Globalization is the integration between nations concerning different factors such as economy, culture, and politics. One important feature is to reduce the economic and immigration barriers between countries. This process of approximation between different people has a remote origin.
Historically, humanity has always sought to explore new territories by initially generating trade between different people and nations. In the century XV, mercantilism brought a set of economic practices that built up trade between different continents.
After the end of World War II, globalization remained in the market. This intensified the integration of the economy, communication, and trade between people, businesses, and governments around the world. With the advent of IT, transportation and communication were significantly improved. This lead to the promotion of internationalization.
Internationalization is the growing tendency of companies to expand in international trade. And therefore bringing to other markets the products and services that are established in their place of origin. For instance Coke, Facebook, etc.
What is the comparison?
Globalization can be known as an economic movement whereas internationalization is a set of best practices. These techniques enable companies to compete in new markets when applied by experts. Thus, globalization enables internationalization by helping companies of any size to overcome regulatory, commercial, economical and cultural barriers. In other words, it helps to create a favourable scenario for the expansion of their activities globally.
Internationalization is a dynamic and demanding process. Therefore it is critical to deeply understand your international competition and current market trends. Additionally, it is crucial to know the premises for launching, promoting, and growing your business in a new country.
Going global is a challenge that needs to be analyzed and carefully planned to. As this would ensure a return on investment. The Go Global Platform from uGlobally can help you leverage your business by:
- Creating an internationalization profile of your business
- Providing unique guidance and tools to help you select your next market
- Helping you to create internationalization strategies
- Providing trustable local networks to help you enter your next country
- To personally guide your company to the next level
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