International Business Essay Example | Topics and Well Written Essays - 500 words - 12

International Business - Essay Example There is a say, â€Å"You can always buy in your own language but you must sell in your customer’s language† (Institute of Linguist Great Britian, 1995, p.187). This is true when we consider the aspect of Localized marketing strategy. Localization strategy thus demands a great deal of geographic surveys and international brand management which involves a considerably larger proportion of money. The international strategy runs over elaborate business literature by which it completes the process of decision making and execution of the trade between countries. This strategy is rather scientific as it institutes decision making characters such as market speculation, international trade agreements and other cooperative arrangements. The main theme of this strategy is driven by predictions about the outcomes of the trade. However, in this process, a better chance is enhanced with various examinations and experiments done on the subject at different levels based on the political, topographical and socio-economic conditions of the trading country. Many of the international business giants are successful only because of the effectiveness of international strategy. Apparently the most sophisticated one, transactional strategy is more beneficial to trade as it maintains a high degree of integrity and consistency of international business data. Transactional strategy is largely adopted by firms and corporatists managing international banking, insurance and stock broking. This strategy requires the involvement of computerized mechanism rather than human elements. Since the transactional strategy is more transparent than the other two, it is needless to say that it has to be protected with the strongest transaction support system available for the trade. Competitive advantage of a firm demands it to perform beyond the expected levels in order to compete with the market in a given period of time. Due to insufficient supply of factors of