Global market challenges and their impact on businesses

  • Budiyono Snehal Pawar-Hole Yogesh Hole Mahesh P. Bhaskar

Abstract

The globalization concept and activities of commerce and business has converted into a remarkable reality worldwide. In 2000, in goods and services, the global trade accomplished world GDP of 25%, and on the basis of manufactured goods, the global trade had multiplied 100 times more than 1955. This increase in globalization posits several notable challenges to a to seek the international business presence. This research review paper tries to explore and identify the major issues that affect global businesses, including the impact on accounting practices, strategic choices, cultural issues, along with political risk factors in various countries to market. The world presently has become completely connected, and the global economy is not merely remained of educational interest. To participate and market products on a global stage, the company has to compete against several countries on a global scale, and to operate in the global economy, various challenges have to be faced and they include, identification of precise global market requirements in various languages, various legal landscapes, technology, cultures, communication and differing environmental concerns. This can be done by a proper Market Research Methodology using \techniques to introduce primary and secondary market research methods, which are elaborate, giving an explanation, followed by discussion and conclusion. This research is helpful to explore and determine the product market area, create an ideal customer profile,  determine the market size, finally bringing everything together to get the precise geographic area of selling, knowledge of the competition, and the market area for a specific customer group for creating a brand value globally

Published
2020-04-25
How to Cite
Budiyono Snehal Pawar-Hole Yogesh Hole Mahesh P. Bhaskar. (2020). Global market challenges and their impact on businesses. International Journal of Control and Automation, 13(2s), 07 - 17. Retrieved from https://sersc.org/journals/index.php/IJCA/article/view/11536