Best Practice Companies in International Business
This multinational is a pertinent example of a best practice company in international business. With an extensive range of consumer products, this multinational is an influential player in the global economy. Across the United States, thousands of people have been employed by the company. This trend also applies in the global economic front. The significance of this entity in this study can be exemplified by different attributes. Firstly, Proctor & Gamble has exceptional blueprints for corporate social responsibility.
The companys hierarchy is committed towards the enhancement of human welfare through different initiatives (Martin, 2011). These initiatives are not based on revenue generation but promotion of peoples well being. The company is also recognized for its unique approach to cultural diversity. This is because it hires employees from all walks of life without discriminating on some races or backgrounds. This distinguishes the company as a best practice company in international business.
This is a highly profitable entity with extensive investments in different countries around the globe. Specializing in the computer technology sector, the company has made tremendous contributions to the global economy. For instance, Microsoft is an employer of thousands around the world. The companys relevance to this study as a best practice company in international business can be depicted in numerous ways. The companys founder has established the worlds largest charitable organization using funds accrued from Microsoft. The foundation has been massively influential in terms of impacting the lives of needy adults and children in different parts of the world. Thousands of needy students benefit every year from the excellent scholarship initiative of the Bill & Melinda Gates Foundation. As a best practice company in international business, Microsoft runs numerous programs for promoting innovative thinking and creativity among the youth (Wood, 2011). This is a positive contribution to the society by the multinational and thus qualifies it as a best practice company in international business.
Both Microsoft and Proctor and Gamble are characterized by some similarities as best-practice companies in the field of international business. A notable similarity in these companies is that they are both associated with excellent platforms for cultural integration within their respective workforces. This is because of the excellent degree of cultural diversity in both multinationals. Another similarity pertains to the excellent standards of business ethics. The companies aim to offer safe products that are not harmful to the consumers in any way. This is an essential aspect of business ethics employed by both entities. The companies are characterized by excellent code of conduct for their respective employees. In essence, the code sets out the guidelines regarding employee behavior and interaction with customers (Knight, 2013). The code is strictly followed in both multinationals. While the companies have extensive market shares in their respective industries, they do not seek to suppress the small-scale competitors in different host countries. Both companies have strongly emphasized on the developing economies. This forms another aspect of similarity between them as best practice multinationals in international business.
Proctor & Gamble has a more elaborate blueprint for environmental sustainability than Microsoft. The former multinational sets aside millions of dollars towards environmental conservation efforts. This is not only notable in the United States but also in numerous host countries for Proctor and Gamble. Such a high level of dedication towards environmental sustainability lacks at Microsoft (Martin, 2011). In recent years, Microsoft has come under fire for the high levels of emissions coming from its manufacturing plants. The massive dedication of Microsoft towards charitable activities is another aspect that distinguishes from Proctor & Gamble as best practice companies in international business. Consequently, the Bill Gates Foundation is a distinctive feature of Microsoft as a best practice company in international business.
The marketing plans or strategies used by these companies are strongly distinct. For instance, Microsofts marketing plans are largely based on internet-based platforms. This is different from the advertising strategy employed by Proctor and Gamble (Johnson & Turner, 2010). This is because of the latter companys emphasis on print and electronic media for marketing. In essence, this difference can be attributed to the distinctive target groups for these multinationals.
While the two best practice companies in international business have excellent frame-works for corporate social responsibility, there are several areas that require strengthening. For Microsoft, it has to devote adequate resources towards environmental initiatives. The companys base in Thailand is characterized by high rates of pollution to the environment. This includes the emission of greenhouse gases and other toxic substances. This is a significant contributor to the deterioration of environmental standards. Apart from environmental sustainability, it is also essential for this multinational to diversify its strategic blueprint for corporate social responsibility (Wood, 2011).
While the Gates Foundation is widely acclaimed around the globe, the multinational must set aside more scholarships for needy students in the third world. This is because the companys main focus for scholarships is the United States. On the part of Proctor and Gamble, there is the need to focus on the alleviation of suffering around the world. For instance, the company has the capacity to produce unique products for breastfeeding mothers. Such an initiative would contribute massively towards the enhancement of health standards around the world. Both companies must also shun from using corporate social responsibility as a strategy for marketing their products and services. Based on such stipulations, both multinationals can greatly enhance their standing as best practice companies in international business.
The successful implementation of best practices in international business must be based on a comprehensive strategic plan. The maintenance of high standards of business ethics is a pertinent aspect of international business. This can be achieved through the use of an elaborate code of ethics. It is fundamentally essential for all employees of the international corporation to work in accordance with the stipulations of the code (Griffin & Pustay, 2013). This would help in preventing the employees fro participating in unethical practice such as corruption or nepotism. Apart from the ethics code, another crucial aspect of consideration in the implementation of best practices is social welfare.
The best practice companies in international business have excellent plans fort enhancement of welfare. Consequently, it is essential for the company to help in the advancement of humanity through welfare programs such as poverty alleviation, hunger eradication, and fighting illiteracy among others. This is an essential platform for making a positive difference in the lives of the less fortunate persons in the society. These kinds of initiatives do not benefit the company but are vital in the promotion of living standards across the globe.
Microsoft and Proctor & Gamble are characterized by exceptional initiatives that are not only aimed at enhancing business growth but also the enhancement of humanity. Proctor & Gamble has exceptional blueprints for corporate social responsibility. The companys hierarchy is committed towards the enhancement of human welfare through different initiatives. These initiatives are not based on revenue generation but promotion of peoples well being. The company is also recognized for its unique approach to cultural diversity. Microsoft is an employer of thou-sands around the world. The companys relevance to this study as a best practice company in international business can be depicted in numerous ways. The companys founder has established the worlds largest charitable organization using funds accrued from Microsoft. A notable similarity in these companies is that they are both associated with excellent platforms for cultural integration within their respective workforces. This is because of the excellent degree of cultural diversity in both multinationals.