Global Business Aspects: Protecting IP Rights, Managing Functions, Entry Strategies, and Global Strategy for Fulton's Foods

This report analyses the concept of globalization and its impact on Fulton's Foods, covering intellectual property rights protection, managing business functions, national cultural impact, entry strategies, and appropriate global strategy.

Global Business Aspects
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Table of Contents
PART A...........................................................................................................................................3
Covered in Appendix..............................................................................................................3
PART B............................................................................................................................................4
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Protecting Intellectual Property Rights in a globalised economy..........................................4
Managing business functions in an international context.......................................................5
Impact of national cultures in international markets..............................................................5
Assessment of entry strategies in international markets.........................................................6
Assessment of appropriate global strategy for the local company.........................................7
CONCLUSION................................................................................................................................8
REFERENCES:.............................................................................................................................10
Appendix........................................................................................................................................12
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PART A
Covered in Appendix
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PART B
INTRODUCTION
The aim of this report is to analyse the concept of globalization which is very crucial for the expansion of the business
organisation. Every organisation wants to enter into the global market and operate their business functions at the global level.
For this report, Fulton's Foods has been taken into consideration (Sachs, 2020). The respective firm is basically a small-scale
supermarket chain which was founded in 1960 and the headquarter of the firm is situated in the Barnsley, England. The
respective firms deal in the frozen food products. The management of the respective firm is planning to expand their business at
the global. The following report is going to covers the intellectual property rights protection, different functions management,
national cultural impact, entry modes and effective global strategy of firm. It is very important for the company management to
understand all these elements in order to attain the set objectives.
MAIN BODY
Protecting Intellectual Property Rights in a globalised economy
When an organisation considers expanding its firm in the international market, it is very crucial for the organization to protect its
intellectual property rights in a globalized economy (Sherwood, 2019). It has been identified that there is high risk of infringing
the business ideas as well as other relevant information, so it is become very important for Fulton’s Foods to protect their
intellectual property rights in a proper manner. In the context of the country, it is also clear that the intellectual property rights
must have to be protected because this contributes to the country's economy. That's why it's so important to the organization. If
any fraud activity found by the company management related to the business, then the firm can sue for fraud. This is very
significant to protect copyrights, trademarks, etc.
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Managing business functions in an international context
Different types of business activities are performed by Fulton's Foods that needs to be executed in the same way in the
international market. However, company management need to keep in mind that all of these functions managed efficiently so
that firm can reach to their goals. Following are the several organisation features which described below: -
• Planning: This is the most important activity for an organization to plan for future activities. As the respective company wants
to expand their business functions in the global market so it very essential for them to develop plans that need to be implemented
in proper manner (Syed and Ozbilgin, 2019).
• Organizing: This is also very significant organisational feature that Fulton's Foods needs to hire staff and effectively organize
all other activities.
• Leadership: An organization cannot grow and thrive in the market without a leadership role. That is why it's important that
Fulton's Foods is a market leader in order to reach its goals.
• Control: This is another feature focused on measuring and identifying deviations among the standard performance and the
actual performance of the respective firm. Which result in that they can manage their business functions.
Impact of national cultures in international markets
It is very important for the management of the business organisation to understand the impact of national culture on the global
market (Beugelsdijk and Welzel, 2018). For example, like Fulton’s foods have good experience about the culture of United
Kingdom and now they wanted business expansion in the Asian market. So, it’s become essential for them to determine the
culture of the different Asian countries, as it can be possibly happened that the people of chosen market not accept the UK
culture. It has been identified that the national culture of Fulton’s food paid both positive and negative impact on the global
market. The respective firm management must have to analyse the impact in order to reduce the chances of product failure.
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Following are the different points which give assistance to the Fulton’s food in order to understand the national culture impact
on the international market has been discussed below: -
 The Fulton’s food is well aware about that each and every nation has its own rules and regulation which are different
from the rules of domestic country of the firm. So, this may result in arising different types of critical situation for the
firm which act as hindrance in attaining the successful growth (Ergashev and Farxodjonova, 2020). For example, like the
workforce of the subsidiary firm of Fulton’s food follow the different culture and they not be able to accept UK culture.
This result in that, adopt any change and implement any change become tough for the firm because people resist change.
 National culture in the global market result in lack of info about the nation culture, this result in generating different
types of complexities for the respective firm which may act as hurdle in their business expansion.
