topic 8 dq1

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Grand Canyon University *

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MKT450

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Marketing

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Jan 9, 2024

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docx

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Uploaded by sarahsprang142

Review the "Global Environment for Marketing" topic Resource. In your own words, explain the concept of globalization as it relates to marketing. Describe two benefits of globalization for an organization focused on both local and global growth. Support your ideas by citing the topic Resources. In replies to peers, provide feedback on the benefits they provided and include additional benefits that have not already been discussed. Globalization in my own words, is the process in which businesses their operations beyond domestic borders to operate and compete in international markets. It involves integrating and standardizing marketing strategies, products, and services on a global scale while acknowledging and adapting to local differences in culture, preferences, and regulations. Two benefits to globalization are more access to new markets and lower product costs. Businesses gain a lot from globalization like new customers and diverse revenue streams. Companies that are interested in these benefits usually look to expand their businesses beyond domestic borders. It also allows for companies to fins lower cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

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