s a challenging phase for all, especially for the business owners. Even though this is a tricky situation to deal with, it is definitely not the time to lose hope over the losses that the business has already incurred.

It is the time to fight and come back together as a community, re-think every business strategy you have put into place, and the relevance these would hold in the post-coronavirus scenario.

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So, here’s a list of key strategies you can use to overcome the Covid-19 crisis.

Review Workforce Locations and Travel

The priority is to keep the workforce safe, which is why you need to establish where your staff currently is and how many workers are in the containment zone. Do any of them need to be repatriated, or they can work from home? Also, make sure to review, reschedule, or cancel all upcoming travel plans.

Revisit Your Crisis and Continuity Plans

Every well-run business has a streamlined continuity plan, and many may even have a plan for a pandemic. But nothing tests theory quite like reality. So, generic strategies need to be adapted and tailored according to your business type to cope with specific challenges of Covid-19.

Evaluate Your supply chain

A clear understanding of your supply chain can help you expose potential vulnerabilities. This means beginning with the most critical aspects of the supply chain right down to tracking the raw material. For an in-depth understanding of such strategies and their implementation, you can always pursue credible strategic management programs. One such course that is increasing in demand is the strategic management IIM Lucknow course.

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Identify Potential Failure Points

• Who are the employees on whom critical processes or services depend on?
• Are there replacements available for such employees?

Identify the potential points of failure of your business and make strategies to overcome them. Just so you are prepared to overcome any challenge that this pandemic throws at you, enroll yourself in strategic management programs and help your business get through these unprecedented times.

Get Communication Right

It is hard to keep the workforce informed in a pandemic situation. Also, in such cases, employees are looking for reassurance that they’ll be protected and won’t lose their job. As a business owner and as their leader, you need to make sure you communicate the needful to the employees and put them at ease so they can focus on their job.

Bottom Line

We don’t know what the coming months have in store for us. But, if the outspread of Coronavirus is not contained, businesses will need to be agile to respond. And, only the experienced and trained will survive. So, consider pursuing strategic management programs to help you overcome business-related challenges. A credible course like strategic management IIM Lucknow course offered on the Talentedge platform is an ideal choice as it is up-to-date with the latest curriculum and staffed with some of the best faculty of IIM.

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