Final answer:
Global marketing has been transformed by advancements in technology and globalization, resulting in increased competition and the rise of business-to-business platforms. Other influential factors include improved logistics, the impact of climate change, the proliferation of social media, sustainability concerns, and global financial integration.
Step-by-step explanation:
Developments Influencing Global Marketing
The landscape of global marketing has been significantly influenced by several key developments. Two particularly important shifts have been in the realms of technology and globalization, both of which are deeply interconnected. The advancement of communication technologies, such as the internet, has revolutionized the way consumers and businesses interact, allowing for transactions to be made on a global scale. This technological revolution has caused an increase in competition for local retail businesses as they now compete with suppliers from across the world. Similarly, business-to-business (B2B) platforms have empowered companies to engage with partners internationally with greater ease.
Additional factors influencing the global marketing landscape are:
- Advances in transportation and supply chain logistics, facilitating faster and more cost-effective global shipping.
- The effects of climate change impacting global economic stability and consumer behavior.
- The rise of social media, expanding market reach and personalizing customer engagement.
- Increasing awareness and regulations around sustainability, driving eco-friendly business practices.
- Integration of global financial markets, which affects marketing strategies through currency fluctuations and international investment trends.