Global product shortages: how can a person prepared in a global environment navigate this situation?
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Automobiles, electronics, textiles, household items, certain foods, among many other things, are some of the products that are beginning to be scarce in store windows or, minimally, users must be placed on a waiting list to be able to purchase them.
Note, it is not all food or all automobiles or all products… it is the items that require more extensive and complicated logistics to get them into the hands of the end consumer, such as semiconductor shortages, for example.
“International business management requires managers to develop specialized knowledge in the areas of marketing, finance, human resources and logistics, among others, with a global approach in their content and methodologies. Here, this knowledge is the competitive advantage and links of opportunity in the face of adversity,” said César Ortiz, director of the Master’s Program in Internationalization of Companies.
For example, according to BBC Mundo, “some firms such as Legwear & Apparel, which manufactures products for brands such as Puma, Champion and Skechers, confirmed that freight costs have escalated (…) Christopher Volpe, the company’s director of operations and finance, told the Washington Post that they are paying about US$24,000 to ship containers from Asia to the U.S., when it used to be US$2,000 before the pandemic.
How can you be strategic in this kind of global situation?
Although there are economies that are already showing good signs of recovery, such as the United States, China or some European economies, the global crisis generated by the Covid-19 pandemic has produced a whipping effect that is currently showing what the real impact was at the time of negotiating at the international level.
“In the context of international business, it is essential that managers develop skills and competencies such as leadership, cross cultural, assertive communication and teamwork to interact in international business environments. Today we are witnessing an environment that, depending on the vision of the negotiator with an international profile, can generate innovative opportunities to manage a different way out of the crisis,” added Ortiz.
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