Technology Development
Technology development has enhanced the international market today more than it did several decades ago. For example, the use of the internet, artificial intelligence, social media, internet of things (IoT), among other innovations, have a positive impact on international trade. In this report, ICT, social media, and IoT will be explored as discussed herein:
Information communication technology (ICT) has revolutionized the way companies do business, enabling small and medium-sized businesses to catch up with large companies. Small businesses use various technologies, from computer server stations to portable mobile devices, to help them gain a competitive edge in the global business market and marketing environment. Therefore, SME owners consider the application of information technology (IT) when planning optimized integrations. In this way, this process leads to future business expansion, both locally and globally. With this solution, owners can create smooth business operations with the most efficient information technology available.
Social media has enabled multinational companies to succeed in the host country. Since the introduction of social media platforms, the world has changed into a global village. One of the uses of social media is to conduct marketing research for multinational companies. For instance, a UK company targeting the Nigerian or the Japanese market will use social media platforms such as Facebook or Twitter to conduct a feasibility study. The UK company will use the results of this study to decide whether to enter or to hold. Moreover, social media platforms offer feedback on the company’s service delivery. Although the feedback is negative in most cases, companies can use this feedback as a positive criticism on how to improve their service delivery. Social media platforms are also used in marketing. Because these platforms can reach a vast audience and cheap, most multinational companies have turned to social media to market themselves in the global market.
The global Internet of Things (IoT) market is estimated at $ 605.69 billion in 2014. The growing diffusion of technology and investment is expected to drive global markets over the next seven years. Significant advances in telecommunications and the development of the Internet and broadband services are further driving the growth of the Internet of Things (IoT) industry. The tech giants have increased their investment in research and development in the industry to start early. Companies are also increasingly using mergers and acquisitions as a critical strategy for growth and entry into the market. Google’Google’sition of Nest, a manufacturer of sports thermostats, and Intel’sIntel’sition of Basis, a wearable fitness equipment manufacturer, made it easier to enter the industry.