8 driving forces of globalization
There are different driving factors which impacts directly or indirectly on globalization. These Factors includes-
The term is heavily used by different government like GATT/WTO,FDI (foreign direct investment) are the major tools in it. Liberalization allow two any MNC’s to work Freely, Free to entering business market etc.
There is a drastic change in International business after technology advancement, some countries have their monopolies in different segments only with the support of technology.
3. Economical Trends of the World–
Under-develop nations have to depend only on imports.Developed nation believe in exports, In fact our economy tries to develop there economic status and this increases the chance of International trade.
4. Consumer Needs–
Consumer is the king of present global market..Variety of products and services are demanded by the consumers and sellers is supposed to satisfy their desires ultimately this develops an opportunity for International business.
5. Revolution in Transportation System–
Cargo Transportation is the fastest way to export products beside this many other wages used for save and bulk transportation.
6. Product Development Cost–
It is a cost which is included to develop a product, Every organisation tries to reduce to high extent.
7. Communication Improvement-
Communication was the biggest obstacle, before some decades but now improvement taking place in International business. E-mail, Fax, teleconferencing are some ways in it.
Multi-National companies are one of the most powerful forces for globalization.the whole economy nation can be fix by MNC’s, There are these organisation which connect all of these resource, skills, technology, objections with the Conjunction of the world market and it increases the chances of revenue generation.
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Part 1- Previous topic is What is Globalization?
Part 3- Next topic is 5 Stages of internationalization