IBUS 330 International Business and Multicultural Relations

4

IBUS330: International Business and Multicultural Relations

ProfessorJoel Nicholson)

MatchingStrategy to Foreign Operating Environments: Annotated Bibliography

SmallBiz Connect. 2015. Matching Strategies to Situations. Retrieved from

http://toolkit.smallbiz.nsw.gov.au/

Forbusiness sustainability and success in any operating environment,this will depend on how a manager matches strategies to the currentmarket environment. This article begins by stating what one need toconsider when matching strategies in any business situation.Obviously, the business environment is ever-dynamic and should adjustand adopt this environmental dynamism using various strategies. Forbusiness survival, strategy is crucial. However, one should take intoconsideration many internal and external factors. Clearly, a strategybecomes more effective if the implementation strategies chosen matchthe situation. Moreover, factors that influence strategic optionsinclude the industry’s nature, market competitiveness andorganization’s resources and capabilities. Besides, this articleargues that the type of market or industry influence what strategieswill be implemented. For example, an individuals working in anemerging market, a mature or highly competitive market or decliningindustry requires to develop strategies that suit the present marketconditions, and ensure that the company can adjust to market changesover a period of time (Small Biz Connect, 2015).

Consequently,in a foreign operating environment that is highly competitive anorganization should utilize strategies that differentiate itsbusiness and products from those of the competitors. There isincreased competitiveness in world today and customers expect highquality products. Highly competitive markets are likely to be highlyvolatile, innovative with high customer expectations, in addition toshort product lifecycles. Therefore, in this case if the businessoperates in a market that is highly volatile, then one needs todevelop and adapt strategies that respond to the dynamic conditions.As mentioned earlier, a differentiation strategy usually involvesoffering customers high quality products that are enhanced in termsof performance, features, reliability and convenience. As a result,it is significant to match strategies and align them closely with theresources and capabilities control in any market (Small Biz Connect,2015).

Additionally,this article provides readers with ways on how one can matchstrategies in a business environment using a strategic action plan.According to the author, a strategic plan is an efficient way toensure that strategies match with any given situation including aforeign operating environment. Moreover, developing an action planrequires one to first analyze carefully the market and calculate thebusiness goals and objectives that need to be achieved. Consequently,a set of strategies as well as specific actions are developed usingthe set business objectives over short and long term. An action planis significant and helps one to monitor the business progress andcoordinate the activities in the firm in accordance with certainsituation. In addition, one can adjust and update the action inaccordance with the changes in the business environment (Small BizConnect, 2015

Inconclusion, the author of this article demonstrates that to attain acompetitive advantage in a foreign operating environment, one need tomatch a company’s internal strength effectively with availableopportunities relative to those of the competitors. Clearly, theauthor of this article shows that the success and sustainability of abusiness depend on how one matches strategies to the current marketenvironment. Most significantly, one need to have a comprehensive anddetailed understanding of the market environment, as well as have theability to coordinate the implemented strategies, in order to helpone achieve the set business objectives.

References

SmallBiz Connect. 2015. MatchingStrategies to Situations.Retrieved from

http://toolkit.smallbiz.nsw.gov.au/