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Opening New Global Markets for your Business

 
2017-12-27 
Laura Cardle 
 
The world of business is changing all around us. The competition is always looking for a way to better your products or services and therefore eliminate you as competition. Success as a business now means doing better than the other guy and your amount of success has a dollar sign. 

Let’s face it; the recession here in America has made big success stories in business fewer and farther between. Since we are experiencing a shortage here in America where else can we go? Now you’re thinking “global.”

Today’s thinking global has drastically changed from a few decades back and will be drastically different in a few decades from now. The world of business has progressed as time has worn on, and there is no more distinction between business and global business.

Global business can be distinguished by four main elements: global competition, the information revolution, the knowledge worker and key business processes. This article will outline the major definitions of each element and tie it to the global aspect of business.

1. Global Competition: 

Global competition is not restricted to competition among businesses but of suppliers, manufacturers and customers. As every company worries about their bottom line, how much profit they can bring in, they start looking for more cost effective alternatives for every aspect of their business. That means that a company based out of South Carolina can sell products whose parts come from Brazil and are produced in China. This potentially small company is competitive in a global market. As more and more companies look for cost effective solutions the market keeps expanding. Up until now competition is what had reigned in the ever-expanding markets but now it is driving the expansion of markets.

2. The Information Revolution: 

The Internet was the spark that managed to set the business world aflame. Information is now no longer limited to paper and snail mail but rather readily available to anyone who wants to know. The Internet sparked Information Communication Technology and many other software programs that help businesses communicate effectively in expanding markets. Businesses with a global bent are dependent on such a way to quickly and effectively communicate large quantities of information in order to hold their own against the competition.

3. The Knowledge Worker: 

Changes happen in business and the players must also adapt. Your every day businessman had to take on new roles finding new information, thus the knowledge worker was born. The Internet became a busy hive full of knowledge workers sorting through the immense amounts of information and selecting the relevant information to report back to the Queen Bee. Today’s global business is built on the backs of these knowledge workers; they make the business world go round.

4. Key Business Processes: 

Every business consists of three main processes: procurement, production, and fulfillment. These are the key business processes because without any one of the processes you cease to be a functioning business. Procurement is the process where you acquire the necessary materials to produce your product. Production is the manufacturing process and last but not least fulfillment is getting the product into the hands of the customer. With the shift to a global business world other companies may perform some of these processes but the fact remains, any product you sell goes through these processes.

What does that mean to you? 

As a businessman or woman it is important to have a good understanding of the world around you in order to keep up with the business trends lest you get left in the dust. The world is changing and so should you if you plan on excelling in the now global business world. 


 
 

 

 

 

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