Monday, November 4, 2019

Identify the major trends that have influenced world trade and global Term Paper

Identify the major trends that have influenced world trade and global marketing - Term Paper Example Many countries have opened up their economies as part of Free Trade and is having an impact on the global economy. The main strength of Free Trade is that, it puts forward the notion that minimalistic state role or intervention resulted in better economy and importantly better society. Free trade proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and importantly free trade (Harvey 2). From earlier times, many Third World countries including Asian and African countries only indulged in agriculture for their livelihood. However, globalization and the opening up their markets as Free Trade regimes, these countries and their governments started to focus on industrial development, by improving their own industries and importantly by facilitating entry of foreign companies. They enticed the foreign companies with a slew of beneficial financial and social schemes. Foreign firms for their part optimally invested tapping the existing cheap labor and other resources, thereby garnering for themselves good profits. Importantly, a sizeable portion of good profits reached the local employees, thereby improving their economic standing and also optimizing country’s economy. Apart from this major trend of globalization, another major trend that is influencing global marketing is the concept of green marketing. Marketing’s traditional axiom so far has been â€Å"give customers what they want† and â€Å"sell as much as you can† (Ottman, Stafford and Hartman 2006). However, in today’s business environment, sustainability is the key word with natural environment given clear importance along with the business motives. Another trend is that of consumer knowledge increase with regards to impact of products and processes on their

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