INB20009 - Managing Global Marketplace: Technology, Web 2.0 & Theory

This essay critically summarizes four recommended readings related to the global marketplace, emerging technologies, and marketing theory. It covers topics such as the impact of the internet and Web 2.0 on globalization, the shift in power from firms to consumers, and the importance of social media in international marketing strategy. The essay also discusses different business models, the role of creative consumers, and the challenges and opportunities of using social media in the global marketplace. It highlights the need for businesses to adapt to new technologies, embrace social media, and understand consumer behavior in order to succeed in the ever-evolving global marketspace. Desklib provides access to similar solved assignments and study resources for students.

Global Market Place 1
GLOBAL MARKET PLACE
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Global Market Place 2
The marketplace, emerging technology and marketing theory. Marketing Theory
Technology is a significant factor that has the possibility of revolutionizing human activities and business
transactions in the current world. The internet has made the world a global village at it is easier for
investors or developers to engage in various business transactions with ease. The internet has enhanced
communication and advertisements to consumers and businesses. With the rise of the internet, it has
created an increase in competition among companies due to the improved communication among
consumers. It is critical to note that the internet businesses transactions are sprouting at skyrocketing rate.
With the development of soft wares, businesses are capable of providing platforms where customers can
interact. Machines are fitted with chips and in future can access the internet and have upgrade before
there are glitches.
In the modern marketplace when organizations are excellent in their businesses, they tend to remove
organizations or companies that tend to be not successful or inferior. The replacement is due to natural
selection theory, hence, when the inferior business close, those that are successful expand. In modern
marketplace, consumers have a lot of engagements and are always in need of value for what they
purchase. The marketplace is forced to advance to be capable of meeting consumers’ demands. The future
marketplace comes as a result of marketing which focuses on the future. Marketing strategies meet its
objectives in quarterly or yearly basis, and it’s crucial to understand how new technology will be put into
use. Marketing managers need to focus on new technology if they need to get how it works and adopted
by the public. Computers being everywhere intelligence is added to devices, and they become
sophisticated.
The traditional retailing theory is characterized by patronage behavior which is an important variable.
Patronage behavior entails behaviors of purchasing products from a specific store and being loyal to it by
buying repeatedly. Traditional retailing can be applied to online shopping to check the number of
customers who take part in purchasing. From this theory, three variables come into play. Shopping
motives which comprise of consumer inclinations, e.g., looking for convenience. The second variable is
consumer psychographic like self-confidence and dislike of risks. The third variable is facility attraction
like service quality, vast selection, and accessibility. An external variable is an interactive control which
is essential due to the web forming a medium of interaction which does away with sales personnel. Online
shoppers are excited because of they carry out purchases without involving a third party.

Global Market Place 3
The marketplace is human created, and it creates a forum for interactions. Consumers are capable of
communicating via the website to carry out inquiries before the make online purchases. For companies
with online shopping, it is not a must to engage sales personnel but carry out direct online purchases. In
businesses, marketing must focus in the future in order not to be faced out by competitors. It is critical to
set up the internet for businesses to be able to experience customer traffic.
The internet has been beneficial to businesses but with its fair challenges. The internet has been used as a
tool to improve human capability like in the retrieving and sending of information. The Internet can be
used to enhance marketing through advertising via websites. How consumers look for information can be
tracked and the patterns checked. Clean-stream patterns are vital in monitoring consumer behaviors that
result into purchase, loyalty, and inquiries.
From global village to global marketplace: Metaphorical descriptions of the
global Internet. International Journal of Media & Cultural Politics
The internet is a symbol of globalization due to its universal fibre optic cables that carry out the instant
transfer of data. Critical metaphors associated with the internet are the global village and global market
space. It has come out to be perceived as the facilitator of present-day globalization raising many
questions where it will lead globalization. The internet has enabled elements such as terrorists to be
enhanced due to ease of increasing their linkage and operate globally. The internet is not confined within
state borders making states to be defeated in a way and politics is changed from being regional to global.
It is important to note that the internet and globalization have a close correlation with its location on
metaphor powers and not physical reach. Various metaphors have a particular global political order;
produce specific globalization and internet.
Globalization poses a threat to sovereignty in that it in a way does away with territories compromising
nation’s ability to govern itself. The internet’s nature is complicated to describe due to its design.
Globalization is not a result of the internet, but the internet is a feature of globalization. Internet’s global
reach was taken to be capable of reaching everyone in the world during the cold war. There are elements
of mutual disruption between metaphors like the global marketplace being disrupted by the global village.
The comparative of different globalization metaphors at certain times need further examinations. The
internet being able to go beyond borders and improve the way people interact was considered the cutting
edge of globalization. The global marketplace is a metaphor that describes globalization. States were
forced to leave their national economic independence in the global marketplace.

