Sample: Implementation of International Business Strategy, Benchmarking
4.5 Benchmarking The Results With Literature Review
We have seen in the results of the survey that the domestic environment differs a lot from international business environment and thus companies need to change the business strategy so as to suit the environment of the host country. This has already been discussed in the literature review where Paul (2008) argued in favor of defining business strategies as per the requirements of the business environment. We have discussed in literature review that the differences in marketing environment makes the international business strategy different from the domestic one. Further the results of survey presents the importance of linkage effect of international with local players. In all the three surveyed companies local linkage has been seen as an inevitable element of business operations in India. We have discussed in the literature review that strategic orientation management is the least direct, least costly and the longest sustained effect. Similar results have been reported by the surveyed companies that consider local linkage to ensure cost effective operations along with achieving sustainability in the long term in Indian business operations. It has been discussed in the literature review that the linkage between a firm's strategic profile and its external context is essential and this linkage has significant implications for international performance in a context that is uncertain in nature. Similar results have been seen in the surveyed organizations and we have also seen the failure of MNCs when such local linkage is not considered. It was explained earlier that MNC firms can enjoy several advantages over the local firms and the interest of local forms can be served through avoidance of a head-to-head competition. Additionally for being profitable MNC is required to collaborate with the local partners which will help the company in achieving a competitive advantage and sustained business in international environment.
In the literature review it was also explained that local adaptation is essential to operate in emerging economies such as China and India. Similarly the surveyed organizations have also emphasized on local adaptation which helps in offering products as per the needs and expectations of Indian consumers. Further global integration has been considered important for leveraging Indian cost and capabilities benefit which in turn result in sustained business operations of MNCs in India. This is in line with the arguments presented in literature review where the it was argued that global integration is necessary where the company can taje the advantage of its geographical spread. The adaptation aspect is concerned with the individual subsidiary's exploitation of resources and capabilities at its disposal. However the success of an MNC in emerging markets is dependent both on local adaptation as well as global integration.
Thus the present research has been able to fill the gap in literature where there was a need of providing some basic model/s that can be used to conduct business operations in emerging markets in a successful manner. In the present research we have seen that the success in emerging markets is dependent on three major pillars including commitment at global level, localization of product-market business models and empowerment of local management. Also the objectives of the research have been achieved by discussing the differences in domestic and international strategies especially those related with emerging markets. The role of linking effects of international players with local companies have also been discussed that revealed its importance in making international business in India successful. Furthermore various efficient ways of implementing international business strategies have been discussed along with identification of factors to be considered while designing strategies for international business for ensuring the success and effectiveness of such strategies.
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