If is important for the management to know its responsibilities in the firm otherwise a failure of a business is attributed to poor management. The management has therefore should be on the lead to ensure the success of the firm’s are met otherwise the shareholders expect to continue getting higher dividends from their investments. The management should understand that globalization is taking place rapidly and therefore has to invest in the market research and development to succeed, otherwise in future, there shall be an open market globally and firms with poor management might move out of the business.
A key role for the management is to invest heavily in thePESTand SWOT analysis where they can continuously study he actions of the competitors in time otherwise the global market is very volatile. Global market analysis is an important step to ensure the success of any firm since the major changes in this market are due to globalization. The market changes in terms of product, prices, channels of distribution and promotion are a function of globalization and the major tools of globalization is technology. This is because every market has either a product or service which changes with time due to the changes continuing in technology. The management has therefore to understand that a key to the global market success is to understand the impacts of globalization in this market.
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