Global Business Aspects: Strategies for Expanding Business in International Market

This report discusses the importance of globalisation for a company to grow its profits and market coverage. It also summarises about the strategies that the Fulton's Foods can use in order to expand its business in the international market. Various methods to enter into an international market were briefly discussed. Moreover, it also explains about the impact of the national culture on the international market. Hence, this report also concludes that the Fulton's Foods must use the transitional strategy to expand its business in the global market.

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
Securing the Intellectual Property Rights in a global economy of the world........................4
Carrying off business functions in the global context............................................................5
Effect of country's culture in the international market...........................................................5
Classification of entry scheme in worldwide markets............................................................6
Classification of suitable global strategy with regard to the local company.........................7
CONCLUSION................................................................................................................................9
REFERENCES:.............................................................................................................................10
Appendix........................................................................................................................................12
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PART A
Covered in Appendix
3

PART B
INTRODUCTION
Globalisation is a process through which one country would integrate the other country at the global level. The company
trade internationally under the globalisation. The globalisation has also resulted into the liberalisation of the restrictions done on
the international trade by the countries. Moreover, the globalisation provides a way to develop the country. This also provide
employment opportunities to people living in different countries(Bucci, et.al, 2018). This report will discuss about the Fulton's
Foods. It would analyse the vital considerations in the global market. The Fulton's Foods is a small in size business
organisation which deals in the frozen eaten items in the UK. It has its head quarters in Barnsley in England. This company is
planning to expand its business all over the globe. This report would outline the protection in IPR , effect of the culture of
nation and world wide strategy for business at international level.
MAIN BODY
Securing the Intellectual Property Rights in a global economy of the world.
The IPR is very essential for any business organisation. This is so because the intellectual property right provides for the
security regarding the innovation of the ideas by the owner of the business. The IPR is basically for the businesses who has
some innovative idea. The IPR basically provides for the protection from the infringement of the rights of the innovator in any
organisation. The Fulton's Foods wants to come in the international market for which it is necessary that it must protect its ideas
with the help of the IPR policies that is being applicable by the law of the country. More over, it is also very necessary for the
development of the country as it would also impact the economy of the UK. Moreover, there are also various rights such as the
patents rights, copyrights, etc. that can be used by the selected company in order to protect its innovation(Hamdan, 2021).
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Types of Intellectual Property Rights :
 Patents: The ideas, inventions and other original content made by the public is prevented by the US Patent and
Trademark office by giving them property rights. This prevents these ideas and creations from being copied right from
the processes to the machinery.
 Trademarks: These are for the protection of the symbols, logos, sounds, tag lines etc that establishes the unique
identity of the company and its services. Patents usually covers one one specific product but trademark prevents all the
productions of the company.
 Copyrights: the rights of the original creators of the original intellectual property are prevented under copyrights. These
are known to be tangible. One can become the official owner of his/her work by registering it to US copyrights Office.
 Trade Secrets: these are the company's property that can not be publicised. It can be concealed recipe, formula,
technique, procedure etc which gives a company a competitive advantage over its competitors. Hence such intellectual
rights are prevented under this law.
Carrying off business functions in the global context
The operation of the business includes various functions. These functions are necessary to be performed by thev
management of the company. The selected company Fulton's Foods is also operating its business at national level by
complying with all these business operations. Moreover, in order to grow in the international market the following company is
also required to perform all these business operations at the international level. These organisational functions are discussed
below as follows-
 Manufacturing and production- the company needs to focus on many aspects when is comes to global production like
taxes, price of labour, raw material's cost and deciding where it is done for the cheapest and without much restrictions.
A company analyse all these aspects related to production and choose corrects manufacturing line.
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 Sales and marketing- marketing has always been tricky but this becomes even more difficult when it comes to doing it
on an international level because all different target customers require different methodologies in order to understand
the correct evaluation and usage of the products and services the company provides.
