The paper "Challenges in International Competition Business Practices " is a good example of management coursework. Organizational success in the contemporary business world is highly attributable to prudent leadership skills. With the ever-changing challenges in the business environment, it has become equally critical for organizations to adopt flexible approaches to different demands in negotiations. This term paper looks at the challenge facing organizations, with particular emphasis on international competitions. The paper will analyze the challenges in international competition business practices and will explore the dynamics of the desired leadership needed in institutions that intend to not only reap huge profits through international trade but also wish to create a long term sustainable business model.
Moreover, the paper will explore the essence of possession of sound negotiation skills in the success of organizations in the global arena ROLE OF LEADERSHIP Inevitably, leadership plays a pivotal role in the progress and the overall success of any business. Leadership is defined as the ability to influence people to action through sharing and inspiring a vision (Mendenhall, 2011, p. 12). Over the last decade, there has been a sporadic opening up of traditional trade barriers.
This has had the positive effects of opening up trade at a global level. With the formation and constant meeting of international trading blocs, trade barriers such as tariffs have been lowered, and the general cost of doing business has become significantly favorable to a majority of organizations (King & Lawley, 2013, p. 86). While this is commendable, the downside is that it has created cut-throat international competition, with only a few firms managing to capture a great share of what is now a global market. While some organizations such as Microsoft have been accused of engaging in anticompetitive practices, there are a large majority of firms that have legitimately won over their customers through persistently sticking to an ethical and competitive way of doing business.
Leadership plays a critical role in these businesses. Tech giant Apple has severally been a case study of efficient team leadership (Lussier & Achua, 2010, p. 92). The success of Apple in international competition has been attributed to the prudent leadership style effected from the top of the company.
Even with a great sales team, the actual motivation to work stems from an able, reliable, and consistent leadership from the top management. LEADERSHIP APPROACHES In the study of leadership approaches, it is evident that are various types of leadership approaches. Moreover, every leader possesses several leadership traits whereby there is one dominant trait that supersedes the rest (Day & Leithwood, 2007, p. 24). In the past decade, there was a great reliance on transactional leadership approach. In this approach, leaders set out a reward and punishment system where leaders and employees would set goals to be achieved within a set time frame (Bertocci, 2009, p. 52).
On achieving these goals, the employees would be awarded bonuses. This leadership approach involves a constant review of the results, corrections, and training of employees. While this approach has catapulted global business to where it is today, there is a need for a new approach to leadership for competing businesses to survive in the next five years.