Premium Essay

Technology as the Most Driver of Market Globalization

In: Business and Management

Submitted By Amira55
Words 265
Pages 2
In nearly every corner of the world, one cannot enter a café or walk down the street without seeing someone talking, texting, or surfing the Internet on their cell phones, laptops or tablet PC.

Information Technology (IT) is changing every aspect of how people live their lives. Technological advancement and IT development are the technological driving force for economic globalization.

Over the past few decades advancements in information technology have had a marvelous effect on the global landscape.The argument will be presented, that innovation in information technology has been a major driving force behind globalization and that information technology has now become a key component of a corporation’s global business strategy.With the development of science and technology and increase of income level, industrial structures of all the countries have been also undergoing readjustment and upgrading.

In recent years, developed countries in the west are gradually entering the era of knowledge economy and have started to shift to developing countries many labor-intensive industries of weak international competitiveness. This process of cross-country shift is pushing forward an in-depth development of economic globalization

Technology shaped and set the foundation for modern globalization like innovations in the transportation technology such as commercial jet aircraft and the concept of containerization in the late 1970s and 1980s. Inventions of microprocessors and telecommunications enabled highly effective computing and communication at a low-cost level. Finally the rapid growth of the Internet is the latest technological driver that created global e-business and e-commerce. internet access and some of the fastest broadband networks in the…...

Similar Documents

Premium Essay

Globalization, Technology and Innovation/ Starbucks

...Globalization Starbucks is a global company. Globalization affects the four functions of management in many ways. Being that it is a global company there must be more use of the functions. It must be done on a larger scale than with a smaller company. The different sites have to communicate on the plans of action. It could affect the functions negatively , in that there are so many sites that need to be considered when planning. It could be hard to get all of the management team onboard at the same time., Technology Starbucks has always been on top of it in regards to technology. They are one of the first coffee places to offer free wi-fi. They are known for being an upscale coffee spot. This is where technology comes into play. Starbucks has to be on top of the technology scene being that they are a worldwide company. The functions can be affected by this fact. For the company to stay as successful as it is, they need to stay up to date with the latest technology. If it has the most up to date technology then it can interact with the stores with efficiency. Innovation Innovation parallels with technology. If the management team at starbucks is trying to get more innovative. They need to make sure they have younger management teams. The younger generations are able to think “outside of the box”. The younger generation is more up to date on the new technologies that are coming out. They have graduated recently so they know what the younger people are interested in.......

Words: 270 - Pages: 2

Premium Essay

Neo-Classical Model of Financial Market Globalization

...countries fully justify the prediction of neo-classical model of financial market globalization? Why or why not? Financial Globalization stems from the idea of Neoclassical Economics where efficient allocations of resources will bring prosperity to nations through globalization. Financial globalization is an aggregate concept that refers to increasing global linkages created through cross- border financial flows. The theory predicts the capital will flow from the more to less developed countries and all nations will gain as a result. However, in reality where market failures and information asymmetries exist, the results of financial globalizations are conflicting with its ideology. Especially in the emerging markets where the economies are even more highly distorted than the developed ones. Studies show mixed results regarding the effects of financial globalization on developing economies. Though the strong supporter of financial globalization are international organization such as IMF, World Bank and United Nations, many academics argued that the theory did not benefit the developing economies, yet worsening them. This essay will be critically analyzed the impacts of financial globalization on emerging countries in economic and social aspects. Growth In principle, financial globalization is greatly beneficial to economic growth in developing countries. Reduction in cost of capital, technology transfer and development of financial sectors are direct advantages from......

Words: 970 - Pages: 4

Premium Essay

How Have Changes in Technology Contributed to the Globalization of Markets and of Production? Would the Globalization of Products and Markets Have Been Possible Without These Technological Changes?

...communicate, share information and transport goods worldwide. The advancement in telecommunications and transportation has had major impacts on the globalization of markets and on production. The major rise of the Internet and the World Wide Web has directly impacted these technological advances. The development of microprocessors has also been a large factor. The growth of low-cost but high-powered computing has boosted the amount of information that can be processed by firms and individuals. Advances in telecommunication technology are a direct result of the microprocessor. Massive amounts of data and information are encoded, transmitted and decoded by microprocessors powering the telecommunications technology. Microprocessors have consistently dropped in prices as their processing power increases. This phenomenon between the relationships of cost versus power of microprocessors is known as Moore’s law. As Moore’s Law continues, the cost of global communications falls drastically. The lowered cost of communications and the ability for buyers and sellers to find each other online reduces the barriers such as location, time zones and scale. This allows businesses and individuals to have a global presence and control and coordinate their globally dispersed production systems. Major innovations have occurred in transpiration technology as well as telecommunications. Innovations such as commercial jet aircraft, containerization and super-freighters have shrunk the cost of......