 Human resource- having a good staff is the company's most important competitive advantage and vice versa. Hence
while appointing a company's work in hands of another person in a new market space should be done carefully after
conducting all necessary interviews, tests etc in order to prevent loss and grow in that market.
 Accounting and finance- internationally due to various factors like difference in currency, taxes and tariff the
accounting becomes difficult for a company. It must be handled only by a team of experts well versed with the rates
difference in every country and they need to able to choose wisely the best materials at best prices.
Effect of country's culture in the international market
The country's culture plays an important role while expanding the business at the international level. This is so because
the company has to plan according to the taste of the different countries when it comes to the international market all over the
globe. The company Fulton's Food sis operating its business presently only in UK. But , now as it is expanding its business in
the international market it has to consider the details and the taste preferences of the customers in the different market.
Moreover, the company also has to make a policy in order to execute its plans effectively in the global market. The
impact of the national culture on the international market is discussed as follows-
 The company of Fulton's Foods has its origin in UK. So, it has the policies according to the needs and the demands of
the national customers of the UK. Moreover, the needs and the demands of the different country could be different. In
addition to this, the earlier policy that was framed for the UK customers may not be applicable to other customers of
different country. This can cause failure in the business. So, the selected company must frame the policies accordingly
to the needs of the global customers in order to expand its business(Jones and Sands, 2020).
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 There may be various cases where it can be seen the lack of information creates the conflict between the customer and
the organisation. So, the company must work accordingly to reduce the conflicts with its global customers by providing
adequate information to its customers of the business.
 Communication: communication can become a big barrier for a company's growth in an international market. Fulton's
Food have an well established and popular motive in its home nation but this becomes a concern for the company to
communicate its vision to an foreign market. Hence having clear communication with the customers and even staff
becomes very vital in an international market space.
 Attitude: having an positive attitude towards a new target market is more important than one evaluates. In many
countries company fail to flourish as they do not respect and treat their customers decently. Fulton's Food if they want to
grow globally, they need to pay extra attention on this aspects.
 Etiquette: many customers wants the companies to have certain code of conduct and certain boundaries in their
advertisements, promotions, products etc in order to carry out business. These general etiquettes vary from place to
place and its noticed that Fulton's Food has been able to cope up to it in certain areas but needs to pay attention in other.
Classification of entry scheme in worldwide markets
The international market is not so easy as company to the entry in the national m,market. This is because the
international market requires various formalities and regularities that has to be followed by the company in order to enhance its
business in the global market. The company Fulton's Foods can use any of the following entry strategy in the international
market of the company are as follows-
 Licensing- the company can make its licence in order to protect the image of the company in the international market.
The licence would provide the selected company to use its own name of the organisation in the global market.
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 Import and export- The export and the import would help the company to generate more revenue from the international
market. Moreover, the import and the export would also help the company to expand its business oulside the borders of
the United Kingdom(Liske, 2021).
 Joint Venture- the joint venture would provide a good option for the financing of the business operation while
expanding the business of the selected company. Moreover, it would also reduce the controlling power of the real
owners of the selected company.
 Franchising: it means opening new branches under the company's name and brand identity. This is done to expand the
market coverage a(Liske, 2021)nd also can become an important aspects when it comes to analysing customer needs
and expectations.
 Direct investment: when a businessman buys or joins a business of any other place in order to get profits out of it it is
considered as a direct investment mode of entry in international market. It is safe to entry via investment as the chances
of loss is minimum as compared to starting a whole new product chain's business.
Classification of suitable global strategy with regard to the local company
The global strategy would include that how the selected company would ensure the ways to enter in the global business.
This would provide for the procedure through which the selected company can start its business at the global level. The use of
the appropriate strategies would help the Fulton's Foods to execute its global plans more easily. There are four main strtegies
that can be used by the Fulton's Foods in order to start its business at the global level. These strategies are categorised as
follows-
 Standardization Strategy- This strategy can be used to integrate the high global and local response for the products
produced by the Fulton's Foods(Nalini, 2018).
