And then, it might prove effective for the organization to present varied types of inventive products as per the requirements of the customers thereby amplifying the brand image and productivity of the organization in the market among other rival players.
Moreover, in order to enhance the level of reliability and loyalty of the customers over a brand, customer retention is also extremely essential. It might prove effective in enhancing the brand value of the organization thereby amplifying its level of competitiveness to a certain extent in the future age among other players.
Globalization is described as the process to move towards a more integrated and inter-reliant economy. This is mainly due to certain key environmental factors such as competitiveness, market trends, technology, political and economic scenario.
Competitiveness- it is denoted as another vital environmental driver that offered significant impacts over the profitability of the organizations operating in diverse segments. Therefore, in order to cope up with such challenges, maximum extent of the organizations decided to offer varied types of inventive products to retain its brand image and customer base for longer period of time.
Economic downturn- it is also another factor that offered a negative impact over the functions and operations of the organizations. As a result, in order to survive, most of the organization implemented the strategy of presenting value-added products at lowest possible price. So that, it might be used by the individual of varying age groups, religions, living standards and life style. Only then, the level of turnover and profitability of the organization might get enhanced with a significant extent in the future era as well. Thus, from the above paragraph, it might be analyzed that globalization makes nation-states more inter-dependent over one –another, i.e. more integrated into a global economy (World Trade Organization, 2008).
Technology- introduction of varied ...Show more