If a firm is changing its strategy from an international to a transnational strategy, what are the most important challenges it is likely to face in implementing this change? How can the firm overcome these challenges? Write 2 to 4 FULL pages of text with 2-4 references in APA Format.
When a business transitions from international to multinational strategies, it is bound to face certain challenges, especially when not properly prepared (Kang & Hwang, 2018). Some of the challenges that the business might face include global integration and local responsiveness. Adapting to new markets requires that businesses integrate their operations to align with local cultural practices and values to enhance the success of their strategies. The management needs to ensure the business aligns its operations and practices with its foreign country’s legal and regulatory requirements while adapting its market strategies, product designs, and colors to meet the customers’ preferences (Williamson, 2016). The multinational strategy may benefit the business regarding market expansion, availability of raw materials, and markets, among other factors; thus, the business should ensure they are well prepared to effectively integrate into the new market.
