TABLE OF CONTENTS Abstract 1 Topic 1 Reflections Global Marketspace and Virtual Networking Web 2 0 revolution 2 1 Key concepts learned 2 2 Achievement in learning 2 3 Evidence of learning 2 4 Assessme. TABLE OF CONTENTSAbstract1Topic 1 Reflections: Global Marketspace and Virtual Networking: Web 2.0 revolution21.Key concepts learned22.Achievement in learning23.Evidence of learning24.Assessment of learning35.Relevance of learning3Topic 2 Reflections: Social media and the global marketplace: Web 2.0 Business models31.Key concepts learned32.Achievement in learning43.Evidence of learning44.Assessment of learning45.Relevance of learning4Topic 3 Reflections: Global Consumers in the global marketplace: the power of web 2.041.Key concepts learned42.Achievement in learning53.Evidence of learning54.Assessment of learning55.Relevance of learning5Topic 4 Reflections: Global Consumer Culture and constructing consumer identities in the global marketplace61.Key concepts learned62.Achievement in learning63.Evidence of learning64.Assessment of learning75.Relevance of learning7Topic 5 Reflections: Integration and Fragmentation of the Global Marketplace71.Key concepts learned72.Achievement in learning73.Evidence of learning74.Assessment of learning85.Relevance of learning8Topic 6 Reflections: Researching the global marketplace81.Key concepts learned82.Achievement in learning93.Evidence of learning94.Assessment of learning95.Relevance of learning9Topic 7 Reflections: Managing Global Business Reputation in the global marketspace91.Key concepts learned92.Achievement in learning103.Evidence of learning104.Assessment of learning105.Relevance of learning10Topic 8 Reflections: Developing ITenabled strategies to exploit global marketplace opportunities101.Key concepts learned102.Achievement in learning113.Evidence of learning114.Assessment of learning115.Relevance of learning11Overall conclusions12References13 AbstractIn the digital and global marketplace era, businesses must have deep knowledge of digital business platforms and capabilities to adapt to constantly changing business environments to ensure growth and sustainability. The scope of the global marketplace management is quite large and keeps changing, requiring enterprises dynamics and innovation (Spais, Beheshti Rana, 2019) Topic 1 Reflections: Global Marketspace and Virtual Networking: Web 2.0 revolution1.Key concepts learnedThe web 2.0 revolution brings various new concepts to the business context, including global market space, global marketplace, social media, social presence and social processes. These concepts contribute significantly to establishing virtual networking where buyers and sellers can interact and purchase more actively (Zhang, Liu Yao, 2021).The global marketplace can be understood as an international business platform where all businesses worldwide can interact continuously without geographic barriers.Social media is identified as all communication tools helping companies better reach and approach their customers via technological devices on social network platforms.Social presence theory illustrates how digital interaction on social media platforms influences customers feelings and purchase decisionmaking.Social processes consist of the progress of users and community forming and nurturing interaction for social relationship establishment (Helsen, 2019).2.Achievement in learning
TABLE OF CONTENTS Abstract .1 Topic Reflections: Global Marketspace and Virtual Networking: Web 2.0 revolution Key concepts learned 2 Achievement in learning Evidence of learning .2 Assessment of learning Relevance of learning Topic Reflections: Social media and the global marketplace: Web 2.0 Business models .3 Key concepts learned Achievement in learning Evidence of learning .4 Assessment of learning Relevance of learning Topic Reflections: Global Consumers in the global marketplace: the power of web 2.0 Key concepts learned Achievement in learning Evidence of learning .5 Assessment of learning 5 Relevance of learning Topic Reflections: Global Consumer Culture and constructing consumer identities in the global marketplace .6 Key concepts learned Achievement in learning Evidence of learning .6 i Assessment of learning Relevance of learning Topic Reflections: Integration and Fragmentation of the Global Marketplace Key concepts learned Achievement in learning Evidence of learning .7 Assessment of learning Relevance of learning Topic Reflections: Researching the global marketplace Key concepts learned Achievement in learning Evidence of learning .9 Assessment of learning Relevance of learning Topic Reflections: Managing Global Business Reputation in the global marketspace Key concepts learned Achievement in learning 10 Evidence of learning 10 Assessment of learning .10 Relevance of learning 10 Topic Reflections: Developing IT-enabled strategies to exploit global marketplace opportunities 10 Key concepts learned 10 Achievement in learning 11 Evidence of learning 11 Assessment of learning .11 Relevance of learning 11 ii Overall conclusions 12 References 13 iii Abstract In the digital and global marketplace era, businesses must have deep knowledge of digital business platforms and capabilities to adapt to constantly changing business environments to ensure growth and sustainability The scope of the global marketplace management is quite large and keeps changing, requiring enterprises' dynamics and innovation (Spais, Beheshti & Rana, 2019) Topic Reflections: Global Marketspace and Virtual Networking: Web 2.0 revolution Key concepts learned The web 2.0 revolution brings various new concepts to the business context, including global market space, global marketplace, social media, social presence and social processes These concepts contribute significantly to establishing virtual networking where buyers and sellers can interact and purchase more actively (Zhang, Liu & Yao, 2021) The global marketplace can be understood as an international business platform where all businesses worldwide can interact continuously without geographic barriers Social media is identified as all communication tools helping companies better reach and approach their customers via technological devices on social network platforms Social presence theory illustrates how digital interaction on social media platforms influences customers' feelings and purchase decision-making Social processes consist of the progress of users and community forming and nurturing interaction for social relationship establishment (Helsen, 2019) Achievement in learning Throughout this lesson, it is undeniable that the web 2.0 revolution has had an intensive influence on the operational manner of international business In addition to the traditional business operation, the web 2.0 revolution with social media platforms and its constant interaction has shaped a powerful virtual networking in which all business transactions become much easier and more profitable As a result, it is a common trend for global enterprises to put a complex investment in digitalization and social media as their key business channels for revenue-driving and sustainability Evidence of learning It is widely accepted that the web 2.0 revolution has contributed significantly to consumer social networking with various sites such as Myspace.com, Instagram, Facebook, and Tiktok In addition, more