1) Elaborate drivers of globalization

2. Elaborate market drivers

3. Elaborate cost drivers

4. Elaborate competitive drivers
5. What are the differences between market, cost, and competitive drivers?
6. Make a powerpoint presentation about drivers of globalization that includes market, cost, and competitive drivers

Market Drivers

Globalization has many aspects, one of which is the continuous convergence of consumer requirements. Customer demand for identical goods and services around the globe is expanding, creating potential for scalability via the marketing of more or less standardized offerings. It will rely on elements such as the relevance of cultural variables, disposable incomes, and the degree of uniformity of the settings in which the product is consumed or utilized how common requirements, tastes, and preferences will vary substantially from product to product and from product to product Neither consumer items nor industrial services are exempt from this need. Coca-Cola sells goods that are similar but not identical in different parts of the globe. McDonald's has standardized many aspects of its business, while still catering to the tastes and preferences of its customers across the world (Bristowe, & Smallbone, 2021). Software, oil products, and accountancy services are becoming more similar in appearance, regardless of where they are bought. Understanding which components of a product or service may be standardized without compromising responsiveness to local tastes and circumstances is critical to taking advantage of such chances for growth.

Customers from throughout the world have emerged as their requirements continue to converge. Large firms such as DuPont, Boeing, and General Electric (GE) need the same degree of quality in the goods and services they purchase, regardless of where in the globe they are purchased. Many sectors are seeing the emergence of global distribution channels to meet the demands of an increasingly global consumer base, resulting in a convergence of requirements. In the end, as consumption habits grow more similar, global branding and marketing will become more vital to the achievement of worldwide success.

Cost Globalization Drivers

The globalization of consumer requirements, as well as the potential for scale and standardization that it affords, will have a significant impact on the economics of many businesses. As factors of global strategy, economies of scale and scope, experience effects, and utilizing variations in component costs for product development, production, and sourcing in various regions of the globe will all become more important. There is one basic thing to remember: in many sectors, one single market will no longer be big enough to sustain a competitive strategy at the international level (Bristowe, & Smallbone, 2021).

The economics of global size and breadth are already having far-reaching consequences. On the one hand, the greater the influence of new economies of scale and scope on the strategies of incumbents in global businesses, the more difficult it will be for new entrants to build a competitive threat that is successful. Thus, obstacles to entrance into such businesses will become more difficult. At the same time, the level of competition within such sectors is expected to rise, as a result of the expanding scope of competition across linked national and regional markets, as well as the fact that real differentiation in such a competitive environment may be more difficult to attain.

Competitive Drivers

The globalization potential of an industry is also influenced by industry characteristics such as the proportion of total industry sales that is made up by export or import volume, the diversity of competitors in terms of their national origin, and the extent to which major players have globalized their operations and created interdependence between their competitive strategies in different parts of the world. Industry globalization has the potential to be accelerated by high levels of trade, competitive variety, and interconnection across industries. The development of the industry has a part as well. Consequently, when the fundamental features of the industry change, rivals will adjust in order to increase and maintain their competitive advantage. Occasionally, this has the effect of accelerating the globalization of the industry. It is possible that the globalization trend will be reversed at other times, as was the case with the international major appliance business.

 What are the differences between market, cost, and competitive drivers?
In order to define how customer behavior and distribution patterns evolve, market drivers must consider factors such as the degree to which customer needs converge around the world, customers procure on a global basis, worldwide channels of distribution develop, marketing platforms are transferable, and "lead" countries where the majority of innovation occurs.

Economic conditions in the sector are shaped by factors such as opportunities for global scale or scope economics, experience effects, sourcing efficiencies reflecting differences in costs across various nations or regions, and technological advantages.

A competitive driver is defined by the actions of competing firms. For example, the extent to which competitors from different continents enter the fray, globalize their strategies and corporate capabilities, and create interdependence between geographical markets are examples of competitive drivers.

Make a powerpoint presentation about drivers of globalization that includes market, cost, and competitive drivers

1. Technological forces at work Modern globalization was molded and established as a result of technological advancements. The transportation business has been transformed as a result of technological advancements. The introduction of commercial jet aircraft and the notion of containerization in the late 1970s and early 1980s are two of the most significant advancements in this field. With the development of microprocessors and telecoms, it became possible to perform extremely efficient processing and communication while keeping the cost of the system cheap (Baldwin, & Tang, 2021). Finally, the fast rise of the Internet is the most recent technical factor that has resulted in the development of global business and e-commerce..

2. Political forces at work

Tariffs were dropped as a result of liberalized trade regulations and deregulated markets, which enabled foreign direct investment to flow into practically every country in the globe. In recent years, the GATT (General Agreement on Tariffs and Trade) was established in 1947 and the WTO (World Trade Organization) in 1995, as well as the continuous openness and privatization in Eastern Europe, are only a few instances of the most significant changes.

3. The market's driving forces

The prospects for development in local markets are becoming more restricted as domestic markets get increasingly saturated. Global expansion is the method most firms use to overcome this issue. Common client demands, as well as the possibility to leverage global marketing channels and transfer marketing in certain cases, are other factors that influence the decision to internationalize.

4. Cost-increasing factors

The efficiency and prices of sourcing vary from country to country, and multinational corporations may take advantage of this variation (Baldwin, & Tang, 2021). Other cost factors for globalization include the possibility to create global scale economies as well as the high expenses associated with product development today.

5. Competitive factors to consider

As a result of the global market, global inter-firm rivalry is increasing, and businesses are being pushed to "compete" on a global stage. This driver is also supported by strong interdependences across nations, as well as high levels of two-way trade and foreign direct investment (FDI).