Furthermore this clarifies the ongoing process through the way countries and people communicate and integrate. In which has caused impacts to the world in numerous of ways i.e. socially, economically and culturally. For instant globalisation is seen as a means for economic development. This refers to the integration of “the domestic economies with the world and the inevitable consequential increase in economic interdependence of the countries through trade, financial and investment flows, freer factor movements and exchange of technology and information.” (Ogbabu & Ameh, 2012, p.49).
Globalization in the markets of different countries become more integrated and interconnected by economic transactions across national borders. These deals are able to be found in the real goods, various forms of services and financial instruments invested by international corporations in the local factory (FDI), temporary and permanent labor migration and information technology. They involve individuals and the staffs between independent companies and the government. (Introduction: Globalization And International Trade
International trade is also knows as a globe trade which give the country opportunity to expands their markets for both good and services that otherwise may not have been available in other countries. This type of trade also give advantages for world to rise the economy in term of prices, supply and customer demands, affect and are affected by global events. All of the good and services can be found on international market. International trade will involve two types of process which be export and import. Export is a function of international trade in which the goods produced in a country will be sent to another country for future sale or trade.
MARKETING IN GLOBAL ECONOMY INDIVIDUAL EASSAY GLOBALISATION AND INTERNATIONALISATION OF PRODUCTS AND SERVICES HISSAM MALIK S00805291 ABSTRACT The aim is to deepen the knowledge of globalisation and internationalisation of products and services in the marketing context. As the years go by we can clearly see the emergence of a global economy. The different economies of different countries are integrating together and buying and selling is done internationally. Due to this there is faster communication, financial transactions, transfer of technology and even transport. In a global economy, such integration of markets is known as globalisation.
Besides, it also brought changes in industrial licensing, foreign collaborations, investment by NRIs, portfolio investment by foreign institutional investment, reduction in tariff rate and simplification of export-import procedures, opening of the IT-sector, reducing public expenditure investment norms to attract inflow of capital from both the domestic and foreign enterprises in sectors like banking, insurance, retailing etc.”(1CCCCCCC)India 's economy has witnessed a shift from low to high growth as a result leading to increase in domestic savings. In the world economic scenario, Indian economy has become much more open and competitive as the annual average growth rate of five to seven percent has been maintained. Globalization has extensive implications on India 's relations with the countries of the world as India’s economic accomplishment over the last two decades has attracted other regional and global forces to integrate with India. Henry Kissinger predicts that, “In the twenty-first century, the international system will be
1.0. Abstract This study aims to focus on the rising necessity and continuously changing impact of globalization on socio-economic development with respect to technology and innovations. The melting boundaries among nations and sense of togetherness which is driven by technology and innovations, has brought a revolutionary change in the business activities with a challenging impact on global business. The world has become a global village now. With globalization, business has publicly become more competitive, responsive and service oriented.
Tourism in India has considerable potential because of the rich cultural and historical heritage, diversity in ecology, terrains and places of natural beauty spread across the country. Tourism has also emerged as a large employment generating sector in addition to being a significant basis of foreign exchange inflows for the nation. Market Size With the rising middle-class in India, the disposable income of the population has increased which has continued to support the growth of domestic and foreign tourism. As per the Ministry of Tourism, Domestic Tourist Visits to the States and Union Territories within India rose by 15.5% year-on-year to INR 1.65 billion during 2016. The top 10 States and Union Territories contributed about 84.2% to the total number of Domestic Tourist Visits.
Globalization is right for sure countries, along with the ones within the evolved world or global North where wealthy countries just like the U.S., united kingdom, and Germany can sell extra products and items to new markets inside the global South or poorer nations which include the Philippines and Indonesia. Globalization plays a vital function in presenting no longer only products and services but also method of living and the manner of boom and improvement. the following are some of the monetary benefits of globalization in connection to overseas groups: • Reduces worldwide poverty via imparting work to people. • Contributes to the spread of era by way of introducing new techniques of development. • Provides to the profitability of companies and agencies via earnings and global income.
Also annual inflation rate was very high i.e. 17 percent. After liberalization, the value of India 's international trade rose to 630801 billion in 2003–04 from 12.50 billion in 1950–51. The major trading partners of India are China, the US, the UAE, the UK, Japan and the EU. Many Indian companies gained respect for country as well as for them and became
Globalisation is defined as integration of domestic economies with world economies. Globalisation is not just international trade, but it also includes spreading of culture, language, ideas, tourism etc. It cannot be limited to sale of goods and services between different countries. The trend of globalisation started after industrial revolution in England in 19th century when England started colonising various countries. Industrialisation allowed production of goods at faster rate using economies of scale while rapid population growth created sustained demand for commodities.