COMPETITIVE outlandish for different contenders to contend.This type

COMPETITIVE STRATEGYCompetitive strategy can be defined as the long-term plan of a particular company to enable it gain an advantage competition-wise over its rival competitors in the same industry. This type of strategy is often used in advertising campaigns by negatively showcasing a rival company’s product or service.This sort of system is coordinated at making a protective position in an industry and accomplishing a prevalent ROI (Return on Investment). return on initial capital investment measures the benefit or misfortune amassed on a venture relating to the measure of cash contributed, it is communicated in rate and is utilized to look at the productivity of at least two organizations.ROI = (Net Profit / Cost of Investment) x 100 Types of Competitive Strategy1. Cost leadership2. Differentiation leadership3. Cost focus4. Differentiation focusCost leadership: This type of strategy involves the firm becoming the lowest cost producer in the industry by producing in large scale which allows the firm to achieve economies of scale, this means This sort of system includes the firm turning into the most reduced cost maker in the business by delivering in extensive scale which enables the firm to accomplish economies of scale.. Then, the firm sells the cheaply made products to consumers at the lowest markup price possible thereby making it harder or virtually impossible for other competitors to compete, so At that point, the firm pitches the economically influenced items to customers at the most reduced markup to value conceivable in this manner making it harder or for all intents and purposes outlandish for different contenders to contend.This type is typically only employed by large companies, small companies cannot partake in this type of type of competitive strategy due to the involvement of economies of scale. Differentiation leadership: With this type of competitive strategy, companies offer a wide array of unique and different goods or services. Firms can target to achieve market leadership because other competing firms will not be able to surpass the company’s standards.Again, this is another type of competitive strategy that large companies and firms would most likely adopt due to the large investment of resources in the research and development of new products. Cost focus: This type of strategy is similar to the cost leadership strategy except that it focuses on a niche (specific) market. The company concentrates its efforts on a specific population area of the market and keeps its products low priced in an attempt to establish itself as the cheapest seller in that specific market area.For example, a service provider, like MTN, could choose to focus on a particular town or city and then strive to be the cheapest in the town only. This kind of strategy enables firms to satisfy consumers and gain popularity.Differentiation focus: Like the cost focus strategy, this type of strategy also focuses on a specific population area of the market, but instead of being the cheapest seller of a product, it tries to market that product to the specific area as a unique product or service, this way differentiating itself from one or more competitors.For example, a company could make a product specifically designed for gamers  For a multi-national company, the best types of competitive strategy to adopt would be Cost leadership and/or Differentiation leadership strategy   HUMAN RESOURCE MANAGEMENTHUMAN RESOURCES                                                           Human resources are the people who make up the workforce of an organization, business sector, or economy. it also includes recruiting,hiring and firing employees.Human resources are responsible of handling their employees relation,payroll,benefits and training it is also a multi-functional division within an organization, it also helps to interpret employment law. l                      FUNCTIONS OF HUMAN RESOURCES  Human resources helps to assess skilled candidates so that they they can put them in the right job within the company. they conduct training program for the new hire and the existing employees. They are responsible for training contracts and budgeting. They manage compensation programs that include fringe and other fringe benefits. They ensure employees receive the proper disclosure regarding benefit eligibility.   U.S.Bureau of  labour statistics: Human, Resources,Training,and                    Labour Relations Managers and Specialist.           WHY IS HUMAN RESOURCES IMPORTANT Human resources  are important because they have the  skills to negotiate group benefit packages for employees within the organization budget and consistent with the economic condition. They are familiar with employee benefits most likely to attract and retain workers. LEADERS OF MULTINATIONAL BUSINESSESLeaders of multinational businesses (CEOs) are know to be in charge of everything related to the organization. He delegates his authority to managers who in turn control their fractions of the business.He is the overall strategic director, he maintains continuous awareness of competitors, markets, consumers, industry development and quality standard.It is his responsibility to evaluate and direct other executive leaders, drive business vision and objective in its general direction. It is expected that he has a Bachelor of Science (BSc) or Arts (BA) and a Masters degree (MSc) or any degree at all. He is expected to work in the industry and work his way up to CEO. If in any case, he has to change his job,he can fit into any job in a similar field with a leadership position . CEOs partner with high-level officers to grow the company, strengthen it and ensure its sustainability. Leaders of multinational businesses work closely with the CFO (Chief Financial Officer) to prepare annual budgets, complete risk analysis on potential investments, and advise the Board of Directors with regard to investment risk and return and work closely with Human Resources (HR) regarding hiring practices, payroll and benefit disbursemen. They also oversee quality control throughout the company, establishing goals for each department in partnership with division managersThe following are skills a CEO may possess:l Bachelor’s or Master’s Degree in Business Administration, Law or Liberal Artsl 7-10 years of corporate managerial experiencel Advanced skills in MS Office and professional accounting softwarel Strong ability to organize effectively, delegate responsibility, solve problems quickly and communicate clearlyl Leadership skills, including the ability to manage time effectively and handle both internal and external conflictsl ICPM (Institute of Certified Professional Managers) certification preferred   LEADERSHIP AND MANAGEMENT  For people with the aim of shaping their future and developing their skills in international business, and also who wish to participate successfully in a challenging economic development would need to learn the art of leading positions within organizations and firms with international operations.    