Menu

Globalization Technology and Marketing

0 Comment

Globalization, Technology and Marketing (College) Globalization, Technology and Marketing With the phenomenon globalization, the world has shrunk into village and all have access to whatever they wish within no time. As competition got increased with this, managers of both technology based and traditional manufacturing business have to follow certain strategies lest to be thrown out of the market. In a technology based market, one of the key determinants of success is the product strategy. So a manager must always be exuberant in changing the product line. Unless a company is able to produce advanced products with best available technology, competitors will win the market before its products reach there. A manager should be keen on finding out innovative technology according to the requirements of time. As companies are many, consumers will be offered quality goods at cheaper rates, so managers must try hard to retain their existing customers with high variety of want satisfying goods. Though the adoption of machineries and most modern technologies seems to be of much capital expenditure, they will compensate all these and hold good in the long run. In addition to products, the customers are to be provided with most valued services to win their loyalty. The ever changing business environment also demands it. As Saaksvuori and Immonen (2008, pp. 208-211) point out, since a technology based company has rather comprehensive technologic strategy, the management will be concerned about setting up a technological framework which will be distinct from other companies for production and manufacturing in the future. Once the production is completed, goods must reach the market to be distributed among the potential customers. A manager must also be prudent enough to seek new modes of transporting before the competitors bring their products to the market. As far as a traditional manufacturing business is concerned, it will surely struggle hard to sustain in the modern complex business world. Mass production is the primary aim of any manufacturing company. A traditional manufacturing company takes a long production cycle period that it is very difficult for such companies to overcome a technology based company in terms of production. Only when goods are produced at a large scale, company can increase its profit. Moreover, the products of technology based manufacturing companies will be of higher quality and less price. As the laborers are to be paid, the products of traditional manufacturing units are of high price. If the laborers go on a strike, this will affect production. So, the management has to adopt some measures to control the cost of production. Another important concern is about the availability of raw materials. According to Gunasekaran (2001, p. 685), when multinational companies import raw materials easily from other countries, the traditional manufacturing companies lack them as they are short of capital. So, an easy way of availing raw material as an onus is placed on the shoulders of the management. To sustain the cut throat competition from the technology based companies traditional manufacturing companies also have to rely on advanced technologies. This also requires a huge amount of capital. While comparing these two businesses, one may find that technology based business is more feasible as it par with the changing conditions. This more or less indicates the inefficiency of traditional manufacturing units to react to changing market conditions. The dominance of technology based companies in terms of efficiency and product quality cannot be overcome by a traditional manufacturing company. So, any business which has a desire for expansion had better follow technology based modes of operation. References Gunasekaran, A. (2001). Agile manufacturing: The 21st century competitive strategy. Oxford: Elsevier. Saaksvuori, A amp. Immonen, A. (2008). Product lifecycle management. Edition3. Springer.