One of the most easily guaranteed things that will happen globally in businesses is change. Change will be a constant in the global marketplace. I believe the key to survival in these changing times is going to be adaptability. Those businesses and countries that fail to adapt will grow stagnant and fall behind very rapidly. I see global economic change as a true force in shaping business-society relations partly due to the changes that have occurred in Western Europe. The move toward integrating the economies of European nations by standardizing currencies through use of the Euro dollar is evidence of this concept. Additionally, the entrance of new Asian marketplaces to the world market of international trade has also validated the fact that global economic change is a true force in shaping these relationships. Because of the added competition, from emerging markets like Viet Nam, China, the former Soviet Union, and former communist bloc countries of Eastern Europe, we see former economic powers like Japan decline. I also see many free trade zones, such as the Crimean experimental trade zone in the Ukraine, emerging in countries to add favor to this opinion.
As countries move closer and closer to a global marketplace I see more decentralization of power in governments and their role and more of the decision making process being left to the people actually conducting the business. In my opinion, many of the forces that are shaping the business-society relations are actually drivers themselves to the changing role of government and public policy. There is a widening cynicism with politicians. People are not trusting or expecting anything from them. Public outcries on civil and human rights violations, poor ecological impact of certain businesses and products, and the changing social values systems across the landscapes of the world tend to shape what the government will then set as public policy. Each one of these factors is interrelated in one fashion or another.
How I see my personal future with my company may largely depend on some of these global economic and political trends. At my company the primary and secondary stakeholders interests must be considered in all of our future decision making processes. It is my hope that the company I work for will make decisions and take actions that will benefit the public as a whole along with the fiscal benefit of the company.
According to Fortune City, social trends are very important to all consumer product companies, retailers, and service organizations. As the social order separates itself into rich and poor, consumer principles and preferences will be in greater disorder. To provide buyable goods to the poor majority, quality must be cut.
Global economic change, changing role in government and public policy, social challenges, technology, ecological concerns, and ethical expectations and public values are some of the forces shaping business-society relations. In one-way or another, they seem to me to be interrelated. If we understand these forces and remain pliable to change, then as business owners, managers, governments, stakeholders, and consumers, we can realize success.
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2 Responses to 'Change in the Global Marketplace'
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I have to comment on global interests. As a citizen of the United States , I believe that stretching ourselves out into many countries for the sake of big business ventures is a huge mistake.
Every nation that has stretched itself out for global power has fell to the hands of no money or industry left to defend itself. Change is always good if it is for the people in the nation who pay the taxes and want to have a good life for their families. when a business of any nature requests employees to give 100% and then puts management induced restraints on them to the point that the employee can not meet the needs of management it becomes a downward spiral, i believe.
Good points, Robert. Striking that balance would be key. We must be able to be competative abroad, or we risk loosing what we have at home.