Economic Circumstances, the Practice of Term Paper

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Those who work domestically may not have the foresight or skill as do those who work within the target country. This can be particularly profitable if the product developed is one that has not be thought of before. By being the first mover, Kmart can capture market share unabated by competition that will undoubtedly ravage margins and potential profit. This flexibility is also helpful as a feedback mechanism in regards to product offerings within a particular country. For reasons of religion, customs, or societal pressures, many products offered in America may not be desirable in foreign countries. From Kmart's perspective this can have an adverse effect on earnings and customer satisfaction. As a result, it will be important for Kmart to outsource this service to become better informed about the merits of a particular country. By using foreign know how, and product specifications, Kmart can be a better position to provide products and services in high demand. We see this with countless examples of business altering product offerings in order to more effectively cater to a particular market. Examples include McDonald's serving veggie and tofu burgers in India due to religious concerns while Ford and General Motors created very small, cost efficient cars for China's rising middle class. As can be seen from these two examples, no specific country is exactly like another. In regards to business, outsourcing provides a means of effectively gathering important information to help make better informed business decisions.

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Overall, outsourcing is a very beneficial activity for both the consumer and the business who engages in it. I believe if far outweighs the negative aspect of jobs being lost in America. This is because for one, with the emergence of one industry, another industry is subsequently diminished. We need only to look at American history to gain an accurate depiction of this. America began as an agricultural nation where farming was the primary industry. Through innovation, America began to enter in the industrial age. With the industry emerging, farmers and other agricultural business was diminished. This was primarily due to the new efficiencies incurred by the new industrial age. As a result, many individuals lost jobs in the same manner happening now. Why didn't the economy falter once this occurred? Did the economy turn to shambles with this shift, as many goods and services couldn't be purchased due to lost wages? With the benefit of hindsight, the answer is obviously no. The answer is no because those who lost jobs in agriculture learned new skills in the industrial age! As is the case now, those jobs displaced by outsourcing will surely be recovered by another emerging industry, mainly that of service and internet. As a result, I believe the benefits heavily outnumber the costs….....

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