Business Growth and Local Effects

The main goal of consumer-centric changes and user-oriented improvements in products, services, and marketing strategies of competing firms in the marketplace is to manage large differences with small, cost-effective changes. Yet firms often fail to exploit market and production discrepancies, focusing instead on the tensions between standardization and localization of technology. It is argued in this chapter that such situations arise largely as firms fail in maintaining economies of scale, which escalates the cost of production and price. Accordingly, many companies are thrown out of market competition. This chapter analyzes business drivers, the complexities grid, total innovation and risk factors, and factors affecting innovation and technology adaptation in reference to economies of scale and market structure. New product development and managing consumer markets are addressed in this chapter. It is argued that strategic choice for firms requires prioritization toward popular technologies, and the innovation framework can help the firms to become consumer-centric. While it is possible to work on economies of scale, companies must usually focus on building competitive advantage to grow sustainable.