GLOBAL MARKETS

IF YOU BUILD AN ARMY OF 100 LIONS AND THEIR LEADER IS A DOG, IN ANY FIGHT THE LIONS WILL DIE LIKE A DOG. BUT IF YOU BUILD AN ARMY OF 100 DOGS AND THEIR LEADER IS A LION, ALL DOGS WILL FIGHT LIKE A LION 

-Napoleon Bonaparte -

Corporate success is now an integrated discipline. It is clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. Nowhere is this more apparent than entering foreign markets digitally which is one of the most important topics in international business. 

Fast-tracking digital transformations in companies becomes critical when seeking to becoming resilient to future outbreaks and disruptions.

The institution-based view suggests that firms need to undertake actions deemed legitimate and appropriate by the various formal and informal institutions governing market entries. The resource-based view argues that foreign firms need to deploy overwhelming resources and capabilities that offset the liability of foreignness.

Between these two views lies the reality that technologies such as artificial intelligence, big data, the Internet of Things, virtual and augmented reality and robotics now make businesses more resilient to disruptions in the market.

The location of foreign entries was previously governed by strategic goals and cultural and institutional distances. 

Location-specific advantages are the benefits a firm reaps from features specific to a particular place and are denoted by agglomeration or clustering of economic activities in a certain location. Location-specific advantages are the benefits a firm reaps from features specific to a particular place and are denoted by agglomeration or clustering of economic activities in a certain location. 

Considering culture as an informal part of institutional frameworks governing a particular country, institutional distance is “the extent of similarity or dissimilarity between the regulatory, normative, and cognitive institutions of two countries”. 

We need global human ingenuity to invent, dream up new products and ways of working. In this cyber reality world emotional intelligence reigns.

IMPOSSIBLE IS A WORD TO BE FOUND ONLY IN A DICTIONARY OF FOOLS

- Napoleon Bonaparte -

The ability to be aware of, express, and control our emotions and be aware of others’ emotions is what emotional intelligence is all about and is required by global organizations of all sizes in all industries.

Creativity and Innovation in the timing of foreign entry is also important; first-mover advantage refers to firms that enter the market first; late-mover refers to firms that ride on the coattails of first movers by capitalizing on the advantages of firms that enter the market first. 

NEVER INTERRUPT YOUR ENEMY WHEN HE IS MAKING A MISTAKE

- Napoleon Bonaparte -

Small scale entries are made primarily through exports, licensing and franchising while large scale enters require long term commitment equity investments such as wholly-owned subsidiaries. 

Management savvy is key to the successful foreign market entry strategies. Managers must develop overwhelming capabilities in formal and informal institutions in the foreign market by understanding the rules and regulations that govern foreign operations, and develop appropriate strategies to insure successful foreign market entry. 

THE FOOL HAS ONE GREAT ADVANTAGE OVER A MAN OF SENSE; HE IS ALWAYS SATISFIED WITH HIMSELF

-Napoleon Bonaparte -

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Restrepo is the CEO of Professional Global Outreach a non-profit organization: whose Mission Statement is fomenting global economic development through professional and cultural diversity. Our ethos is the cultivation of constant advancement and continual improvement in the latest technologies through a program of elite experts around the globe and owner of RDI Global Services a global government and military defense multidisciplinary research and strategic marketing development firm. Projects include Corporate Technology Commercialization through the U.S. National Laboratories. She is an award-winning multimedia and marketing strategist whose awards include best documentary and public service TV Commercials for the U.S. Dept. of Commerce, served as Consultant for ABC News Investigative Report and Project of the Year Award from the Steel Erectors Association of America.