Effects of consumer preferences on foreign sourced products and Impact of technology on International business

Published: 2020-02-18 07:27:30
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Introduction

When positioning a product, the marketing mix is essential to the management in order to optimize the profit of the product with time. According to Marsh (2013), internationalization has paved way for worldwide production and trade expansions for the growing list of goods. A country of production becomes significant in the mix for a corporate. It is important to realize that the conventional motivation for foreign production is to increase the companys competitive edge through diversification or acquiring access to required resources or materials (Lawlor, 2007). Moreover, in the U.S, there exist compulsory labeling policies for the country of origin, but this has had little impact of foreign sourcing on consumer choice and evaluation. Additionally, technology-focused companies have become successful in foreign markets by developing high-value products. Technological advancement and innovations have managed to flourish foreign sourced products despite some of the drawbacks (Pirouz, 2012). For instance, large transnational companies such as Apple, Toyota, and Microsoft have an international presence that can be felt around the world.

Description

By developing locations in different countries, companies have integrated technology innovations effectively to share, create, and disseminate products to customers worldwide. Multinational companies are using state of the art software programs or tools to deploy new products to stay ahead in the industry (Vitez, 2015). For instance, Toyota states in its website that it seeks technology that will help prevent damage or accident in any circumstance. Therefore, for multinational companies to have a positive effect on consumer taste, they need to incorporate technology in the global economy (Greimel, 2014). The aim of this proposal is to address the effect of consumer preference on foreign sourced products and how technology impacts the business in relation to consumer preference and competitive advantage.

Methodology and analysis

Methodology in research entails the framework that is used by the researcher to arrive systematically at new information regarding particular phenomena. With regards to this study, the methodology covers the research design and the reasons for selecting the particular research design; the data collection methods detailing the various data collection approaches and the specific collection methods that were used for this particular research; the data analysis exploring how data in the study is analyzed to make meaning out of the collected information and then finally the ethical considerations detailing the ethical factors that were considered to enhance the credibility of the research. In line with the data collection approaches, the research also discusses the population and sampling procedures with regards to the sources where the primary data for this research is collected

This study engages in the qualitative research approach. Qualitative research is research that involves having a research design which helps in investigating phenomena in its natural setting (Pratt, 2006). Therefore, this is the best approach as it will help determine how companies are integrating technological innovations to be competitive and have a positive impact on consumer choice. The approach will not involve manipulating the variables in any way to influence the outcome of the research. This research design is focused on answering the questions when, why, how, where, and who. The quantitative research design on the other hand, uses an approach that is quite different from the qualitative research. The approach that is used in the quantitative research design majorly entails examining of phenomena through the use of empirical methods which is not a focus in this study.

Current Information

In working to address the effect of consumer preference on foreign sourced products and how technology impacts the business in relation to consumer preference and competitive advantage, the following objectives have been developed;

To explore the effects of consumer preferences on foreign sourced products

To assess the impact of technology on transnational companies

To discuss how technology affects international business in relation to consumer preference

Discussion

The objective of this thesis proposal is to evaluate the effects of consumer preferences on foreign sourced products and the impact of technology on International business. Therefore, to achieve this goal data analysis form the study (literature review) will be integrated. Data analysis is the process through which a researcher gives meaning to the data that has been collected. This process helps in presenting data in a logical way that translates into the conclusions. The analysis of the information that is obtained for this study is done through use of a SERVQUAL analysis. The approach is used to analyze the data that is collected from the questionnaires. The secondary data is analyzed through a systematic review process.

Conclusion

A possible limitation to the study includes the availability of resources including time. In this research, the respondents to the questionnaires work under different conditions and perform different tasks; this impacts on how effectively the questionnaires will be distributed.

References

Greimel, H. (2014). Toyota brings active safety to masses in 2015. Automotive News. Retrieved 4 July 2015, from http://www.autonews.com/article/20141126/OEM11/141129885/toyota-brings-active-safety-to-masses-in-2015

Lawlor, B. (2007). The Age of Globalization: Impact of Information Technology on Global Business Strategies. Digitalcommons.bryant.edu. Retrieved 4 July 2015, from http://digitalcommons.bryant.edu/cgi/viewcontent.cgi?article=1000&context=honors_cis

Marsh, E. (2013). Benefits of Internationalizing Your Business. International Man. Retrieved 4 July 2015, from http://www.internationalman.com/articles/benefits-of-internationalizing-your-business

Pirouz, A. (2012). The Impact of Technology in Business. Businessreviewaustralia.com. Retrieved 4 July 2015, from http://www.businessreviewaustralia.com/technology/1115/The-Impact-of-Technology-in-Business#

Pratt, N. (2006). Qualitative Research. Edu.plymouth.ac.uk. Retrieved 4 July 2015, from http://www.edu.plymouth.ac.uk/resined/qualitative%20methods%202/qualrshm.htm

Vitez, O. (2015). The Impact of Technological Change on Business Activity. Small Business - Chron.com. Retrieved 4 July 2015, from http://smallbusiness.chron.com/impact-technological-change-business-activity-2191.html

sheldon

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