Globalization of markets is the expansion of markets and allowing access of businesses to all parts of the world. The borders have opened to international trade and foreign investment. This is possible because of the development of technology and the revolution in the information technology sector. The internet enables the customers and the organizations to interact and transact their business in a common place. They do it at the comfort of their homes. This decreases the costs involved in doing the business. The companies sell their products to consumers in different parts of the world. Technology drives the economies of different industries in the world. The profits that the firms receive come from sale of products facilitated by innovation. The expansion of innovation drives the globalization of the market.
Technology enables rapid design and development of products. It allows products to move from the producer to the consumer. Technological innovation enables communication between people. People are able to communicate from distant places. They place their orders online and they receive their products at the doorstep. The people do not move from one location to another in search of products and services. The time taken produce the products is shortened. Innovation increases the gross domestic product of the countries engaging in trade via technology. The medical field has improved greatly because of advancement in technology. The market research becomes easy because of the presence of the innovations like the internet. It helps in discovering the opportunities that exist now and those that might occur in the future. Innovations allow the satisfaction of the needs of the customer (O'Meara, 2000). The companies research on the emerging consumer trends and tailor their product development towards satisfying that need. Innovation put companies at a competitive level compared to those that are not innovating.
Technology also has negative impacts to the society. Technology has led to the depletion of natural resources. The technology used to preserve the natural resources depletes the resources. Technology has sucked dry the natural resources. Billions come to budgets of the countries but the natural richness reduces gradually. Technology has led to pollution. Companies manufacture products that pollute the water, air and the soil. The pesticides, toxic waste released to rivers, and plastics are all products of innovation (Ausubel, 1994). These products like pesticides control the spread of disease but at the same time, it destroys the natural richness present in the soil. The society in one way or another must use these products because the world is now modern. The use of technology has led to extinction of animals other plants. This is because of the adverse effects on the environment. The animals and plants become very vulnerable.
Technology has provided with possible ways to curb the disease but it has also exposed the human being to many kinds of disease like cancer that kills. The weapons of mass destruction are because of technological development. The human being has become very lazy because of technology. The human being does not involve in games that involve physical activity like hockey and football. They play computer games indoors and this lead to body inactivity. This has exposed human beings to lifestyle diseases like obesity. The critics cite that technology has negative effects but the truth of the matter is that technology has made life easier. Almost everything that the human being uses is as result of innovation. Technology has many positive effects compared to the negative effects.
References
O'Meara, P. (2000). Globalization and the challenges of a new century: A reader. Bloomington [u.a.: Indiana Univ. Press.
Ausubel, J. H. (1994). Technology and environment. Washington: National Academy Pr.
