Final answer:
Technology and globalization have increased market competition by connecting consumers and businesses globally, changing how markets are defined, and heightening competitive pressures.
Step-by-step explanation:
In recent decades, technology and globalization have dramatically reshaped market landscapes. Notably, advancements in communications technologies such as the Internet have enabled consumers to purchase goods across national borders, widening competition and increasing pressures on local businesses. The integration of business-to-business (B2B) platforms further exemplifies this trend, as companies now routinely engage with suppliers and buyers worldwide, breaking down traditional market boundaries. As technology drives globalization, local firms must adapt to a heightened competitive environment that spans across regions and countries. This has facilitated communication, trade, and collaboration across borders.
The Internet's influence on globalization is just one aspect of the multifaceted impact of technology in the business world. While it introduces challenges, technology simultaneously creates opportunities for growth and adaptation, making it a vital and ever-changing force in the modern business environment.