New Technologies and business Essay Example | Topics and Well Written Essays - 1250 words

New Technologies and business - Essay Example The age of globalization has led to economic reforms and the developing economies have opened the doors to foreign investments. Thus the markets in the merging economies have accepted foreign investments that have led to the transfer of new technologies as a result of the foreign direct investment by the developed economies. Due to the increase in investments by the foreign investors, the business identity of the local market has also been a point of consideration to the policymakers. The economic policies of the local governments have allowed subsidies and incentives in the form of reduced taxes and other allowances in order to encourage foreign investments to take place in the domestic markets. This has exposed the domestic markets to foreign competition in terms of technological advancements, quality and pricing. The multinational companies have set up their establishments in the emerging markets. Thus the legal construction of the boundaries of the sovereign states was crossed an d this led to the transfer of new technologies required to tap the opportunities of the emerging markets in the age of globalization. The new technologies brought about by the multinational companies in several states across the world have created a business identity for themselves in the worldwide markets. The multinational companies like the International Business Machine, Apple Inc, Microsoft, General Motors, Unilever Corporation, Morrison, etc. are from different industries that have brought new technologies in the worldwide markets. The research and development wings of these companies have developed the new technologies in accordance to the customized demand of the markets and this has helped them to develop a business identity for themselves. By introducing the new technologies that have fulfilled the market demands and satisfied the customers have helped them to enter the new markets and capture the market shares. The multi-national business houses that have brought about ne w technologies in the world wide markets have been able to increase their market capitalization. The new technologies have the businesses to manufacture and sell products to the customers which are of unexpectedly high quality and at the same time cost effective. The air of globalization and the transfer of new technologies across the legal boundaries of sovereign states have led to the development of a brand image and goodwill in the market. This is the mark of the business identity that has been achieved due to the process of globalization and increased consumerism. The advent and transfer of new technologies across the legal and geographical boundaries of states had an impact on the sovereignty of the states and its people. Due to the application of the new technologies in the host countries and the change in the quality, style and pricing of products and services, the taste and lifestyle of the people also changed. The states witnessed an increase in consumerism and the employme nt level in the states improved. The increase in the number of job opportunities in the economy of sovereign states led to the rise in income level. With more money in the hands of the population, the