Question

What sustains local business in the globalized market? What would be your strategy to transform the local business to globalized business? Cite any successful local business.

Answer 1

SOLUTION-

There are a few unique things that help local businesses to sustain in the globalized market. Some of them are-

• Know the customer - they know their customer pretty well. They know their boundaries and penetration very well.
• Relationship with the customer - These businesses have a very strong customer base which relies on the trust of the seller which is built over the years of trading. This is not the case with international players doing business in the globalized market.
• Needs and Desires - Because local businesses are serving societies for years so they know the taste, needs, and desires of the consumers accordingly they sell or manufacture the product so customer will get maximum satisfaction.
• Essense of locality - sometimes product is related to tradition or biases of the society or you can say product is having the essence of locality in them. This kind of product creates their own demand thus local businesses making these goods survive in the globalized market.
• Strengths - local businesses know their strengths so they use them to procure market share.

Strategies to transform the local business to the globalized business-

1. Develop firm support
2. Develop your imagination
3. Enter markets effectively
4. Discover the best allies and partners.
5. Develop the company's infrastructure accordingly.
6. Acknowledge new approaches and trust the experts.
7. Do extensive R&D before entering any market.

There are several successful local businesses like surat's saree business,Rajasthan's marble business etc.

(KINDLY COMMENT AND UPVOTE IF YOU LIKE MY ANSWER THANKYOU)