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Global Business Aspects

1. Introduction - Global Business Aspects

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It is essential for a business structure to flourish at par with the global standards needs to adhere to several technical measures. These measures include the protection of their intellectual rights for the properties that enrich the creativity and productivity of the organisation and cater to the global market. Marketing strategies put an organisation atop the competition and enhance their presence on the global stage. This study highlights the various aspects of global business policies. In Britannic Technologies various policies are undertaken that ensure effective transformation of the service-oriented business model of the company that has been growing over time. All these policies will be discussed further in this study.

2. Intellectual Property Rights

2.1 Patents

A patent is a monopoly granted to an individual by the government to build, sell, and use their inventions and prevent others from using them. An issued patent is usually effective for about 20 years and some are effective till 14 years from the date of issue. After 20 years, the patent expires and anyone can copy, re-build, and sell that particular invention. As opined by Bruno et al. (2021), in exchange for the “monopoly,” an individual needs to disclose the details of their invention. There are three types of patents, utility, design and plant patents. The Utility and plant patents last for about 20 years and the design patents last for 14 years.

2.2 Trademarks

Trademark is so-called because it functions as a recognising factor of any particular individual or company. It can be a word, phrase, design or symbol or a combination of all these things. According to Mashdurohatun et al. (2018), the term trademark is generally used for both trademarks and service marks. The first is used for goods (™) and the second is used for services (SM). Britannic technologies use copyright protection in their process of work to sustain the rights for their services, for example, the assistance AI tool BiziBOT of Britannic technologies is one of their trademark products.

2.3 Copyrights

Copyrights are used for the protection of authorship including paintings, photographs, movies etc. According to Abduh and Fajaruddin (2021), copyright protection allows the reproduction and distribution of personal works. Copyrights generally exist automatically but an individual or company can enhance the work by registering their particular work. Companies are allowed to be copyright owners based on the law that allows ownership through “ works made for hire”.

2.4 Trade secrets

A trade secret is generally that aspect of the business of a particular organisation that is not known to the public. Britannic Technologies has been very successful over the years and thus to retain the leading position have adhered to several measures of trade secrets to ensure a competitive edge in the business market. According to Klasa et al. (2018), trade secrets come into existence when measures are taken to keep certain business policies confidential. Trade secrets guidelines can vary from one state to the other and from one country to another. These are the information that an organisation does not want its competitors to know.

Britannic technologies mostly follow the policies of trademarks associated with their work process and services provided by the organisation to the customer base. Along with this aspect, the Organisation also follows the policies of trade secrets to keep certain business strategies confidential from the competitors. These practices are likely to ensure effective reproduction and distribution of their services and also have an upper hand in the competitive market.

3. Different Business Functions

3.1 Manufacturing and production

The process of manufacturing is associated with the production of various goods and services associated with an individual or a company. Production depends on several factors like manpower, capital, raw materials and the facilities available at hand.

The production manager in Britannic technologies ensures effective production and distribution of the services and meets effective deadlines in the process of work. Quantity requirements are also fulfilled effectively to meet the demands of the clients and also enhance cost-efficiency. Recently, Britannic technologies were recognised for the communication-oriented solution they provided for Queen Mary University Londo. They developed the product in close partnership with Mitel and Bizvu for an omnichannel contact centre during the pandemic and they received the "Best Enterprise UC Customer Solution' award for the same in 2021.

3.2 Sales and Marketing

Figure 1: 4p's of the marketing mix

(Source: Paurova and Nandanyiova, 2020)

Sales and marketing are responsible for the effective distribution of the products into the market that enhances the reach of the organisation in the market. In this aspect, the marketing managers must adhere to the 4ps of the marketing mix in their business model, that is, product, physical distribution, promotion and pricing of the products (Paurova and Nandanyiova, 2020). In Britannic technologies, effective usage of sales and marketing is taken into consideration that implements various policies of product placement, promotion and pricing of services that enhance the rate of business of the organization. 

3.3 Accounts and Finance

The accounts and finance are associated with the decision-making attribute that enhances the rate of the business overall. As opiend by Sloman, J.and Jones, (2017), the investment decision that includes financial planning, budgeting etc., a financial decision that is associated with the fixed and working capital structure of the organisation that determines the long-term and short-term financial progress and there are aspects of effective dividend decisions. Over the years, Britannic Technologies have taken various measures that enhanced their rate of business effectively even through the pandemic. The company currently is generating a revenue of $25 million and this reflects the aspect that the organisation is

3.4 Human resources

Figure 2: Herzberg’s model of job satisfaction

(Source: Mitsakis and Galanakis, 2022)