Global Market Place 4
Politically, metaphors matter for their conformation with the law of authority relationship according to
Rorty’s theory. Legitimacy is meant to justify political authority that gets loyalty. Metaphors actions of
legitimacy give them powers to establish political orders. Change occurs politically when legitimacy halts
and results in a crisis and social players’ questions political order. In Hobbes theory, he notes that when
there is no nature among autonomous individuals, and in the lack of overarching authority, the
independence of the individuals will be a source of insecurity. Nations maintain their independence and
are answerable for their security. The consequences of these metaphors and the political order are that
citizens are guaranteed safety in their countries but face insecurity from outside enemies.
Globalization has the internet as its powerful symbols. Social media entails web-based applications that
create a conceptual foundation and enables the creation of users and exchange of information. Through
social media, businesses create pages like in Facebook where their customers and potential customers
interact. Social media can be used to enable events to be viewed globally. A company can use social
networking sites to create and enhance their brands. Social media can also be used to share brand
experiences.
Globalization and the internet’s successful study puts politics in the forefront as the result of internet’s
reach. The reach is perceived to compromise political power linked with a sovereign state by trespassing
its borders. The global political order arrangement cannot be taken from internet’s physical reach. The
world's problems can be solved from global village to global market space.
Strategic development of business models: implications of the Web 2.0 for creating value on the
internet
Social media users have grown and continue to grow each year revealing how essential it is among many
people’s lives worldwide. Half of social media users follow brands on their social media platforms and
share their brand experiences creating an impact on brand perceptions and purchase intentions. The
motivations to connect are the discussions about brand experience and personal brand experience. The
internet has been perceived to be an American spectacle which is not the case with social media which
has been embraced and is being used globally. Marketing has increased on social media making it grow
remarkably. In most cases, the focus has been in interacting with friends, creating personality, fulfillment,
users’ experiences and management.
Social networking sites are one of the key features of Web 2.0 era accompanied by the bulging growth of
social media users. Social media is a cluster of internet-based applications and technology fundamentals
of Web 2.0 that allow formation and exchange of information. Social networking sites are web-based
services that enable people to create an open or semi-open profile within a limited system. Social
networking sites have proved to be of tremendous potential in encouraging how people socialize, receive

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information, entertain, make decisions and shop. Innovation is adopted at varying rates, and it is
influenced by innovation features, communication platforms where it’s communicated, and the time
passed its introduction. Purchasing decision made by consumers is reliant on social, economic, macro-
environmental effects and institutional structures. Variation in cultural proportions defines some of the
dissimilarities in internet penetration and adoption patterns.
The notion of consumer culture is a sense of values and belief among the consumers. Purchasing of
products and services is a cultural activity hence companies or businesses should study the market and
business effects of the cultural meanings. Global consumer culture is a culture driven by globalization.
The digital era consumers are seen to be individualistic, random and expressive. The Web 2.0 has resulted
in a change in the place of power away from the producer or manufacturer to consumer. Social media
participants usually are yearning to be both producers and consumers of information.
In businesses, it is imperative to ensure that the managers and sales personnel understand consumers and
provide that they lure them to take part in value creation. Consumers who entice their counterparts in
value creation generate content and build business clout. When using social media to improve business,
barriers should be averted. Preventing barriers include engaging consumers and not harassing them and
avoiding preventing employees from using social media network.
Communication and cultural environment systems are critical in influencing social values of a country
and influence marketing. Trust affects approaches to use of social networking sites directly and
positively, and alleged risks impact negatively. While adopting and putting social networking sites into
use, identity disclosure can cause conflicts due to disclosure of personal information. To be up to date
with technology, businesses should be in a position to embrace technology, invest and train employees,
and management be cognizant of social media opportunities.
Marketing meets Web 2.0, social media, and creative consumers: Implications for international
marketing strategy
The internet has brought merits and demerits in the world that has seemingly have no borders in the 21st
century. Managers of the current world need to take note of the benefits and threats the website, social
media and consumers result in the change of absolute position power and value. The 21st century
managers need to keep abreast always with technology, social media, and customers. Being up to date can
be realized, and managers and marketers must involve customers, train, invest in workers, embrace
technology and lower bureaucracy.
The world has changed tremendously with new technologies that improve innovativeness and culture
causing confusion to business managers. Social media and creative consumers are related words and
normally used interchangeably. Web 2.0 enables creating and transferring of information which is the
social media. Web 2.0 is technology improvements in hardware and software that enhance the content

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creation, communication and puts the user center stage on the World Wide Web. Creative consumers are
generators of the new media world. Consumers generate material via social media like Facebook, Twitter,
and YouTube by creating organized views, getting involved in promotions, and finally, they get involved
in product modifications. Social media entails channels and content in the form of text, picture, and
videos that are generated and transferred by communication among individuals and organizations.
Various success stories exist in social media that show a change in certain point of value creation from a
company to the individual. Anxioms of social media includes; general issues not remaining general, and
social media of a specific country is a function of technology, government, and culture. In times of social
media, local events rarely remain local and technology in different countries change along a path due to
resisting of change. The markets have changed with web 2.0 and customers are no longer told but lured to
participate in value creation.
In application, businesses can use social media to lure customers to engage in value creation by building
clout, ensure that messages are genuine, and aiding users in generating content. Managers should be
proficient with technology that strengthens creative consumers and social media. Business managers
should also have a better understanding of social media. There is a real success in posting on social media
like Twitter where fan pages are created, and Youtube having videos downloaded. Through such media,
advertisements can be posted.
The Web 2.0 has brought opportunities with challenges worldwide. Marketing managers have to
deliberate on the opportunities and challenges posed by Web 2.0, creative consumers and social media.
Some companies have been able to control social media to good marketing result. Government,
technology, and culture determine social media in a country.