A multinational corporation (MNC) is a company that operates in its own country as well as in other countries around the world.It keeps a focal office situated in one country, which facilitates the administration of all its different workplaces, like regulatory branches or production lines.
It is not enough to simply call a company a multinational company that exports its products to more than one country. A multinational company must also conduct its actual business in other countries and make foreign direct investments there.
Reasons for becoming a multinational corporation
There are many justifications for why companies need to become multinational partnerships. Here are probably the most widely recognized inspirations:
1. Access to lower production costs
Setting up production in other countries, especially in developing economies, usually costs significantly less on production costs. Although outsourcing is one way to achieve the objective, setting up manufacturing plants in other countries may be even more cost-efficient.
This growth is achieved through strategic manufacturing/service placement, which allows the corporation to take advantage of undervalued services, more efficient and affordable supply chains, and advanced technological/R&D capability around the world.
2. Proximity to targeted international markets
It is advantageous to set up business in countries where a company's target consumer market is located. Doing so helps reduce transportation costs and gives multinational corporations easy access to consumer feedback and information as well as consumer intelligence.
3. Access to a larger talent pool
Multinational companies are likewise known to enlist the best ability from around the world, which permits the executives to acquire the best specialized information and imaginative reasoning for their item or administration.
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