Strategies for global competition

Abstract

This article analyses the strategic dimensions of global competition. As U.S. companies enter the fight for global markets, a broader definition of corporate strategy as it relates to developing competitive advantage is needed to provide managers with superior tools to improve their strategic thinking. Corporate-level strategy involves both a ‘foreign policy’ as well as a ‘domestic policy’ dimension, and a time dimension. The foreign policy dimension relates to the company's endeavours to find a workable balance between internal development and acquisitions for entering and exploiting new technologies on one's own. The final dimension relates to time, i.e. understanding those conditions where changes in company strategy and structure are needed to help guide the company into the future. Examples are provided to illustrate these dimensions in action.