Current Event Article 2 Essay Example | Topics and Well Written Essays - 250 words

Current Event Article 2 - Essay Example The case study method was used for the research study because the data generated can be interpreted in a number of ways. The British company Phipps Brothers was used because of the fact that it was founded by three brothers. As the company expanded, it faced many obstacles to growth in other markets. The business came up with three strategies to help combat these challenges: cost reduction, professionalism, and focus on specific markets. Phipps Brothers enacted these changes and the firm was able to expand to other European countries. Analysis: This article highlights the challenges that small and medium-sized firms have when entering into international business. If there is not a strong supply chain, then it can be difficult to establish a presence in a foreign market. Just as in the case used in this article, sometimes a company’s strategies need to change because something comes up that it did not foresee. What works well in the home market may not always prove successful overseas. Family-run businesses have the additional problem of personally knowing the other partners in the business. One hallmark about family-run businesses is that they are usually founded on a certain principle or belief, and this may need to be adapted when expanding