Business Strategy in Facing the Global Economy

Abstract

Today's global economy is increasingly connected and competitive. This requires businesses to be able to adapt to changes that occur in order to stay afloat and compete. One way that businesses can do is to implement the right strategy. The purpose of this study is to examine business strategies that can be applied by businesses in facing the global economy. This study used qualitative research methods. Data collection techniques in this study were carried out with literature studies. The collected data is analyzed in three steps including data reduction, data presentation and conclusions. The results show that an increasingly competitive global economy requires businesses to be able to adapt to changes that occur. One way that can be done by businesses is to apply the right strategy, there are several business strategies that can be applied in facing the global economy, namely differentiation strategies, low cost strategies, focus strategies, and collaboration strategies. The selection of the right strategy must be adjusted to the conditions and characteristics of each business