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Key Topics
Requirement
Impact of Technology Change on the Globalization of Markets and Products
Solution
Introduction
The technology has changed rapidly in the past two decades. The change has brought similar impact on the other arena of business (Lituchy and Rail, 2000). Products and Markets are the two most important factors that have been impacted the most due to the change. The technology has impacted on both ways (Lituchy and Rail, 2000). On one hand it brought constructive opportunities to various countries around the world, and then on the other hand, it disrupted most of the business activities. The paper discusses how the changes in technology have contributed to the globalization of markets and in production and products.
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Technological Changes
If the past decade is taken into consideration then it can be stated that the technology has gained much speed than before. The contemporary business functions are unable to think a step ahead without the involvement of technology. The dependency of businesses has increased drastically on the technology. One of the reason businesses have embraced technology is the competitive advantage it provides over the competition. Moreover, it fast-tracks every business function one can think of (David et al, 2015). In the year 2000, there was less inclination over technology in comparison to what can be seen in 2016. The change in technology has empowered entrepreneurs and business heads with more control over their business and people. Now they can stay closer to their people than two decades ago.
Impact on Products and Production
The production have gone faster and cheaper due to the advancements in technology. Now companies are able to successfully implement processes that can help them outrun the competition (David et al, 2015). One of the important aspects of the technology and production is that, technology has allowed businesses to operate and control production from any part of the world with same efficiency. It has helped businesses to outsource easily and expect same level of quality production as in house. The productions have shifted from high cost zones to low cost zones such as China and India (Stromquist and Monkman, 2014). Moreover, companies are now able to design product that can serve to global market without bringing any changes in the product design. Products are getting more competitive and production cheaper.
Impact on Market
Technological changes have expanded the market horizon and now the market has no boundaries. Any company can access any part of the world through the use of technology. Interesting thing is that now the businesses can cater to any customer around the world within stipulated time (Hirst, 2015). The advancement in robust supply chain technology, seamless communication technology and customer relationship management system has helped businesses become more efficient than before. Moreover, technology has seen sprouting of lots of ecommerce businesses those are changing the way people used to make purchases. Here, on one hand technology has played constructive role by giving opportunity for new businesses and ways to better customer satisfaction (Hirst, 2015). On the other hand, the advent of ecommerce technologies is impacting the offline retail businesses. However, if overall scenario is considered, then it can be said that technology has affirmatively impacted the whole business and has taken the concept of target market to a new level.
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The impact that can be witnessed after the advancement of technology is appreciable. It can be stated at this juncture that the globalization of products and markets would not have been possible without these technological changes. The technological changes have brought efficiency, speed and effectiveness in almost all the business function. Moreover, it has impacted the way innovation used to take place and the customers were catered.
References
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David, H., Dorn, D., & Hanson, G. H. (2015). Untangling trade and technology: Evidence from local labour markets. The Economic Journal, 125(584), 621-646.
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Hirst, P., Thompson, G., & Bromley, S. (2015). Globalization in question. John Wiley & Sons.
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Lituchy, T. R., & Rail, A. (2000). Bed and breakfasts, small inns, and the Internet: The impact of technology on the globalization of small businesses. Journal of International Marketing, 8(2), 86-97.
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Stromquist, N. P., & Monkman, K. (Eds.). (2014). Globalization and education: Integration and contestation across cultures. R&L Education.
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