What are some of the benefits of a global market and why? List at least 2 benefits, weighing any short-term and long-term impacts.
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Get Help Now!What are some of the impacts of this global market and why? Considering both short-term and long-term impacts, provide at least 2 negative impacts.
Consider the phrase “Think Globally, Act Locally.” What does it mean to you?
Has your research on the global market changed the way you will choose goods in the future? Why or why not?
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1) What are some of the benefits of a global market and why? List at least 2 benefits, weighing any short-term and long-term impacts.
More competition-Consumers now have a broader range of products and services to choose from and the door is opened for more companies to conduct business. In the short term consumers no longer have to settle for what the local market is offering and in the long terms, companies are becoming more innovative in order to keep up with the competition.
More specialization-Companies are able to utilize the best products and/or services from the most qualified parts of the world at a lower cost. More specialized products are placed on the market and consumers get more choices that enable them to live a better quality of life. In the short and long term, this results in better products for the consumer and less expenses for the companies.
Larger market size-Companies are able to greatly increase their customer base, especially for highly specialized products or services. More needy countries are able to receive products or service from …
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