 Transnational Strategy- This would focus on the high response of the local and the global integration of the selected
company.
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 Export Strategy- It can be used with low response at local level and the world wide integration of the company.
 Multi- Domestic Strategy- This strategy has the more local response as well as the low integration at the global level for
the chosen company.
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The use of all these strategies can be implemented by the chosen company. But the best suited strategy would be the transitional
strategy. This is so because the Fulton's Foods is the small size company which require more capital and the workforce in order
to expand its business. Moreover, this strategy would also help the chosen company to take less risk in the global market while
enhancing its business. This is because it would become very difficult to bear the loss if the step in the global market is failed
due to any reason(Rahman, 2020).
CONCLUSION
The above report concludes that the IPR is very important for any business organisation stating the importance of
globalisation for a company in order to grow its profits and market coverage. It also summarises about the strategies like
(Standardization Strategy, Transnational Strategy, Export Strategy and Multi- Domestic Strategy) that the Fulton's Foods can
use in order to expand its business in the international market. Various methods like Licensing, Import and export, Joint
Venture, Franchising and Direct investment to enter into an international market were briefly discussed. Moreover, it also
explains about the impact of the national culture in respect to Communication, Attitude, Etiquette etc on the international
market. Hence, this report also concludes that the Fulton's Foods must use the transitional strategy to expand its business in the
global market demonstrating the importance of transitional strategy in respects to the company discussing about the advantages
and disadvantages for them.
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REFERENCES:
Books and Journals
Bucci, G.,et.al , 2018. Precision agriculture as a driver for sustainable farming systems: state of art in literature and
research. Calitatea, 19(S1), pp.114-121.
Hamdan, H., 2021. Analysis of the Sustainability of MSMEs in the Covid-19 Pandemic Era. JEJAK: Jurnal Ekonomi dan
Kebijakan, 14(1), pp.183-199.
Hung, R., 2021. Masamichi Ueno, Yasunori Kashiwagi, Kayo Fujii, Tomoya Saito, Taku Murayama, Manabi and Japanese
Schooling: Beyond Learning in the Era of Globalisation. Educational Studies in Japan, 15, pp.145-147.
Jones, E. and Sands, A., 2020. Ripe for reform: UK scrutiny of international trade agreements. Global Economic Governance
Programme, University of Oxford.
Liske, C., 2021. The influence of Brexit on UK trade & development policy towards developing countries: the perspective of
international trade law. Problemy Współczesnego Prawa Międzynarodowego, Europejskiego i Porównawczego, 19.
Nalini, T., 2018. The influence of quality of work life, perceived union effectiveness and job security on union commitment
among bank employees (Doctoral dissertation, Universiti Utara Malaysia).
Rahman, M.M., 2020. Environmental degradation: The role of electricity consumption, economic growth and
globalisation. Journal of environmental management, 253, p.109742.
Scarborough, P., et.al ., 2020. Impact of the announcement and implementation of the UK Soft Drinks Industry Levy on sugar
content, price, product size and number of available soft drinks in the UK, 2015-19: A controlled interrupted time
series analysis. PLoS medicine, 17(2), p.e1003025.
Zamakda Allison, S., 2022. Written submission from Safwaan Zamakda Allison (TFP0010) UK Parliament International Trade
Committee. Zamakda Allison, S.(2022). UK Parliament International Trade Committee: Trade and Foreign Policy
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Inquiry written evidence of Safwaan Zamakda Allison. UK Parliament. https://committees. parliament.
uk/writtenevidence/53678/pdf.
Filimonau, V., et.al , 2019. An exploratory study of managerial approaches to food waste mitigation in coffee
shops. International Journal of Hospitality Management, 76, pp.48-57.
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Appendix
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Domestic business International business
It means to the business that is done in one country of its origin
within the boundaries of the country.
