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). This demonstrates how countries are coming together as one big economy, in order to make trading globally much easier. It builds up economic efficiency, creates jobs, and lowers consumer prices, increases choice and economic transfer’s functions. “Using
Businesses nowadays must recognize that their success depends on efficiency and scalability – being able to quickly mobilize global resources and reach the world markets. Globalization has become the key to growing businesses in the twenty-first century. Globalization is the increasing integration and interdependence among countries resulting from the modern flow of people, trade, finance and ideas from one nation to another. The World Bank, a strong supporter of globalization, defines it as, "the growing integration of economies and societies around the world." (Mukherjee, 2008).
Also ,there are some advantages and disadvantages for China .Like economic globalization is beneficial to accelerate the construction of domestic maket economy system.Economic globalization and China’s accession to the WTO makes our country gradually integrated into the world economic system,domestic and international market, make the Chinese enterprises to participate in international competition in the market ,these are conductive to familiar with the rules of market economy and international market in our country,set up the mechanism of market economy. Globalization also brought great challenges to China ,China is a developing country,it is facing the same challenges as other developing countries.In addition to the fact that a number of strong companies in developing countries can benefit from market ,most domestic companies are hit by multinations.First, the national industry was hit.In a few short years,more than tens of thousands of multinational companies in the
China and Globalization In an ever changing world, the rapid growth of our cities and technology has prompted an interconnected, globalized world. A major cause of this global prosperity is the expansion and acceleration of trade. The comparative advantage (when protectionism is unnecessary) granted by a free market has maintained a relatively high amount of contact between countries and guaranteed an invariable sense of competitiveness for the cheapest and most innovative products. A prime example, China owes its profound economic growth to globalization. Known as the “world’s factory”, China is the largest supplier of cheap products in the world.
Globalization involves the increasing interconnection of local and nationalistic economies across the world. It increases border movement of goods, people, technologies, ideas and services throughout the world. It lets other countries to join the rest of the world and become part of worldwide interrelatedness. As the biggest companies are no longer national firms but universal partnership. In my opinion, globalization is an important issue, as it allows countries to collaborate politically, socially and economically.
Globalization resulted in increased competition among the products and brands in domestic and international markets. As a result, consumers have an improved access to an expansive range of foreign products and brands to choose from. As a result consumers are exposed to a various assorttment of brands. Brands in general perform several valuable functions for the organisations such as serving as markers of the firm, simplifying the choice of the consumers and also reducing risk by building trust in the consumers by ensuring quality. Branding has been in existence since many centuries and is not a recent phenomenon.
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.
Friedman (2007) also points out that increase in globalisation can be linked to the increase use of internet, mobiles and other methods that have made communication around the world easier. Johnson et al (2008) states that when an organisation makes the decision to go global they must have good strategies in place to be successful. International strategy According to Johnson et al (2008) explains that international strategy is a kind of diversification by organisation into different geographical markets, this can depend on the external factors and the internal capabilities. Portor (2008) states that it is useful for managers can employ the five forces to identify opportunities and risks in the external environment. While
According to (www.occupytheory.org), the flow of communication has allowed the global mass media to bind the the world together. Global mass media has allowed vital information to be shared between corporations and individuals around the world. Globalization has also contributed to greater speed and ease of transporting goods and people.
With this, the transfer of new ideas and technologies has spread throughout countries and served as a source of answers to eliminate numerous problems that are experienced. In light to this, transportation is of great relevance to economic development serving as a necessity in the operation of a market economy. According to Rodrigue and Notteboom (2013), transportation can also serve as an indicator of economic growth in a country. This is due to the evident relation between the quantity and quality of transport infrastructure and the level of economic development. High density transport infrastructure and highly connected networks are customarily linked with remarkable degrees of progression.