Globalization- The True Effects On Development Economy

Globalization is a much talked buzzword in the modern economy.  It has certainly strong effect on global business market. By definition globalization refers to the movement of goods and services across the country boarders. The whole world is treated as one common marketplace of commodities. The people from one parts of the world can get any particular products and service easily with the help of globalization effect. It has opened a new arena for the marketers to enter in distinct corners of the globe with their offering.

With the improvement of modern technology, manufacturers can have the ease to increase productivity by producing more commodities in the factories. As the telecommunication process advances, it becomes easier for the producers to reach the global clients quickly. Globalization comes as a blessing for them in marketing and distributing their offerings. The giant multinational companies find new markets to invade with their capabilities.

Globalization results in severe competition among the companies. The MNCs are striving hard to win the hearts of the consumers through high quality products with competitive price. As a result the consumers become the main beneficiaries of globalization. It would become quite impossible for a consumer residing in a remote place of the world use the daily necessary popular branded products.

It is quite interesting to understand the true effect of globalization. The local small companies strive hard to withstand in the fierce competition in the globalized market. The marketers need to give more focus on satisfying the customers by offering their best products and services at competitive rates. Creating a niche market, defending the niche, taking the appropriate marketing policies can help those companies surviving in the market with good reputation and fame.

Since the ultimate consumers get various commodities at their convenient places, they are enjoying more selective powers. Among the various products they can choose the one that serves their needs fully and satisfactorily. Globalization brings all the people of the world under one big roof. Manufacturers put more focus on innovating new products and the final users can have better choice in selecting the best one.

 All the advantage of globalization mainly goes to developing nations who has more capital to spread their business. Still, the developing countries face challenges in keeping their places in this modern business race. But in line of the wise saying “quality survives at last”,  globalization brings a new scope for the companies to prove their efficiency, competitiveness, specialty in designing, manufacturing and marketing their various products and services.