When running a multinational business, there are various characteristics a leader should possess such as: Overseas experience- To become a successful international leader, one must have lived or travels abroad regularly. Transcending your own cultural perspective and learning how business is done in different countries is essential.Self-awareness- You should understand your belief and also know where they might differ from others is critical to global executive success. Without this, you will not be able to adapt to and tolerate deep-seated beliefs of others.Sensitivity to Cultural Diversity- In other countries, minor things can be of putting and much of this insight comes from experience. You must have an intense interest in the lives and cultures of others, recognizing that your culture and background are not inherently superior, to master the global business.Humility- To be interested in other cultures and how people do things in those cultures requires a certain level of humility which means a belief that other cultures have figured out very interesting answers to life’s problems. As a good international business person, you must be open to and fascinated by those answers.Cautious Honesty- People sometimes omits information or only tell what they think other people need to know. In global business settings, executives need to know they can count on you. If you don’t deliver on your business promises, your reputation might end up in the grain.  GROWTH After combining all the factors above, it is important to grow the business to a desired level. The business has to grow from its original level which is the local/national level to a multinational business. The growth is all about patience, It’s possible to combine all the factors above and still not be able to make a business multinational. The key to the growth of any business is goal setting. These goals serve as a guide as well as a motivation to work hard and to keep track of mile stones that have been met in the growth of a business.  There are various factors involved in growing your company, some of these includel Relationship with customers: While we don’t particularly agree with the “customer is always right” phenomenon, we do believe the customer should be treated with respect. The customers are the main source of income of the company and for that reason, it is necessary to gain their loyalty and trust thereby securing their purchasing of you product.  l Relationship with Staff: The staff can be referred to as the heart and soul of a business, while we say the customers keep the business running, the staff make it run… The staff are dedicated to satisfying the needs of the customers as well as the demand of the CEO (who is also a member of staff but higher). Ever so often, the staff should be rewarded with raises or promos. The CEO should build a decent relationship with the staff he is directly in contact with, thereby teaching them to show the same level of respect to their subordinate. This way, a culture would exist in the company and it would make the running of the company smooth.l Choice of location: The location is a very important factor in the growth of any company. As a CEO or Leader of a business, you want to be in a location where your business will thrive and even take over the entire market. The whole idea is to be in control of the market and get sufficient recognition to grow into a multinational business.  l Franchising: Depending on the type of business, franchising is a good idea. It lets you run your business under a different management whilst gaining publicity. l Legalization of business: From the very moment you start your business, it is important to have all the legal document needed for the existence of the business. It ensures that you’re protected by the government and it also builds trust in potential alliances. l Form alliances: It is important that you form alliances with businesses that’ll help yours grow.These alliances are symbiotic, both businesses help each other get better. Merging with or acquiring another business expands your market to the business merged with or acquired; their customers become your customers. l Diversify: It is important that your business is ready to adjust it’s strategy when is begins to grow. As a growing business, you will begin to target other markets. A particular strategy might not work in all markets, so, for every new location or market, a new strategy and business plan should exist to ensure success in that location. l Win a government contract: As long you are able to provide services or a product needed by the government, endeavor to sign a contract with the government. The government is usually willing to invest a lot of money in its projects , this increases your revenue by a significant amount.  l Expand to the internet: The internet is one of the best places to gain popularity, there are millions of people surfing the web especially social media, so builing your online presence would increase your market and automatically giving you global representation.  WHY COMPANIES FAILEven after considering all of these steps in building a multinational business, some companies still fail. The following are reasons why this occurs:  l Lack of  proper planning – Businesses fail because of the lack of short-term and long-term planning (Goal Setting). Your plan should include where your business will be in the next few months to the next few years. Include measurable goals and results. The right plan will include specific to-do lists with dates and deadlines. Failure to plan will damage your business. l Leadership failure – Businesses fail because of poor leadership. The leadership must be able to make the right decisions most of the time. From financial management to employee management, leadership failures will trickle down to every aspect of your business. The most successful entrepreneurs learn, study, and reach out to mentors to improve their leadership skills. l Poor management – Examples of poor management are an inability to listen, micro-managing – AKA lack of trust, working without standard or systems, poor communication, and lack of feedback. l Lack of capital – It can lead to the inability to attract investors. Lack of capital is an alarming sign. It shows that a business might not be able to pay its bills, loan, and other financial commitments. Lack of capital makes it difficult to grow the business and it may jeopardize day-to-day operations.l Poor location – Poor location is a disadvantage that might be too much to overcome. If your business relies on foot traffic, location is a strategic necessity. A poor location might make your customer acquisition costs too high. l Poor financial management – Use a professional accounting software like Freshbooks. Keep records of all financial records and always make decisions based on the information you get from real data. Know where you stand all the time. If numbers are not your thing, hire a financial professional to explain and train you to understand, at least the basics. l Lack of focus – Without focus, your business will lose it the competitive edge. It is impossible to have a broad strategy on a startup budget. What makes startups succeed is their ability to quickly pivot, and the lack of focus leads to the inability to make the necessary adjustments. l Personal use of business funds – Your business is not your personal bank account