Important Elements to Compete in The Global Marketplace

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Click to read on: Competing in the global marketplace

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

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Focus on the Customer: My Company is a multinational company where it spreads its business internationally and locally. Customer need and satisfaction are always the top priority to ensure the success 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 with 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 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: Businesses can survive better if they focus on understanding the local culture, language, and ethics. I’ve heard a few Malay languages (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. 

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