No Single Best Way to Enter Foreign Markets: MNCs Strategies to Make it Work (In the Globalized World) and Not Die Trying

In our current social, cultural and business environments, and for the foreseeable future, globalization is the rule. Even the taxi driver in Guadalajara, Mexico who thought he had no worries beyond having gas in the tank and being at the right spot during rush hour has to fight for survival against a growing behemoth known as Uber. In the end, no one is exempt of challenges and demands posed by globalization. For Multinational Corporations (MNC) in particular, the complexity of the challenges and demands require tailored strategies that not only respond to the changes, but can anticipate them – ultimately balancing between plans and being nimble enough to adapt to the ever-changing reality.This paper aims at finding ways to match strategies needed to specific challenges of MNCs. In doing so we will identify various strategies and analyze its merits and downfalls. In the process, we will first determine what a strategy is and why a firm needs one. We will then move to the drivers of globalization and what it means to strategic thinking; linking it to maximizing competitive and comparative advantages. Then, we will analyze some challenges faced when entering a foreign market and briefly discuss strategies needed to face those challenges. Finally, we will conclude that although it may be true that “there is no one best way to enter foreign markets”, there are certainly ways for an MNC to enter foreign markets, while minimizing risks and maximizing benefits.