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Globalization Opportunities and Challenges for Companies
Introduction
A strong brand should maintain its values and identity while entering international markets and adjust it to specific needs. Companies tend to adapt to local cultures through global and regional branding in a process called glocalization. Glocalization is preserving and strengthening local differences instead of their supposed disappearance due to the general trend of globalization. Therefore, it is necessary to take into consideration global branding regarding differences between regions local branding. To succeed in this, Blue Nile adapts their global products to meet the local markets expectations. Overall, a company that adheres to the market development strategy should analyze the opportunities and challenges of globalization.
Main body
First of all, business development, entering new markets, changing the companys philosophy, or negative perception of the brand may be the reason for a rebranding policy. The goal is to increase the value and efficiency of the brand portfolio (Assali, 2017). The market development strategy can be accompanied by brand extension. According to Somro and Issani (2017), multinational organizations benefit from this strategy by improving new market performance with existing products. Thus, the periodic assessment of the quality characteristics of the brand and the comparison with competitors brands allows the Blue Nile to assess the current state of the company, the effectiveness of management, and its potential.
Modern trends of globalization for the company are expressed in the increasing spread of counterfeiting of branded goods. The boundaries of use and brand falsification are expanding. The Blue Nile is a company that uses the rapid development of the internet and e-commerce. This globalization issue can be solved by adapting innovative packages (Soon & Manning, 2019). The Blue Nile remains one of the leading online retailers of luxury products (Wheelen et al., 2018). Usage of the Internet as a platform for purchases demands cyber management protocols and training (Soon & Manning, 2019). The problem should be addressed by joint anti-counterfeiting measures by all value chain members, involving employees, suppliers, consumers, and public authorities (Soon & Manning, 2019). This leads to new challenges and determines the need to create and improve existing international agreements in global trademark protection in real and virtual spheres.
When entering new markets, Blue Nile can face some country-specific risks. For instance, Sartor and Beamish (2018) suggest the issue of host market government corruption. There are two levels of such a problem: grand and petty corruption (Sartor & Beamish, 2018). These challenges precipitate environmental and behavioral uncertainty for the company entering the market (Sartor & Beamish, 2018). Therefore, Blue Nile may vary its equity-based foreign entry strategies. Regarding grand corruption, the company can engage in shared venture investment and a host country partner (Sartor & Beamish, 2018). Petty corruption may stimulate Blue Niles choice to collaborate with a home country partner.
Conclusion
To sum up, there is a need and importance to protect Blue Niles brand name from counterfeiting and comply with international agreements to protect trademarks. Global integration is determined by the insufficient development of legal norms in this area and differences in the approaches of individual countries and groups of countries. The company should decide how to enter the market: through export, joint venture, or direct investment. The Blue Nile allocates the necessary resources for the initial consolidation and further occupation of a stable position in the market. The firm develops its strategic marketing plan by considering the level of adaptation or standardization of all elements of the marketing structure: product, brand, promotion, price, and distribution channels.
References
Assali, I. M. (2017). The effect of rebranding in firm performance & consumers perceptions. International Journal of Engineering Research, 6(3), 229-232.
Sartor, M. A., & Beamish, P. W. (2018). Host market government corruption and the equity-based foreign entry strategies of multinational enterprises. Journal of International Business Studies, 49(3), 346-370. Web.
Somro, Y. A., & Issani, M. A. (2017). Success of brand extension in glocalization: A mediation and moderation analysis. Pakistan Business Review, 18(4), 924-942. Web.
Soon, J. M., & Manning, L. (2019). Developing anti-counterfeiting measures: The role of smart packaging. Food Research International, 123, 135-143. Web.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2018). Strategic Management and Business Policy (15th ed.). Pearson.
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