Words: 315 - Pages: 2

Free Essay

Globalization Through Technology

...Administrator (2009) Information Technology and Globalization Retrieved from: www.globalvision.org/library/7/970, 06/12/14 Berry (2013) The Impact of Globalization and Technology on Teaching business, communication: Reframing and Enlarging world view, methods, and content Retrieved from: http://journals.clute.com/index.php/AJBE/article/view/7483, 06/14/14 Blackman (2012) The Impact of Globalization and Information Technology on the strategy and profitability of the banking industry Retrieved from: http://ieexplore.iee.org/xpl/login.jsp?tp=3number, 06/12/14 Blaisdell, R. (2012) Mobile Technology and Globalization Retrieved from: http://cloudtweaks.com/2012/08/mobile-technology-and-globalization, 06/28/14 Bras, R. (2014) Information Technology Implementing globalization on strategies for quality care provided to children submitted to Cardiac Surgery: International Quality Improvement Collaborative Program- IQIC Retrieved from: www.scielo.br/scielo.php.pid-SO102, 06/12/14 Burbules, N. (2009) Liberalization, International integration, or broad-mindedness…inequalities, gaps, or divides between people…information age, informational capitalism or network society Retrieved from: e4gi.weebly.com/globalization---technology.html, 06/12/14 Burnside, K. (2009) How Globalization and Technology Change Business Retrieved from: http://smallbusiness.chron.com/globalization-technology-change-business.27306.html&usg,......

Words: 754 - Pages: 4

Free Essay

How Have Changes in Technology Contributed to the Globalization of Markets and of Production? Would the Globalization of Products and Markets Have Been Possible Without These Technological Changes?

...How changes in technology have contributed Q. Explain How Changes In Technology Have Contributed Towards Globalization Of Markets And Of Production? Answer: Technology has dramatically changed people's way of life all over the world and the world today has become a true manifestation of a global village. Not only the frequency of international travelling increased manifold but the possibilities of cross-border trading of goods and services have also increased exponentially. These impacts are collectively known as globalization. (Hill, 2009) defines globalisation as a process which enables individuals, organisations and governments from different natins to come across each other and interact in an intergative manner. The end result of such intergation would be an intergated globalised market system which can act as a melting pot of indivual economies of different nations. There are two ways in which globalisation can be envisaged, i.e. with the production perspective and thebmarket perspective. (Hill, 2009) defines the markets' globalisation as melting down and convergence of individually independent market places into an amalgamated market place. Sharing of the sources of production from different geographical locations for levaraging the quality and cost of the goods and services produces is the idea behind the products' globalisation. (Hill, 2009) Many institutions have been formulated to help manage, regulate and police the phenomena of globalization and to promote......

Words: 1856 - Pages: 8

Free Essay

Technology and Market Economies

...linkages between technology and economic development. The harder we think about it, the more we realize that technological development is almost certainly the key driver of long-term economic growth, Bai C, Yuen C (2002). Recent advances in our ability to communicate and process information in digital form - a series of developments sometimes described as an “IT revolution” are reshaping the economies and societies of many countries around the world. Technology is now a driving factor in the process of globalization in the free market economy. Technological innovation is the one of the most fundamental impulses that set and keep the free market economy in motion Wang (2007). It incessantly transforms production and consumption as well as organisation of firms and industries, destroying old ones and creating new ones – a process that Schumpeter named creative destruction which leads to innovation and value both for consumers and for shareholders of companies. Free market refers to a market system in which the prices for goods and services are set freely by consent between sellers and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority. Free market contrasts with a controlled market or regulated market, in which government intervenes in supply and demand through non-market methods such as laws creating barriers to market entry or directly setting prices. Free market is the......

Words: 1674 - Pages: 7

Free Essay

Globalization of Markets

...Globalization of Markets: Global Market and its impacts on developing countries – the case of tourism industry in Vietnam Introduction Globalization is more and more concerned by people all around the world. As globalization is inevitable, In fact, globalization is not a new phenomenon in human history. In the academic field, the term “global This paper is aimed at providing Vietnamese marketing personnel a practically good source of analysis and theoretical base to help them survive in the increasingly competitive global market. Discussions of findings 1. Literature review The so-called global market is, in fact, not new in the world history. As examined by Giovanni (1999), global market has developed through 3 stages. The first stage was under the British hegemony which came into existence in the second half of the nineteenth century through the extension of the industrial revolution to long-distance transport and communication. Thirty years after the industrial revolution began; the rapid development of railways and steamships was forming the world into a single interacting economy as never before. The most remote parts of the world began to be linked together by means of communication which had no precedent for regularity, for the capacity to transport vast quantities of goods and numbers of people, and above all, for speed (Hobsbawm, 1979 cited in Giovanni, 1999). With this advanced system of transportation and communication, world trade expanded at......

