Contemporary Issues in International Business Essay

Contemporary Issues in International Business - Essay Example Thus, globalisation has very strong economic, governmental, educational and social dimensions. Globalisation is the way by which people, companies and government of different nations integrate and interact with each other. The process of globalisation has effects on the cultures, atmosphere, governmental systems, economic developments, wealth and on individual’s physical comfort in nations all around the globe (Hill, 2009). Globalisation is the process by which normal life around the globe is noticeable by calibration of communication, transportation, financial activity, Ecological and social interdependence. As a term, globalization is very often used to refer to economic globalization that is integration of national economies into the international economy through foreign direct investment, trade, capital, migration, spread of technology and flows. Globalization has melted national borders, international business has improved economic incorporation and the communication and information revolution has made time and geography irrelevant. Globalisation has a comparatively new thought and idea that the world has been implementing. OPPORTUNITIES: There are thousands of opportunities for career advancement, profit and valuable experience in international business. As Entrepreneurs come to grips with contemporary challenges and new opportunities, they define the new rules of engagement on the economic landscape. Globalisation has been the most successful affluence and anti-poverty movement in modern history. Following mentioned are some of the opportunities posed by globalization to international business. International Trade: Countries exchange a lot of money in goods and services every year. This fact demonstrates that international business makes good economic sense. Importing and exporting are the oldest and most common form of international trade. Globalisation greatly affects the global economy and the impact of foreign trade on economy is very immense. Comparative benefit has always been a factor even in the history. Trade has been institutionalized due to globalisation. Globalisation has improved free trade among nations and has improved liquidity of capital permitting investors in established countries to invest in undeveloped countries. It benefits businesses as it brings foreign exchange to the countries due to the increase in foreign trade. It also improves the global economy by increasing GDP. Trade between nation’s increases as it provides freedom to the global marketing exchange of goods and capitals. Established companies can invest in developing countries. This augments positive competition that helps in improving businesses. Licensing and Franchising: Another opportunity for to international business is franchising and licensing. A company that wants to go global rapidly while taking limited legal and financial risks might consider licensing agreements with foreign corporations. This agreement permits a foreign company to sell the products and to utilize its intellectual property in exchange for royalty fees (Hill, 2009). Franchising is the other opportunity to expand overseas. International franchise agreement is the agreement in which a company grants the right to a foreign company to use its brand name and to sell its services and products. The foreign company agrees to operate

Garbology in Marketing Strategies Term Paper Example | Topics and Well Written Essays - 1250 words

Garbology in Marketing Strategies - Term Paper Example Neuromarketing refers to the application of technology to determine the consumer’s brain activity so as to assist in developing products and communications (Zurawicki 211). The technique is founded on the idea that consumer purchasing behavior is formed in split seconds. The technique also holds that buying decisions are made within the brain’s subconscious and emotional part. The technique is also based on the premise that that by being able to clearly understand what consumers like, do not like, or fear as shown by the reactions of the brain to brand stimuli, marketers can be able to brand their products and communicate with them in a manner that best meets the market needs, by influencing consumers to buy the products. All these fundamentals are based on neuromarketing is based on neuroscience, which involves the study of how the brain enables human to think, perceive, and feel emotions, make decisions and communicate (Guardian News and Media Limited Par. 3). The tec hniques applied are based on functional magnetic resonance imaging (fMRI), psychophysics, electroencephalography (EEG) and magnetoencephalography (MEG) as noted by Moore and Pareek (195). Neuromarketing research is said to have triggered significant amount of interest among many marketers and companies. Proponents of the technology argue that it could be the next big thing in the marketplace (Guardian News and Media Limited par 6). In this regard, they argue that by using science to locate the ‘buy buttons’ of consumers, it would be easy for marketers to open the black box of the consumer’s mind. Research reveals that neuromarketing is good for application in different areas especially in predicting behaviors, understanding the ads that the majority of consumers can easily remember. It can also be applied in choosing the media formats that can easily be understood by consumers. Other areas of application according to Moore and Pareek are in understanding why most consumers differ from what they inform the focus group (196).