Better Business, 5/e

Chapter 4 Summary

1. 4-1 Identify the implications of the globalization markets and production, and explain why globalization has accelerated so rapidly.

• The globalization of markets refers to the movement away from thinking of the market as being local or national to being the entire world. Businesses need to “think globally but act locally,” which means that companies must market their products so that they appeal to their local customers.

• The globalization of production refers to the trend of individual firms to disperse parts of their production processes to different locations around the world to take advantage of lower costs or enhance the quality of products. The globalization of production often involves outsourcing, which is contracting ...