Markets Have Extremely Expanded across the World - Essay Example

The statement held weight or meaning many years ago, but it is not true when looking at the current world. The study of global business is significant to any individual interested in the business world no matter the size of the business. This is possible because of the current changes in the world whereby the world has become integrated. Markets have extremely expanded across the world whereby businesses are being carried out all over the world through the use of websites (Worth, 2005). Therefore, the only significant thing is to understand the beliefs and practices of the regions where business is to be carried out.
The reason why the statement might not be true in the current world is the economy that continues to change; as a result, businesses are growing and increasing their audience to promote their sales. The study of international trade gives employees a better understanding of how business is carried out in various scopes of the world; therefore, what a firm needs to do is to study the culture and interests of the country it intends to carry out its business and understand them well. For example, through the study, the firm gains a better understanding of how businesses are conducted in that country and how it should conduct itself for the smooth running of the business and good relationships with the people of that country. Small firms who wish to expand internationally will also apply the rule, educate their employees on issues of global business and expand their scope. Likewise, the study is also vital even to businesses that do not intend to carry out their business globally because the world is changing and people are becoming modernized.

Q. 2
Changes in technology have largely made globalization a reality, and this can be seen in the production of goods and services and their respective markets. Major transformations made in transport, communication, and information have made the world a better place for everyone. Among the advances in technology, include the innovation of the microprocessor, which increased the amount of processed information as compared to the information that individuals and firms could have processed, internet innovation also led to the availability of markets that are functional always whereby information could be passed at the appropriate time. On the other hand, changes in the transportation sector made businesses be allocated in areas where production costs are low but have high-profit margins. Advancements in the communication sector led to the creation of global markets since marketers could effectively communicate with their consumers. In conclusion, changes in technology have led to global businesses since firms have expanded globally, transported products to their consumers at a cost-effective price, and communicate with them effectively.
Globalization could not take place without these changes in technology (Boulle, 2009). This is because even small firms can carry out their business globally and events that take place in other countries with no difficulties. In the current world, no firm or business is ready to fail or make no profits, and those that are not ready to make use of the present opportunities decide to work on their own; thus, failing due to the high competition that they receive from their competitors. In conclusion, technology has increased production and markets for products, and without it, globalization could not exist.

Q. 3
The Internet and other related World Wide Web affect international businesses wholly and daily. This is because the Internet and the World Wide Web are the main ways how businesses are carried out in the current world (Worth, 2005). For example, if the internet fails in the world today, many businesses will be stacked and even fail to create serious problems in the business sector. Only those large and strong businesses would survive in case the Internet is taken away or fails. This is because many international businesses and even local businesses are carried out through the Internet.

The Internet has made large and small business to be globally integrated; on the other hand, due to globalization, traditional difficulties that made business be carried out with hardships have been reduced (Marshall, Taylor and Yu Xing, 2006). Instead, new techniques that have fastened the carrying out of business have been invented. For example, due to globalization, distance, culture, language, time zones, business systems and differences in government regulations are never issues in the current global business. Distance has been reduced by the use of emails, where international businesses use emails to reach their client without them traveling to meet them. Read More