Global Business can be defined as a form of business that transcends geographical boundaries,
encompassing both domestic enterprises engaged in international transactions and multinational
corporations. In contrast to strictly Domestic Businesses, which are corporation entities that conduct
commercial activity within a country's geographical boundaries, global businesses operate on a
broader geographical scale, necessitating consideration of various operational differences and
challenges associated with conducting business in multiple countries and markets.
Investigating the culture of a potential international market is crucial to grasping the necessary
strategies for effective operation and achievement of success. In the field of Management Skills
research, the significance of business performance is paramount, with an increasing focus on
understanding the Market Factors and dynamics that impact performance in an organizational context.
Managers can leverage this knowledge by incorporating it into their brand strategies. Understanding
the pathways linking consumer perception to purchase intention can help them tailor their marketing
efforts to align with consumer preferences and enhance brand performance. Financial performance
stands out as a key metric used to evaluate business success, measuring the degree to which a
company has achieved its financial goals. (A Study of the Internationalization–Performance
Relationship in Global Retailing: The Moderating Role of Brand Standardization and Cultural Diversity.
Journal of International Marketing, 29(1), 2021) .
The article that I chose to summarize was "The Uncertain Future of Globalization: Implications for
Global Consumer Culture and Global Brands" from The International Marketing Review. It speaks
about the growth of exporting in global brands and culture. Consumer Culture has been described as
a form of cultural authority that is difficult to resist. Marketers have recognized the potential to enhance
brand equity by incorporating elements of consumer culture into their brands. Some brands have even
achieved the status of cultural icons, allowing them to convey significant cultural meanings to
consumers. In the past, consumer culture was primarily influenced by local factors. However,
globalization processes have increasingly shaped consumer culture in recent times. Global Consumer
Culture (GCC) can be defined as a social arrangement in which the relationship between living
culture, social resources, and meaningful ways of life are mediated through global markets.
The globalization of markets has been a significant development in recent history, with the value of
global exports serving as a straightforward measure of this phenomenon. Between 1913 and 1950,
export volume grew by 50 percent at constant prices, while the period between 1950 and 2014 saw a
staggering increase of 2, 900 percent in export volume. However, it is important to note that trade
growth alone does not fully capture the extent of globalization, as companies have also expanded their
global reach through foreign direct investment (FDI) . Initially, multinational corporations focused their
investments on developed countries, but since the 1980s, emerging markets such as China, India,
and Latin America have become major recipients of FDI. More recently, firms from these emerging
markets have also begun to expand internationally. The value generated by globalization is evident in
the increase in the value of global brands, which rose from $1.4 trillion in 2006 to a record $4.4 trillion
in 2018 . Global business has led to increased competition, innovation, and efficiency in the
marketplace, ultimately benefiting consumers worldwide. However, despite these achievements,
concerns are arising that global integration may be slowing down. Considering the possibility of
globalization slowing down or reversing, international marketing scholars should guide companies in
developing effective global strategies. This involves striking a balance between global efficiency and
local responsiveness across various aspects of the business.
what good points are made?