Phase 3 Writing Assignment Paper: Khalid N Aldabal (Essay Sample)
Hello, Please try to avoid the mistakes in phase 1 and phase 2 and try to follow the comments that were suggested. Be very careful with APA and try to do it as it is suggested in the guide. I have attached the final revision of Phase 1 and 2 just incase you want to look them over. Also try to use better sources and preferably online sources. When you're doing the research and looking for a source, please try to limit your search to recent sources. Limit to the past 5 years. Use 6 or more sources and use the book as a source as well. Please feel free to email me with any questions. The sooner you send this the sooner I will order my next papers. Thankssource..
Phase 3: MANAGING AROUND THE WORLD Bancolombia in Colombia
Chapter 9: Growing and Internationalizing the Entrepreneurial Firm
The Most Important Learning Objective Outlined in This Chapter
The most important is LO5, and the reason I chose this one is because the strategies that the firms puts in place, both formal and informal, will determine the success of the firm in global market.
Facets That Have Changed from the Time of Pengâ€™s writing to Present
According to Bond and O'Byrne (2014), an example of change would be change in the formal government regulations pertaining to the formation, registration and licensing of firms in a country.
Another example of change would be the technical innovation strategy that the businesses employ to produce superior products.
* For example according to Morgan, Anokhin and Wincent (2016), firms are becoming innovative and proactive and developing risk-seeking behavior.
A final example of change would be closely working with the government of the host country so that it may get support from that government.
* According to Lee, Peng and Song (2013), firms are cooperating with the host government in negotiating the favorable policies regarding to entrepreneurship such as taxation.
Significant Impacts of These Changes on Bancolombia in Colombia
Impact on my country would be the simplification of the registration and licensing procedure for the new firms. Requirements for registering a company have been simplified, for example.
Another impact would be the use of current technology in banking.
* For example, the use of mobile phone based applications that enable the bank to interact with the customers and prospects through customized messages.
Final impact would be the cooperation between the businesses and the government in coming up with policies that affect the business environment such as taxation.
Chapter 10: Entering Foreign Markets
The Most Important Learning Objective Outlined In This Chapter
I believe that the most important is LO5, and the reason I chose this is because it explains what the businesses should do to gain a relative advantage in a foreign country and be able to compete well and grow for example selling at reasonable prices or introducing better unique features in the products.
Facets That Have Changed since the Time of Pengâ€™s writing to Present
According to Rothaermel (2015), an example of change would be the intensified use of franchising as a strategy of gaining entry into a foreign market.
* For example, food/beverage outlet businesses have penetrated in many countries through transferring their activities to other countries through entrepreneurs in these countries.
* A typical example is Coca-Cola Company.
Another example would be gaining access to foreign countries through partnering.
* According to Wooten and Hoffman(2016), because of cultural differences in the foreign country, entrepreneurs have chosen to approach them by partnering with the entrepreneurs of that particular culture for ease of penetration through understanding of local market knowledge.
According to Weinberg, de Ruyter, Dellarocas, Buck, and Keeling (2013), a final change would be the use of piggybacking strategy in entering international markets where a firm with reputable products approaches an international firm and sells the products internationally through that particular well established firm without incurring extra costs on marketing.
Significant Impact of These Changes on Bancolombia in Colombia
A significant impact in my country would be the provision of franchising departments in the banking sector that provides consultative services to many franchisors and franchisees in Colombia.
* In Colombia, many companies are gaining entry though franchi...
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