It refers to doing trade and commerce at the global level of the
country.
Quality of the products are low in the local business. It is known that quality of the products are standard in the
international business.
Competition is relatively less as compare to the international market. It view a hard-bitten competition in the global market because many
countries are involved in this trade.
Lack of growth opportunities. Higher growth opportunities.
Role of WTO in international business:
The World Trade Organisation plays an important role in the international business that is to be done by the different
countries. Moreover, the main role of the WTO is to frame policies for the international trade. It also facilitates the various functions
that are eligible to be do the international trade. This is the most powerful organisation working in reference to the international
trade. Moreover, the WTO role is discussed as follows-
 The WTO provides the facility to do the international trade between the countries. Moreover, it acts like a bridge
to connect the countries through the globalisation and liberalisation all over the globe.
 It also provides for the negotiations to the member countries of the WTO.
 It also includes various facilities to ease the trade between the countries.
 It also facilitate the implementation and the administration of the agreements related to the world wide trade and
commerce(Zamakda Allison, 2022).
 It moreover corporates with the other international institutions such as IMF and World Bank.
The personal effects of commerce blocs in global business:
The term trading block refers to those countries who has formed a group at international level in order to reduce the
restrictions on the international trade. These countries understands the importance of the globalisation and hence are working for its
betterment in the future. These countries provide for the various ways like implementing and administering the policies related to
free trade between the countries in the world. Moreover, there are various positive as well as the negative impacts of these trading
blocks that are mentioned below-
 Through the help of the trading blocks the companies are enabled to expand its business in the international market.
Moreover, it would also help the company in enhancing its profits that are generated from the international market.
 The companies are also able to get the brand recognition in the international market.
 It could also result in the increment in the tariffs related to the imports of the products that are sell at international level.
 It would also reduce the trade barriers in the international market of the world.
 It could also result into the threat to sovereignty and the independence for many countries whoa re involved in the
international trade(Filimonau, et.al, 2019).
CONCLUSION
The above report concludes about the essence of the globalisation in the present market scenario. Moreover, it also
explains about the positive and the negative impacts of the international trade. It also summarises about the role of the WTO in the
international trade. This report also concludes about the role of the trading blocks in the international market. It also summarises
about the working and administrator of the international institutions such as IMF and the World Bank.
Globalisation is a the integration of the nations economy with the global economy. The globalisation
provides various opportunities to enhance the business of the company. Moreover, the globalisation also
plays an important role in expanding the business all over the globe. This poster would help in analysing
the global impact on the business organisation of the Fulton Foods. Moreover it would also explain about
the strategies that can be used by the Fulton Food to do business in an efficient way in the global
market(Liske, 2021)
Drivers behind globalisation:
The globalisation has many drivers to increase the business of an organisation. These globalisation drivers are
discussed as follows-
Cost driver- The cost is the main factor involved in any business. The cost of productions varies from one country
to another. It depends upon the economy of the country. This means that the cost plays an important role
while taking any decision for the company.
Political driver- The role of politics is very important for any business concern. This is because it fluctuates the
inflation of the country. Moreover, the political factor plays an vital role in analysing the progress of the
company.
Technological driver- the technology plays a crucial role in the development of any business in the globalisation.
This is because the country has to follow the new technological innovations in order to compete with other
companies in the global market.
Competition driver- The competition is surrounded in every economy. It exists also in the globalisation. This is
because there are various companies from different countries that compete in the global
market(Scarborough, et.al, 2020).
Merits and demerits of an internation market-
There are various benefits as well as the losses with regard to the international market that is discussed below-
Merits of the international market-
 The international business would provide more opportunities with regard to growth to the company.
 It would also help in increasing the market image and customers for the business of an organisation.
 It would also facilitate more revenue and profit to the business.
Demerits of International market-
 It would increase the risk of the investment done in the business.
 It would increase the cost of the business.
 It also enhances the competition for the business.
Fulton's Foods