Globalization, innovation and sustainability
Globalization, innovation and sustainability
Globalization, innovation and sustainability are new concepts in understanding strategy. I used to think that strategy means planning or setting tasks to achieve a goal. With the integration of globalization, innovation and sustainability, strategy means long term management philosophy. Strategy is not only about the specific tasks or goals, but also about the methods, timing and resources allocation. Planning for globalization includes understanding of cultural differences, impact of global markets and competition on a firm’s operation. Planning for innovation requires juggling and balancing costs and benefits. The strategy to attract, foster and retain talents within a company is also important for innovation. Sustainability has many applications, one of which is environmental friendly. Manufacturing companies can choose building materials, raw materials, energy systems and etc. which help preserving energy and reduce toxic wastes. Sustainability in strategy means that the plans created can be implemented in the long run. General strategy of a company needs to be flexible and adaptive so the company can implement in the global branches or subsidiaries in the long run. Being sustainable has to do with competitive advantage as well. Strategy has to focus on protecting and ameliorating the competitive advantage of the company.