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Global Business Opportunities | Assignment

Added on - 28 Mar 2020

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Running head: GLOBAL BUSINESSES OPPORTUNITIES1Global Business Opportunities(Author’s name)(Institutional Affiliation)
GLOBAL BUSINESS OPPORTUNITIES2Globalization,Localization and GlocalizationGlobalization is an emerging modern business trend which involves an all-inclusive globalmovement towards social, financial, communication and trading integration. The termglobalization is more often used to refer to opportunities for opening up to both local and tonational perspectives thus leading to the creation of globalized markets. Globalized marketsemerge from products and services uniformity. Majority of bigger companies have adapted tomarkets globalization strategy by providing globally accepted standardized products which arereliable, functional and advanced; these products are offered at a lower. It is, therefore, theresponsibility of companies to exploit economic simplicity that operates in the entire world whileat the same time maintaining quality and reliability with an intent of maintaining reasonablereliability standards that will attract customers interest to organization products (Levitt, 1983).Nevertheless, the view and application of globalization strategies have over the years changed asthe pioneers of globalization strategies such as Levitt failed to explicitly discuss the brandingconcept (Holt et al. 2014). The contemporary business world demands local sensitivity,flexibility, and responsiveness to customers needs which faces difficult decisions as it is aimed atmaximization, standardization, and integration of business activities across the world. Businessmarkets have thus narrowed down from globalization to localization with an intent of adoptingmarketplace local conditions and circumstances in ensuring successful marketing.Localization refers to the adjustments of products functional characteristics and properties tofit the legal, political, social, economic and cultural differences that exist within a nation or aforeign market (Dumitrescu & Vinerean, 2010).Localization favors and promotes successfulmarketing activities within the marketplace thus rendering global market strategies not ideal asthey do not focus on meeting customers' needs and brands. Localization understands customer's
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