Advantages of Globalization

Advantages of Globalization

Globalization is basically is uniting the people of the world. In simple word globalization is integration of the people of the world. Globalization concept based on the sharing of ideas, product, information, technology. Here we would explain economic globalization or impact of globalization on business.

1.    Boost in International Trade

Globalization has boosted the international trade phenomenally. This boost in trade has helped in building new relationship among the countries. The old rival countries have become friend due to international trade. Trade is defining the relationship between countries.

2.    Large Number of Customer

Globalization provides access to the large number of customer. Now whole world is your customer and there is 7 billion people are living in the world, so if you are shoe making company, then your market is 7 billion people.

3.    More Options

Customer has large number of choices and can select the best product for them within given their budget limits. Customers have more options to plan their budget effectively.

4.    Product Quality Improves

Quality product is available to the customer. There is huge competition and everyone wants to get its share, and this share can be got by making customer happy. Thus customer is receiving high quality product at lower prices.

5.    Innovative Products

Globalization has result in the introduction of innovative products. Now a touch screen in mobile industry is a common feature, but some years back, it was a dream. This innovation has brought many facilities to the common man life.

6.    Introduction of Technology & Business practices

Globalization has transferred the modern technology and advance business practices to the developing countries. Now these countries growth rates are touching new skies.

7.    Cultural understanding

Globalization has helped to understand different cultures of the world. This cultural understanding has helped businessman in many ways. product can be designed & marketed as per the cultural requirements of the countries.