GLOBAL MARKETS…

WEEK 7

Information technology has altered the way in which the world operates. The barriers that once hindered our ability to communicate and interact with people across the world have diminished. Over the past few decades advancements in information technology has now become a key component of a corporation’s global business strategy. Many business have moved from traditional and local operations to advanced global operations. Business have moved from traditional means of operating and now have become global digital firms. Advancement in information technology has enabled many business to expand their line of production to worldwide branches.

Trough information technology, countries have been linked to each other internationally and globally such that one factor of production in one country is affected by another factor in its global markets. Business are operating on international standards and are therefore opening up more and more branches overseas. Communication has been made easier and faster globally through the use of internet making it easy to transfer message from one part of the globe to another within a blink of an eye. Global marketing has also been influenced by the development of global advertising and marketing strategy. This has opened up new global markets for various products worldwide, for instance the apple company, Nokia, Samsung and many others.

Sales have moved from the traditional offices with employed salesmen to online sales facilitated by various sale agencies. This has been made possible by the use of internet. Inventory supply chains which are found globally. It has enabled business to acquire flexible sales as well as enhance business strategies to meet market demands. It has also enhanced management of customer relations attracting more and more customers. Worldwide door step delivery for instance, has enabled customers to get supplied with products to their convenient places. For example the automobile industries which has shifted from local to global markets. It is very easier and faster to buy any car from any part of the world online and it will be delivered to your door step after following the right procedures. This has led to many automobile companies to gain global markets. Example: Toyota, Isuzu, Benz, KIA motors, Ford, and many others.

Business have also expanded their production through overseas production in many parts globally. It has enabled some business to set up branches in other countries and operating. For example the MC Donald’s, KFC, Pizza Hut,  food courts which started as a local brand have now become a global brand with branches in Europe, Asia, Africa and others places all over the world.

Many business which started as local set ups are now operating on global basis. Chain stores and global supermarkets, the Unilever Company, inventory and supply, logistics companies, and even educational organizations are now on a global perspective and are operating globally. Therefore, business have moved from traditional means of operating to global markets due to advancement in information technology.