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benefits of Globalization - Essay Example
It refers to rising worldwide connectivity, incorporation and interdependence in the financial, public, scientific, cultural, political, and environmental spheres. Globalization is an umbrella term and is perhaps best understood as a unitary procedure inclusive of many sub-processes (such as improved economic interdependence, bigger cultural control, fast advances of information technology, and novel governance and geopolitical challenges) that are binding more and more people and the biosphere more firmly into one global scheme.
If an organization has already planned how will they cope up with globalization then they can easily extract the benefits. In the same way organizations that do not plan from before are unable to take benefits from globalization. Organizations tend to get more active and competitive in result of globalization due to the fact that newer and better firms enter the market. At this situation an organization cannot relax with the idea of brand loyalty, as people tend to change brands. Qualities with price have become the major factor for buying decisions. In the next five years the international market will become more competitive, prices will go down and quality of products will increase this can be said seeing the present trend of the market. These changes will affect international marketing. Promoting a product would be more through the technical aspects of the product. Marketers would have to find newer and more innovative ideas to attract the customers. Any organization that is giving a better quality in a matched price would be successful.
The on-going process of globalization leads to the emergence of a 'global order' eng ...