Management and Organizational Studies 2320A/B Chapter 17: Global Marketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Economies of the world are interconnected and interdependent and thus competition is global, the marketplace is global, and to be successful, firms must look beyond their borders for opportunities to grow and expand. The increasing globalization of markets affects all companies. Globalization: increased flow of goods, services, people, technology, capital, information, and ideas around the world; has economic, political, social, cultural and environmental impact. Global markets are a result of several fundamental changes: reduction/elimination of trade barriers by country governments, lower concerns of distance & time with regard to moving products, standardization of laws across borders, globally integrated production processes. Globalization creates great interdependency and divisions of firms allover. Globalization has not only created economies of scale but also made it possible for many market niches that are not profitable at the provincial or national level to become profitable at the global level.