Understanding the marketplace Essay Example | Topics and Well Written Essays - 250 words

Understanding the marketplace - Essay Example This results from the fact that the business can conduct a survey and hence research on market trends and the techniques employed by other producers and therefore improve on their products. Statistics from a global perspective are effective when making vital decisions on production (Harrington, 2007). This is mainly because since standardized products are popular, it is easy for the producers to make an assessment on best practices that can help improve their production. This methodology is usually effective for organizations whose performance is deteriorating, as standardization helps formulate and implement effective strategies. It should also be noted that not all organizations that sell standardized products succeed. In as much as standardization may be favorable due to many reasons, other factors such as promoting and setting at prices may make it unfavorable (Quelch, & Deshpande, 2004). This prompts local market conditions to take control of standardization. In an argument by Harrington (2007), product decisions are crucial as they determine the success or failure of the business. Surveys show that 50 percent of businesses decline because they do not understand the market demands of their products. On the same note, two-thirds of them succeed by supplying their goods to regions where they are popular. From the statistics, it is advisable to standardize products of global consumption such as medicine and medical implements. Therefore, before a business decides to standardize its products, it should be capable of establishing whether their products into local, international or multinational categories. This will give them hints on whether the products should be groomed for either local or international