Strategic Management:

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1) Having more than one strategy has its merits for companies. Let us use Apple as an example, they focus mainly on product differentiation but also work toward vertical integration by controlling both the software and the hardware of their electronics. The differentiation aspects come from Apple's unique design and user experience. These two aspects help Apple appeal to and dominate the market. Vertical integration by controlling both hardware and software only enhances this experience. Control of both areas allows the user experience to reach the next level. By combining these two strategies, apple has stayed at the pinnacle of technology companies.

2) Yes, all companies should have more than one strategy. In the world of business, each market and the economy is somewhat unpredictable especially in recent years since the Covid 19 pandemic. A business may have to change their strategy to thrive in a constant moving economy or be flexible enough for any crisis that may occur in the world of business. Having more than one strategy gives you the flexibility and support to maintain success of longevity. For example, Netflix changed it strategy to a streaming platform rather than just a rental service when it so that times changed.

3)The home country advantage is something I have just first heard about, but it is interesting. The importance of this advantage for international strategy comes in multiple forms, but two extremely important are market knowledge and brand reputation. Your brand reputation is essential when it comes to international strategy. A well-known and reputable brand in your home country can carry value in different countries. This will impact factors like customer acceptance of your product to provide a competitive advantage over smaller firms in the country. Next, the market knowledge gained from this home court advantage. Your market knowledge gives you a road map to how your product could do and how trends will pan out in the market. This can leverage your own success internationally and be taken into account when making an international strategy.

4) Factor conditions are a huge home country advantage and one of, if not the central motivators behind outsourcing and exporting/importing between countries. Factor conditions are resources and how they are procured and transported in a country. How are raw materials regulated from harvest to shipping? What kinds of labor laws and costs are in place? What shipping and distribution infrastructures are already established in a country? Every country has different factor condition advantages for different industries. For example, countries like Saudi Arabia and Russia have large resources of oil and already have extensive infrastructure to drill, refine, and export it. However, I would say Russia is losing this home-country advantage at the moment due to its unfortunate political moves recently which have negated its advantages in the eyes of its partners and customers.

5) Related diversification is a strategy for expanding its business into new markets with closely related product markets. They choose those markets based on their core competencies and how those competencies translate into the market. An excellent example of this is General Electric (GE). General Electric was originally only an electrical company but has now expanded into multiple areas by leveraging its knowledge in engineering and manufacturing. The company entered the aviation industry thanks to this knowledge. The company used its existing expertise and capabilities to enter an industry they were in before, expand its product offerings, and increase revenue.

6) A strategic direction, It seeks local responsiveness, global efficiency, and information sharing across markets. By integrating worldwide operations and taking into account the demands and preferences of local markets, businesses using a transnational approach attempt to strike a balance between standardization and adaptation. With this strategy, the company may take advantage of economies of scale on a global scale, share knowledge and best practices across markets, and successfully address local client needs. Coca-Cola has successfully captured market-specific opportunities through local adaptation, achieved economies of scale through global standardization, and fostered a worldwide solid brand presence by taking a transnational approach. This strategy has helped the business maintain its success and competitiveness in the competitive beverage sector.