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To compete in today's marketplace, companies need to start thinking globally. “It’s really not an option if they want to keep being in business. Nothing is going back to where it was,” says Mona Pearl, in Global Markets are Not Just for Large Companies Anymore. And to have an effective global strategy, Pearl says, you have to have an actual global strategy.
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Middle-market companies don’t have the same resources available to them as large multinational corporations, yet when looking to expand, they’re finding the need to compete on that same global stage.
Thinking globally requires an understanding of global markets. A product that is a huge seller in North America may have no market in places such as China. "They don’t have huge screen TVs or giant refrigerators; they don’t need the Costco-sized orange juice. They don’t live this way,” Pearl says.
Start with an internal assessment; understand where your company is today so you can figure out where you want it to go tomorrow, Pearl advises. Then move onto a product assessment. Look at your products and ask yourself: Is this product going to sell in these countries? How can the product be modified to make it work? Where is it going to sell, at what price point, and how are you going to make money? Not asking these questions is a huge mistake, but one that many companies make, Pearl says.