Complementarity Competition and Globalisation †MyAssignmenthelp

Question: Discuss about the Complementarity Competition and Globalisation. Answer: Introduction The present world of business has become more diversified than the earlier times and the choices which are available to the customers is more varied than it was about a decade ago. Therefore, to differentiate their products as well as services the various business organizations and the business organizations often take the help of the policy of price competition in a bid to outrival their competitors and also to improve the percentage of their sales and annual revenue (Salvatore and Brooker 2015). Price competition can be defined as the process by means of which the various business organizations as well as the companies lower the prices of the products and the services offered by them while maintaining a high quality of the products and the services offered by them (Dixit and Skeath 2015). The various companies as well as business organizations often take the help of this particular mechanism to capture the market and also to increase their customer (Baud and Durand 2012). Another i mportant factor which the various business organizations as well as the companies depend is that after they have captured the market and the customer base even if they raise the cost of the products or the services offered by them to the customers, they will stay with them on the basis of the customer loyalty (Baud and Durand 2012). This report proposes to explain the meaning of price competition and its related processes. Price competition and Environmental scanning The article Strategic Environmental Scanning and Organization Performance in a Competitive Business Environment written by the authors Bayode O. Babatunde and Adebola O. Adebisi appeared in the Economic Insights-Trends Challenges in the year 2012 (Babatunde and Adebisi 2012). This particular article aimed to analyze the impacts of Strategic Environmental Scanning on Organization performance in a competitive business environment (Babatunde and Adebisi 2012). It is to be noted that the process of price competition forms an important aspect of the process of the environmental scanning process and thus the majority of the companies try to analyze the internal as well as the external environment in which they transact their business with a view to develop effective pricing strategies (Friesenbichler, Clarke and Wong 2014). In addition to this, the finding out of the needs as well as the requirements of the customers also forms an important part of the overall pricing strategies of the va rious companies and the business organizations. It is often seen that the customers are a very fickle lot and their switch from one particular brand to another on a regular basis (Friesenbichler, Clarke and Wong 2014). Therefore, in order to counter act this particular nature of the customers the various business organizations as well as the companies often develop effective pricing strategies to outrival their competitors. The primary research issue of the article is the analysis of the impacts of Strategic Environmental Scanning on Organization performance in a competitive business environment (Babatunde and Adebisi 2012). The entire research work of the authors in this particular article is directed at finding the answer to this particular topic. In addition to that, the article also states that 30% of the variation or change in effective organization performance is caused by variation in strategic environmental scanning which in turn is affected by the pricing strategy followed by the company or the business organization concerned (Babatunde and Adebisi 2012). Therefore, it would be apt to say that effective pricing strategies as well as price competition forms an important aspect of the overall business plan and the strategy of the various companies and the business organizations (Friesenbichler, Clarke and Wong 2014). The major findings in the article can be said to be the fact that the article states that the coefficient of determination (R2) of the customers is 0.301 and 30% of the variation or change in organization productivity is caused by variation in external environmental factors which again is regulated by the buying behavior of the customers and which in turn is regulated by the pricing strategy followed by the company or the business organization concerned (Babatunde and Adebisi 2012). The various companies as well as the business organizations can take the help of these statistics to further improve the prospects of their business. The various managers as well as the marketing managers can take the help of the findings of this particular article by the authors Bayode O. Babatunde and Adebola O. Adebisi to improve the prospects of their business organization or company. The article clearly articulates the need of the analysis of the external as well as the internal environment in which the company or the business organization is operating and also an effective consideration of the needs and the requirements for the development of the pricing strategies utilized by their company or the business organization (Babatunde and Adebisi 2012). It is often seen that price is one important factor which attracts the customers to the products as well as the services offered by them. Therefore, the various managers as well as the marketing managers should focus on the process of price competition to enhance the prospects of their products or the services. The primary recommendation which the authors in this particular paper provides to the managers as well as the marketing managers is an effective consideration of the needs as well as the requirements of the customers and also an analysis of the internal and the external environment in which the company or the business organization is operational (Friesenbichler, Clarke and Wong 2014). Therefore, for the development of their pricing strategies the various companies as well as the business organizations should take these factors into consideration. Price Competition and Business Strategy The article Information Technology and Business-Level Strategy: Toward an Integrated Theoretical Perspective written by the authors Paul L. Drnevich and David C. Croson and published in MIS Quarterly in the year 2013 intends to give an overview of the concept of price competition and its related concepts (Drnevich and Croson 2013). It is to be noted that this particular intends to give an overview of the concept of price competition from the perspective of the information technology which the majority of the companies as well as the business organizations often take the help of the in the present day technological world (Salvatore and Brooker 2015). In the present world of technology it is often seen that the various companies as well as the business organizations often take the help of the various forms of technology to find out the needs