Question

) Why is successful product management increasingly important as technology moves forward and the marketplace becomes more globalized?

Answer 1

Developments in technology have significantly smoothen the globalization and certainly technological progress has been one of the major forces managing globalization. Technological improvement forces business enterprises to become global by increasing the economies of scale and the market size needed to break even.

Technological improvements reduced costs of transportation and communication across nations and thereby facilitate global sourcing of raw materials and other inputs. Licensed technology inspires globalization as the firm possessing the permit can utilise foreign markets without much competition.

Information technology has led to the exposure of the virtual community. For instance, the world wide web has reduced the barriers of time and place in business dealings. Buyers and sellers can now make transactions at any time and any part of the world. Technological change also affects investments.

Before high technology production was limited to developed and wealthy countries with high wages. Now technology is easily exchangeable to developing countries where high tech production can be merged with low wages. A large number of firms in advanced countries are now outsourcing labour intensive services from developing countries like India, china, phillipines etc

Importance of successful product management in globalization are following reasons :

it Increases the number of global products and services, advanced Technology makes international business easier, changing consumer behaviour,
race for global reach, 3rd wave of globalisation

Challenges of product management are the following:

understanding the language, expressing and branding, culture thinking motivation and needs, consumer behaviour actions and attitudes, government law, rules and regulations, local and global competition, select build and manage partnership, infrastructure availability , quality and difference
getting things done at right time, being organised etc

Recommendations are for successful product Mangement in globalisation are

Understanding the market (experience of the target country, learn about consumers, competitions, etc), be open minded, create right strategy ( vision, goal, product, targeted audience, price, marketing, ), hire local talent, empower local teams, establish trust, think long term, learn from mistakes.

the future of globalisation are

multicultural societies, powerful trading blocks, easier global financing, cross border e commerce, global technology and innovation and logistics.

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