Product Development and Business Research Project

Product Development and Business Research Project

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Product Development and Business Research Project

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Although things are getting better, women still experience several challenges in the business world. For starters, it seems like women are in the minority in most facets of business. For example, out of the S&P 500, roughly 5% of women are CEO’s. Another example I found is that women own 4 out of every 10 firms in the U.S and there is also data suggesting that women get much less money when starting a business (Fernandes 2017). These numbers reflect our current situation where women find it harder to create a network and find people who can relate to them. The lack of diversity also makes it a little harder for women to have the confidence to get into business.

I want to focus on some of the great things Women can bring to business. Diversity is a very good thing because people from vastly different backgrounds can have different ideas and a different view of the world. This vital in the business world because adaption and big ideas are important for product development, marketing and expanding overseas. Having women in high positions is good because they naturally excel in certain skills that are impactful. Women communicate well, they are more empathetic and can be great leaders with great ideas.

The numbers back this, studies back this as all of them have showed that a higher percentage of women working means better results. A report from credit Suisse looked at all the data regarding women in business and made this statement, “We find clear evidence that companies with a higher proportion of women in decision-making roles continue to generate higher returns on equity while running more conservative balance sheets”. Finally, women drive 70-80% of consumer purchasing decisions (David 2019).

This to me is the most important reason women should be more involved in the decision-making process and product development of any firm. If most consumers are women, it would only make sense to employ more of them to have that equal representation in the workforce.

2) There are quiet a few issues women can experience in business, especially international business.  The following is just 2 for ease of reading. Some cultures believe that women are to be subservient to men. In Managing Culture Differences, Chapter 5 pointed out that Wahhabi Islam teaches that men are to serve Allah (God) and women to serve men. Therefore, if a business was to attempt to negotiate with someone of this religious branch of Islam, they would most likely not be taken seriously if they sent a woman to negotiate. It could be a violation of the Wahhabi Islam customs. It may even be dangerous to the woman sent to negotiate.

Another issue is some professions still have a sexist stereotype. This can go both ways, whether for men or women.  Often, “male jobs” are things like firemen, policemen, construction workers, and lawyers. Usually things associated with male traits like physically strength, shrewd negotiating tactics, tough, stubborn, and win-lose negotiation. Lawyers currently have a 64% male to 36% female ratio.  Whereas in retrospect, jobs like nurse, schoolteacher, psychologist, and beautician are considered “female jobs”. These are often associated with female traits like: attention to details, nurturing, caring, empathy & sympathy. In the case of nurses, about 9% are male and 91% female.

This sexist stereotyping of jobs can make it harder for either genders to practice in certain fields due to possible stigmatism that may come with it. An example would be a female construction worker. Male workers may assume that she is incapable of performing heavy lifting or other hard tasks, and therefore not want her on their shift or work team, as they won’t have to carry the extra workload. In an opposite example, a male nurse may not be favored by patients as they may stigmatism him as probably going to be rough and not very sympathetic.  Due to these negative assumption, females and males avoid certain fields as to not be stigmatized and ostracized for working in those field.

Product Development and Business Research Project

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