Global Business
Restructuring and Adapting to Thrive in Global Markets
Globalization is defined as "an integration of world finance markets, sovereign nation states, and multitudinous technologies, all transacting within a type of free market economy never before seen or experienced.” (Friedman, 2000, ¶ 4)Through globalization, companies are able to obtain and conduct business transactions throughout the world by leveraging resources. Globalization also affords many companies international exposure, which could lead to more customers. However, international markets provide a tremendous level of uncertainty for companies. Realities such as “war, civil unrest, natural disasters, and economic downturns” (Drake, 2005) also affect an establishment’s ability to conduct business. As a result, technology and Internet-based solutions have allowed companies to offer services and products to places and environments where it otherwise may not have been possible. Customers in the Internet driven world of today are demanding companies to make services and products available anywhere in the world in order to remain competitive. The use of the Internet and new technologies allow companies to offer services and products to consumers without the limitations of geography, thus making the global market fluid and interconnected (Sawhney, 2003, ¶ ).
Using several examples from businesses that have expanded to international markets, this paper will explore why many companies have decided to offer worldwide services as opposed to only national services. In addition, it will explain what major steps companies must take to transition from being national providers to global frontrunners. Lastly, it will illustrate how the changes have affected the way they do business today and in the future.
In today’s diverse marketplace, the customer’s happiness is the key to a business’s success. Through the process of globalization many companies are extending more conveniences...
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