Essay on Small Business For Large Multi Multinational Corporation

Essay on Small Business For Large Multi Multinational Corporation

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In the 21st century the economy is becoming more globalized and this is highly beneficial for large multi multinational corporation. Globalization is defined as “The worldwide movement toward economic, financial, trade, and communications integration” according to Big business can gain a lot when they utilize the benefits brought by globalization. Also, they can benefit from the workplace diversity which often leads to an increase in productivity and creativity. While, all of this can be a benefit for huge business, but might be a risk for the small business. Small business owners do not have such huge amounts of capital to invest in their business. So it is difficult for them to compete with huge business owners. It is hard for them to gain benefits from both globalization and workplace diversity. Although all of this may be true but they are still room for the small business to improve and succeed. This essay will discuss factors that contribute to small business success in a globalized market.

One of the many factors that could help small businesses to be succeed is their marketing mix. According to The Economic Times (n.d) “The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps which make up a typical marketing mix are Price, Product, Promotion and Place”. Small business can use bundle pricing method like BIGOF, buy one get one free. This method will attract customers to spend at small businesses. Consequently, customers will spend extra money while purchasing other items and this will help small businesses increase their sales and income at the same time. According to (n.d), place is a criti...

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...conclusion, although the market is now globalized and much likely to be dominated by big business there is still a place for small business and a lot of factors that contribute to small business success. Although it might be time and labor consuming, but Napoleon Hill believes that “Great achievement is usually born of great sacrifice, and is never the result of selfishness”. In other words, in order to succeed, there is always things that may need to be sacrificed or given up such as time, sleep, hobbies, and more. Herman Cain an American Author, business executive and candidate for the 2012 U.S. Republican Party presidential nomination, mentioned that “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful”. Although there are sacrifices you need to enjoy and have passion for what you are doing.

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