Words: 1658 - Pages: 7

Free Essay

Globalization and Technology

...Globalization and Technology Amazon is a worldwide sensation, and can be found by a click of a button. To be ahead of the game they will have to keep up with the forever-changing times. “Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.” (Sillicon Valley 2007) Amazon ships too places like Japan, China, and even Canada. They have different fees and limitations for different countries and trade with countries. Globalization goes hand-in-hand with technology; Amazon can see who the leading companies to trade are. With technology the way of the future Amazon has taken their company to the next step. People are able to buy and sell thing by web or their smart phones. Amazon uses the technology to track products which are coming and going out. They can organize their sales revenue throughout the year. People are allowed to sell items on line; Amazon can control what items are sold and if the customers are not receiving the product. Consumers can go online and track where their products are and how long it will take to be shipped to them. To run a businesslike Amazon they will have to be organized and be ahead of......

Words: 357 - Pages: 2

Premium Essay

Market Drivers

...believe market-drivers have enduring competitive advantages or can you foresee a situation in which a market-driver loses its footing? Take Starbucks for example: Can you imagine a future in which Starbucks no longer enjoys the prominence it has at the moment? Why, or why not? “Market-driving companies are usually new entrants to the industry, although there are exceptions. The history of innovation is a pattern in which bursts of breakthrough innovation that reshape an industry are interspersed by flows of less dramatic incremental improvements.” According to that I generally do believe that companies that drive the market have enduring competitive advantages compared to e.g. market-driven companies because they focus on a vision for the future, unhampered by traditional thinking and industry norms for product or service development. Market-driving companies are poised to make discontinuous leaps in innovation in terms of customer value. Moreover they also have a mission to build unique business systems through technology and business model innovation or rather entrepreneurial capabilities. As most of the market-driving companies, STRABUCKS started small but its market-driving potential was inscribed in its DNA. Starbucks will always continue to be a market-driving company because it achieves long-run equilibrium with supra-normal profits and hences a sustained competitive advantage. The secret behind this success or rather behind becoming an “owner of the market”, is......

Words: 672 - Pages: 3

Free Essay

Walmarts Successful Globalization Into the Chinese Market

...Walmart’s Successful Globalization Into The Chinese Market Stanley Armstrong Southern New Hampshire University Abstract There has been an increasing enthrallment over global expansion across the globe. Likewise, there are many things that factor into making such an enormous decision a successful one. Some of these factors include, the strategies to which the business will use, what modes of entry they will take, and what are possible threats and opportunities that may arise. Choosing the right strategy to enter into a new market is key in determining the success of the company now and in the future. I. Introduction “Walmart Stores, Inc. was founded by American retail legend Mr. Sam Walton in Arkansas in 1962. Over nearly 50 years of development, the company has served customers and is now the world’s largest private employer and retailer, on the top of the Fortune 500 list. Walmart is among the most recognized global brands.” (Walmart China Factsheet) II. Global Expansion Lately, many large companies within the retail division who seek to increase their profits and hold a greater market share have decided to expand their companies globally. Global expansion has grown to the point where its not only attacking large companies, but has increased the efforts of those small-scale companies, those who are foreign to expanding internationally, and even those who have already ventured into international markets. There have......

Words: 1864 - Pages: 8

Premium Essay

Globalization and the Art Market

...Professor Doyle Art 333 
 20 September 2015 Globalization and the Art Market The expression "globalization" is universal and loose. In any case, it is important to consider what it implies for the craftsmanship market and the most extensive circle of aesthetic creation. According to Manfred B. Steger’s book, Globalization: A Very Short Introduction, the term globalization refers to the “expansion and intensification of social relations and consciousness across world-time and world-space” (Steger). In other words, globalization applies to an arrangement of social procedures that seems to change our present social state of debilitating nationality into one of globalist. In the book of Globalization, Steger defines globalization as a “social process through the shifting of human interactions by reaching the goal of globality.” He then explained that by adding the suffix ‘-ization,’ the term globalization means that the process of globality is still under the development towards a new condition of postmodern globality; that globality has not yet been reached. Globalization equivalents to cross-outskirt trade of worth, including monetary action. Merchandise and administrations change hands crosswise over area and ocean and individuals profit. The relationships between the global and the local art market work closely together: examining at the art market in a local scale is the best way for one to look at the art market in a global context. For instance, the easiest......

Words: 612 - Pages: 3

Premium Essay

Information Technology Is the Most Important Marketing Tool for Modern Business Organization.

