Business 601 Reflection Essay

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A Reflection of Business 601: Global Management Perspective A reflection of Business 601: Global Management Perspective The business world today is more global than ever before. Every business from manufacturing to fast-food and coffee has gone to a global format. The market place that businesses must compete for market share in is no longer just a domestic one, the competition they will face is in the foreign market as well as in the digital market place. With the new ever changing business world, the business plans that organizations utilize, must be updated and continuously improved to ensure the organization is changing with the demand of the market. The global business has to have an effective business plan that…show more content…
Then Starbucks focused on their global dominance just like McDonalds had previously. They let their focus slide from keeping their current customers and only worrying about gaining new customers. These missteps and the refocus of McDonalds, led to Starbucks losing the market share they had won over, plus some that wasn 't McDonalds before. The mistakes of McDonalds were realized and the business plan was adapted. Starbucks really lost more in the end, because they made the same mistakes they had benefited from earlier. Benchmarking is a good form of learning and growing as your organization develops them into a global performer. When an organization is growing and expanding, they will run into issues where they have successes and failures alike. The organization has to take these and develop best practices to utilize going forward. These best practices or benchmarks are what allows the organization to grow and what makes the organization grow. When mistakes are made, these need to be documented and then a plan put into place that then passes the information along, so that the organization as a whole learns from the mistakes of their predecessors. Benchmarking and best practices can really save the organization time, resources and money. When a best practice is established, you show where the mistake caused the organization a loss and then you establish
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