How Local Companies Can Take the Competitive Advantages. If you’re setting out to participate in quickly improving economies, think twice: Smart domestic enterprises are staving off the challenge from international leaders of market. And they’re snatching new chances before multinationals can. There has six strategies about How Local Companies Keep Multinationals at Bay. These are given below –
1. By Creating Customized products or Services:
Domestic or Local companies are be acquainted with people’s first choice by region, income level, gender, age group, etc. They also have the quick understand the markets in which they operate, permitting them to bargain customization economically.
They both offer similar services, but “Baidu” is more Chinese-focused, which makes it the most popular web services provider in China.
2. By Developing Business Models to Overcome Key Obstacles:
Domestic or Local companies improve their behaviours to overcome key complications that stall multinational corporations. E.g. lack of distribution channels and infrastructural hurdles.
Example: Shanda gives chance Chinese people to play games online. So, don’t need to create piracy for these games. Whereas Microsoft, Nitendo can’t create much headway in China because of piracy.
3. Bring into Effective Action the Latest Technologies:
Domestic or Local companies are using new technology to cling to operating costs low and quality high. And now local companies are not incomplete by old investments and Cutting-Edge Technology. This new technology reduces the cost per seat Cutting-Edge Technology.
Example: Bikroy.com by using latest technologies providing services Bangladeshi People for buying and selling. Whereas olx.com multinational company providing same services with same technologies but most of the BD people is using bikroy.com.
4. By taking advantage of low-cost labour, and train staff in house:
Domestic or local companies use low-cost traditional labor and in-house training in its place of trusting on technology from abroad. By coming up with a smaller amount of expensive and more proficient ways of achieving goals, they are gaining market share. Low-Cost Labor & In-House Training.
Example: Blue liner Incorporation a multinational company hired a Internet Marketer by paying Tk. 1,50,000 (approx.) monthly. Whereas a local company recruit a Internet Marketer only for Tk. 40,000 (approx.) only.
To learn Internet Marketing in BD you need to pay Tk.20,000 (approx.) whereas in UK, USA you need to pay Tk. 70,000 to Tk. 80,000.
5. Adjust to relatively other things quickly:
When new opportunity becomes several companies catches it very quickly. Like still many companies from Bangladesh are involving with Social Media Marketing.
6. By Investing in Talent to Sustain Rapid Growth:
To cope the multinationals growth and keeping the own organizational growth need to hire great brilliant leader for own organization.
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