Globalization of Markets
Technology
- Driving force behind the world economy is technology due to the ability of nations and markets to communicate, transport and travel.
- At the transition from the industrial society to the information and knowledge society, the corporate and societal growth basis gradually changes from tangible assets to intangible assets. The growth basis is not as much influenced by investments in physical machinery, buildings etc. as by knowledge which is a pivotal factor for productive application and exploitation of physical capital.
- Two global markets exists
- Multinational commercial corporation operates in markets in which it can adjust its pricing to local and region demands.
- Obsolete due to competition.
- Knows much about a great many things.
- The Global corporation operates with consistency of pricing and strategy across the board and operates as if it were one entity.
- Absolute do to the need for competitive pricing and the best quality and reliability for the lowest price.
- Knows everything about one great thing.
- This is achieved by global corporations “forc[ing] costs and prices down and push[ing] quality and reliability up”.
- Antiquated differences in tastes and cultural acceptance disappear with globalization, i.e. McDonalds, Coke, Pepsi and virtually any product that is exportable.
The Future of Globalization
- Change through creative analysis is the key to successful integration of a globalized strategy.
- Knowledge as a factor of production and “change” as a code word for modern society and modern companies are inseparable. “Change” means that society and business life must always be prepared to adapt themselves to new markets and technological conditions and to develop new organizations in support of development and learning.
- Knowledge is a new factor of production.
- Technology’s purpose is universal – the “alleviation of life’s burden’s”.
- No one marketing scheme is universal – hence the need for adaptability and change. However, one concept is ubiquitous: what one sells and how it sells.
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