Turkey's Economic Sustainability in Global Hypercompetition

Turkey's Economic Sustainability in Global Hypercompetition

Bryan Christansen (PryMarke Business Academy, Turkey), Tuğba Dirikan (Sandoz Pharmaceuticals, Turkey), Caner Dirikan (Novartis, Turkey) and Fatmanur Kasarcı (PryMarke Business Academy, Turkey)
DOI: 10.4018/978-1-4666-9806-2.ch009
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Abstract

The Republic of Turkey represents solid business opportunities for both Foreign Direct Investment (FDI) and domestic enterprises. However, the economic sustainability of these opportunities lies in several key factors such as global hypercompetition, business creativity, the informal economy, and international brand equity. While abundant talent exists in multiple industries in Turkey, a major challenge is to encourage businesspersons and government elite to harness this talent better and make it more efficient. This chapter shall explore these and other factors like human resource management and English as a Foreign Language (EFL) training to examine how the nation's long-term economic prosperity can be maintained in a global environment which demands sustainable development.
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Turkey And Today’S “Global New Normal”

Information and communication technologies (ICTs) have created disruptive forces unseen in the past in which organizations worldwide must now compete. The so-called “digital economy” means these organizations must seek a new framework for strategic planning that includes the following seven “intangibles” (Anderson & Wong, 2013): radical innovation and first mover advantages; firm strategy and positioning; intangible resources and competencies; relational optimality; network effects and externalities; organizational ambidexterity; and transaction cost efficiency.

Key Terms in this Chapter

Global Competitiveness: The productivity of a nation over a sustained period of time.

OSHA: Occupational Safety and Health Administration.

International Brand Equity: The value of a brand name that is known worldwide over time which equates into sustained customer loyalty.

Cultural Intelligence (CQ): The sustained ability of a person to adapt quickly and work effectively within different cultural settings.

ILO: International Labour Organisation.

ICT: Information and Communication Technology.

WFC: Work Family Conflict.

EFL: English as a Foreign Language.

Informal Economy: Unregistered economic activity which is performed largely by undocumented workers. Also known as the “underground economy”.

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