Question 1
Why is "globalization" the super story of our time, and why is it important for every manager to understand globalization if their organization is to be successful.
Globalization is the increasing interconnectedness of people and places as a result of advances in transport, communication, and information technologies that cause political, economic, and cultural convergence. With this in mind you are in business to serve people, why should you just limit yourself to your domestic market. Every manager should understand that expanding ones options can possibly turn into profit. For example job globalization is very a viable option now. Moving some stages of the production process to foreign countries where labor can be hired at relatively low cost thanks to factors like technological advances, improvements in telecommunications, and trade deregulation. Also a mature product can start a completely different product cycle in another foreign market, allowing you to continue to produce at a profit and not spending as much money trying to pry away market share. Basically a manager should keep their options open and make sure that they don't overlook the aspects of marketing elsewhere.
Question 2
Explain how you would select promising international markets, in general, for any organization that is considering expanding overseas?
There are many factors that one must consider when looking for an international market to pursue. One factor is the countries economic development, which gives you an idea what stage their countries economy is in. For example, some may use the Rostow Modernization model to help describe what stage a country is in. There is the Traditional, Transitional, Take-off, Drive to Maturity, and High Consumption stages. Depen ...