Challenges and benefits of global business
There are varieties of challenges facing global business which vary from political, economic and cultural challenges. Some of these challenges include administrative policies, tariff barriers, considerable diversities, variation in exchange rates, norms and ethics, terrorism and racisms, and inadequate organizations which support international business. There are also benefits associated with global business which are new revenue potential, diversification of company’s markets, improvement of company’s reputation, exposure to foreign speculation opportunities, learning new norms, culture and ethics as well as talent identification. This paper therefore discusses how Sun City should address planning, organizing, leading and controlling the operation management functions in order to fit in global markets and meet the competition associated with global business.
Sun City management should have a clear understanding of planning, organizing, leading and controlling all the functions including global challenges, benefits and opportunities. The primary challenge encountered by managers is finding solutions to problems encountered (Adekola, & Sergi, 2012). In order to plan on global markets, Sun City managers should have mission, vision, strategic methods to achieve the mission and vision, goals and objectives which should target the global market. Setting objectives ensures that the managers are aware of environmental conditions (considerable diversity, conducive environment, norms and ethics and many others) and be able to forecast future state or condition of the company. Planners must be aware of economic conditions which include revenue exchange rate and tariff barriers, the condition of the competitors as well as the customers. There must be an organizing design, culture and social networks to be able to fit into global business. Sun City should strike a balance between the work specialization and the need to have jobs encompassing variety and autonomy.
Sun City managers should as well include strong leadership styles, communication, decision making, groups or teams formation and motivate all the stakeholders in the leading strategy. In order to lead effectively, the managers must not only understand the subordinates’ values, personality, behaviors but also the characteristics of the target market. Managers as well should have strategic human resources and systems r processes of controlling the organization. Managers must ensure that there are set performance standards which should not be deviated from (Christiansen, & Kasarc, 2016). They should continuously compare the actual standards with the set standards ensuring that corrective actions have been implemented to meet the need and interests of the target market. The managers should not control or manipulate the personalities of his or her workers but should ensure that all activities leading to objectives achievements have been completed through setting standards and having planned strategies.
In conclusion, Sun City managers should be equipped with management tools, knowledge and experience concerning global environment to be able to compete with the competitors. Any information concerning the benefits and challenges of the target market should be known to the Sun City managers in order to be able to plan, organize, lead and control all functions leading to success in the global markets.
Adekola, P. A., & Sergi, P. B. (2012). Global Business Management: A Cross-Cultural Perspective. Surrey, England: Ashgate Publishing.
Christiansen, B., & Kasarc, F. (2016). Corporate Espionage, Geopolitics, and Diplomacy Issues in International Business. Hershey, PA: IGI Global.