Final answer:
GraceKennedy Limited can enhance its performance in the global market by leveraging Key Success Factors in globalization, embracing cultural competencies, focusing on sustainability, and utilizing technological advancements to remain competitive against larger global corporations.
Step-by-step explanation:
The student has asked how GraceKennedy Limited, a company based locally, can enhance its performance in the global marketing arena by applying Key Success Factors. Given that globalization and advancements in communications and information technology have boosted competition by allowing more players from different regions to enter the market, it's critical for local firms to strategically adjust.
An important role of global companies is to stimulate economic growth, which often relies on cross-border development and trade. The World Economic Forum's initiative to facilitate easier access for businesses across borders underscores the importance of multinational corporations in the global market. Therefore, GraceKennedy Limited could potentially improve its global market presence by aligning its strategies with the evolving trends in globalization, which not only include technological advancements but also cultural and societal shifts resulting from economic activities across borders.
Key Success Factors for global marketing could include understanding and adapting to local markets, ensuring cultural competency, focusing on sustainability as linked to trade and development, and leveraging technological advancements to create a competent logistical framework. By applying these strategies effectively, GraceKennedy Limited can maintain relevance and competitiveness against global corporations, which control a significant share of the world's capital and concentrate wealth, thereby playing a pivotal role in the global economy.