Final answer:
Effective managers engage in research and analysis, goal setting, resource allocation, planning and execution, and monitoring and evaluation when creating a global strategy.
Step-by-step explanation:
When creating a global strategy, effective managers engage in various activities:
- Research and Analysis: They identify and analyze market trends, customer needs, and competitors to develop a clear understanding of the global market.
- Goal Setting: They set specific objectives and targets for their global strategy, considering factors such as market penetration, market development, product development, or diversification.
- Resource Allocation: They allocate resources effectively to support the implementation of the global strategy. This includes human resources, financial investments, technology, and infrastructure.
- Planning and Execution: They create a detailed plan that outlines how the global strategy will be implemented, considering factors like marketing, production, distribution, and supply chain management.
- Monitoring and Evaluation: They continuously monitor the progress of the global strategy, collect data, measure performance, and evaluate the outcomes. Based on the evaluation, they make necessary adjustments to improve the strategy's effectiveness.