Business

LaNyiah Lambert

Introduction to Business

BMT- 1010

Global Marketplace

Globalization is the word used to describe the growing of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people and information. Globalization is about the interconnectedness of people and businesses across the world that eventually leads to global cultural, political and economic integration. It is the ability to move and communicate easily with others all over the world in order to conduct business internationally. It comes in affect by giving people broader access to products and services, decreasing subsidies and tariffs, creating new opportunities for financial markets, giving national industries more access to international markets, and connecting national economies.

Apple is an example of globalization. Apple Inc has received a lot of bad publicity for using Chinese manufacturing companies to build most of their products. As a consumer would you be willing to pay at least $100 more for an iPhone to know it was designed and manufactured in the United States? Apple along with other manufacturing companies has taken manufacturing overseas to reduce costs and improve efficiencies. China also has much larger and more nimble factories than in the United States. Apple is looking to produce in other countries, not just to reduce costs but to also increase revenues. IPhone market share in India isn’t in the top five smartphones so there is a large opportunity to establish its brand with the worlds 2nd largest populated country.

Although Apple's consistency may be veiled as a one-size-fits-all approach, the company's localized branding for other countries makes it successful worldwide. Apple's international success is evidenced by the fact that the company is almost non-existent on certain social media platforms. Unlike other mobile brands, Apple has made it easy to spot one of their iPhones – the look and design are always the same, which ups brand recognition.

References

https://digital.hbs.edu/platform-rctom/submission/globalization-with-apple/

https://www.unitedlanguagegroup.com/news/thinking-differently-why-apples-brand-succeeds-worldwide