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This report will address the reasons why a global mindset is the most important key factor for Ford Motor Company to globalize its market place shares. This paper The will discuss the way to meet the needs for a successful global expansion mindset, and also what steps to take in order to create, develop, and cultivate the managers and employees so that everyone is on the same level of development. This report also outlines the importance of risk assessments for successful global expansion and outlines the ways to implement a business strategy that will help launch Ford Motor Company into an international market. This would be established through education, appreciation of cultural diversity, and overall openness to new environmental challenges.
Analyze why a global mindset is necessary to do business in the global market place (Comment: Should not be bolded)
What is a “global mindset”? A global mindset incorporates the ability to shift your thinking and visualization of market share opportunities outside of the normal marketplace, . This sort of mindset will cause the individual to begin by taking the necessary action or steps to create an international marketplace where your the product knows no physical boundaries for consumers. A global mindset allows for understanding, accepting, and adapting business policies and procedures to that would adhere to local customs and cultures. Having the appropriate insight into changing the wording on a logo to better suit the language of the country you are selling your the product in can make or break your opportunity to own market share in that country. (For example, the company Ford wasn’t not selling the Pinto model car in Brazil. In Brazilian slang, Pinto means “male gentiles” which could be considered offensive).
“Dutch management professor Geert Hofstede identified four cultural dimensions that can have a profound impact on the business environment: individualism/collectivism, power distance, uncertainty avoidance, and masculinity/femininity.” Studying and understanding these four identified areas of business environments and how they affect the business culture around the world will could also help cultivate a global mindset. The individualism/ and collectivism dimension is an important cultural part of the United States, Mexico, and several Asian countries.(Comment: Which Asian countries?) This type of culture strives to work together in harmony towards common goals with little to no public disagreements and/or arguments. The
power distance dimension reflects the power inequality between managers and their employees. The United States has more of an equality power dimension in this area than Middle Eastern countries were managers are so highly regarded that reporting misconduct done on their part is a highly unlikely event. (Comments: Confusing- not sure what you are saying. Please revise) Uncertainty avoidance is a dimension judgment based on how societies of countries respond to uncertainty as a whole. Comment: Where is the citation?
Countries such as Great Britain are low risk takers, therefore that country scores high in this section. Canada, on the other hand, is a high risk taking country that cultivates a belief that there is no gain unless risks are being taken. Perhaps the most important dimension to understand in regards to a global mindset is the masculinity/ and femininity dimension. This These dimensions, although very basic in its title, can certainly make or break a company who wishes to compete in the marketplace of within another country. There must be an in-depth understanding as to the respect of how cultures view and place value on gender roles and some show of adherence, whether the visiting business agrees or disagrees with these concepts.
With advancements in technology, such as the internet and communications, such as cellular phones, the world’s borders are diminishing quickly. In this day and age, it is important for Ford Motor Company to adopt a global mindset in order to expand, grow, and become an international household name,; which will allow Ford to have a global presence in the world and compete on a global level. Ford Motor Company also needs to establish a global presence in
order to stay competitive with other car manufactures that have already started the process of growing their brand in other countries such as Canada and Mexico.
Review how the global mindset affects risk assessment for the organization you selected Comment: Should not be bold
As with any goal of growth and expansion for any company, risk assessment must be incorporated into the outline in order to make sure the risk of global expansion is worth the time and costs involved and is a logical step in the process of cultivating a global mindset.
Cultural diversity and international laws must also be assessed to confirm Ford Motor Company should even be contemplating a place in the global market. Once risk assessments have been organized and reviewed, the mind set of employees must also be considered before taking the steps needed to move forward into globalizing Ford Motor Company. Assessments of not only time and money, but also of employees of the company, if they are ready and willing to make the sacrifices needed to enter a global marketplace.
