The dynamics of the global market: A knowledge acquisition and application approach

Globalization has created vast economic opportunities for nations and companies around the world to access the global market. Consequently, nations and companies specifically within the manufacturing sector and service industries are doing business around a borderless globe. Nations are focusing on the global market to strengthen their economic growth and investing their resources in different infrastructural aspects to facilitate rapid economic growth. There has been a constant change within the global market, making nations and companies struggle to keep up with the global market emerging trends. This paper provides insight into the dynamics of the global market and the key elements contributing to these constant changes. It seeks to alert nations and companies to the need to re-focus in order to sustain competitive advantage in the global economic market. It sensitizes nations and companies to the need to re-focus on key elements such as knowledge acquisition and application in order to sustain competitive advantage in the global economic market. The findings of this paper suggest that sustaining competitiveness at the business level requires knowledge acquisition and application, complementary to which is further education, technical skills, retraining and technological development. At the national level this knowledge acquisition and application balances the effective strategic leadership, attracting foreign investment and reaching global networks.