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Cost Reduction & Application to Global Markets
Most firms have become disillusioned with sales in the global marketplace as old markets become infiltrated and new ones should be established. How can companies personalize products for needs of new markets? With crafty global competitors giving them a run for their money, many companies think the game just is not worth the shot. Properly managed organizations have moved from focusing on customizing products to providing internationally standardized items that are improved, functional, reliable, and low prices.
Only multinational corporations will accomplish long-term success by expending their focus on what everybody needs, as opposed to worrying about the information of what everyone thinks they might like. A great force powers the world towards converging harmony, and that force is technology. The outcome is a new viable reality-the rise of international markets for homogeneous consumer goods on an initially unexpected degree of magnitude. Companies devoted towards this new reality benefit from great economies of scale in production, distribution, marketing, and management.
The era when prices, margins and proceeds abroad were collectively higher than at home are finally over. The internationalization of markets is ongoing. The international company with resolute constancy-at low relative cost, as if the whole world was a distinct body. Which policy is effective is not a matter of belief but of importance. If a firm’s forces costs and prices down and increases quality and reliability, while sustaining rational concern for suitability, consumers will favor its global-standardized products. The international competitor will pursue constantly to homogenize its offering all over the globe.
Cost Reduction & Application to Global Markets
References
Stiglitz, J. (2012). Globalization and its Discontents. New York, NY: Oxford University Press.
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