and the requirements of the customers in the best possible manner. An effective analysis of the needs as well as the requirements of the customers is essential in order to devise effective strategies to form relevant pricing strategies (Salvatore and Brooker 2015). The research issues which the authors try to address in this particular article are the way information technology is utilized by the various companies as well as the business organizations to develop effective pricing strategies and also the factors which affect the pricing strategies followed by the various companies as well as the business organizations (Drnevich and Croson 2013). In addition to that, the article also tries to find out the importance of the strategy of effective price competition strategy followed by the various companies as well as business organizations. The various managers as well as the marketing managers can take the help of the policies and the strategies articulated in this particular article by the authors for finding out the needs as well as the requirements of the customers. It is to be noted that the policy of price competition forms an important part of the overall business plan of the business organizations and companies and the various managers and the marketing managers need to collect the required amount of data for the development of the effective strategies which is likely to lead to the overall growth and development of their company or the business organization (Drnevich and Croson 2013). The issues discussed in the article are very much relevant in the field of business world today. The issues articulated in the article like the importance of price competition and the taking into consideration the various needs as well as the requirements of the customers are very much relevant in the present day business of today. Therefore, it would be apt to say that the concepts as well as issues articulated in the article are very much relevant today. Price Competition and Globalization The article China and Latin America: Complementarity, Competition, and Globalisation written by the authors Dosch, Jrn, and David S. G. Goodman and published in the Journal of Current Chinese Affairs in the year 2012 intends to provide an overview of the concept of price competition and its relation to the concept of globalization (Dosch and Goodman 2012). In the opinion of the authors of this particular article globalization is one of the major factors which has affected the price competition strategy followed by the various companies as well as business organizations of the world. It is be noted that the globalization is one of the primary factors which has compelled the majority of the companies as well as business organizations of the world to formulate and implement the strategies related to the genre of price competition (Dixit and Skeath 2015). The research issues which the authors have discussed in this particular article are the rise of China as one of the major economic power houses of the world and the impact which this particular phenomenon is likely to have on the price competitive strategies followed by the various international companies as well as business organization (Dosch and Goodman 2012). Therefore, it would be apt to say that globalization has indirectly affected the way the various companies as well as business organizations formulate and implement their pricing strategies. The major findings of the article can be said to be the facts that Chinas trade with the region reached 180 billion USD in 2010, evincing not only an increase of 50 per cent from 2009 but also a pattern of sharp growth since 2000 and the ChinaLatin America trade volume stood at just 13 billion USD. By 2007 bilateral trade had already exceeded Hus original target of 100 billion USD, set for 2010 (Dosch and Goodman 2012). Therefore, this is likely to affect the international trade and commerce in a significant manner and the way the various business organizations as well as companies transact their business. The various business organizations as well as companies will need to develop effective pricing strategies in a bid to counteract this particular phenomenon (Dixit and Skeath 2015). It is to be noted that the various marketing managers as well as the managers can take a leaf out of the drastic economic growth of the nation of China and Latin America and implement the same for the overall growth and the development of their companies or business organizations (Dosch and Goodman 2012). Therefore, the various companies as well as business organizations will need to formulate and implement effective pricing strategies in order to counteract this particular international phenomenon. The concepts articulated in the article by the authors regarding the impact of globalization on the pricing strategy followed by the various companies as well as business organizations are very relevant in the present day business world. The various companies as well as business organizations can take the help of effective pricing strategies to develop new pricing strategies taking into consideration the needs as well as the requirements of the customers and also the changing global scenario in a bid to outrival their competitors (Dixit and Skeath 2015). Conclusion Therefore, from the above discussion it becomes apparent that price competition forms one of the most basic aspects of the overall business plan followed by the various companies. Thus the various companies as well as the business organizations should take into consideration the needs and the requirements of the customers in the most effective manner for the formulation and implementation of their pricing strategies. Therefore, the various companies need to take the help of various platforms offered by the electronic media for finding out the needs as well as requirements of the customers and the development of strategies to counteract them. References Babatunde, B.O. and Adebisi, A.O., 2012. Strategic Environmental Scanning and Organization Performance in a Competitive Business Environment.Economic Insights-Trends Challenges,64(1). Baud, C. and Durand, C., 2012. Financialization, globalization and the making of profits by leading retailers.Socio-Economic Review,10(2), pp.241-266. Dixit, A.K. and Skeath, S., 2015.Games of Strategy: Fourth International Student Edition. WW Norton Company. Dosch, J. and Goodman, D.S., 2012. China and Latin America: Complementarity, competition, and globalisation.Journal of Current Chinese Affairs,41(1), pp.3-19. Drnevich, P.L. and Croson, D.C., 2013. Information technology and business-level strategy: Toward an integrated theoretical perspective.Mis Quarterly,37(2). Friesenbichler, K., Clarke, G. and Wong, M., 2014. Price competition and market transparency: evidence from a random response technique.Empirica,41(1), pp.5-21. Salvatore, D. and Brooker, R.F., 2015.Managerial economics in a global economy. Oxford University Press.