Global Business Aspects: Exploring International Business Strategies

This report provides an overview of global business aspects, focusing on Classic Fine Foods UK Ltd. It discusses the protection of intellectual property rights in a globalized economy, including patents, copyrights, trade secrets, and trademarks. The report examines the management of business function...Read More

Global Business
Aspects

Table of Contents
INTRODUCTION...........................................................................................................................3
Protecting intellectual property rights in a globalized economy.................................................3
Managing business functions in an international context ..........................................................4
Impact of national cultural in international markets...................................................................5
Entry strategies in international market......................................................................................6
Assessment of appropriate global strategy for the local company.............................................7
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9

TASK 2
INTRODUCTION
The term global business environs means connecting or extremely convoluted market of
the world which is created by the affinity of commercial enterprise of various nations of the
globe. The effect of globalization can be seen in each nation of the globe which supports the
policies of states. Classic fine foods UK ltd. is a London based multinational company whose
headquarter is in London, UK and set up in 1925. This portion of the report describe about the
commercial activities of the company at international level and its effects on their business. The
company provides various types of foods and services like caviar, truffles, dairy products,foie
gras and many more. The company made superior quality products in affordable cost which
provides an opportunity to expand their business in several nations of the world (Abbott, 2020).
The company provides their services almost in 20 nations along which various chains though out
such countries due their effectual approach.
Protecting intellectual property rights in a globalized economy
Intellectual property right are those rights which protects the inventions of the company
or persons so, that they can take long term benefits of their inventions. When any invention made
by a person it requires to protect their invention under IPR which prevent others taking
advantages from such innovation without the permission of inventor. Following intellectual
property rights are used by the classic fine foods UK Ltd. Such are as follow:
 Patent: such rights are provided to an inventor which permits to excludes other from
taking the advantages of innovation without inventor's permission like other persons can
not steal inventors ideas by manufacturing, coping and selling of inventions which render
them competitive benefits (Hamilton and Webster, 2018).
 Copyright: It provides exclusive rights to an authors to secure their fresh piece of work
which render rewards to an author. If any one wants to use their original work then they
have to pay royalty to an author before providing to public.
 Trade secrets: such rights are available for functioning of the company which are
recognised outside the organisation. It render long time security to protect their fruitful
abstracted ideas.

 Trademark: It protect companies logo, design, symbol, words and phrase etc. which are
created by an organization so, their goods and services are easily identify. Such rights
legally protect the owner against the fraud.
Managing business functions in an international context
Business functions the activities which are carried out by an organization for their growth
and survival. The prima business activities of classic fine foods UK ltd are as follows:
 Production and manufacturing
As the functioning of manufacturing and production department of company is to convert raw
material into finished products so, they can sold out their product during the manufacturing
procedure. Production manager of classic fine foods UK ltd manage the procedure of production
from starting to end of goods. And Operations Director have responsibility of production or
manufacturing goods are launch into the market (Hampden-Turner, et.al 2020).
 Marketing and Selling of products
for selling of product and services marketing is necessary for any enterprise. It is conducted
through many other activities like conducting market research, development of new product,
advertising their products, forecasting of sales, techniques related to appropriate pricing,and
distribution medium for supplying merchandise to their clients. And at last promotion and
branding of their products. Company try to make perception in customer's mind regarding their
product at the time of sale.
 Finance and Accounting
The department of accounting and finance are responsible for companies money related
obligations, like maintain easy money and bank account's of company, maintain data regarding
monetary transaction and last preparing the balance sheet of the company. The head of finance
department is accountable for making and recording correct financial documents. Such document
are prepared as per the guideline of government and if they are not as per guideline then it is the
duty of financial officer to suggest the company and also informed about monetary condition of
the company. And the role of accounting in prescribe company is to maintain the accounts of
company and prevent the company from tax evasive cases. It is important to disclose the
performance of company.
 Human resources

such department is accountable for all element of managing companies employees. As they are
consider as an assets of the company so, it is the responsibility of human resource manager to
recruit and hire the employees, motivating the employees at the workplace, and properly address
the retired employees. HR of classic fine food company also consider the particular issues while
dealing with company's employees such as labor planning, their recruitment, annual evaluation,
retrenchment, layoffs and outsourcing skills (Liu, 2021).
Impact of national cultural in international markets
National culture consider as essential component which helps the company in developing
and executing several marketing schemes in international market. As globalisation emphasis the
marketing manager to look the company's business in such a way which is helpful in performing
their business at international level which aid in capturing the market by gaining more profit
from international market which develop heathy completion at international level and for
achieving this national culture plays an important role in making market strategy. Classic fine
food company depicted certain national culture causes which are as follow:
 Communication: it is an important factor in commercial sector because different nations
have different language which cause problem to company while dealing at international
market. So to avoid such problem company adopt English language as a mode of
communication while functioning in other nations. They faces the resist at local market
but company successfully develop good understanding of local language this leads to
build up healthy corporate culture which enable the company to improve their
performance in nations local market.
 Attitude: The presentation of the business affected by the cognition of the government
and society towards the overseas companies. The attitude of pele of nation vary to
another nations some of them show their trust on company by accepting their product
while some of them distrust the company by rejecting the company's product. In context
to classic fine food company tries to promote their product in other nations by providing
various services and and benefits like response instantly on customer's query through
online and offline mode.
 Etiquette: The etiquettes plays an important role while dealing in international market
for any company because it helps in understanding the feelings and interest of other
which reduce the misunderstanding. It influenced through individual's behaviour which

