International Strategic Management

  1. Based on the readings, describe what you think International Strategic Management is about.
  2. What do you think the international aspect adds to strategic management that is not in regular strategic management?

 

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International Strategic Management

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  1. Based on the readings, describe what you think International Strategic Management is about.

International strategy can be understood to be a continuous and comprehensive management technique intended to enable companies to operate effectively in the international arena. International strategy is outward-looking, exploring factors that prevail across national boundaries (Hill, 2012). Therefore, international strategy management outlines the unique approaches that a company will deploy outside its home base of operations. The international strategies outline how the company will compete internationally and expand in foreign markets.

The development of international strategy considers four main aspects of strategy. The first element is the scope of operations of the company. The scope of operations of a company concerns the geographic extent of the operations in terms of countries and regions. The scope of operations also includes the markets and niches that the company aims to exploit. Therefore, in developing an international strategy, the management must evaluate and select the international markets that will offer the most opportunities (Hill, 2012). The second element that needs consideration during international strategy development is resource allocation. Expansion into international markets requires considerable resources. Subsequently, when developing an international strategy, the company needs to determine how efficiently resources will be allocated to different functions. Resource allocation considers the importance of the various functions.

The third component of international strategy development is the attainment of competitive advantages. The company’s management needs to strategize on how the company will achieve competitive advantages over other companies in the same industry (Hill, 2012). Managers have to identify what the company does better than other companies. The goal of this stage of strategy development is to enable the company to identify areas of competitive advantage and how the company will sustain the competitive advantages. The final stage of international strategy development is the attainment of synergy. It ensures that the various operations and functions at the company benefit each other and contribute to the attainment of strategic goals.

International strategy development is undertaken across two stages. The first stage is strategy formulation. The process of strategy formulation involves analysis of the position and capabilities of the company, evaluation of external environmental factors, and establishment of strategic goals. Consequently, a plan and control framework is developed to facilitate the strategic goals (Hill, 2012). The second stage, strategy implementation, entails the activities that the company will carry out to accomplish the strategic goals from the strategy formulation stage. The company brings the plan and control framework to life in the implementation stage.

  1. What do you think the international aspect adds to strategic management that is not in regular strategic management?

International strategic management differs from regular management in the scope of the developed strategies. International strategic management entails developing and implementing strategies outside the company’s home country (Hill, 2012). International strategies focus on how the company can penetrate, operate and compete in foreign markets. As such, the scope of the international strategies is expansive. On the other hand, regular strategic management focuses on developing strategies that will be implemented in the company’s home market. Such strategies focus on how the company will compete in the local markets. In this way, the scope of regular strategic management is narrower than international strategic management. Therefore international strategic management, unlike regular strategic management, requires in-depth consideration of political, sociocultural, geographic, and economic factors in the international market (Truell & Milbier, 2014)

 

 

References

Hill, S. (Ed.). (2012). Encyclopedia of Management (7th ed.). Gale, Cengage.

Truell, A. & Milbier, M. (2014). Encyclopedia of Business and Finance (Vol. 2. 3rd ed.). Gale, Cengage.

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