Question

Discuss the concept of 'the global market place' and some of the challenges that it presents for organisations.

Answer 1

Global market place: - A market place is an institutional structure that permits people and organization to exchange goods, services and labor. A global market is not limited to specific geographic locations but rather involves the exchanges of goods, services and labor anywhere in the world. Conceptual Framework: - Standardization: - The goods and services traded in the global market place should be standardized so that they can utilized by all market participants. For example, appliances should operate on the standard electrical system. An obvious problem today is that the u. s still operates on the old English measuring system instead of metric system utilized by the vast majority of the world. Trust: - Global market participants must have confidence that everyone will follow the same rules of the market place. And the rules will be uniformly enforced. \r\n Challenges: - The global market via the internet, appear to be one endless, boundless, borderless market for goods and services. Due Diligence: - There is great potential