Unit 8 Assignment: Instructional Report
IT 190: Information Technology Concepts
The effects of Globalization on the economy. By expanding your globalization, you will be able to allow access to a new market to those outside of the United States. This works in conjunction with the free trade market and benefits larger developing nations. This growth will also allow the parent company to grow and change with our ever-evolving world. 1
The market will also become a more efficient workplace for your products. Goods and services will be available to those who cannot readily access your local business. It will also welcome visiting customers from other countries to find your store, buy things in person, and return home with stories and examples of your products. Word of mouth continues to be an asset for growth, and the web has a far reach throughout the world. 2
The business will also become more stable financially because it will receive monies from more than one country. If you rely only on one stream of income, then the business ebb and flow will mirror the market ebb and flow. With a global economy, when the market is down in one country, it could be up in another, allowing for a steadier stream of business.
By having an open internet market site, you will be able to sell your products on a global scale. Mom and pop stores can survive this day and age by creating a great product and then getting that product into the hands of more people. Being isolated in a small town will no longer hinder your business.
By creating an internet source for your store, you also allow for 24-hour access to your products. While you are sleeping and preparing for the next day, someone on the other side of the world could very well be shopping online and ordering a new product from your website. Orders will be in the inbox of your business email every morning and your business will run on a never-ending clock.
Financially, you will be able to strive because your customer base will grow outside of the boundaries of your town, city, even state. Having a well-created website and access to your store globally will create a wider market for your business. By using the tools at your disposal you can grow in leaps and bounds while those who fail to take advantage of this will fall to the wayside.
Understanding the world market is important to your business as well. You will need to spend some time researching the shopping trends of other countries and possibly make some adjustments to how you do things. It is important in a business to know and understand your customer. Without that knowledge, you are selling blindly into the dark and may fail in your business.
The key is to find what market you want to sell to and gear your sales to their culture. A great way to do this is with a mini blog that will allow customers of other nations to interact with you and other customers. This will afford you an opportunity that few businesses use at this level to be able to maximize their reach across the globe. 3
Some tips for you when you create this internet market. The first step is that you need to focus on your customers. They are who will buy your products and they are who you need to create the websites to draw in. without the customers base, you will be at a stop-loss for profit. Ensure that you build a strong marketing framework. While you are building, do not grow so fast that you lose sight of the end picture or lose yourself in the mix. Stay true to your vision while you build towards a brighter future.
Every company has a story and that will draw in your clientele. Just having a product is not enough. They will want to know who you are as a business and why they should buy your product out of the dozens if not hundreds out there in the world today. Once you complete this task, you will be able to refine your website to reflect your image, your products, and your goal.
You will need to allow for ease of conversion as well. Start with the biggest currencies and languages and grow out from theirs. Do not try to begin with twenty different languages when four or five will do. And again, listen to the voices of the customers. If you get a high influx from a country, then research their market and language and bend your site to them too.
Don’t forget that paid advertisements are a great way to funnel in people to your site. Look at the tools available and the costs required to run your ads before you invest any monies. This is an important step and you do not want to fail and fall here. Also, build yourself an email list so that when you gain customers, you can keep in touch with them when a new product comes out or specials. This will allow you to be fresher in the customer’s minds after the purchase and it will increase your chances for repeat business. 4