The iPhone is a highly innovative product that is based on convergence technology with multimedia features, incorporating internet, mp3, camera and hordes of other features which have made its cost a redundant factor in the overall market strategy.
Charles Hill’s assertion that ‘Countries have different political, economic, and legal systems… All these differences can and do have major implications for the practice of international business’ (Hill, 2004) is absolutely correct. In the rapidly changing environment of globalization, the businesses have become more competitive thereby making it obligatory for them, as well as for the working force to become more flexible and swiftly adapt to the changing technologies and work environments.
The socio-religious culture of the community has strong impact on the attitude and consumer behaviour of the public, which has direct affect on economic transactions of the company. It is therefore vital that needs and concerns of the community, within which the firm intends to operate, be studied in detail so that sensitive public issues are not violated.
In a fiercely competitive business environment when the global economy is under tremendous pressure, a firm must gain their position by leveraging its strengths. According to Michael Porter, the firms’ strengths can be broadly categorized into cost advantage and differentiation. Three types of generic strategies emerge when these strengths are applied by the firm: cost leadership, focus and differentiation (Porter, 1980). It has become imperative for the business to become creative and evolve strategic approach that would effectively meet the challenges of the time.
Slater and Narver assert that markets thrive on the processes of the learning organization which ‘continuously acquire, process, and disseminate throughout the organization knowledge about