Today’s modernizing world would not be possible without the use of globalization as it virtually improves and reaches all aspects of life. Without the process of globalization many essential products, goods and services would not be available on the market, due to trade barriers. Globalization consists of interactions between trading countries to promote free trade worldwide and allows businesses to operate in innovated ways. This paper will focus on the effects globalization has on the marketing industry, the opportunities an open economy without trade barriers can create for marketers, the challenges open economies face, and how globalization will develop marketing strategies in certain areas of the world more than others.
Globalization …show more content…
An interesting perspective on globalization retrieved from Forbes Business Magazine (Collins, 2016, para. 19), “It is wonderful for managers, and investors, but hell on workers and the environment.” Globalization allows the rich percentage of the society to become wealthier while making the portion of people living in poverty poorer. Globalization lowers the price of products just enough for companies to break even as global competition pressures the price to be as low as possible but provide the highest amount of quality. Decreasing market prices force marketing teams to be as efficient as possible when reviewing products for retail to ensure quality is up to North American standards. The quality of living around the globe is not constant as the world is a diverse place with many different cultures. A product sold in a developing country is not made to the same standards as a product manufactured in a developed country. Globalization presents issues to companies as they give up a range of control over the production process of the product. To solve this problem, the marketing industry would need to put a greater emphasize on ensuring products are consistent and continue to deliver consumer satisfaction. The promotion aspect of globalization plays a huge role in a company’s reputation as customers are anticipating what …show more content…
In a developed continent, such as North America globalization has lowered the cost at which products are sold at. Reduced costs have resulted in marketers putting increased funds towards customer value and quality (Hamdi, 2015). The downside to globalization in developed nations deals with the mass amount factories being shut down and employees being laid off. Globalization has created many jobs in developing nations which have reduced crime rate while increasing employment rates and healthcare systems. The drawbacks to globalization in developing countries have created a culture where large well-off countries can dictate the outcomes of situations in poorer nations. These issues cause implications in the marketing industry as portions of the population refuse to buying products that have been manufactured in third world countries. These situations are a result of companies cutting costs and disregarding environmental, safety and working conditions of employees. These are all issues marketing industries will have to conquer to keep companies in business. Globalization favors both developed and developing nations, but at the same time incorporates many negative
Globalization …show more content…
An interesting perspective on globalization retrieved from Forbes Business Magazine (Collins, 2016, para. 19), “It is wonderful for managers, and investors, but hell on workers and the environment.” Globalization allows the rich percentage of the society to become wealthier while making the portion of people living in poverty poorer. Globalization lowers the price of products just enough for companies to break even as global competition pressures the price to be as low as possible but provide the highest amount of quality. Decreasing market prices force marketing teams to be as efficient as possible when reviewing products for retail to ensure quality is up to North American standards. The quality of living around the globe is not constant as the world is a diverse place with many different cultures. A product sold in a developing country is not made to the same standards as a product manufactured in a developed country. Globalization presents issues to companies as they give up a range of control over the production process of the product. To solve this problem, the marketing industry would need to put a greater emphasize on ensuring products are consistent and continue to deliver consumer satisfaction. The promotion aspect of globalization plays a huge role in a company’s reputation as customers are anticipating what …show more content…
In a developed continent, such as North America globalization has lowered the cost at which products are sold at. Reduced costs have resulted in marketers putting increased funds towards customer value and quality (Hamdi, 2015). The downside to globalization in developed nations deals with the mass amount factories being shut down and employees being laid off. Globalization has created many jobs in developing nations which have reduced crime rate while increasing employment rates and healthcare systems. The drawbacks to globalization in developing countries have created a culture where large well-off countries can dictate the outcomes of situations in poorer nations. These issues cause implications in the marketing industry as portions of the population refuse to buying products that have been manufactured in third world countries. These situations are a result of companies cutting costs and disregarding environmental, safety and working conditions of employees. These are all issues marketing industries will have to conquer to keep companies in business. Globalization favors both developed and developing nations, but at the same time incorporates many negative