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How can technology help companies differentiate themselves as part of a global strategy? Does technology help or hinder a company’s work with foreign companies to expand its global footprint? Provide your answer and further explain.
Remember to use in-text citations and list APA style references to support your response.
Technology In Business Management
Length: 1 pages (275 Words)
Technology in Business Management
The rapid proliferation of information and increased technology has led to the growth of competitive socio-economic environment in the past year (Schwalbe, 2009). Technology has played a crucial role in various sectors of the economy, especially in the business environment. In this case, technology has been mainstreamed into the management of companies at local and international level.
Technology as a Strategic Differentiating Factor for Companies
In competition, technology has been used to acquire information, this changes how companies compete to gain wider market opportunities. According to Demirkan et al., (2009), information technology has been applied in the development of new products, services, and competence that equips businesses to have a strategic advantage over its rivalries in the global marketplace. According to Tohidi (2011), technology has helped companies to develop cost leadership strategy that enables the company to come up with ways of ensuring they produce low-cost products and services. Additionally, technology will also allow companies to come up with a differentiation strategy; this will assist in the development of various ways to differentiate goods and services from other competitors in the global market. Concerning innovation, Schwalbe (2009) purported that technology has led companies to identify new ways of running the business. These ways include identifying new ways of producing and distributing goods and services so that they reach the intended market. In innovation strategy, technology has also played a big role in the development of new products and services.