Soundview June 10, 2008, 12:00AM EST

The Quest for Global Dominance

Written by Vijay Govindarajan and Anil K. Gupta. Published by Jossey-Bass

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Although its title sounds like it was written by a villain in a James Bond or Austin Powers movie, the business lessons contained inside The Quest for Global Dominance are entirely reality based. The authors, Vijay Govindarajan and Anil K. Gupta, are absolutely serious when they describe the best ways for companies, executives and managers to make the most of their expanding presence around the world.

The Quest for Global Dominance does more than simply relate the actions and experiences of the world's top companies, although the authors' 10-year research project into more than 100 global companies does offer an abundance of true stories from the international front lines of commerce. But the book also provides a direct route to the actions and strategies that any company calling itself "global" can use to convert its international investments into competitive advantages for dominating global markets.

Both authors are distinguished scholars and business leaders who consult with dozens of CEOs and senior executives in some of the top global corporations. For a decade they studied the global revolution that has been taking place across all industries. Through in-depth research and analysis, they found several specific strategies that companies have been using to make the most of the resources they are pumping into creating market opportunities around the globe.

Through their research, the authors have identified four primary tasks that companies must perform to become globally dominant, as well as maintain that dominance within an industry. The first task a company must do, the authors write, is make sure that it is a leader in its industry in "identifying market opportunities worldwide." This task includes pursuing each one of these opportunities by building a strong presence in every market it touches. The authors present Wal-Mart—and its transformation of the global retailing industry—as an example of a company that was able to change an existing market by establishing a global presence.

The authors also explain that simply being present in the international marketplace is not enough to reach the top spot. They write that companies must also convert their international presence into "global competitive advantage." This means companies must work relentlessly to identify and exploit the opportunities they find into value creation.

As enthusiastic advocates of taking advantage of the opportunities of a global presence, the authors write that this includes cultivating a global mind-set to reap the rewards of cultural and geographic diversity. To do this, they write, companies must view the benefits of increased diversity as "opportunities to exploit." In other words, companies must be prepared to adopt the successful practices and good ideas they find along the way, wherever they might emerge.

The fourth task companies must undertake to become internationally dominant among competitors, the authors write, is to continually strive to "reinvent the rules of the global game." To do this, companies must look to their customers and determine exactly who they are targeting with their offerings, and what value they are hoping to deliver. By asking themselves how they will create this value, companies can find and invent new ways to create value for the people who keep them in business.

The authors explain that they wrote The Quest for Global Dominance to show business leaders that "only those companies that successfully lead the global revolution within their industry arenas will emerge as the winners in the battles for global dominance."

Examples from across countries and industries illustrate the authors' points with clear lessons and principles. By translating the results of their research into actionable business strategies, the authors help all companies and their leaders make the most of the amazing opportunities of this new global era.

Review by Chris Lauer, senior editor, SEBS

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