Essay on What Are the Sources of Opportunity

In this evolving globalization period, multinational corporations are facing lots of changes in both positive and negative ways. Nowadays countries focus on economic growth and wealth creation by allowing companies from alien nations to do their business in their nation (Kinnock, 2003). This helps to open the market to all and it doesn’t matter whether it's buyer or seller. The contemporary business climate increased the wide source of opportunities to do trade all over the world. This makes it more competitive for international managers to manage their organization in more than one country (Fallah & Lechler, 2008). In this article, challenges like cultural differences, the economy of the business, human resources management in transnational business, legal and political concerns from foreign countries, ethics, and sustainability issues faced by managers of the transnational organization will be argued. Then opportunities like creativity and innovativeness in business, decision making, wide resource management from diverse countries, benefits of cross-culture, and fruitful side of the above-mentioned challenges will be conferred. Five cultural dimensions from Hofstede and concepts of trompenaar will be deliberated in the editorial. A personal reflection on contemporary challenges and the prospect of managers in global executives will be pondered and recommendations will be advocated in this thesis.

Global companies enhance their organization in different new countries and create new strategies to acquire maximum market share. Multinational corporations use their leverage to reach consumer before their rivals act. The organization could be nurtured only if the atmosphere of that country is safe and has potential with a good economy (Mudambi, Mudambi, & Navarra, 2007). Organizations experience heaps of challenges if they don’t have a good business climate in that concerned nation. After the Industrial Revolution, Nations directed toward market economic growth and most of the countries were emerging markets (Gashu, 2016). Government policies, political parties, and legal procedures affect the multinational organization and it should be perceived by international organization managers (Backer, Richard, & Eshelman, 2015). The nature of business is also considered na ation's entry and some nations won’t admit if any of the company policies are against their ethos or communal belief (Salter & Nishwander, 1995). Culture and emotion of language are additional vital things to be measured by the superiors of a global organization (Salter & Nishwander, 1995). Currency exchange and accounting play another imperative part in running an organization in different nations considered by managers at current (Gashu, 2016). The majority of the nation is in an emerging market that has a lot of opportunities for consumers’ products but that nation has a risk of a volatile response future (Khan, 2014). The global environment for international and multinational corporation managers has to be concerned about the above-mentioned constraints.

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Multinational companies manage interdependencies with globalization and deal with altered host localities (Meyer, Mudambi, & Narila, 2011). Transnational organizations in a foreign land have difficulties with positioning their new product. In the overseas organization bridge of network is hard to meet local competitors initially. Communication of network between their new patron is tough in the beginning (Meyer, Mudambi, & Narila, 2011). The economic relation of that nation should encourage business to prosper and support the business. Multinational Corporations functioning in an evolving market face a range of multidimensional challenges (Gashu, 2016). The existent challenge in front of transnational companies is sustainability and satisfying customers with company reaction towards sustainability. Global companies always try to focus on developing countries to set their business and rivals instantaneously follow them to participate in that field (Chew, 2004). Multinational companies correspondingly face another dynamic dispute is culture (Khan, 2014). It is tough to become accustomed to a new culture and a bit difficult to understand people with a new ethos, traditional background, and taste. This culture phase truly challenging for multinationals to get into. Political steadiness and policies should meet alongside company policies to function in that nation (Khan, 2014). Segmenting people is another interesting part for managers in global business. They should pull a new strategic plan to reach and get a high market share in first-hand. Business infrastructure predominant thing for the executive. Company awareness of global warming and sustainable business is observed by the public and patrons (Christmann, 2004). Human resource management of multinationals faces added disputes with hiring employees and the language barriers another challenge to manage (Rosenzweig & Nohria, 1993). Ethical decision-making with domestic employees differs and training has to be provided to accept the workplace culture and cost company (Rosenzweig & Nohria, 1993). The multinational business also risks factors like transactional risk, operational income risk, and fluctuation of exchange rates in accounting risk.

After the Industrial Revolution, a great opening was created with technology on the go advanced businesses and still nurturing industries suitable with cutting-edge equipment (Meyer, Mudambi, & Narila, 2011). Multinational Corporation creates value for products across the globe and it indirectly forms a noble lifestyle for consumers and employees (Oliveira, 2007). Opportunities for a multinational corporation operating on foreign soil assist organizations with huge resources and raw materials (Meyer, Mudambi, & Narila, 2011). Managers in a multinational organization get a chance to build friendships between two nations in terms of business. The creativity of employees develops with merging with new cultures and people. Innovation could be born in this amalgamation of more nationalities of people in one place (Bjorkman, Fey, & Park, 2006). Teamwork and collaboration work executed in a prompt way to reach organizational progress (Mudambi, Mudambi, & Navarra, 2007). Knowledge transfer between employees will happen and prime to generate innovative designs to execute. This cross-culture drive to build a strong relationship between employees and benefits organizations to reach the local network. Cross-culture in multinational organizations is utilized in decision-making and comfort organizations to make a strong local network (Leidner & Kayworth, 2006). For instance, Big-w supermarket is owned by Wesfarmers and their rivals like Kmart, Costco, and Target giving them tough competition in price and quality. In e-commerce, they have the same rivals amazon but big-w is a domestic brand and convincing their customers with an emotional way to be made in Australia. Though Target and Kmart have their market share because of positing their chiefs as Australian. Kmart and Target chief executives are of the same nationalities and they recognize their culture and people's common perspective. This clearly states that the multinational strategic plan works with cross-culture in the organization. Human resource management of the multinational organization has its prospect to spot the right people at the right place.

