Incited by an explosion of intra-Asian trade that will increase the region’s share of global exports to 27% by 2050 from 17% now, this wave will cause a quadrupling of worldwide exports to an estimated $68.5 trillion in the next 35 years, reveals a report by consulting firm GHY International.
Riding this new globalization wave should yield companies several significant advantages. These include extending the life of existing products and services by promoting them in new markets, as well as reducing dependence on existing U.S. markets, according to Entrepreneur magazine.
Companies whose business is plagued by destabilizing market fluctuations that stem from seasonal changes or demand cycles can also “even out sales” by tapping into markets with different or countercyclical fluctuations.
A strategic approach is needed, however, if companies are to take full advantage of globalization’s potential. Your strategy should include the following key points.
Going global is an achievable goal. It just takes a little patience and the right strategy.
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