...Cantonment, Dhaka – 1216 Subject: Submission of report on Information Technology is the most important marketing tool for Modern Business organization. Dear Sir, Here is the report you asked to submit on Computer and its application in business. We are very happy to submit this report on time to you. In this report we have tried to provide as much information as we can about Information Technology and its importance in marketing. We have done the report according to your specification. We will always be available for any supplementary interpretation or clarification that you may require. We sincerely hope that this report will live up to your expectation. Thank you for your valuable time and cordial consideration. Sincerely yours On behalf of my group Objective of the study * To understand the importance of information technology. * The business implication of IT. * IT as a modern marketing tool for modern business organization. Information technology Information technology (IT) is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise. The term is commonly used as a synonym for computers and computer networks, but it also encompasses other information distribution technologies such as television and telephones. Several industries are associated with information technology, including computer hardware, software, electronics,......

Words: 3809 - Pages: 16

Premium Essay

Drivers and Features of Globalization

...The term ‘globalization’ in the most basic level can mean the globalization of international trade, however it is also expansion of foreign direct investment (FDI), multinational corporations, integration of the world capital markets and much more. Thus, globalization can be defined as the interdependence of national economies through trade, finance, production and a growing web of treaties and institutions. The evidence of globalization is clear. Nowadays, over $4 trillion in foreign exchange transactions are made every day, where more than $15 trillion of goods and $3.7 trillion of services are sold across national borders. A more intuitive example can be a British person driving the German car with a Dutch engine that was assembled in Mexico from made in US components, which in turn, were fabricated from Korean steel. But what influenced the trend for globalization? This essay will outline two main macro factors that helped globalization to evolve. It will then pass on to describing four major features of globalization. To begin with, the globalization was driven by the decline in barriers of the free flow of goods, services and capital that has occurred since the end of the Second World War due to the GATT arrangements. This resulted in significant fall in average tariff rates since 1950 that are now at a 4% level leading to steady growth of international trade over the last half of the century, when by 1998 it was three times more than it was in 1950. In addition, many...

Words: 900 - Pages: 4

Premium Essay

Globalization; Its Drivers and Effects

...Globalization; Its Drivers and Effects Globalization, in the most basic sense, can be defined as a trend in which countries across the globe are joining economically. Hill (2009) describes the major facets of globalization to include the globalization of markets and the globalization of production. The globalization of markets is a result of merging local and national markets to create one somewhat homogenous “global” market whereby the individual preferences of regions, or nations, have converged. On the other hand, the globalization of production has allowed firms to split their operations internationally. As a result, each stage of production for these firms takes place in countries around the world in areas where work can be accomplished at the lowest cost. The decrease in international trade and investment barriers and advancements in technology have served as the major drivers of globalization. Furthermore, Hill (2009) identifies that globalization has had an effect on the demographics of the global economy. This paper provides an analysis of the major drivers and effects of globalization and recognizes some of international trade theories that support the need for a global economy. Drivers of Globalization The first major driver influencing the spread of globalization is the decline in barriers to free trade. Since the end of World War II, the advanced nations of the West have advocated the free flow of goods, services, and capitol between nations. Hence, the......

Words: 581 - Pages: 3

Free Essay

E-Volution: Technology as a Driver of Rural Retail in India – a Case of Itc’s Foray Into the Rural Market.

...| E-VOLUTION: TECHNOLOGY AS A DRIVER OF RURAL RETAIL IN INDIA – A CASE OF ITC’S FORAY INTO THE RURAL MARKET. | Ms Smita Singh, Research Scholar, Department of Business Administration, University of Lucknow, Lucknow(M) 098395-01035e-mail: smita_saggi@rediffmail.com | Ms. Smita Singh Ms. Singh is a visiting faculty at Institute of Management Sciences, University of Lucknow and Distance Learning Centre for Punjab Technical University. She has been associated with academics for the past 2½ years and is enrolled for PhD research at the Department of Business Administration, University of Lucknow. She has worked with Wigan and Leigh College, Lucknow as Programme Manager and Academic Head, Management. A NTSE (NCERT) and HRD Ministry scholarship holder, she has qualified SLET in Anthropology. With over 8 years of industry experience, her current affiliation as Human Resource Consultant is with the Lucknow based project centre of Johns Hopkins University of Public Health and Hygiene, which she earlier served for 4 years as Manager HR and Research Associate. DECLARATION I hereby declare that the paper/case is original and is authored by me. The paper/case has not been published elsewhere ABSTRACT E-VOLUTION: TECHNOLOGY AS A DRIVER OF RURAL RETAIL IN INDIA – A CASE OF ITC’S FORAY INTO THE RURAL MARKET. 70 % of India's population lives in rural areas in its 627000......

Words: 6685 - Pages: 27

Download | Full Version9 | Wir töten Stella (2017)