The Impact Of Web 2.0 Technology On An Global Market Place

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INB20009/ MKT20011 Managing the Global Market Place

Essay - The Impact of Web 2.0 Technology on an international firm’s approach to Managing the Global Market Place
The global marketplace consists of business transactions amongst all nations around the world that are not restricted by geographic locations. This worldwide scale of sales, purchase and exchange of goods and services unsurprisingly makes it much more difficult to manage, as opposed to a smaller, domestic business. It is important for managers of the global marketplace to utilise the resources available, in order to effectively and efficiently deal business outside of country borders. Web 2.0 Technology in particular, is a fairly new but extremely successful and growing tool evident in the international marketplace. It refers to the World Wide Web and its use as a platform to gather intelligence across the globe (O’Reilly, 2009).
In order to manage the global marketplace, it is necessary to take into consideration the two main factors of globalisation. Globalisation is the progression of the economy through cultural, political and technological integration around the world (Wild & Han, 2010). One of its major catalysts is falling barriers to trade, which is the decrease in international boundaries between countries, resulting in easier import and export transactions (Wild & Han, 2010). This can be achieved through different methods such as the Free Trade Agreement (FTA). “Under these agreements,
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