Question

Identify three specific ways globalization has affected the marketing environment.

Answer 1

Globalization means that the whole world has become an open market. Companies can now manufacture and sell their products in any part of the world. The concept of globalization can be understood in the sentence that "the world has become a global village". This has brought about changes in the marketing environment as well. The major ways of affecting the marketing environment are:

1) The customer base of the products available in the market have increased tremendously.

2) The competition has also increased as there are several national and international players in the market.

3) The transfer of information and technology has become very quick and cheap due to the development of technology.

Marketers have to plan their strategies and take adequate measures in this globalized world.