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The globalization of the competitive landscape has forced companies to fundamentally rethink their strategies. Whereas once only a few industries such as oil could be labeled truly global, today many-from pharmaceuticals to aircraft to computers-have become global in scale and scope. As a consequence, creating a global competitive advantage has become a key strategic issue for many companies. Crafting a global strategy requires making decisions about which strategy elements can and should be globalized and to what extent. Key questions for analysis include: * What markets and/or regions should a company compete in and why? * To what degree can and should products and services be standardized? * Is it advantageous to adopt a more or less uniform market positioning worldwide? * What value-added activities should it keep in-house, outsource, or relocate for competitive advantage? * How can competitive responses be most effectively coordinated on a global basis? Answers to these questions help define a company's global strategic focus on a continuum from a truly global orientation to a more local one.