An example of a <u>threat from substitute products</u> is when new communication technology impacted unrelated industries such as the airline industry.
<h3>What are substitute products?</h3>
A substitute products refers to similar product that can be replaced with use of former product by the consumers
In conclusion, the example of a <u>threat from substitute products</u> is when new communication technology impacted unrelated industries such as the airline industry
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Answer:
Globalization
Explanation:
Globalization is use to lead the outsourcing. This economy is helpful for the developing countries where the international trade could be possible. The living standard of the developing countries could also be improved by outsourcing. The new markets could be opened and the ideas could be exchanged among the globe. This is the approach that the globalization could play a role to exchange the resources among developing countries and keep a balance between develop and under develop country of the world.
The developed countries usually do outsourcing to the developing countries where the labor is not much expensive likewise the developed countries. In this way the developing countries get the work which is been outsourced by the developed countries , so they get jobs and opportunities for the people.
In fact we must say that global economy has increased the income of the developing countries as well and expanded own market as well on low wages. Global economy use to expend and catalyze own economy by giving the labor task to developing country on low peanuts where the labor cost is also very less. It help the people to improve and increase the income in the poor countries as well.
Global economy has very positive impact on the world income by accelerating it by outsourcing the trade ,work or commodities. It played a role to unite the whole world indeed. It help them to trade with every country and it has boosted the foreign income as well. Global economy is a vital role in the elimination of the poverty around the globe.
Global economy is playing a vital role in outsourcing the IT skills and expanding the technology around the globe even in the developing countries as well. Now every small country is excelling in the technology industry due to this outsourcing.
Firms focusing on operating a cost-leadership strategy are most likely to develop their product or service to emphasize the functional aspects.
<h3>What is strategic management?</h3>
Strategic management can be defined as the plan in motion to implement the aims and objective of an organization.
Here, strategic management is important because it makes the necessary plans and policies by making sure that the vision statement of the company is achieved.
Hence, Firms focusing on operating a cost-leadership strategy are most likely to develop their product or service to emphasize the functional aspects.
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