Global Market Essay

332 Words2 Pages
Globalization was the catchphrase of the 90s, and in the twenty first century, there is no substantiation that globalization will reduce. In effect, globalization indicates to development of trade traffic and investment, followed by the growth in intercontinental businesses, and the incorporation of economies around the globe. In the views of Punnett (2004) the global business environment is based on several fairly uncomplicated premises: * Technological growths have amplified the easiness and pace of global communication and trade. * Improved intercommunication and travel have made the world smaller. * A smaller world helps people to know about events outside of their country of residence, and is more probable to travel to other countries. * Developed awareness and travel result in an improved understanding of global opportunities. * A better understanding of such opportunities helps to growth in intercontinental trade and investment, and the business operating across country borders. * These developments indicate that the markets and economies around the world are more strongly incorporated. Managers must be conscious that markets, supplies, investors, locations, partners, and competitors can be anywhere in the world. Successful businesses will take advantage of opportunities wherever they are and will be prepared for downfalls. Successful managers, in this environment, need to understand the similarities and differences across national boundaries, in order to utilize the opportunities and deal with the potential downfalls. The globalization of business is easy to recognize in the spread of many brands and services throughout the world. For example, Japanese electronics and automobiles are common in Asia, Europe, and North America, while U.S. automobiles, entertainment, and financial services are also common in Asia, Europe, and North

More about Global Market Essay

Open Document