In your own words, discuss each of the following points:a. How the cited work relates to your above explanationAND how it relates specifically to the content of the assigned module. Thispart of your thread provides evidence that you have extended your understandingof this key term beyond the textbook readings. (100 words minimum)b. How thecited work relates to the other 4 works you researched. This part of yourthread provides evidence that you have refined your research key term to acoherent and specialized aspect of the key term, rather than a random selectionof works on the key term. The idea here is to prove that you have focused yourresearch and that all works cited are in some manner to each otherrather than simply a collection of the first 5 results from your Internetsearch. (100 words minimum)1. ReferencesA minimum of 3 recentarticles (as described above), in current APA format, must be included and mustcontain persistent links so others may have instant access.REPLY TO: Cameron HayesSchool of BusinessDiscussion #41. Competing within an international market is a thought-provoking term to fathom because it has numerous opportunities, threats, advantages, and disadvantages. Indeed, competing in global markets involves meaningful opportunities and dangerous threats conducive to some organizations losing power, money, success, or influence. The possibilities include access to new customers, lowering costs, and diversification of business risk. The hazards include political, economic, and cultural risks (Chabowski & Mena., 2017). Also, competing within an international market is influenced by various factors, including globalization, cultural differences, possibilities of short-term and long-term financial success, and international market business expansion.However, competing within an international market is a term that is imperative to be mindful of since it also has disadvantages. Cultural differences can cause problems even when the cultures involved are similar and share the same language (Walker, 2015). For instance, the United States and the United Kingdom share a common language, English. The executives of RecycleBank (an American firm) expanded its business to the United Kingdom; however, when celebrating the success of the RecycleBank rewards program as a “scheme.” it offended the American organization, for the word scheme implies sneakiness when used in the United States. However, in the United Kingdom, the word scheme means a service, for it does not have a negative connotation in their culture. (Maltby, 2017).2. Competing within an international market can be analyzed, defined, or explained in numerous methods. Moreover, competing within a global market is interconnected with determining how to do business outside the borders of an organization’s home country (Samiee & Chirapanda, 2019). International business has become significantly relevant in the last few decades. This has resulted from lower trade barriers, improved communications, more efficient shipping via ship and airplane, and the evolution of the internet.In addition to competing within an international market, many organizations strategize to compete internationally because the goal is to work in growing or expanding operations. The benefits of entering international markets include generating more revenue, competing for new sales and investment opportunities, diversifying, reducing costs, and recruiting new talent (Martín et al., 2022). On the other hand, competing in international or global markets involves language barriers, cultural differences, currency exchange, inflation rates, and changes in foreign politics, policies, and relations. These intricacies can be detrimental to an organization’s success (Fang-Yi Lo & Kletsova, 2018). Moreover, international market competition can decrease organizational market share and minimize a customer base, mainly if demand for the products or services is limited from the commencement. Noteworthy, a competitive market can also influence a business to lower its prices to stay competitive, decreasing the return on each item created, produced, and sold.3. The article foreign market entry knowledge and international performance: The mediating role of international market selection and network capability helps fathom the essentialness of cognizance in the international and foreign markets. Knowledgeableness in the global market is imperative because it enables an organization to prepare to enter new markets by utilizing its sales and marketing strategies. It also helps an organization learn in-depth information about the presented or upcoming competition. This is conducive to finding opportunities to differentiate an organization’s business and procedure, which will positively impact the organizational and target audience’s needs or requests.In addition to foreign market entry knowledge and international performance: The mediating role of international market selection and network capability is that it meticulously details the possibilities of increased market share and customer base; networking in the global market also helps the business to connect with new vendors, a larger workforce, improved technologies, innovated products and improved notions and methods on conducting business. Accumulating foreign market knowledge is essential for a business yearning to grow internationally, for it positively impacts the international opportunity recognition process to achieve superior performance for organizations. Equally important to note, is that knowledgeableness in the international market help an organization utilize its strategize and operate its business more efficiently while decreasing business risks and exploiting opportunities to its maximum capacity. Moreover, this improves customer knowledge, employee and supplier relationships, market knowledge, environmental business knowledge, and research development.4. Each source has different but unique information about the term Competing within an international market and what is the best in-depth knowledge to fathom the competing within a global market. Equally important to note is that competing within an international market is thoroughly fathomed in a few ways; finding competitive advantages over the international competition, communicating competitive advantage to the global market, and entering new markets with an open-minded and flexible approach.Importantly, each source meticulously conveys entering new foreign countries; companies need to identify the specific benefits their product or service can bring value to consumers in the market.4B.) Importantly, these sources are similarly connected to competing within an international market by helping understand the negatives and positives of the presented term. Also, the vitalness of embracing the possible opportunities when strategizing the presented intricacies and what positive outcomes can occur. Indeed, these sources helped me become conscious of the significance of competing within an international market and how it is connected to all aspects of the business world. Moreover, this is conducive to businesses building global professional relationships and conglomerate numerous viewpoints and perspectives. Competing within an international market helps with investment strategies and possible growth opportunities. Lastly, it is a necessity for risk mitigation to occur because this is what helps organizations develop, innovate, or create the products we use today.ReferencesChabowski, B. R., & Mena, J. A. (2017). A review of global competitiveness research: Past advances and future directions. Journal of International Marketing, 25(4), 1-24.Fang-Yi Lo & Kletsova Alena (2018) Entry timing into international markets: evidence from the Taiwanese service industry, Economic Research-Ekonomska Istraživanja, 31:1, 1059-1077, DOI: 10.1080/1331677X.2018.1436456Maltby, E. (2017, January 19). Expanding abroad? Avoid cultural gaffes. Wall Street Journal. https://www.wsj.com/articles/SB10001424052748703657604575005511903147962.Martín, O. M., Chetty, S., & Bai, W. (2022). Foreign market entry knowledge and international performance: The mediating role of international market selection and network capability. Journal of World Business, 57(2), 101266.Samiee, S., & Chirapanda, S. (2019). International marketing strategy in emerging-market exporting firms. Journal of International Marketing, 27(1), 20-37.Walker, Tim. (2015). Competing in the Global Market: The Influence of Culture. The Way Ahead. 03. 18-22. 10.2118/0107-018-TWA.
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