Delivering Customer Value - Essay Example

It can be said that the entire process of globalization has played a major role in the process of opening markets around the world and making information from various corners available to the masses, irrespective of their geographical locations. As a matter of fact, it can be said that the entire process of globalization has played a major role in the process of influencing the consumer behavior, needs and demands of the masses all over the world. The high level of influence that is being implemented on the masses by the process of globalization has led to the evolution of needs and demands for various kinds of new products and services in various markets around the world. Also, it has to be mentioned that in an attempt to focus on attaining a significant amount of growth and stability in the economy, various countries around the globe have focused on the process of opening up their regional and national markets by designing and implementing various economic policies and frameworks, which will provide a significant amount of benefits for providing and promoting growth in business. By designing and implementation of various business-friendly economic strategies, governments around the world concentrate on attracting foreign investments of diverse nature like Foreign Institutional Investments (FIIs) and Foreign Direct Investments (FDI).

The factors of favorable government frameworks, economic policies as well as tremendous demand from various markets for various new products and services are encouraging companies around the world to focus on the process of catering to the growing demands of the global masses. As a result, companies around the world are designing strategies like product development, market development and even diversification strategies for the purpose of entering new markets. This has automatically resulted in the increase of the level of competition in various markets around the world and is also providing the customers in various markets around the world with a significant number of alternative products.

This is resulting in the increase in competition for products and services and is promoting inter-firms rivalry among various companies in multiple markets around the world. With the rise of similar types of products and services in any particular market, consumers are left with a wide array of choices. Acting on the basis of normal and rational consumer behavior, it is quite natural for the consumers to select the products and services, which provide the best fit to their consumption trends as well as lifestyle patterns.