Effective use of Resources- Way of Gobalising the Economy

Now a days, due to the dynamic business environment, the only solution for an organization to survive in the economy, is by providing quality goods and services to the customers at minimal prices, keeping in mind to increase the company's profits. But, for a company to satisfy the customer as well as increase its own yields, it requires that the manufacturing unit should be cheap. To avail such services, organizations mostly outsource their work, from other developing countries, where the cost of hiring labor is comparatively cheaper, which leads to the interdependence of the countries among one another, thus binding them all in a global economy.

A Digital Marketing Agency in London outsources its work to cheap manufacturing countries like India, thus creating a link between the Indian worker and the company's revenue. A Digital Marketing Agency in London, generally resorts to outsource regarding Social Media Marketing, to countries with low labor cost specializing in Search Engine Optimization(SEO), since the cost of technicians are really sky rocketing in such places. The amount paid to hire one worker cost is, equivalent to hiring twenty workers in developing regions. Profit maximization, being the sole purpose of the Digital Marketing Agency in London, being a rational entity will opt for the workers of a developing country like India, where they get low cost workers specialized in the case of Social Media Agencies in the field of Search Engine Optimization. Also, to train such technicians on the latest advancements regarding Social Media Agencies and to get them well acquainted with the latest technology and services, special developers from London visit India. Hence, this leads to amalgamation of cultures across borders, resulting in a wider scope for trade, thus increasing the range of employment.

But, there are also also many drawbacks. If the economy of a country is facing a setback, then as a whole it will affect all those countries that are engaged in business with the country. Plus, the employment of the developing country, from which workers were being outsourced also faces several consequences. Being a developing country, the workers will get unemployed and its currency will depreciate in terms of their globally accepted currency. Also, the global economy will enter into a state of recession.

Social Media Agencies in London, which use techniques like Search Engines Optimization (SEO) have a competitive edge over the market, which helps to get a lead in the market. Thus, by outsourcing the SEO service to India, due to the availability of specialized technicians at a lower remuneration, London based companies get a prime lead by providing quality service to its customer at cheap manufacturing costs.

Globalisation also leads to diversification. Going to new places and meeting new people gives a lot of exposure and hence development of numerous ideas in terms of new businesses and many individuals establish new operations of their own accordingly, in the dynamic business environment because expansion is the key to success and thus, trade expands through globalisation.

Summary

Globalisation, diversification and communication are the key mantras of running a successful venture in today's world, as all of them are interconnected and function with the help of each other.