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Product Development

Product design & development is an activity where the potential to globalize needs to be examined carefully. A globally standardized product can be made efficiently at a low cost but may end up pleasing few customers. On the other hand, customized products targeted at different markets across the world may be too expensive. The trick, as in the case of other value chain activities is to identify those elements of the product which can be standardized across markets and those which need to be customized.

Japanese companies such as Sony and Matsushita have been quite successful in marketing standardized versions of their consumer electronics products. These companies had limited resources during their early days of globalization and identified features which were universally popular among customers across the world. Global economies of scale helped them to price their products competitively. At the same time, these companies laid......

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Approximate Word Count: 2158
Approximate Pages: 9 (250 words per double-spaced page)

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