This document discusses the need for a new approach to research and development (R&D) given the trend of globalization and access to new markets. While concepts like identifying products and penetrating markets remain the same across geographies, the approach must be modified for local cultural, social, economic and political factors. Developing an educated strategy is challenging without experience and data in these new markets. The document recommends integrating locals into the R&D process, hiring local agencies, collaborating with foreign students, and cultural exchanges to continually evaluate measures tailored to each market's unique context. Only institutions willing to adapt their strategic thinking to new challenges will be able to benefit from emerging opportunities.

1. New approach to R&D???
Posted by admin On February 17, 2007 4:29 PM
New approach to R&D???
Generally speaking there are fundamental divergences in conducting business in a different geographic location; basic concepts of
product identification, financing, market penetration, proper advertising and marketing as well as sales, stay the same, however, they
require a modified approach to illustrate adaptation to particular market.
Essentially, it becomes virtually impossible to formulate and implement an educated strategy without considerations such as local
cultural, social, economic and political component. Naturally, however, there many problems with educated strategy because of lack
of experiences as well as reliable data.
The current globalization trend has opened never before accessible markets that illustrate great potential for diversification and
profits; however, those markets also illustrate a great deal of challenges: current business know-how and knowledge is essentially
limited to those nations with similar backgrounds of economic goals and open access to markets and information. However, the newly
accessible markets may not be as clear cut to penetrate or maintain because of lack of proper protective laws, historical data, lack of
understanding of local cultural and political components as well as naturally competing interests of local government and local
businesses.
Hence, it becomes ever more important to recognize that globalization and its ever increasing access to new markets comes with a
necessary reinvention / rediscovery of standard operating procedures. The future of business planning will ultimately have incorporate
modes of research and development that is suited for particular markets, however, the old SOP of common ground assumptions have
to be revisited. Some recommendation / proposed changes may include integration of natives into the R&D process, hiring of local
information agencies, harvesting of foreign student talent, cultural and business exchange programs, constant evaluation of measures
and many other actions that would require the integration of particular cultural, social and political component of the tentative markets.
Ultimately it is fair / safe to assume that new markets and opportunities will be accompanied with challenges that will require ad new
approach to strategic thinking and planning. Only those institutions that are willing to adapt to those challenges will be able to harvest
the potential benefits and profits.
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