International Business: Competing in the Global Marketplace

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities.

Submission Instructions:

• Your initial post should be at least 200 words with at least 2 academic sources. Your initial post is worth 8 points.
• You should respond to at least two of your peers by extending, refuting/correcting, or adding additional nuance to their posts. Your reply posts are worth 2 points (1 point per response.)
• All replies must be constructive and use literature where possible.

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Bedizel, Aj

 

Task:

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities.

The restaurant business is one of the most if not the most difficult business to operate for the long term.  To be successful internationally is a phenomenal feat.  Typically, the mantra has been good food, price, service, and location equals the initial road map to success in the restaurant business.  Natasha Sideris in the video puts her ingredients to success are people, product, and experience to create value.  Whichever philosophy one decides to follow, both are similar in nature in the importance in creating value.  Natasha strongly believes people are at the core of her success.

The recent pandemic has exposed how fragile our businesses are and having to create value with people is a necessity. According to Colby Flood some main ideas to create value during or since pandemic is create value through:

1. Share your “why”- find an opportunity to give back that aligns with your core value. This is a great way to incorporate your customers with digital media to follow and support your business involvement. Recent epidemic has taught us the importance of community, this will build brand loyalty after the pandemic has passed.
2. Create educational content-Through live webinars like zoom, Facebook live, Instagram, you can hold Q&A sessions for existing and potential clients. You can have a tutorial on home remedies and tie in your products and services.
3. Focus on building connections with your existing clients-Now is the time to keep your existing customers engaged and loyal. Now is probably not the appropriate time to try and capitalize on new customers, focus on your core. That is not to say if new business opportunities present themselves…..go for it; but don’t neglect your existing customers. Emails, Facebook groups, and even phone calls are all viable approaches to engage.
4. Adapt your services-Move your services online with zoom or if you are a restaurant that does not deliver you can start or do personalized curb side no contact delivery.

These are a few ideas to create value and adapt during the pandemic. As the old saying goes, true intelligence is the ability to adapt and overcome in any circumstance.  By doing this, you can and will build value in the marketplace.

References:

Altman, S. (2020 May 20), Will Covid-19 Have a Lasting Impact on Globalization? Retrieved:

https://hbr.org/2020/05/will-covid-19-have-a-lasting-impact-on-globalization (Links to an external site.)

Flood, C. (2020 April 13), 4 Ways Businesses are Creating Value During Covid-19 Retrieved:

https://customerthink.com/4-ways-businesses-are-providing-value-during-covid-19-action-steps-included/ (Links to an external site.)

Hill, C. and Hult, T. International Business: Competing in the Global Marketplace 12 ed.

McGraw-Hill 2018

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After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities.

Submission Instructions:

• Your initial post should be at least 200 words with at least 2 academic sources. Your initial post is worth 8 points.
• You should respond to at least two of your peers by extending, refuting/correcting, or adding additional nuance to their posts. Your reply posts are worth 2 points (1 point per response.)
• All replies must be constructive and use literature where possible.

Post by

Bedizel, Aj

 

Task:

After watch the video on a South African restaurant on the Module 5: Lecture Materials & Resources page, discuss how value is being created at the restaurant. And, what more can be done to create value.

Please also discuss how businesses can create value for customers in the midst of the covid-19 pandemic; the pandemic has been challenging for some businesses while for other businesses, the pandemic has created opportunities.

The restaurant business is one of the most if not the most difficult business to operate for the long term.  To be successful internationally is a phenomenal feat.  Typically, the mantra has been good food, price, service, and location equals the initial road map to success in the restaurant business.  Natasha Sideris in the video puts her ingredients to success are people, product, and experience to create value.  Whichever philosophy one decides to follow, both are similar in nature in the importance in creating value.  Natasha strongly believes people are at the core of her success.

The recent pandemic has exposed how fragile our businesses are and having to create value with people is a necessity. According to Colby Flood some main ideas to create value during or since pandemic is create value through:

1. Share your “why”- find an opportunity to give back that aligns with your core value. This is a great way to incorporate your customers with digital media to follow and support your business involvement. Recent epidemic has taught us the importance of community, this will build brand loyalty after the pandemic has passed.
2. Create educational content-Through live webinars like zoom, Facebook live, Instagram, you can hold Q&A sessions for existing and potential clients. You can have a tutorial on home remedies and tie in your products and services.
3. Focus on building connections with your existing clients-Now is the time to keep your existing customers engaged and loyal. Now is probably not the appropriate time to try and capitalize on new customers, focus on your core. That is not to say if new business opportunities present themselves…..go for it; but don’t neglect your existing customers. Emails, Facebook groups, and even phone calls are all viable approaches to engage.
4. Adapt your services-Move your services online with zoom or if you are a restaurant that does not deliver you can start or do personalized curb side no contact delivery.

These are a few ideas to create value and ada International Business: Competing in the Global Marketplacept during the pandemic. As the old saying goes, true intelligence is the ability to adapt and overcome in any circumstance.  By doing this, you can and will build value in the marketplace.

References:

Altman, S. (2020 May 20), Will Covid-19 Have a Lasting Impact on Globalization? Retrieved:

https://hbr.org/2020/05/will-covid-19-have-a-lasting-impact-on-globalization (Links to an external site.)

Flood, C. (2020 April 13), 4 Ways Businesses are Creating Value During Covid-19 Retrieved:

https://customerthink.com/4-ways-businesses-are-providing-value-during-covid-19-action-steps-included/ (Links to an external site.)

Hill, C. and Hult, T. International Business: Competing in the Global Marketplace 12 ed.

McGraw-Hill 2018

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