Discusses the three challenges that are associated with a global market: building customer loyalty, retaining intellectual property rights and securing information systems.
Written in 2007; 2,268 words; 8 sources; APA; $ 70.95
Paper Summary:
In this article, the writer notes that in today's global business environment, companies have unprecedented access to markets around the world. The writer points out that though there are many advantages to globalization, companies must be prepared for the challenges that it presents as well. The writer maintains that in order for a company to succeed in a global market, a company must develop and follow a carefully planned strategy. This involves three challenges that are associated with a global market: building customer loyalty, retaining intellectual property rights and securing information systems. This paper explores the importance of these top business challenges and suggests methods by which companies can overcome them.
Outline:
Introduction
Challenge 1: Building Customer Loyalty
Ways to Overcome Challenge 1
Challenge 2: Protecting Intellectual Property in a Global Environment
Ways to Overcome Challenge 2
Challenge 3 - Information Security Protection
Ways to Overcome Challenge 3
Conclusion
From the Paper:
"The main goal of implementing a customer loyalty program is to prevent a company's existing customers from turning to its competition. The objective of any loyalty solution is to treat customers as if they are truly cared about and provide them with the products and services they seek at the right time and at the right place. With so many purchasing options, customers are savvy enough to detect a company with sub-par service and do not tolerate it."
"Every customer loyalty initiative should start on the front line with the customer service department, since they are in contact with customers on a daily basis. A business should employ a consistent customer service strategy that ensures that each customer receives a positive experience with the company. Customer service representatives must be empowered to not only answer inquiries and close sales, but to build customer relationships. To effectively create relationships with customers, representatives must be equipped with CRM databases to know the customer's history and provide the most relevant offer, have the authority to make business decisions in the best interest of the customer, and be enthusiastic to establish a genuine bond with the customer."
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