Assessment of entry strategies in international markets
Different types of rules and regulations must have to follow by those organisations who wanted to expand their business in
the global market (Paul, 2019). Expanding the business into the international market is not an easy task for the company. It is
very essential for the management of the Fulton’s Food to select the best method to enter into the Asian countries so that they
can easily handle the consequences. Following are the mode of entry which can be adopt by the company in order to expand has
been discussed below: -
 Licensing is being considered as one of the best suitable methods to expand the business into the international market.
This option can be adopted by the management of the Fulton’s food in which they give rights to use their and enter into
the global market. The licensee can use the Fulton Food name and produces to sell in the market.
Exporting of goods and services is being considered as one of the effective and easiest way to go globally. In this trading is done
or goods and services are export without crossing the boundaries of domestic nation (Neubert, 2018). This could be the best
strategy for the Fulton Food as they have to invest less and export the goods from UK.
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 Joint venture is another mode of entry which can be adopt by the Fulton’s food in order to enter into the international
market. In this, respective firm must have to collaborate with the domestic firm of the target nation and need less
financial support because of the combining of both company’s financial instruments. With the help of this they can easily
expand their business in the global market.
Assessment of appropriate global strategy for the local company
Global strategy is basically a in which the management of the Fulton’s Food make sure that how they have to enter and attain the
success in the market. It is very important for the firm to select and paid emphasis on the proper global market strategy. There
are basically four types of global market strategy which are explained below: -
 In the strategy of standardization, it is being identified that there is high global integration and low local responsiveness.
 Transnational strategy, contains high local responsiveness and global integration (Peng, 2021).
 In the case of export strategy, it is being found that there is low local responsiveness and global integration.
 The last one which is multi-domestic strategy which comprises of less global integration and high local responsiveness.
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It is very important for the company management to critically analyse all these strategies in effective manner so that they not
attain their set goals but also improves their sustainability in the global market. As the respective firm is the small scale and local
firm so, they can’t be handling the higher risk (Grant and Phene, 2022). So, it has been suggested to the Fulton’s Food that for
the smooth business expansion they can adopt the transitional strategy. By following this the firm not only explore the more and
more nations but also the enjoy the high local responsiveness. One important thing that the company management of Fulton’s
food should be considered is the critical analysis of all the strategies.
CONCLUSION
From the above report it has been concluded that going globally is not an easy task, different types of factors need to be
taken into consideration by the management of the business organisation in order to expand their business smoothly and attain
all the objectives in a very effective manner. The following report concluded that it is very important to the IPR in the globalised
economy for the success of organisation and nation. This report also concluded about the importance of management functions
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within the business to achieve the goals and objectives in an effective way. Afterword’s, this report concluded the different types
of entry modes and impact of national culture on the business expansion along with the appropriate global market strategy.
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REFERENCES:
Books and Journals
Sachs, J.D., 2020. The ages of globalization. In The Ages of Globalization. Columbia University Press.
Sherwood, R.M., 2019. Intellectual property and economic development. Routledge.
Syed, J. and Ozbilgin, M., 2019. Managing diversity and inclusion: An international perspective. Sage.
Beugelsdijk, S. and Welzel, C., 2018. Dimensions and dynamics of national culture: Synthesizing Hofstede with
Inglehart. Journal of cross-cultural psychology, 49(10), pp.1469-1505.
Ergashev, I. and Farxodjonova, N., 2020. Integration of national culture in the process of globalization. Journal of Critical
Reviews, 7(2), p.477.
Paul, J., 2019. Marketing in emerging markets: a review, theoretical synthesis and extension. International Journal of Emerging
Markets.
Neubert, M., 2018. The impact of digitalization on the speed of internationalization of lean global startups. Technology
Innovation Management Review, 8(5).
Peng, M.W., 2021. Global strategy. Cengage learning.
Grant, R. and Phene, A., 2022. The knowledge based view and global strategy: Past impact and future potential. Global Strategy
Journal, 12(1), pp.3-30.
Wan, Y., 2021. Improving the information flows and business process in global maritime logistics chains considering
digitization and digitalization aspects (Doctoral dissertation, Universität Bremen).
Antràs, P., 2020. Conceptual aspects of global value chains. The World Bank Economic Review, 34(3), pp.551-574.
Dzotsenidze, T., 2020. GLOBAL INNOVATIVE ECONOMICS AND DEVELOPMENT ASPECTS OF IMERETI-
REGION. Globalization & Business.
