New approach to R&D???
New approach to R&D???
Generally speaking there are fundamental divergences in conducting business in a different geographic location; basic concepts of product identification, financing, market penetration, proper advertising and marketing as well as sales, stay the same, however, they require a modified approach to illustrate adaptation to particular market.
Essentially, it becomes virtually impossible to formulate and implement an educated strategy without considerations such as local cultural, social, economic and political component. Naturally, however, there many problems with "educated strategy" because of lack of experiences as well as reliable data.
The current globalization trend has opened never before accessible markets that illustrate great potential for diversification and profits; however, those markets also illustrate a great deal of challenges: current business know-how and knowledge is essentially limited to those nations with similar backgrounds of economic goals and open access to markets and information. However, the newly accessible markets may not be as clear cut to penetrate or maintain because of lack of proper protective laws, historical data, lack of understanding of local cultural and political components as well as naturally competing interests of local government and local businesses.
Hence, it becomes ever more important to recognize that globalization and its ever increasing access to new markets comes with a necessary reinvention / rediscovery of standard operating procedures. The future of business planning will ultimately have incorporate modes of research and development that is suited for particular markets, however, the old SOP of common ground assumptions have to be revisited. Some recommendation / proposed changes may include integration of natives into the R&D process, hiring of local information agencies, harvesting of foreign student talent, cultural and business exchange programs, constant evaluation of measures and many other actions that would require the integration of particular cultural, social and political component of the tentative markets. Ultimately it is fair / safe to assume that new markets and opportunities will be accompanied with challenges that will require ad new approach to strategic thinking and planning. Only those institutions that are willing to adapt to those challenges will be able to harvest the potential benefits and profits.
Generally speaking there are fundamental divergences in conducting business in a different geographic location; basic concepts of product identification, financing, market penetration, proper advertising and marketing as well as sales, stay the same, however, they require a modified approach to illustrate adaptation to particular market.
Essentially, it becomes virtually impossible to formulate and implement an educated strategy without considerations such as local cultural, social, economic and political component. Naturally, however, there many problems with "educated strategy" because of lack of experiences as well as reliable data.
The current globalization trend has opened never before accessible markets that illustrate great potential for diversification and profits; however, those markets also illustrate a great deal of challenges: current business know-how and knowledge is essentially limited to those nations with similar backgrounds of economic goals and open access to markets and information. However, the newly accessible markets may not be as clear cut to penetrate or maintain because of lack of proper protective laws, historical data, lack of understanding of local cultural and political components as well as naturally competing interests of local government and local businesses.
Hence, it becomes ever more important to recognize that globalization and its ever increasing access to new markets comes with a necessary reinvention / rediscovery of standard operating procedures. The future of business planning will ultimately have incorporate modes of research and development that is suited for particular markets, however, the old SOP of common ground assumptions have to be revisited. Some recommendation / proposed changes may include integration of natives into the R&D process, hiring of local information agencies, harvesting of foreign student talent, cultural and business exchange programs, constant evaluation of measures and many other actions that would require the integration of particular cultural, social and political component of the tentative markets. Ultimately it is fair / safe to assume that new markets and opportunities will be accompanied with challenges that will require ad new approach to strategic thinking and planning. Only those institutions that are willing to adapt to those challenges will be able to harvest the potential benefits and profits.
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