Week 3 discussion questions and summary Essay Example | Topics and Well Written Essays - 1000 words

Week 3 discussion questions and summary - Essay Example Strategic planning highlights its importance both for domestic and international markets. Although there are some differences between the strategic planning of the two but they are almost the same. The only major difference is that in an international market a business finds tougher competition and a more radical environment. Brand loyalty is less; customers look for better quality at cheaper rates, hence strategic planning for international market needs more research and critical thinking. Strategic planning should vary country to country it is important for a country to alter its strategic planning according to its customers. In the same way different countries should adopt different strategic planning. Another reason for varying strategic planning is the competition that prevails in the international market. Every firm is competing to be the best hence they keep an eye on the strategies of their competitors. Adaptation is an ongoing process that has been observed in the history and is still carrying on. An adaptation is a process in which every new aspect of a thing is taken up in order to peak its performance. Adaptation is applicable in international market in different scenarios for example the hand knitting method was replaced by the knitting machine that was more effective but a little less in quality at that time. The early adapters took the advantage and later a more advance machine updated the quality as well. Well adaptation can have different results depending on the scenario; diminishing returns can result due to adaptation. A perfect example is when the demand of a product is less and an organization adapts to a better technology resulting in excess production that in turn results in diminishing returns. But its not always this way, Adaptation if done with proper planning and strategy will always give positive results. Adaptation is a very important phase in a business and