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Importance of considering benchmarking. Best practices to determine the most cost-effective and efficient means to operate in a country
Benchmarking is considered one of the most appropriate ways through which industry norms are assessed. The method is applied to discover the organization’s competence level in comparison to similar competitors within the same market. Benchmarking assist in setting numerous activities within the organization making them easily transferred to preferred environments.
It also makes it possible in case of partnership and joint ventures where the organization works in collaboration with other foreign company’s. Organization’s working best in specific activities are easily identified by the use of benchmarking especially through collaboration. Benchmarking is further used objectively for assessing future development in terms of financial and material forecast (Bogen and Michael, 1994, pp 3-20).
Benchmarking could be applied in assessing the environment within foreign countries owing to several reasons. There’s a need for assessing cultural differences to know how to bridge the very big cultural gap that might exist amongst the designated countries. Some of the barriers might include language barrier which may pose a big challenge to the company’s employees and marketing abilities. Some cultures poss the fear of losing fame in the social setting hence will want to gain the necessary technological know-how, establish their own company and replace the mother company. This also assists in countering the belief where native citizens lack belief in contracts and confidence in foreign products (Bartlett and Sumantra, 2010).
On the side of management, It appears complex to structure and manage new business ventures especially considering the distance between countries. Research reveals that it always seems easier to accord much attention and concentration to the mother company thus retarding the growth of the other. The use of benchmarking in such like cases help in solving such as dilemmas (Bartlett and Sumantra, 2010).
Change in the environment to foreign countries would require a wealth of changes within the whole structure of the company. These include management, shifting customer demand, technologies and dynamics. Time is required to fully establish the costs as well as risks involved in operating within such a complex environment.
Benchmarking assists in setting relationship paradigms which are the kind of relationship existing amongst those involved in global business transactions. Conflict of goals, objectives and opinions are inevitable amongst the suppliers, retailers and the consumers and this brings about disharmony within the smooth channels of distribution. This is at times enhanced by the differences in cultural beliefs amongst members from different countries (Bartlett and Sumantra, 2010).
The regional traditional partners required or encouraged by local governments that do not satisfy your quality standards
Dissatisfaction with the locals’ quality standards could be countered through sales promotion which has become a crucial part within the global market economic system. Its introduction has enabled so many companies to meet their targets within the global market. It is crucial for survival in the present dynamic market where the Company besides producing quality products must also make efforts to identify and create awareness amongst potential consumers. This defines the role of sales promotion which is luring the consumers towards making quick purchases of a particular product, leading to an increase in sales. Extra prices are given to the customers for every purchase they make of a particular product (Andromida, 2010).
Sales promotion provides a means for building strategies which could help under stiff market competition. The promotion style helps in winning the loyalty of consumers for particular products. Sales promotion for industrial products is the situation whereby trade and consumer promotional ideas are incorporated into the industrial market environment. It is a promotion which takes place within the business to the business environment and is between business companies.
This could help in reinforcing the relationship with the traditional partners concerning quality standards. While on the other hand utilizing consumer promotion which involves sales promotion between businesses and consumers within the market. This where the consumers are offered one free product on top of every product bought while in Industrial sales promotion traditional businesses are lured to buy products and at the same time granted free services for the specific time duration (Andromida, 2010).
References
Andromida, (2010). Consumer Sales Promotion marketing mix Strategy and ideas and methods. Web.
Bartlett, A. & Sumantra, G. (2010). Managing Across Borders. The Transnational Solution. Web.
Bogen, C. E. & Michael J. (1994). Benchmarking For Best Practices: Winning Through Innovative Adaptation. New York: McGraw-Hill.
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