Impacts of Globalization on Consumers Introduction Globalization is the integrative interaction among political, social and economic institutions around the world. Since time immemorial, human beings have crossed economic, social and political boundaries in interactive undertakings. In the Middle Age, the famous Silk Road facilitated interaction between institutions in Europe and Asia. Prior to the outbreak of World War 1, water transportation had solidified globalized interactions among people in Africa, Europe, America and Asia. Currently, globalization has reached an unprecedented rate. Modern advancement in technology and political policies has spurred expansive movement of people and information across national borders.
Currently, increased migration of people has turned the world into a global village. In addition, transfer of information in an economic and timely manner through communication technologies has promoted cross-border interactions (Hassan & Michael, 2014). In an effort to describe the current rate of globalization, scholars agree that today, human interactions across borders are not only faster and cheaper, but also farther and deeper. As insinuated earlier, globalization impacts all the social, economic and political aspects of life. Within an economical context, international trade and investments have promoted effective transfer of goods and services across national and regional borders.
Politically, governments have legislated policies that facilitate cheaper, faster and deeper movement of goods and services across borders. The social aspect of global acculturation has leveled social barriers of language and transformed the world into an interacting community (Pauline & Parsons, 2009). Globalization of commerce today entails changes in the marketing and production aspects of business. In production, companies are no longer restricted by national barriers in sourcing means of production, specifically raw materials and labor services.
On the other hand, the increased decline in social, political and economic barriers has eased the selling of products and services to consumers around the globe. Technically, globalization of marketing and production aspects of business has yielded consequences that substantially impact business stakeholders, especially consumers (Pauline & Parsons, 2009). Consumers in Globalized Markets In the context of marketing, globalization has effects on the manner in which consumers behave. Primarily, consumers refer to persons or organizations involved in the purchase of goods and services offered in the global markets.
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