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Localization economies occur when an increase in the size of an industry in a city leads to an increase in productivity of a particular activity. [2] Alfred Marshall (1920) introduced the idea that the localization of industry can increase productivity in his book Principles of Economics.
For companies: Economic agglomeration would cause fierce competitive pressure. Competition can reduce the market price, motivating companies to innovate and increase production efficiency. [27] However, over-competition would hinder companies' development and innovation, and would also generate some social problems. [citation needed]
The emergence of business clusters in developing countries allows for low labor cost to their employees yet high production levels due to the amount of employees they can employ. Additionally, firms in these clusters sell to developed countries ( e.g. electronic clusters in Mexico serve to companies in the U.S.) . [6]
Clusters are considered to increase the productivity with which companies can compete, nationally and globally. Accounting is a part of the business cluster. [1] [2] In urban studies, the term agglomeration is used. [3] Clusters are also important aspects of strategic management.
A multi-domestic strategy is a strategy by which companies try to achieve maximum local responsiveness by customizing both their product offering and marketing strategy to match different national conditions. Production, marketing, and R&D activities tend to be established in each major national market where business is done.
In February 2014, Technodinamika launched to prepare to realize projects in production localization of Canadian Bombardier Q-400 and Austrian Diamond. [ 15 ] On the occasion Farnborough International Air Show 2014 the Holding and French Company Microturbo (Safran) signed a Memorandum of Cooperation to create Auxiliary Power Unit (APU).
Artificial intelligence is coming for your job: 41% of employers intend to downsize their workforce as AI automates certain tasks, a World Economic Forum survey showed Wednesday.
Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."