The human resource department within an organisation is responsible for the maintenance of a healthy ambience within the workspace to effectively enhance the quality of job output by the workforce. According to Mitsakis and Galanakis (2022), human resources propagate motivation within the workplace to ensure that the employees are provided with effective services that keep them dedicated to the organisational goals. The human resource department ensures effective employee engagement and welfare activities, promotion and transfer of employees and salary management. In Britannic Technologies the human resource department adheres to Herzberg’s model of job satisfaction within the organisation to ensure productivity the organisation and ensure a healthy work-life balance of all the 114 employees working in the organisation. Furthermore, special attention is emphasised to training and developing the employees to enhance employee efficiency rate

4. Influence of National Culture in International scale

4.1 Communication

Communication is a key aspect that comes into play when propagating an effective business model. As opined by Worthington et al. (2018), the impact of communication of national culture impacts the business in the international field. Effective communication ensures the conduction of the business proceedings in the most effective manner. Learning the local language is essential in the process of communication and also gives an insight into the local culture and associated sensitivities of local communities. Britannic Technologies ensures effective communication services to the client base although they serve the local region however the language barrier would not be an issue when it comes to conducting a business on an international scale. Britannic technologies thus focus on the maintenance of effective communication between the employees and the consumers. 

4.2 Attitude

The business attitude is the most crucial aspect that ensures effective business modelling and strategy formation. The associated motivation for the workforce is influenced by the individualistic attributes as well as the attitude prevalent within the workspace. Accoridng to Soschinski et al. (2021), nationally the cultural system is influenced by shared values of ethics and attitudes. Britannic Technologies being a regional company is mostly influenced by the attribute of the regional cultural variables and the employees are naturally influenced by the same however it does not affect the standards of quality of service provision by the organisation. The company promotes and appreciates a method for effective collaboration of teamwork and on the side individual contributions to the employees are also highly appreciated. Britannic Technologies takes a positive approach toward maintaining a positive business attitude. Organisations are more determined towards undertaking risk which is evident through the rate of production and associative customer service.

4.3 Etiquette

Business etiquettes are an essential determinant factor for business propagation and success. Business etiquette effectively enhances the quality and rate of business growth and also enhances workplace motivation and associated culture. The etiquette of a workplace within a particular region is highly affected by local customs and practices. However, the sense of professionalism is mostly independent of local attributes and is necessary to be adhered to on the national and international stage. Britannic Technologies reacts strictly towards maintaining professionalism within the workplace and while dealing with the customer base. Communication etiquette is also an aspect highly maintained in the company as it provides customer service oriented practices and all these factors are independent of local influence within the organisation to meet the international standards of service.

5. Evaluation of Entry Strategy in global market
5.1 A Joint Venture

The joint venture is a popular mode of entrance for a local business to enter the global market. This is the process in which two or businesses combine their resources to enhance the sale of their products and services. According to Nippa and Reuer (2019), joint ventures provide an opportunity for the local companies to form a partnership with companies that have experience in the global market. However, there are aspects of difficult procedures of profit splitting and other management related issues. Britannic Technologies over time have indulged in various partnerships and have delivered effective results. However, these ventures of partnerships have been conducted in the local market. Britannic technologies will be requiring assistance to establish standing in the global market. Therefore, the company will collaborate with other global companies to design effective products and provide services globally. The company will be taking effective assessment profit sharing and relationship management strategies with the company to establish a profitable and sustainable model of business

 5.2 Exporting

Exporting is a process in which the companies instead of forming a joint venture or getting engaged in a collaborative alliance directly sell their products into the market. Accoridng toi Dinu (2018), exporting simply means that the company avoids investing in establishing manufacturing units in the foreign market to distribute their products. Some companies usually sell their products to distributors overseas who are responsible for selling the product in the local market. However, the packaging and transportation costs may hamper the economic efficiency of this strategy.

5.3 Franchising

Franchising is a method that propagates the establishment of the brands of the company in the business market. According to Rosado-Serrano et al. (2018), franchises exist globally and offer businesses the opportunity to have a standing in the global market. It typically requires strong brand recognition as the consumers should know what the particular company is offering. In the cases of globally established brands, the process of franchising provides a way to make profit while having a management approach.

5.4 Licensing

It is a process by which one company licenses another company the right to use a particular product. The process is used by the company which has a product that is in high demand and they license their product to a company that has a vast market for it. Example, a movie production company gives a license to a supply company that makes school products the right to use the images of their character on their products to further enhance the product recognition and value. This approach is correlative to the process of franchising a particular product by a company.

5.5 Direct Investment

This approach is taken by multinational organizations to enhance and propagate the value of a business. Multinational companies engage in full-scale production and marketing of the products overseas by directly investing in completely owned subsidiaries. This approach is taken by the companies which have a strong global presence and directly own manufacturing and subsidiary units in the overseas markets. According to Tocar (2018), this strategy enables global firms to compete aggressively abroad. This strategy however requires a much larger investment because the company is responsible for various marketing activities in a different country. This is also very risky because it requires a thorough understanding of the local market, business conditions and customs associated with the particular country.

