Tuesday, August 27, 2019
International Business Strategy Essay Example | Topics and Well Written Essays - 2250 words
International Business Strategy - Essay Example It is evidently clear from the discussion that on a day-to-day basis, managers are faced with certain situations of which, they have to apply their critical thinking skills since the decision they make usually has a big impact on the entire organization, and it could be either in a positive or negative way. Therefore, managers have to undertake an essential decision-making process, which will explore all the pros and cons, and even offer risk mitigation tactics that can reduce the organizationÃ¢â¬â¢s vulnerability. Roberts noted that an effective decision-making process will involve all the key stakeholders and it will look at issues from different and broad angles. Secondly, it will involve the use of various analytical tools that test different parameters that can determine the viability of a business decision or option. Among such examples of crucial decisions that managers usually face in their line of work include which marketing strategy to apply or whether to venture into a new market or not. These two strategic decisions will require the manager to undertake a comprehensive decision-making process to establish the best choice of action. However, according to the studies conducted by Lindstedt and Muller for managers to undertake any decision they are required to conduct a market research in order to establish the likely response of the market with the decision that they will undertake, and it is during the market research process that various analytic strategic tools are applied in the process. According to Porter, a business is usually influenced by the prevailing situation in the market, which can as well contribute to its success or failure in the marketplace. Thus, PorterÃ¢â¬â¢s five forces provide a basic framework under which to investigate some of the industrial forces that affect a business.