Globalization Week 5
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Globalization Week 5
Discuss what aspects of the AAA framework are the most relevant to deal with the challenges they describe.
The first AAA framework that the interviews discuss is adaptation. This is a state where an organization or an entity can meet the local preferences or requirements. All the interviewees accept that local adaptation is unavoidable, and for the organization to realize profitability, it must adapt to the environment. As Osagie confirms, a company’s success is not a one man’s show, but rather a corporate responsibility. The local communities will help the business grow; thus, the business ought to adapt to the locals through things like cost reduction pressure (BUCHELI, 2020). A better description of corporate will include even the locals. Moreover, Okomo-Okello reconfirms that the corporate social responsibility programs entail a full understanding of the local community (Harvard Business School, 2020). Thus, the local communities are relevant while dealing with global challenges.
Besides, the interviewees talk more about the creation of economies of scale to combat the challenges. This aggregation aspect is seen in the incorporation or rather integration at the regional level to realize greatness. However, the business has to look for the origins of the global economy and its evolution with the emerging markets in the global economy to create economies of scale (Bucheli, 2020). Okomo-Okello proposes regional integration in Africa to create an even broader market and promote economies of scale, thus economic development. He is ascertained by Hamdi Akin, who recounts his discussion with the Turkish president about the essence of a larger airport in Antalya (Harvard Business School, 2020). Thus regional integration is another AAA framework that the interviewees accept that can deal with the described challenges.
The third AAA framework involves exploitation or difference to create a global advantage. Here there is the creation of a competitive global strategy to realize profits. All the interviewees accept that the government’s involvement in the business can help exploit the differences and deal with the challenges. This is an administrative arbitration. Osagie talks of this administrative arbitration while comparing the African countries and the US, where the businesses focus on customer management (Harvard Business School, 2020). Moreover, Hamdi Akins best describes this administrative arbitration under “Government and business (2)”
Mention what aspects of the interviews provided you with the most important lessons your organization can learn about global business
The management skills of the global business discussed in the interview are essential since they give an insight into what ought to be done to flourish in a given environment. Moreover, through the discussion of these global businesses’ experiences, one may be motivated to deal with the daily challenges seen in his or her business.
References
Bucheli, M. (2020). Global Strategy II: Doing Business in the Global Economy! MBA-548-MOOC-2-Module-1-Transcript
BUCHELI, M. (2020). GLOBAL STRATEGY II: DOING BUSINESS IN THE GLOBAL ECONOMY, MBA-548-MOOC-2-Module-1-Slides
Harvard Business School. (2020). Francis Okomo-Okello – Creating Emerging Markets – Harvard Business School. Hbs.edu. Retrieved 12 September 2020, from https://www.hbs.edu/creating-emerging-markets/interviews/Pages/profile.aspx?profile=fokomookello.
Harvard Business School. (2020). Hakeem Belo-Osagie – Creating Emerging Markets – Harvard Business School. Hbs.edu. Retrieved 12 September 2020, from https://www.hbs.edu/creating-emerging-markets/interviews/Pages/profile.aspx?profile=hbeloosagie.
Harvard Business School. (2020). Hamdi Akın – Creating Emerging Markets – Harvard Business School. Hbs.edu. Retrieved 12 September 2020, from https://www.hbs.edu/creating-emerging-markets/interviews/Pages/profile.aspx?profile=hak%C4%B1n.