Question

List a minimum of three (3) management recommendations you believe the multinational corporation could benefit from the successful implementation of planning process in the future.

Answer 1

The following are the recommendations that ensure successful implementation of planning process in the future for a Multinational Corporation:

1. Stay flexible to changing needs. The multinational corporation must change its plans and strategies to the changing world accordingly. The world is changing, and so should the corporation. Otherwise, there is a huge possibility that it would become obsolete and redundant. The organization must adapt according to the changing work and cultural environment. Some multinational corporations face the challenge of being unable to adapt to the changing times. So, complying with the changes would prove beneficial for the successful implementation of the planning process in the future. The future is uncertain, and it only has room for those organizations that update and renew themselves from time to time.
2. Be Global, think Local. Different strategies are required for different locations. A major problem faced by Multinational Organizations is its inability to comply with the local culture of the host country. It is very important on the part of the MNC to understand the cultural and social environment of the local country. An inability to do so will prove to be a huge disadvantage. To successfully implement a planning process across all the host countries of the multinational corporation, it must be global in nature, but think like a local of the country and estimate how a specific strategy is to be implemented in that country in order to make it successful.
3. Understand competitors. In a market that has hungry customers craving for new products and services at all times, organizations keep pumping out new products to keep the customers happy. This creates a highly competitive market environment, especially on a global scale. To have a competitive advantage over the other multinational corporations, it is important for the organization to understand its competitors completely. A major setback for an MNC is that the competitors differ from country to country. The strategy used in one country will not apply to another country. The corporation must keep this in mind. To ensure successful and smooth implementation of planning process in the future, without any problems, the MNC must study and understand its competitors.