Forbes gave Ford the title of “the most important industrial company in the history of the United States.” (Citation needed). It is the second largest US based auto manufacturer. It has been a multinational company that revenue billions of dollars per year. In order to uphold its prestigious ranking in the automobile industry it must continue to expand globally while simultaneously focusing on risk management. Risk management is the practice of analyzing potential investment losses and figuring out a solution to prevent or minimize the loss. Having a global mindset is the most critical characteristic of lucrative risk management for Ford. Because so many cars are
made overseas; it is especially important that Ford Motors never loses sight of its global competitors. Cars are one of the top exported goods in the world and other countries can easily enter the US marketplace. Ford can also minimize its spending and protect its profits by engaging in international currency risk management by choosing favorable markets to launch products or investments in. Studying how other international markets conduct business practices can help improve risk management and structure innovative solutions to potential risks. Essentially Iit would actually be detrimental to any risk management program to NOT have a global mindset because technology advancements have made global operations the norm amongst the world’s top global companies.
According to a Strategic Report for Ford Motor Company written and published by Oasis Consulting Group, Ford faces faced various different potential risks. Their biggest risk to be considered is the internal industry rivalry amongst other leading automotive industry big companies such as GM, Toyota, Nissan and Honda. Ford must always attempt to remain innovative and offer their customer pool something that stands out against their competition. The Supplier supplier power is another significant threat to auto companies because changes in production or auto part supply chains can potentially restrict manufacturing and sales. For example if a supplier went out of business or happened to go bankrupt it could potentially interrupt the steady flow of Ford’s production. Another potential risk that it is directly affiliated with expanding globally involves finding ways to sector into less developed countries that may not be able to afford vehicles at the price that other countries do. Through establishing a global
mindset Ford will be able to ensure that it stays ahead of its competition and maintain relationships with many different international suppliers. By having awareness and knowledge of multicultural practices; Ford may be able to find a way to build a car efficiently enough that they can sell it at a price that less developed countries could afford.
Recommend to the board of directors how a global mindset may be used to move the organization forward in the current global competitive environment. (Do not bold)
“The best way to quickly develop a global mindset is to think beyond your habitual mental borders and boundaries. As business becomes more and more international, you’ll be able to take advantage of emerging opportunities if you cultivate a wide-angle view of your business.” (Citation)?
A global mindset will be needed in order to move Ford Motor Company into an international/or global institution. Cultivating a global mindset will be the first step towards obtaining the tools needed to catapult Ford Motor Company into the global marketplace. In order to cultivate a global mindset there are several areas that need to be looked into to confirm the right people are on board and are able to make the necessary adjustments needed. Four factors will help drive a global mindset are outlined below:
1. “Curiosity about the world and a commitment to becoming smarter about how the world works.”
2. “An explicit and self-conscious articulation of current mindset.”
3. “Exposure to diversity and novelty.”
4. “A disciplined attempt to develop an integrated perspective that weaves together diverse strands of knowledge about cultures and markets.”(Needs citations)
At the hiring point and the promotion point of an employee’s career with Ford Motor Company is the first area of evaluating the employee’s curiosity about the world and their desire to understand how different cultures work. Studies have shown a younger employee (in their thirties) will be more open minded and curious to diversity and novelty and might be the opportune candidate to help move the company into the global marketplace.
Another avenue to help cultivate a global mindset at Ford Motor Company is in challenging each person’s mindset that is involved in this project. Research shows people get easily caught up in the script in their minds and that they need to be challenged to think outside of that script and challenge their own thought processes. There are two well-known approaches to this, “Direct mapping” and “indirect comparative mapping”. Direct mapping has managers and employees discuss their beliefs about the topic of a global marketplace for the company. Indirect comparative mapping works differently in that it challenges managers and their employees to understand how others see the exact same reality. Similar to the adage of walking in someone else’s shoes for a while. Research shows the indirect comparative mapping approach works best. (Citation?)
In light of all of the suggestions above, there are also other effective ways to broaden Ford Motor Company into a mindset of globalization.
“Formal education” – seminars, management training, and college courses are all areas that could help employees learn about diversification and how to appreciate different cultures.
“Participation in cross-border business teams and projects” – this is a hands on approach to introducing and teaching tolerance and understanding of not only different cultures but also how teams in across borders do things differently and similarly.