affect the functioning of business. In reference to classic fine food company it become
successful by adopting business etiquettes like getting information about the persons
help, by giving thank you note are aid in building goodwill of the company.
Entry strategies in international market
 Joint Ventures
Joint ventures consider as ordinary approach for entering into foreign market. In this ownership
are shared by foreign and domestic company. In Joint venture foreign company are not solely
licenced they only having opportunities to set up their business at international level. It become
successful only if each associate have certain has something meticulous advantage on other
(Noto La Diega, 2022).
 Exporting
Exports consider as conventional plan of action to entered into overseas markets. It define as
mercantilism of services and items which obtain or manufactured in domestic market of foreign
countries. Its have capacity to increase the sale and income of the company's goods and build
new market and make bigger present market. It consider as astonishing method in initial level of
entering into market.
 Franchising
Franchise business helps business organization in making international contact with other
countries merchants. It have various benefits like the employer doesn't required installation of
manufacturing unit. It prevent the situation of growing unhealthy competition.
 Licensing
international licensing, permits the companies to run their business in foreign land for that they
required permission of foreign company to use there intellectual property right and for this they
have to pay the fees for it usage. A franchise is like licence which parent company gives to
another independent company for functioning of their business in prescribed manner.
 Direct Investment
for expansion of the business company require direct investment which provide funding to
companies for efficiently running of their business. There are many advantage of it like
providing control on production and quality of business enterprise. Classic fine food company
use such strategies for expending their business in international market which provide full
control on business activities.

Assessment of appropriate global strategy for the local company
Companies which used global strategy are reactivity losing their control on domestic
market because their focus is on international market. Following strategies are adopted by
company such as:
 Multi domestic strategy: The organisation get the benefit of it only when manager of it
have good knowledge and understanding of local laws, their customs and taste. Then only
their product successful in local market.
 Transactional strategy: It is a combination of multi domestic and standardisation multi
strategy to remain in competition and reducing the pressure related to cost and provide
product as per the depend of consumers (Shirodkar, et.al, 2019).
 Standardisation strategy: in this organisation makes small modification in their
products by considering whole world as single market. It helps in making efficiency on
focusing on centralization of activities like designing of product, flexibility in supply
chain etc.
 Export strategy: such strategy focus on domestic market only they are not interested in
expansion of their businesses. But they desire to get international opportunity by
exporting their products.
Classic fine food company adopted transactional strategy which helps in maintaining the
scale of economy and by fulfilling the need of consumer it gain the competitive benefits.

CONCLUSION
This report conclude that intellectual property right are helpful to inventor by securing
the use of their inventions from others. If the organization wants to use the innovation the they
have to pay the inventor. It further discuss about business functions and the impact of national
culture over international market. And at last it various strategy form entering of companies into
international market.

REFERENCES
Books and Journals
Abbott, R., 2020. Artificial intelligence, big data and intellectual property: protecting computer
generated works in the United Kingdom. In Research Handbook on Intellectual
Property and Digital Technologies. Edward Elgar Publishing.
Hamilton, L. and Webster, P., 2018. The international business environment. Oxford University
Press.
Hampden-Turner, C., Trompenaars, F. and Hampden-Turner, C., 2020. Riding the waves of
culture: Understanding diversity in global business. Hachette UK.
Liu, X., 2021. Chinese multinational enterprises operating in Western Economies: Huawei in the
US and the UK. Journal of Contemporary China, 30(129), pp.368-385.
Noto La Diega, G., 2022. Legal Issues and Solutions to Improve the Standard Essential Patents
Ecosystem: Competition, Transparency, and Frameworks. Associate Professor Guido
Noto La Diega’s response to the call for views “Standard Essential Patents and
Innovation”(UK Intellectual Property Office 2022). Associate Professor Guido Noto La
Diega’s response to the call for views “Standard Essential Patents and Innovation”(UK
Intellectual Property Office 2022)(February 15, 2022).
Shirodkar, V., Strange, R. and McGuire, S. eds., 2019. Non-market Strategies in International
Business: How MNEs capture value through their political, social and environmental
strategies. Springer Nature.