The success of an organization depends on its principles, values, vision, mission, and strategies they performed. Failure of business originates because of ineffective management of managers in that organization and their strategic plan. The other reason for weakening is not focusing on their opportunities and not having a smart plan to overcome their challenges. Managers in multinational organizations are responsible for both the achievement of huge market share and the miscarriage of business (Zou & Cavusgil, 1995). The global strategy integrated conceptual framework is explicated with internal organizational factors and external industry globalization drivers for managers to cognize that global strategy leads to global business performance (Zou & Cavusgil, 1995). Internal organizational factors pact with market orientation, organizational commitment, organizational culture, organizational capabilities, and international experience (Zou & Cavusgil, 1995). Global drivers of external industries are market factors, cost factors, competitive factors, technology factors, and environmental factors (Zou & Cavusgil, 1995). These efforts to global strategy spectacle global market participation, product standardization, uniform market program, integrated competitive moves, and value-adding service (Zou & Cavusgil, 1995). At last, the business could be recognized for its financial status and strategic success in getting market share.

Hofstede’s five cultural dimension framework is extensively used in multinational corporations to understand psychology, sociology, and management studies in fresh locations (Soares, Farhangmehr, & Shoham, 2007). Hofstede took a survey in seventy countries with sixty thousand people by questioning diverse of around 116,000 questionnaires. He finalized with five dimensions demographic, geographic, political, and economic (Soares, Farhangmehr, & Shoham, 2007). Furthermore, this study helps to study cross-culture and their comparativeness. He approaches five dimensions of the nation and they are individualism-collectivism, uncertainty avoidance, power distance, masculinity-felinity, and long-term orientation (Soares, Farhangmehr, & Shoham, 2007). An individualism-collectivism term is about the relationship between the individual in each culture and how loyal they are to their loved ones. People vulnerable to taking a calculated risk and who don’t wish to take risks come under this uncertainty avoidance group (Fang, 2003). Power distance describes inequality between people either in a family or in an organization clues to this group (Fang, 2003). Masculinity-femininity, achieving and enduring success is considered as masculinity and caring for others and life quality segment to this cluster (Soares, Farhangmehr, & Shoham, 2007). Long-term orientation clusters are thinking about the future and decide according to that now (Soares, Farhangmehr, & Shoham, 2007). All five dimensions are used to analyze nations'' culture and behavior to executive their business ideas and multinational organizations pull exclusive strategies for this project. His framework supports multinational managers in identifying the positive and negative poles of their regular ways (London & Hart, 2004). Multinational corporation manager has to realize Hofstede’s five cultural dimensions before they generate a strategic plan for their business model (Fang, 2003).

Framework and theories support the managers of the organization to find a typical way to get into their desired position. Organization strategic plan benefits to attain their exact vision in a determined time. SWOT analysis assists in finding internal and external factors of one organization and in this article, opportunities and challenges for managers in multinational companies are conferred. Challenges and opportunities have their own constructive and undesirable side. I would like to recommend a few thoughts on a combination of opportunity and external factors of multinational corporation managers. The manager or executive is chiefly responsible for the execution of the new strategic plan and their responsiveness. Firstly, the manager should be selected with certain qualities like transformational leadership quality or charismatic leadership quality. This quality benefits the organization based on the better engagement of employees and management. When the manager of a multinational organization becomes more engaged with the employee, then he/she can easily build up a local network in the market which helps to construct an image of an organization. Major conflicts escalate from culture and language in alien locations and that has to be tackled most smartly. Multinational organization managers are aware of Hofstede's framework to deal with the culture and people of that new locality. Chief executives of Multinational Corporations has to be mindful of their company weaknesses and strength to manage their bewildering productivity with a restricted prospect. Multinational organization managers should apprehend people's culture and behavior before they generate a strategic plan to hit their market.

In summary, the global environment of doing business in a foreign location and their possibilities to execute their calculated plan and a conceivable way to create a local network. Followed by multinational corporation manager challenges faced by them abroad. Challenges like globalization, sustainability, an economic perspective of the nation, culture, and behavior of people in that nation, political and legal issues arise by their politicians and diplomats, and ethicadecision-makingng discoursed. Succeeded by Manager of multinational corporation opportunities they face in a foreign land. Openings like huge recourse management, amalgamations of people lead to more innovative ideas and creativity blooms, cross-culture assist to fuse with the new culture and their philosophy could be appreciated, Decision making gives grander evolution of organization are argued. Global strategy integrated conceptual framework also clarified with a comprehensive statement. The framework of Hofstede and his five cultural dimensions are reflected and certain illustrations are also delivered. An explanation for masculinity-femininity, individualism-collectivism, uncertainty avoiders, long-term orientation, and power distance are given in brief. In this article, the global environment with challenges and opportunities for multinational corporation managers is argued.

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