Honest Communication And Regulation Of Global Business Essay

Honest Communication And Regulation Of Global Business - Essay Example By its very nature, communication within a global context involves a vast range of activities, which must add up to determine the success levels or nature of challenges to be encountered in the course of doing business (Adekola & Sergi, 2007). Communication entails a thorough knowledge of the competitors, the interests of the clientele, cultural dynamics, market forces and other issues that relate to the efficiency of the business. Communication promotes the adoption of flexible strategies that are responsive to the unique situations and realities to be encountered at the market place. It involves an awareness of the macro-economic and micro-economic factors that impact on the core objectives of the business. The success levels of communication are influenced by the ability of the company to make accurate assessments and predictions of conditions on the global market. Wrong assumptions can lead to the development of poor strategies, which could cause major losses in profits and stabi lity of the company. It is important for global companies to seek for sufficient insights and resourceful information about the markets in order for them to manipulate the complex and diverse connections of the factors that determine the success levels of global businesses. ... Some of the reasons attributed to the success of Walmart in Mexico include awareness an awareness of the shopping culture of the country. Generally, Mexicans have a peculiar shopping culture that small packages and fresh products. On the other hand, regulation of global business basically involves the development of the most appropriate strategies that are consistent with the goals and objectives of the global companies. The art and science of regulating a global business is complex in the sense that it involves a balance between the internal objectives of the company and the unpredictable operating environment of global commerce. Regulation must necessarily involve the awareness of the variations in the nature of controls, restrictions, policy matters, legal restrictions, and other variables that apply within a global context. Some landmark cases of failure of renowned companies on the global market have been associated with limitations in the judgment of the management with regard to the most appropriate approaches. Inward looking strategies often incur challenges of cultural mismatch as the strategies fail to apply appropriately to particular situations. On the other hand, some of the notable successes on the global markets have been related to the ability of the companies to develop strategies that are responsive to the unique and varying demands of the markets. Markets do not bear similar characteristics. The preferences and trends on the western markets may exhibit significant variations with those in Asia. Cultural factors and other aspects of social realities determine these differences. By implication the marketing strategies and the nature of products designed for the western markets may have to be redesigned in order to