From increased revenue and a competitive advantage, to decreased costs and access to talent pools, there are numerous advantages to international expansion. However, business leaders must be careful not to jump the gun on global growth. Opening operations in a new country without being fully prepared could quickly take funds away from the bottom line. Gregory J. Newell, chairman of the International Commerce Development Corporation (ICDC), advises, “we have to look at the pro
Conflict is good for an organization. Although the word is often associated with an altercation, conflict encompasses any disagreement—which is not necessarily bad. Conflict naturally results when people have different needs, opinions, or perspectives. Successful global leaders actively foster a culture that celebrates diversity of thought and experience, encourages the civil exchange of ideas, and embraces differences of opinion. In short, they foster a culture of conflict.
In the 1950s, three U.S. car brands – Ford, GM, and Chrysler – dominated the automobile market, capturing over 80 percent of U.S. demand. But just a few decades later, those three brands accounted for under 50 percent. Why such a drop? Toyota. Toyota had a vision of dominating the car market in the United States and then worldwide. Their strategy? Watch and learn from the best, then do it better. After making their first sales in the U.S., Toyota realized they couldn’t compet
Statista labels Best Buy as “the world’s largest multi-channel consumer electronics retailer.” But in 2012, their performance was described as “unsatisfactory in a number of areas.” And with many investors worried that Best Buy would fail to compete with Amazon, their stock price dropped more than 50% from February to December. That same year, Hubert Joly was appointed CEO. With a strong strategic vision, Joly quickly introduced a five-step strategy to bring Best Buy back to
Blockbuster’s CEO, John Antioco, will always be known as the man who laughed. After much persistence, Netflix founders, Reed Hastings and Marc Randolph,finally sat down with Antioco to make their pitch—buy Netflix for 50 million dollars. In this partnership, Netflix would run the Blockbuster brand online, while Blockbuster would promote Netflix’s mail-in subscription service instore. Antioco laughed. Blockbuster dominated the video rental industry. With 9,000 retail locations
Businesses need strategic vision. They need decision makers who can set and maintain a course to achieve company goals. This requires that business leaders develop strategic vision in order to answer the hard questions: Specialize or broaden product offerings? Stay domestic or go international? Invest in mergers and acquisitions or in research and development? The list goes on; each one presenting an opportunity to achieve higher success by strategically deciding which action
Growing up in the United States, studying accounting at Brigham Young University, and acquiring an MBA from Northwestern University prepared Dustinn Jackson to be a voice of Western experience in South Korea. As Samsung’s global strategist, Jackson helped bridge the gaps between processes and procedures in South Korea and the United States. Getting accustomed to Korean operations, however, was a job in and of itself. Language Korean is a difficult language to learn. During se
Guest: Alfonso Gambardella was born in Rome, Italy. He received his undergraduate degree from the Università di Genovain Italy. He then got a master’s degree in Economics from New York University and after got his PhD in Economics from Stanford University. He is now a Professor of Management and Head of the Department of Management and Technology at Bocconi University in Milan, Italy. Alfonso has been published in many articles and books covering his key research areas of str