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Bieliaieva, V.V., 2021. Cross-cultural aspects of international business (Master's thesis, Sumy State University).
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Appendix
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Fulton's Foods
Introduction
Globalization is basically the procedure in which an organization trades with other organizations across
the borders of nation. In order to reach their goals firm management, need to identify and analyse the
global environment (Wan, 2021). This poster is intended to analyse the global environment with particular
reference to Fulton's Foods. Fulton's Foods has been established as a frozen food retail chain based in
Barnsley, England. They operate in Midland and northern England.
Drivers behind globalisation: globalization may be defined as the process in which firm expand their
business in the international market. There are different types of driving factors which has a huge
impact on globalization from which some of them discussed below: -
Cost drivers: it has been found that cost of producing the goods is differ from country to country and
sourcing efficiency varies with various nations. Costs have a very significant impact on
globalization so, firm must have to take right decision in relation to their goods and services in
which they are dealing.
Technology drivers: Technology is upgrading day by day which result in influencing the globalization.
The chances of technological advancement have been increases when the firms start operating
their business functions in the global market.
Competitive drivers: Due to the involvement of all the firms of all the nation in the international market
this result in increase in competition. A great impact has been seen on globalization as it makes the
international market more competitive.
Benefits, and barriers to internationalisation of business: -It is very import for the Fulton's Foods to
recognise that there are different types of obstacles as well as advantage on internationalizing a
business. the respective firm wants to go globally and to do this, Fulton's Foods needs to analyse
the obstacles and benefits of business internationalization.
Benefits of Business Internationalization
 IT has been found that the internationalization of our organisation will improve our internal
and external resources.
 Through business internationalization, companies can expand their different business
functions (Antràs, 2020).
 Internationalization helps organizations generate more profit and revenue.
Obstacles to corporate internationalization
 A huge amount of investment is required by the Fulton's Foods if the firm want to grow its
business, which can lead to a shortage of working capital.
 Risks in relation to the investment which is associated with the internationalization of
businesses.
 Insufficient knowledge of international market.
 Lack of management time, skills and knowledge.
Domestic business International business
Domestic business may be defined as that business in which the firm
operate their business functions in the boundaries of nation.
This may be defined as a business which operate their business
functions or trade across the nation borders
In the domestic organisation low quality of standards are followed It has been found that high quality standards are followed by the
international organisation.
Less competition is present in comparison to global market. Due to the involvement of may nation, this result in the presence of
the tough competition.
Less presence of growth opportunities. Availability of high growth benefits.
Role of WTO in international business: An important role is played by the WTO in international business, as it has been pointed out that the WTO's
core purpose is to encourage the free trade in the international market by eliminate the trade barriers and tariffs (Dzotsenidze, 2020). It is considered to
be the most authoritative institute all across the globe which focused on breaking the obstacles among organizations and nations. Here are some of the
important roles of the WTO:
The WTO is an organization that offer a platform for organizations to trade easily in international market.
It provides an opportunity for members of the country to negotiate trade.
Promote the management, implementation and smooth operation of trade contracts.
The firm also work with the World Bank and the IMF to develop international marketplace plans.
The effects of trading blocs in international business: A trade bloc is basically a group of nations working collectively to break down and remove
obstacles to global trade. It has been understood by them that globalization gives assistance to them in their economic growth, so they paid focused on
eliminating and breaking barriers (Bieliaieva, 2021). Trade agreements are made by them that also include free trade areas, customs unions, economic
unions, and more. Trade zones have been found to offer both strengths and weaknesses to global trade. This means that it has both positive and
negative effects which are mentioned below: -
 Organisations can grow their businesses in international market. This result in increases their profits and revenues along with the increases
brand awareness in the global marketplace.
 Trade zones are very crucial as this reduce additional tariffs that act as barrier in international trade.
 Joining a customs union may increase import duties.
 Many countries are aware of the growing interdependence of people in other countries, which poses a risk to their firms.
 It has been found to increase the influence of multinational corporations.
CONCLUSION
From the above report it has been concluded that globalization plays a very important role as it provide different types of growth
opportunities to the firms. With the help of these opportunities, they are able to expand their business in the international market. The different types of
drivers like technological, cost and many more concluded in this poster which influence the globalization. This report also concluded the benefits and
obstacles of doing the business internationally along with the difference between the international and domestic business. Afterword, this report also
concluded the role of WTO and effects of trading blocs in international business.