Introduction

Bestinvest is a London-based investment firm with offices in Mayfair. As part of the Tilney Group, it provides execution-only investing services to private customers as well as financial management, investment management and asset advice services. An online fund shop and Discretionary Investment Management arm were developed by the company. Haines Watts' financial services arm was bought in January 2010 by HW Financial Services Inc. Self-directed investors can use this firm's execution-only services. Through the Tilney Group, it provides investment advice and discretionary investment management and the financial care services to individuals and corporations as well as charitable organizations and other financial institutions. Investors can choose from a variety of investment options including ISAs, unit trusts, self-funded retirement plans, and venture capital trusts (VCT). With assets under management totaling approximately £2.7 billion, Bestinvest is a mid-sized investment company With the Tilney Group, consumers get access to markets that they wouldn't otherwise have access to, including such three management alternatives.

Protection of Intellectual Property Rights

There are advantages and disadvantages to the new global system of IPR. Increased protection of intellectual property rights (IPRs) is expected to encourage innovation and boost the value of technology transfers between countries. The cost of acquiring fresh technology and products could also rise, altering the global trade terms in favor of technology manufacturers and against technology customers in the long term. When it comes to sensitive matters like patent protection for pharmaceuticals and biotechnological discoveries, as well as copyright protection for online transactions, both supporters and opponents of intellectual property rights (IPRs) make irrational, inflated statements about the new system. Most producers are aware of the need for patent protection, but this is just the beginning. The importance of trademarks, copyrights, domain names, and trade secrets is frequently overlooked. For example, intellectual property rights that can be protected in the United States are not necessarily protected in a foreign country. Instead, a large number of manufacturers must be licensed in the target country before expanding their markets (Peng et al., 2017).

Managing Business Functions

Management's core responsibilities include strategic planning, human resource management, decision-making, and problem-solving. For multinational businesses, these functions necessitate a different approach to execution. The first step in doing business worldwide is to outline your strategy thoroughly. They have to figure out exactly how they're going to carry out their work. It's up to them to decide whether or not they'll export their goods or form a partnership with a local firm. They could even operate as a multinational corporation (MNC) by opening branches in multiple countries from a single location. International enterprises must constantly be able to adapt to the specific needs of any country in which they operate. To begin, they must establish a command structure that incorporates personnel from many countries. Afterward, they have to abide by the regulations and laws of the countries where they operate (Kasemsap, 2018). The question of whether or not international companies will use local personnel or deploy their employees to other countries must be addressed next. As a result, they must be informed of all local employment rules if they intend to hire local workers. Firms have to be flexible because of cultural differences that influence how employees work. The cross-border business might be hindered by linguistic barriers. People from a variety of cultures and backgrounds may be able to help solve these issues if they are involved in management. Large corporations' human resources departments are continually looking for ways to promote ethnic diversity among their workforces. Controlling necessitates regular gatherings of individuals to facilitate the sharing of knowledge. In addition to monitoring, reporting and examinations are critical parts of the control. These duties are frequently hampered by the presence of a diverse group of employees from various backgrounds. Because of this, managers need to be flexible and be ready to adjust to any situation (Crane et al., 2019).

The Impact of National Cultures

Marketing strategies in global markets are increasingly influenced by the cultural context in which they are developed and implemented. strategy is influenced by culture Adapting a company's marketing strategy to account for cultural differences is essential. There are a number of companies that make the error of just "copy-pasting" their domestic tactics into a foreign market. When it comes to a company's bottom line, this may be disastrous. New dimensions have been added to the role of national cultures in international commerce today. Globalization has challenged marketing managers to rethink how they conduct business in a multi-cultural setting. One of the most comparative advantages of a company is its capacity to tailor its marketing approach to meet the needs and requirements of the surroundings and consumers (Kim et al., 2020). As a result, national culture has become a prominent focus in marketing. In today's globalized market, it is critical to be culturally sensitive. International and cross-cultural groups are becoming more popular as more organizations grow, and the global economy becomes more accessible to small businesses. A better understanding of the culture of your target market is more critical than ever before for organizations hoping to succeed globally (Crane et al., 2019). When a firm plans to expand internationally, it has four options for designing its strategy:

  1. International sales of the product without any modifications
  2. Adapting items to fit the needs of different markets
  3. Developing new products for foreign markets
  4. A worldwide product that includes all of the distinctions in the world

It is now possible for managers to seek out new international markets to develop their companies, offer additional goods, and boost earnings after classifying cultural groups and cultural features. To some extent, the target country's culture resembles that of the existing markets, which could indicate that selling the product in that country will be a profitable endeavor (Brannen, Piekkari, and Tietze, 2017).

Assessment of Entry Strategies

International marketing is approached gingerly by most companies. In order to evaluate which strategy will work best, they must look at both the market opportunity and their own internal capabilities. It's common for organizations to begin with a low-risk plan and then go on to a riskier strategy after they've shown some initial success. 

Exporting

Selling things goods from one country to customers in another is known as exporting. Because exporting is a limited approach, firms find it attractive. Products that are already popular at home can have an opportunity for expansion abroad. For two reasons, some companies prefer to export their existing products rather than develop new ones. Companies that experience seasonal demand at home could prefer to advertise their products abroad in order for their revenue streams to remain stable (Buriankova, 2016).