“Utilization of diverse locations for team and project meetings” – this is a great way to follow up on the previous step and reinforce the learning environment.
“Immersion experiences in foreign cultures” – Immersion is a wonderful way to saturate yourself in the learning experience. Remember in your high school foreign language class where your first year you were only allowed to speak that language in the classroom? It certainly made you learn the language quickly, right?
“Expatriate assignments” – this step should only be attained by the top managers who are able and willing to take on the crusade to champion Ford Motor Company into the global market. This is a very expensive, time consuming, and challenging step that will require a large financial risk on the part of the company but could reap huge rewards for the company as well.
Following the outlined steps above will help Ford Motor Company not only continue its success in the US marketplace but also grow into a globalized marketplace as well. These steps will catapult Ford Motor Company into the global mindset that’s needed to be a fierce competitor in the international market and create an international household name for Ford.
Editor comments: 1) There are absolutely no in text citations. Therefore, making the paper at risk for plagiarism. I could not place them for you since I do not which source was used for which particular quotations 2) The “Running Head: and title of the paper needs to be emerging from the left corner on every page. 3) Grammar and run-on sentences were adjusted, some parts were confusing. I pointed those out. 4) Reference page was updated. Also remember in APA, it is considered a “reference page”. Works Cited pages are only used for MLA formats.
Works Cited: References
Choudhury, S., & Bennett, J. (2014). GM, Ford Struggle to Crack India's Car Market. WSJ. Retrieved 15 March 2015, from http://www.wsj.com/articles/SB10001424052702304020104579431322863346000
Corporate.ford.com,. (2015). Ethical Business Practices - Sustainability Report 2013/14 - Ford Motor Company. Retrieved 15 March 2015, from http://corporate.ford.com/microsites/sustainability-report-2013-14/blueprint-governance-sustainability-ethical.html
"Developing a Global Mindset." Developing a Global Mindset. AICPA Store, 16 Apr. 2009. Web. 11 Mar. 2015. <http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2009/Careers/GlobalMindset.jsp>.
Ey.com,. (2015). The new global mindset: driving innovation through diversity. Retrieved 15 March 2015, from http://www.ey.com/GL/en/Issues/Driving-growth/The-new-global-mindset--driving-innovation-through-diversity
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Gupta, Anil K., Vijay Govindarajan, Haiyan Wang, and Vijay Govindarajan. The Quest for Global Dominance: Transforming Global Presence into Global Competitive Advantage. San Francisco: Jossey-Bass, 2008. Print.
Jenkins, Beverly. "10 Funniest Badly-Translated Ads." Oddee RSS. N.p., 18 May 2011. Web. 12 Mar. 2015. <http://www.oddee.com/item_97732.aspx>.
Makeithappennow.org,. (2015). 7 Strategies for Developing a Global Mindset ‹ Make it Happen Now. Retrieved 15 March 2015, from http://www.makeithappennow.org/advice/7-strategies-for-developing-a-global-mindset/
Media.ford.com,. (2015). Ford Sales Growth in Europe Continues to Outpace Market: Highest January Share Since 2012; CV Sales Up 33 Percent | Ford Media Center. Retrieved 15 March 2015, from https://media.ford.com/content/fordmedia/fna/us/en/news/2015/02/12/ford-sales-growth-in-europe-continues-to-outpace-market--highest.html
Teagarden, Mary B., Ph.D. "Articles." The Role of Global Mindset in Developing Global Leaders. Thunderbird School of Global Management, n.d. Web. 13 Mar. 2015. <http://www.thunderbird.edu/article/role-global-mindset-developing-global-leaders>.
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The new global mindset: Driving innovation through diversity. (n.d.). Retrieved March 12, 2015, from HYPERLINK "http://www.ey.com/GL/en/Issues/Driving-growth/The-new-global-mindset--driving-innovation-through-diversity"http://www.ey.com/GL/en/Issues/Driving-growth/The-new-global-mindset--driving-innovation-through-diversity
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