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Business Strategy in a Global Environment - Essay Example
Strategic management is now emerging as a major factor in the global business environment. The global business scenario has changed substantially in the last few decades with companies growing beyond national boundaries. Today's business is more related to global factors than domestic issues…
The new business scenario opens new vista for growth for all corporates. There are deeper challenges before them. The task before entrepreneurs is to make use of the wider growth potential and face challenges more comprehensively. In this scenario, companies have to devise a new approach for growth and give shape global strategy to face the competition and face challenges ahead. Knowledge management, risk management, strategic management, and resource management are some of the new terms in this global business scenario. Companies need to taken into consideration market information in other parts of the country and purchasing and behaving patterns of people in potential markets before devising strategies and roadmaps for growth.
International trade is termed as exchange of products and services across boundaries of countries and continents. From the beginning of human history there had been some kind of trade between individuals and communities. Exchange of service and trade had been a voluntary action among individuals and communities in the beginning. They first communities shared their excess resources and additional services to co habitants without expecting any monitory benefits. At that resources were abundant and majority of people were involved in agriculture. ...