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Strength
Considering influences of the state and society in crafting strategy for foreign market entry
There are various strengths that are related to considering influences of the state and society in crafting strategy for foreign market entry. In view of this, Peng (358) believed that the state and the society are entities in the environment that are concerned with crafting policies govern all players in their jurisdiction. Therefore, it is beneficial that these policies are considered by foreign market entrants in order to avoid penalties emanating from them.
In addition, according to Peng (49), it is beneficial for a firm since societies and states differ from one environment to another. Peng goes ahead and alludes that low income consumers in these societies are usually price sensitive. For that case it is beneficial for organizations to formulate its strategies with this in mind since it must forge good competitive strategies.
Considering influences of the state and society in crafting strategy of corporate social responsibility
On the other hand, there are various strengths of considering influences of the state and society in crafting strategy of corporate social responsibility.
According to Peng (354), this is the case since strategy formulation prioritizes corporate social responsibility whereby issues that goes beyond economic, legal and technical requirements of the organization are factored in so as to achieve economic gains that the organization seeks. Moreover, this is so since the state and the society are the major determinants of how businesses are conducted in the environment.
In relation to this, Peng (359) provides an example of the major three car manufacturers in the US which lobbied politician to change climatic policies. This resulted to increase in rivalries which in turn became difficult for the companies to conduct their businesses.
Therefore, it is imperative that firms should consider the impacts of state and society when crafting strategy of corporate social responsibility. This so since whatever measure that is taken by the state or the society might be disastrous or be beneficial to their strategies.
Weaknesses
Considering influences of the state and society in crafting strategy for foreign market entry
However, there are various weaknesses of considering influences of the state and the society in crafting strategy for foreign market entry. For instance, these firms are considered by the same state and society as outsiders in their business environment. Moreover, in most cases, these firms also have limited control of the infrastructure.
Considering influences of the state and society in crafting strategy of corporate social responsibility
Nonetheless, despite having various strengths of considering state and society in crafting strategy of corporate social responsibility, there are various weaknesses that are associated with this approach. According to Peng (194), one of the drawbacks is that the state and society usually require their collaboration with local partners who may turn out to be of mismatch. When this happens, it becomes economically expensive for their businesses.
Lastly, Peng (371) opines that in the event when a firm’s economic status may not allow for corporate social responsibility engagement, it is usually criticized by both the state and the society. As a result, it impact negatively on their cordial relationship.
Conclusion
In conclusion, according to Peng (368), firms are tasked with the need of coming up with proactive, reactive, accommodative and defensive strategies in order to meaningfully operate in a competitive environment. For that case, institution based view to the formulation and implementation of a firm’s own global strategy have potential contributions that caters for forces affecting the firm in its business environment. This approach makes it to be proactive and reactive to all issues emanating from the operating environment.
Works Cited
Peng, Mike. Global Strategy, USA: South-Western Cengage Learning, 2009. Print.
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