Advanced Critical Writing Assignment

Added on - 03 Dec 2019

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Business management is generally associated with the running of company whichinvolves major components like controlling, monitoring, leading, planning and organization.This process genuinely helps the business corporate in order to achieve their goals and objectives(Longenecker and, 2013). There is no as such organization has been given as this topic hasbeen focused on the standardization of the product or adopting the same strategy the time whenexploring into new market. Standardization in the organization context means setting newcharacteristics of the product which generally reduces the risk of products which falls under thesame category. On the contrary side, adaption is considered as a change which is made by theorganization in order to improve their brand image as well as revenue. Further, companies inorder to stay raw in the industry mostly chooses these two strategies. However, at times someorganization fails in getting success and some gets the advantage which generally increase thesale of their products and services.Once decision taken by the business organization to tap the international markets requiresa great amount of planning, thinking and the most important financial resources. Further, theexisting organization who having a broad market in the UK can think to tap the global market asthese organizations have incurred huge amount of profits in past one or two decades and theyhave so much of revenue so that they can exist their new venture their. In order to meet this,firms can focus on two major strategies and these are standardization and adaptation. AccordingtoJohnson, Bartholomew and Miller, (2006)a fundamental strategic decision has to madeimmediately whether to employ a constant marketing mix i.e. standardization strategy as part ofa global strategy or whether to adjust the marketing mix and strategies i.e. Adaptation strategy totake account of special characteristics of each local market. Standardization of products andservices in necessary for the business venture because all the products and services are producedaccording to the needs and demands of the customers. If consumers do not like product thenorganization cannot force them to purchase their product as it is the customer's perception.Further, in order to meet thisSchrepp, Held and Laugwitz, (2006)have adopted the concept ofmarketing mix where companies have to judge the essential elements of the product and need toset all the major characteristics by considering the needs and demands of the consumers.Furthermore, the researcher has focused upto some more extent and they deliberately modifiedthe 4P's into the 7 P's where three more essential elements got entry. This 7 P's include product,1
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