Important Elements to Compete in The Global Marketplace

Sunday, November 22, 2015 Sofia Naznim 0 Comments

Embracing the key elements as stated in the articles can help business thrive in the competitive global marketplace. All the elements are interrelated to one another for any businesses to strive in the business world. Below are the examples that I can relate with my company.

Focus on the Customer: My Company is a multinational company where it spreads its businesses internationally and locally. Customer need and satisfaction is always the top priority to ensure the successfulness of the business. It’s vital to know the customer in understanding their needs and build the products and services accordingly. I understand that my company is awarded as the number 1 insurance brand in the world where they are very concerned of their customer needs. 

Have the right team and network in place: Every company requires good leaders and followers that can form good teams and ideas for the business expansion. The right network of people working in a company can create a good company culture. Based on events conducted and concerned for employee welfare, my company did a great job.

Understand Cultural Nuances: Business can survive better if they focus on understanding the local culture, language and ethics. I’ve heard a few Malay language (local) words and sentences came from my company’s CEO who is a French man. As he said, it is vital to be adaptable to survive and succeed in this world.

Act Local: My company joint venture with a local bank. The joint venture helps the product and services tackle the local community. Besides that, it also helps foster the relationship between local companies, other related local organizations and local markets.