6. Global strategies

Figure 3: Global business strategies

(Source: Bartlett, 2018))

6.1 Multidomestic Strategy

A multi-domestic strategy is an approach undertaken by multinational companies where each of the company's branches formulates its marketing strategy in the domestic market. According to Bartlett (2018), this approach is taken to enhance the rate of business in their particular regions catering to the regional customs, practices and traditions. It is different from the centralised market where the marketing approach is taken on a broader aspect and a broad spectrum of the population is targeted rather than those specifics in a particular geographic location. On a grander scale, Britannic technologies will be using the multi-domestic strategy to target the local market and cater to their technical needs and services and thereby formulate marketing strategies that empathise with local customs and traditions in the UK.

6.2 Transnational Strategy

Transnational business is a strategy undertaken in the context of conduction of business by international companies that primarily functions based on two key criteria. Accordign to Luo (2022), the two key criteria are that the business needs to have certain extent of local responsiveness and high local integration. It means that the transnational business generally has several divisions and offices in the countries they are working in, and the particular local groups are integrated towards a bigger global goal and aims for businesses. The transnational business considers several factors before the propagation of business. They consider the culture of the particular countries they operate in and thereby take effective marketing strategies to appeal to those people in the regional communities of the country rather than having a generalised approach.

6.3 Standardisation strategy

Standardisation works on the principle of forming an assumption of the particular market on a global scale. According to Samiee and Chirapanda (2019), this strategy is used by the companies when they treat the entire global market to be a single unified market with a minute meaningful variation. The assumption lies in the principle that one product will meet the needs of people everywhere in the world. Companies dealing with machines and information technologies are mostly universal and thus require very little customization. A standardisation strategy can be useful in producing efficiency by centralising product design, it simplifies the supply chain and reduces relative marketing costs.

6.4 Exporting strategy

The export strategy is applied by a company when it is mainly focused on its domestic operations. As opined by Wang and Ma (2018), this strategy is used by those companies who do not intend to have a global expansion; however, they export some of their products to take advantage of the opportunities available in the international market. The company does not attempt to customise its products and strategies for the global market.

7. Conclusion

In the production of expansion of business on the global stage, various strategies are to be taken into context that enhances the business and relative revenue of the company. However, to have a sustainable model for business on the local scale various measures are taken into consideration, for example, the customs, values and traditions of the local communities. Britannic Technology is an award-winning telecommunication organisation that is undertaking various practices into consideration within the workplace and values of conduction of business to enhance the business in the local market and have a global standing.

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References

Book

Bartlett, C.A. and Beamish, P.W., 2018. Transnational management. UK: Cambridge University Press.

Journals

Abduh, R. and Fajaruddin, F., 2021. Intellectual Property Rights Protection Function in Resolving Copyright Disputes. International Journal Reglement & Society (IJRS), 2(3), pp.170-178.

Bruno, R.L., Crescenzi, R., Estrin, S. and Petralia, S., 2021. Multinationals, innovation, and institutional context: IPR protection and distance effects. Journal of International Business Studies, pp.1-26.

Dinu, A.M., 2018. International market entry strategies. Academic Journal of Economic Studies, 4(2), pp.20-25.

Luo, Y., 2022. A general framework of digitization risks in international business. Journal of international business studies, 53(2), pp.344-361.

Mashdurohatun, A., Gunarto, G. and Hanim, L., 2018. The Urgency of Legal Protection to the Trademarks in the Global Era. Jurnal Pembaharuan Hukum, 5(3), pp.259-276.

Mitsakis, M. and Galanakis, M., 2022. An Empirical Examination of Herzberg’s Theory in the 21st Century Workplace. Organizational Psychology Re-Examined. Psychology, 13(2), pp.264-272.

Nippa, M. and Reuer, J.J., 2019. On the future of international joint venture research. Journal of International Business Studies, 50(4), pp.555-597.

Rosado-Serrano, A., Paul, J. and Dikova, D., 2018. International franchising: A literature review and research agenda. Journal of Business Research, 85, pp.238-257.

Samiee, S. and Chirapanda, S., 2019. International marketing strategy in emerging-market exporting firms. Journal of International Marketing, 27(1), pp.20-37.

Soschinski, C.K., Giordani, M., Klann, C. and Brizolla, M., 2021. Influence of national culture on corporate social responsibility. CrossCultural Management Journal, 1, pp.71-88.

Tocar, S., 2018. Determinants of foreign direct investment: A review. Review of Economic and Business Studies, 11(1), pp.165-196.

Wang, W. and Ma, H., 2018. Export strategy, export intensity and learning: Integrating the resource perspective and institutional perspective. Journal of World Business, 53(4), pp.581-592.

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