Introduction
By the year 2020, major changes are expected to have occurred with regard to the approaches being used by marketers at the global level. These changes relate to a number of factors including economic development, income, and consumer spending. The aim of this paper is to critically evaluate one economic, one political, one social and one cultural issue that could be significant to organizational, international, and global marketing approaches in year 2020. These issues include a global shift from protectionism to free market, the rise of social marketing, and convergence of different cultures into the emerging international culture.
A global shift from protectionism to free market
In recent times, globalization has emerged as a powerful force for business. It influences the way countries interact with one another businesswise. Goods and services can today “flow freely†from one country to the other. The notion of protectionism is becoming increasingly outdated. Goods and services are not the only the components of production that are flowing freely. Capital and knowledge is easily being transferred across national boundaries. Many countries have been compelled to revise their trade policies to reflect these changing realities.
Throughout the 20th century, the US has enjoyed the ability to dictate its preferences to other countries. Indeed, this has been an important component of the globalization narrative. In a world where China is increasingly liberalizing its markets, the US occupies a position of lower degree of dominance on global affairs. At the same time, China’s economy has been growing very fast, and many countries are heading east for the best business deals. It is estimated that by 2017, China will have become the world’s leading economy in purchasing power parity (terms). In the recent past, China was notorious for its protectionist policies that made it extremely difficult for foreign companies to do business in the country. Today, the country is increasingly becoming an integral component of the global business community. By 2020, this trend is likely to have persisted.
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