Important Trends in International Business
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What are the most important trends in international business? Which are the biggest management challenges for international firms? Why? What can firms do to respond to these challenges?
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Solution Summary
This solution of 655 words looks at six important trends in international business and explains in great detail with examples. References used are included.
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We live in interesting times. Powerful forces are re-shaping the global business scene: financial and economic upheaval in the Far East, Latin America, India, China and Russia is creating a tidal wave of change in the competitive environment. Organizations that once felt insulated from overseas low-priced competitors now find that they too must not only continue to constantly create new value for customers, but must do so at a lower price.
To meet the challenge of simultaneously reducing cost and enhancing customer value requires a radically different approach to the way the business responds to marketplace demand. Business environment of the new millennium will have to contend with following important trends:-
1. Turbulent markets that change rapidly and unpredictably
2. Highly fragmented 'niche' markets instead of mass markets
3. Ever greater rates of technological innovation in products and processes
4. Shorter product life-cycles
5. Growing demand for tailored products - 'mass customization'
6. The delivery of complete 'solutions' to customers, comprising products and ...
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