Explain how the globalization of markets affects the importance of innovation. What are some of the negative impacts on society due to technological innovation? How would you answer critics of improved technology who cite these negative impacts?
Globalization of markets affects the importance of innovation. Globalization of markets means that products and services should be acceptable across the world. This means more efficient work processes. Innovation leads to greater efficiency in the work process. This affects the product/service, its distribution and its communication. Globalization requires very fast responses to market demand. Innovations save time and money. Innovation plays a critical part in the success of global marketing. Innovation increases business agility, this enables the spread and growth of business to new markets (T. Barker, Ahmet Sekerkaya, 1992). Entering global markets means satisfying global customers. Innovation is the key to increasing customer satisfaction. For example, innovation has added several features to the iPhone that has created a global demand for iPhone. In global markets having a strong competitive advantage helps increase the market ...
The effect of innovation on customer satisfaction is discussed step-by-step in this solution. The response also has the sources used.