[TOPIC 5] In relation to both the ‘Key Question’ and ‘Strategic Problem’: (Discussion Question)
This topic aims to explore in detail how your organisation gears-up to compete for international contracts, and the stages it follows to ensure it maintains a competitive edge.
To remind the reader, in the aftermath of the financial and economic collapse post 2008, smaller companies are now finding themselves competing alongside much larger companies in an overly competitive business marketplace, particularly in relation to winning public and private contracts. These markets were once deemed too small for these large players; however, as major corporations and government leaders are squeezing business profits and margins, businesses are being forced to adopt new competitive or collaborative strategies to overcome these problems.
***For example, there is enormous potential for transatlantic trade between two established western economies like the European Union (EU) and United States (US). It has been estimated that “in 2009, exports of EU goods and commercial services to the US amounted to €322 billion (20.6% of total EU exports), while imports of goods and services from the US amounted to € 281.9 billion (17.6% of total EU imports)”. In relation to public procurement, spending during 2007 amounted to some 16% of GDP in the EU and approximately 11% in the US (European Commission, Trade and Investment Barriers Report, 2011). Both the EU and US have an established trade industry and the opportunities to win international contracts between both countries is immense, but require a strategy of thought and business intelligence.
***(It is important to note that while your comments may include issues related to regulation or governmental trade regimes, this item should only form part of your discussion).***
What strategies or staged approach do you follow in order to compete for international contracts?
How do you intend to compete internationally in winning public/private contracts in the future?
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