In-text citation:
(Kibin, 2025)
Reference list entry:
Kibin. (2025). A study of global strategy formulation. http://www.kibin.com/essay-examples/a-study-of-global-strategy-formulation-pifRc600
Steps in Global Strategy Formulation
Any business must come up with a marketing strategy before getting into a new market. This strategy is usually a part of the strategic planning process. For international business people, making an international marketing strategy is significant to the success of the business in global markets specifically in increasing the effectiveness of launching a new product, minimizing expenses and increasing market share and product quality. Strategy formulation involving coming up with the perfect lend of ideas and the correct actions that are geared towards achieving the business objectives and organizational ambitions, thus realizing the business vision (Michael, 1980). Strategy formulation is a process involving four major steps, which must not necessarily occur chronologically. These steps can simply be executed in this order:
Assessment and Adjustment of Core Strategy.
This involves market analysis and competitive analysis. A company must know who its customers are, their tastes and preferences, their kevel of income and other factors that may affect consumers’ purchasing power. Competitive analysis is also another facto here, where the business must know its competitors and find pout the business strategies used by its competitors. The business should also perform internal analysis to ensure that they have what it takes to penetrate the global markets.
Formulation of Global Strategy
This involves coming up with a Competitive Strategy to compete with its competitors using aspects like price wars, advertising, etc. The choice of target countries and market segments will also come into play here. The business must segment the market and ensure that it supplies to the perfect market segment. For instance, a company specializing in beef can not target India. While a company selling sweaters can target an area with cold climate.
Development of Global Program.
This is formulating the path to follow in the implementation of the steps involves. It involves deciding what comes first, then followed by what?
Implementation.
This step involves the organizational structure and management of
This preview is partially blurred. Sign up to view the complete essay.