Phạm Trung Anh
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Age : 31
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 |  Subject: Key factors for success in global marketplace  Wed Apr 16, 2014 8:39 am | |
| For well over a century, manufacturing has controlled the developmental growth of business management, specifically by providing higher quality products at lower costs. The rise of the global economy, however, highlights the service sector. Globalization has introduced innovative business techniques suited for customer service operations. To compete successfully, management and manufacturing businesses must personalized their services for individual needs. This process can successfully be implemented via cultural adjustments, team diversity and technological innovations.A workforce composed of employees who reflect diversity in regard to culture, socio-economic background, sexuality and gender is a competitive advantage in the global marketplace. A workforce that employs, retains and enhances the brightest people from multiple backgrounds enables businesses to reach their maximum potential while maintaining stability. Implemented diversity initiatives force employees to interact with people different from themselves and to become tolerant of others. Their ability to deal with change "gives companies a competitive edge, increased employee productivity, customer loyalty, shareholder confidence and a positive public image," according to multi-cultural marketer Colette Phillips. Diversity extends beyond worker interaction. Such initiatives may be implemented in human resources recruitment, corporate philanthropy and internal communications. Diversity creates new opportunities to enhance brand loyalty and build a broader foundation of new, diverse consumers.
- Global Mindset Communication
Global mindset communication is imperative for businesses aiming to collaborate and cultivate relationships with international clientele. The idea is defined as the understanding of cultural management styles and preferences as well as the willingness to communicate effectively despite cultural differences. Managers who succeed at implementing global mindset strategies achieve success in the global marketplace because of cross-cultural negotiation and communication. They learn about common mistakes to avoid fatal mishaps regarding ceremonies and socialization etiquette. Business owners make a point of offering a gift to the highest guest in attendance in Japan, for example. The generosity demonstrates that, in some cultures, business is secondary to personal relationships. Cultural sensitivity gives businesses a step-up from the competition.Successful businesses in the global marketplace optimize their chain of manufacturing through orchestration. Network orchestration is an innovative coordination system in which the orchestrator creates the overall supply chain by drawing together multiple factories or services in various regions to collaborate on a single product. The global marketplace identifies a customer need and, in turn, creates a supply or service chain to meet that need. Companies such as Wikipedia and YouTube, for example, have a system for generating entries that "ensures that the collective 'wisdom of the crowd' is tapped and the network thinks and acts more wisely than any individual member," according to Paul Kleindorfer, author of "The Network Challenge." Competitive businesses in the global marketplace value flexibility, innovation and team entrepreneurship.
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helentran2711
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| | Subject: Re: Key factors for success in global marketplace Tue Apr 22, 2014 9:10 pm | |
| What do you think that Vietnam can apply in the real global market? Well you know practicals and theories are not the same for every country  |
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Phạm Trung Anh
Posts : 20
Points : 53
Thanked : 1
Join date : 2014-03-20
Age : 31
Location : Hanoi
| | Subject: Re: Key factors for success in global marketplace Thu Apr 24, 2014 11:34 pm | |
| Thank you for your question:D I personally think that Vietnam can apply all 3 of techniques a said above. But it also depends on how they accept the risk and readiness for changes of Vietnamese firms. |
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| | Subject: Re: Key factors for success in global marketplace | |
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