As transactions gain international character, they have a drastic impact
on firm performance and industry structure. On one hand, global linkages
may shorten product life cycles, create intense price pressures, displace
manufacturing, outdate technology or design, or simply cause sales and
profitability declines. On the other hand, global exchange may lead to new
growth opportunities, new sources of know-how and production inputs, new
product ideas, or partnerships which cause synergy and new sources of
competitive advantage. Entire industries, if caught unprepared, can be lost
to competitors due to the realities of global competition. In the United
States, we have all observed the decline of industries such as steel, textiles,
shoes, tires, and electronics. Many other lesser-known industries have faced
near extinction: musical instruments, motorcycles, and outboard engines, to
name a few.7
Globalization raises many practical issues and concerns for the
individual business enterprise. What sorts of guidelines and input should
guide product design? How desirable are knowledge-sharing agreements?
Joint development of technology and know-how? What are ideal features
of international business partners? How should management monitor
competitive activity? How can competitive advantages be created and
sustained? What degree of attachment is optimal to alternative sourcing and
production locations around the world? Management has to grapple with
these and many other similar questions on an ongoing basis.
As transactions gain international character, they have a drastic impact
on firm performance and industry structure. On one hand, global linkages
may shorten product life cycles, create intense price pressures, displace
manufacturing, outdate technology or design, or simply cause sales and
profitability declines. On the other hand, global exchange may lead to new
growth opportunities, new sources of know-how and production inputs, new
product ideas, or partnerships which cause synergy and new sources of
competitive advantage. Entire industries, if caught unprepared, can be lost
to competitors due to the realities of global competition. In the United
States, we have all observed the decline of industries such as steel, textiles,
shoes, tires, and electronics. Many other lesser-known industries have faced
near extinction: musical instruments, motorcycles, and outboard engines, to
name a few.7
Globalization raises many practical issues and concerns for the
individual business enterprise. What sorts of guidelines and input should
guide product design? How desirable are knowledge-sharing agreements?
Joint development of technology and know-how? What are ideal features
of international business partners? How should management monitor
competitive activity? How can competitive advantages be created and
sustained? What degree of attachment is optimal to alternative sourcing and
production locations around the world? Management has to grapple with
these and many other similar questions on an ongoing basis.
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