What Does Market Drivers of Globalization Mean?

by Kelsey Mowatt; Updated September 26, 2017
International marketing campaigns have helped drive globalization.

Although question exists as to whether or not globalization has been beneficial for humanity as a whole, there is little arguing that people and nations around the world today are more connected than ever before. One of the causes of this has been market drivers, whereby multinational corporations and brands are engaging consumers from around the planet, further solidifying one global market.

Globalization

According to the Levin Institute, the term globalization refers to the increasing connections people, companies and states are forming around the world. The process of forming social and economic ties across vast distances is nothing new historically; however, technological improvements and liberal trade agreements have increased these connections greatly in contemporary times.

Market Drivers

One of the primary drivers of globalization has been in respect to market forces, whereby many consumer goods and services are now universally available, no matter one’s geographic location or social setting. As a result of international marketing campaigns and corporate brand promotions, consumer desires and lifestyles around the world are increasingly converging.

Other Drivers

Aside from market drivers, globalization can be attributed to other causes, including cost drivers, such as innovations in information technology and transportation; government drivers, whereby many governments have reduced trade tariffs and have embraced free trade agreements; and competitive drivers, which have seen corporations and businesses increasingly compete for market share around the world.

Resources

About the Author

Kelsey Mowatt is an experienced writer who has contributed to various sports and news publications since 2003, including Beyond Robson, "Full Contact Fighter" and "Grappling Magazine." Mowatt holds a Bachelor of Arts in history and a Master of Arts-Integrated Studies in global change from Athabasca University.

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