Introduction to Globalization

This free online course on Globalization starts with the meaning of globalization, why global marketing is imperative and how globalization of market leads to convergence and divergence at the same time. Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. Globalization has 2 facets; globalization of markets and globalization of production.

Next you will learn about global marketing which is a strategy to achieve one or more of the major categories of potential globalization benefits. Next we will discuss the external environment and the various economic systems that are there in this world. This external or uncontrollable environment is made up of various different types of environment. Next you will learn about the general agreement on tariffs and trade (GATT), the World Trade Organization and the regional trading arrangements and multinational corporation.

Next we will learn about the historical role of US dollar, the development of today's international monetary System and foreign exchange and foreign exchange markets. Foreign exchange is the monetary mechanism allowing the transfer of funds from one nation to another. Next you will discuss balance of payment which is a record of all economic transactions between the residents of a country and the residents of other countries over a specified time period. We will further move to cultural issues and buying behavior. Buyer behavior and consumer needs are largely driven by cultural norms. Cultural backgrounds also influence consumer information processing and buying motivations.

Finally we will discuss cultures and the marketing mix. Many firms vary their marketing mix from country to country depending on differences in national culture. The marketing mix is the set of choices the firm offers to its targeted markets. Lastly we will discuss about the political environment. The political environment includes any national or international political factor that can affect its operations. A factor is political when it derives from the government.