The ability to discover and cater to niche markets around the world is one of globalization’s appeals. Has a Western electric bike manufacturer found limited success in a country where cars are still king? It can turn to Asian markets, where population density has led to crushing vehicle traffic and a huge market for lighter electric transportation.
This increased competition means companies must keep up with cutting-edge developments and stay assertive in the global marketplace to survive. Consumers demand ever-higher quality and cheaper products, and when they have a global array of companies to choose from, only those that evolve to supply what consumers want and need will prosper.
Imagine a joint United Nations peacekeeping mission in which different member nations join forces to save lives on another continent. Imagine a business call with members of eight different countries. Imagine a teenager in Poland listening to Rihanna at night and in the morning getting her Fjallraven-Kanken backpack ready for school, where she will read Proust, Dostoevsky, Murakami, and Bolaño in her literature class. Imagine a doctor in Chicago reading The New York Times and the Guardian and Al Jazeera.
Imagine McDonald’s stores springing up in Ukraine and Vietnam, and Americans frequenting Indian restaurants in Montana and falafel carts in New York. Imagine a pair of jeans in the mall with a “made in China tag” inside. “Globalization” refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media. What Is Globalization and Why Is It Important? As globalization continues to shape worldwide interactions in commerce, technology, and more, companies will need to understand both its benefits and challenges. Globalization provides a wealth of benefits, but it also comes with economic and cultural consequences that can be difficult to navigate. It shapes, and will continue to shape, the way people do business, travel, and connect. There is no question about it - globalization has transformed the modern world.