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Globalization and Product Life Cycle

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How does globalization impact the product life cycle? Consider the availability of new markets for products that may have reached maturity or a decline stage in the United States, and cultural issues that impact acceptance of products in different cultures.

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Globalization means operating in the world economy as a single economy. Globalization is a compulsion now. Globalization is as powerful a force as democracy is. The parallels are obvious. Like democracy spelt equality and increased levels of accountability in society, globalization will create uniformity in customer expectations the world over. This will force suppliers to be far more accountable to consumers.

Impact on product cycles

Business environment of the new millennium will have to contend with:-

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 services.

And all of the above to be achieved at less cost!

Opportunities

Globalization has also increased the opportunities. The mature product in US can be at introductory stage in US. For example GM AVEO is a mature product in US, but in India it is at growth stage. Moreover globalization leads to the creation of the Universal Customer, one who expects the same quality of ...

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