Reflective Marker Business & Marketing Essay Paper

Globalization and its Role in the Development of International Markets
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Introduction
Globalization has played an important role in the growth and development of international markets. Factors such as technology, competition among companies, foreign direct investments, and free trade are some of the key drivers of globalization, as discussed in this paper.
Technological Changes
Technological changes and advancements have been one of the main forces behind globalization. I think that technological innovations have facilitated information processing, especially through telecommunication and the development of the Internet. One of the main highlights of technological advancement in 1970’s was the Moore’s Law, which predicted that the number of transistors within a given area, specifically square inch, would double every year (Mody, 2017). As such, more transistors were manufactured at a lower cost, increasing the demand across the world. I believe that this has contributed to the manufacture of faster devices that have allowed for innovation in product design. The result of this is an increase in products manufactured every year and a similar increase in demand for the same products across the globe. Further, distance barriers between countries have been reduced because it is now possible to ship products in large volumes, as a result of technological innovation within the transport sector (Hill & Hult, 2018). This, I believe, has facilitated international business since consumers in one corner of the globe can acquire products from another corner at low costs.
Universalisation of Consumerism
The consumerism movement was said to have started in the 18th century after the industrial revolution and became more popular in the 19th century (Kaufmann & Panni, 2014). It has, however, spread across the globe over the years. Through consumerism, buyers can acquire more goods and services than they need, and sellers have always taken advantage of this. As a result, as more people purchase in excess, the demand for products increases. Companies have now been producing mass goods to ensure they have enough to serve the ever rising needs of buyers. The need for consumers to purchase more than they need has spread and become a universal concept, with more consumers spending on goods they do not need globally. This universalisation of consumerisation has been one the key drivers of globalization. I also believe that approaching consumerisation from a consumer’s protection point of view is a good way to explain the concept and its effect on globalization and international trade. This is because, with time, consumers have been protected from buyers by international laws without considering the home countries of both players. As such, this universal protection has promoted globalization and international trade.
Establishment of Global Institutions
Further, in the same line of thought, I believe that part of consumer protection has been through the establishment of global institutions that fight for fairness for all people. These organizations have also empowered developing and emerging economies throu...