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The Quest for Global Dominance In this book, the authors focus on four essential tasks in which the company must lead its industry in order to emerge and stay as the globally dominant player. One, executives must ensure that their company leads the industry in identifying market opportunities worldwide and in pursuing these opportunities by establishing the necessary presence in all key markets. Two, executives must work relentlessly to convert global presence into global competitive advantage. Presence in the strategically important markets gives you the right to play the game. However, it says nothing about whether and how you will actually win the game. Doing so requires identifying and exploiting the opportunities for value creation that global presence offers. Three, executives must cultivate a global mindset – they must view cultural and geographic diversity as opportunities to exploit and be prepared to adopt successful practices and good ideas wherever they come from. Four, executives must constantly strive to reinvent the rules of the global game as captured in answers to three perennial questions: who are our target customers, what value do we want to deliver to these customers, and how will we create this value? The twin forces of ideological change and technology revolution are making globalization one of the most important strategic and organizational issues facing companies today. With every passing day, it is becoming more obvious that managers must view every industry as a global industry and every business as a knowledge business. As worldwide presence becomes an imperative rather than a choice, an increasing number of companies must confront the essential question: How do we engineer and exploit the ongoing globalization of our industry? Our central purpose in writing this book has been to help MBA students and managers address this question. Order Here Smart Globalization is a compendium of leading-edge thinking on global strategy first published in the acclaimed MIT Sloan Management Review. The central premise underlying this book is that globalization can be a double-edged sword. The global or globalizing firm has the potential to reap several types of benefits such as the vast potential of a much larger market arena, opportunities to capture scale and location-based cost efficiencies, and exposure to a multiplicity of new product and process ideas. However, globalization also exposes the firm to numerous strategic and organizational challenges emanating from a dramatic increase in diversity, complexity, and uncertainty - external as well as internal to the firm. How managers address these challenges determines whether globalization yields competitive advantage or disadvantage and makes the company stronger or weaker. "Smart" globalization is the ability to capture the benefits and minimize the costs and risks.
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