Licensing/Franchising

Licensees (licensees) are granted the right to utilize a company's production method, registered trademark, patents, or marketing knowledge in exchange for money from the licensor. In this agreement, the licensor gets affordable access to a new market while the licensee gets a competitive advantage. This is often the only method a company can advertise abroad due to a lack of finance, import restrictions, or regulatory constraints (Kim et al., 2020).

Direct Investment

Wholly owned subsidiaries can be established by multinational corporations to produce and market their goods and services abroad. With this sort of entrance, a corporation is able to directly own production or marketing subsidiaries in other countries (Buriankova, 2016). Having a presence in the marketplace allows businesses to compete more fiercely internationally. Since the subsidiary is accountable for all marketing efforts in a different nation, this technique demands a bigger investment. For this method to work, you have to know everything there is to know about how things work in a foreign nation (Kim et al., 2020).

Appropriate Global Strategy for the Local Company

A critical concern for executives when developing a global company strategy is the tension that exists between global integration and local response. Generally speaking, global integration refers to the extent to which a company's products and techniques can be employed in other countries. According to the term "local responsiveness," the amount to which a firm must modify its products and operations to meet the needs of clients in different countries (Kasemsap, 2018). There are four main strategies for doing business on a worldwide scale: exporting goods, standardization, multi-domestic, and internationalization. Because Bestinvest is an investment company, transnational tactics would be the most appropriate business plan for the organization. It's a hybrid of a standardization plan and a multi-national strategy in one package. This strategy is being implemented in response to international competition, as well as the necessity to meet the needs of local clients. Coordination of a company's global commercial activity is enabled by interdependence and collaboration between corporate headquarters, operational units, and abroad subsidiaries or retail locations. Maintaining an international plan is exceedingly difficult due to the need for standardization, as well as the need to be able to react to local circumstances, among other factors (Doz, Prahalad, and Hamel, 2017). Following the principles of transnational strategy, there are numerous advantages to conducting business in multiple countries at the same time. Increasing sales, lowering production costs, or achieving economies of scale are all possible objectives. Transnational organizations are those that have their headquarters in one country but also have operations and assets in other countries. The international strategy of a company determines the brand's global integration as well as its local response (Doz, Prahalad and Hamel, 2017). The importance of paying attention to the cultural and economic differences between the countries cannot be overstated before Bestinvest begins operating in a country. For example, before deciding whether or not to open a branch in a particular region, they would have to take into account the region's scale economies and worker diversity.

References

Brannen, M.Y., Piekkari, R. and Tietze, S. (2017). The Multifaceted Role of Language in International Business: Unpacking the Forms, Functions and Features of a Critical Challenge to MNC Theory and Performance. Language in International Business, [online] pp.139–162. Available at: https://link.springer.com/chapter/10.1007%2F978-3-319-42745-4_6.

Buriankova, B. (2016). Market entry strategies of international companies. [online] othes.univie.ac.at. Available at: https://othes.univie.ac.at/41313/ [Accessed 30 Nov. 2021].

Crane, A., Matten, D., Glozer, S. and Spence, L. (2019). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization. [online] Google Books. Oxford University Press. Available at: https://books.google.com/books?hl=en&lr=&id=fcSbDwAAQBAJ&oi=fnd&pg=PP1&dq=managing+business+in+globalization&ots=MsejeyrZQt&sig=GkBMGXJEyxRWFVvL-MTQFNnBiZ8 [Accessed 30 Nov. 2021].

Doz, Y., Prahalad, C. K., & Hamel, G. (2017). Control, change, and flexibility: the dilemma of transnational collaboration. In International Business (pp. 349-375). Routledge. 

Kasemsap, K. (2018). Mastering Business Process Management and Business Intelligence in Global Business. [online] Global Business Expansion: Concepts, Methodologies, Tools, and Applications. Available at: https://www.igi-global.com/chapter/mastering-business-process-management-and-business-intelligence-in-global-business/202214 [Accessed 30 Nov. 2021].

Kim, S., Parboteeah, K.P., Cullen, J.B. and Liu, W. (2020). Disruptive innovation and national cultures: Enhancing effects of regulations in emerging markets. Journal of Engineering and Technology Management, [online] 57, p.101586. Available at: https://www.sciencedirect.com/science/article/abs/pii/S0923474820300345 [Accessed 29 Dec. 2020].

Peng, M.W., Ahlstrom, D., Carraher, S.M. and Shi, W. (Stone) (2017). History and the Debate Over Intellectual Property. Management and Organization Review, [online] 13(1), pp.15–38. Available at: https://www.utdallas.edu/~mikepeng/documents/Peng17_MOR_A%20C%20S_13(1_March)15_38.pdf.

Vic?, C. (2015). Intellectual Property, Globalization, and Left-Libertarianism. Symposion, 2(3), pp.323–345.

Vveinhardt, J. (2018). Organizational Culture. [online] Google Books. BoD – Books on Demand. Available at: https://books.google.com/books?hl=en&lr=&id=11WRDwAAQBAJ&oi=fnd&pg=PA35&dq=national+cultures&ots=T-YsV9MaJC&sig=4Tia7vTl8usPsxX8-2mbJzyAxAM [Accessed 30 Nov. 2021].

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