Question

answer these questions in very short essays

-Describe some examples of the global nature of innovation.

-Explain export, standardization, multi-domestic, and transnational strategies for global management.

Answer 1

1)The Global Nature of Innovation provides details into how the nature of innovation has changed in the last few years and how the government should target this changing nature and keep up with the changes. Previously,technology was the main driver of company innovation. Companies invented different and new products and services using the resources in hand, and then used marketing to reach out to consumers and make them interested in purchasing the product. But now because of innovation bring the customers to the product as the products are being designed for the customers.

2)Global integration and Local responsiveness are the two dimensions which result in four basic global business strategies: export, standardization, multidomestic, and transnational.

Export is when a company is focused on its local operations but at the same time exports a few products to capture the global market

Standardization is when the firm treats the whole world as one market and targets the world market as one.

Multidimensional is when the firm customizes its product according to the market it is catering.

And transnational is when the company has to cater the domestic need but at the same time has to meet the cost pressure from its competitors.