ABSTRACT
The forces of globalization have changed the ways in which companies compete. The opening of national borders during the last decades brought international competitors into almost every domestic market in the world, leaving local firms with the challenge of improving their operations, or disappearing. At the same time, firms from developed countries had to face competitors from emerging markets, which compete based on country-specific factor endowments. As a result, the configuration of world markets is changing, as well as the nature and direction of trade, investment and technology flows. In this new business geography, marketers are faced with huge opportunities in different parts of the world. More and more, domestic firms are internationalizing to take advantage of these opportunities.
