Impact of economic globalization in the current business scenario

Abstract

Global marketing has expanded and is visible from all points of view in the living standards of people. Today the rivalry is not restricted to national or international boundaries. The businesses will adapt to local and global needs in order to be productive in today's globalized economy. Global expertise, whether or not participating in global marketing, is an important aspect for all businesses. Due to changes in production processes, export policies and regulations, the internationalized trading structure has evolved remarkably. Such improvements have been compounded and continued by new developments and advancements in the financial connections between companies and organizations operating for exchange across the globe. It role includes concerted changes and initiatives on the global market. The main benefits of global marketing are economies of scale of production and delivery. Mass production, cost reduction, procurement, promotion and delivery will accomplish this. Another advantage is that the organization will eliminate marketing costs. Global marketing may eliminate aspects of brand strategy, such as preparation, organization, scheduling, supervision and hiring. By contrast to local or national ads, the global marketing reach is growing. It may be attributed to R&D, mass marketing, advertising, sales positioning and brand equity. If the multinational marketer creates a brand image globally, they will benefit from this and retain a positive picture of the company. Throughout global marketing, it is also possible to make efficient use of innovative ideas and standardized marketing practices. Digital marketing allows businesses to create external links in the "political arena" and encourages subsidiary companies to fulfill the desires of the global players and rewards e-marketing over traditional marketing.