preview

Strategic Planning : A Successful Multinational Corporation ( Mnc )

Satisfactory Essays

To become a successful Multinational Corporation (MNC), visions and missions are required be clear and specific. A sound vision and mission enable the firms to form a suitable business strategy to compete in a global competition. There is a simple question for MNCs in term of business strategies to which strategy should be applied for their company in long-term plan. MNCs have to cope with the changing global business environment. Managers need to create the effective business strategies for the specific country, which involves the use of scenario planning. Scenario planning is one of the significant methods to predict the possible future circumstances and help the companies to withstand the worst outcomes and prepare a longstanding plan. It is undeniable that scenario planning is costly and time consuming. Nevertheless, scenario planning helps managers draw an efficient strategy more than traditional tools used in strategic planning, which reduces the bias of making a proactive decision (Meissner, 2013). Therefore, scenario planning can be beneficial in several ways, some of which are the forecast of potential scenarios, development of alternatives, and the generating of early warning. This article examines the reasons of MNCs in favour to the use of the scenario planning for the global business companies. Environmental scanning is crucial for the MNCs before entering the new country or market as it provides insights, such as market trend, competitors, and rules and

Get Access