and more business-based sites such as LinkedIn and Visible Path are highly effective in stimulating sales and marketing for higher performance In the digitalization era, businesses are virtual networks for selling products and establishing other capitals for business growth Assessment of learning From our experience, it is widely agreed that web 2.0 has dramatically changed our shopping behaviour Thanks to the digital business environment, customers can shop more conveniently and safely via brands' websites or applications instead of coming to their stores, which helps us save lots of money and time In addition, web 2.0 makes it easier for enterprises to start their global business without investing too much in establishing a giant operation system in a foreign market Relevance of learning Thanks to the knowledge in this lesson, I have equipped myself with the initial understanding to go further with my start-up idea of promoting my favourite health product- birds nest to international markets outside Vietnam and Asia region The emerging development of the global digital marketplace, especially the powerfulness of social media platforms, would be a great supporter to help my start-up realize without too big investment capital I can sell online without investing in setting up a showroom or offline shop in new markets Topic Reflections: Social media and the global marketplace: Web 2.0 Business models Key concepts learned Social capital is how enterprises take advantage of their social relationship to gain other capital for business operations The social theatre illustrates enterprises' efforts and attitudes in cooperation with consumers to stimulate higher business efficiency Far more different from the traditional business concept in which globalization is considered a step-by-step procedure, the "born-global" businesses emphasize on ceaseless creation of advantages and resources for driving global sales and revenue (San Emeterio, Juaneda-Ayensa & Fernández-Ortiz, 2020) The most common web 2.0 business model is the 4C, with four layers referring to Internet business function, including connection, content, context and commerce layer (Gomes et al., 2018) Depending on their feature, these layers would contribute differently to the overall business performance at different stages Achievement in learning After this lesson, I fully understood the essence of investing in building and developing social media platforms among global businesses These investments would ensure their sound interaction and social relationship establishment with a more significant customer base for more decisive business operations and revenue gained Evidence of learning Following the merge of the web 2.0 revolution, various e-commerce websites launched to help customers shop more conveniently and effectively, such as Amazon, Tiki and Shopee In addition to e-commerce websites, many social media platforms allow both virtual networking and business stimulation, such as Instagram, Facebook and Tiktok Assessment of learning This lesson is quite knowledgeable and helpful to help us set up a more digitalization business mindset Accordingly, despite what products and business types we are thinking about, digital business with a deep focus on social media platforms would be a must for a good start The investment in a digital business or transforming from a traditional business into a digital business would result in a higher return on investment more quickly compared to starting with a traditional business thanks to the mass and intensive impacts of virtual social networking on customers' purchase decision-making process Relevance of learning Once again, socializing my bird nest business on social media would be pretty profitable The design of a new website, and social media accounts on leading platforms, including Facebook, Tiktok, and some top e-commerce sites such as Shopee or Tiki, would allow me to better approach a more extensive customer base for social presence establishment prior to focusing on sales and marketing Topic Reflections: Global Consumers in the global marketplace: the power of web 2.0 Key concepts learned According to Shuen (2018), the appearance of web 2.0 has brought lots of benefits to both customers and enterprises, including: - Allow customers to search for information much more quickly and conveniently on various web application - Enable enterprises to better approach bigger audiences via targeted and tailored content, including both marketing and promotion types - Ensure a sound customer journey for a better customer experience while purchasing online Achievement in learning This lesson helped us become more knowledgeable about the trend of digitalization The traditional business model is getting less effective than digital ones due to their limitations on operational scope and interaction with customers in different countries However, with the digital marketplace, there is no limitation on space gap as a brand can reach all customers worldwide with good content and marketing strategies targeted at a specific audience group In addition, from the perspective of consumers, they also find digital shopping much more convenient than coming to the shop resulting in their growing demands for online shopping with more social interaction with brands Evidence of learning Considering the case of Tiktok, far more different from its initial position as a social network platform allowing users to create and share creative content for social networking promotion, nowadays, many individuals and brands can earn passive income from this platform via the function of businesses Users can now buy everything from Tiktok, from food and household appliance to cosmetics or even land and houses In other words, social media transform business operations, making it more flexible and profitable Assessment of learning After this lesson, I realize the close relationship between the content and effectiveness of business on social media platforms The more engaging content is, the better a brand can approach customers, driving sales revenue Relevance of learning Thus, I would explore the most attractive content strategy for my bird nest business on social platforms As these are considered premium healthcare products, I need to define the suitable customer base to develop and deliver the most engaging and tailored content to call for their attention, then ensure the sale conversion rate and revenue Topic Reflections: Global Consumer Culture and constructing consumer identities in the global marketplace Key concepts learned Hofstede's cultural dimension theory is considered the most popular framework for national culture in which the interpersonal relationships at work in different countries are affected differently by the local cultures and values (Jadil et al., 2022) Speaking of consumer culture, it is everything relevant to the customers' consumption, including demands, expectations and characteristics Consumer identity can be understood as their shopping behaviour while considering a product or brand Factors such as consumer characteristics and values may influence consumer identities, including internal factors and external including brand reputation, price, and community reviews (Grewal, Stephen & Coleman, 2019) Achievement in learning Combining the knowledge provided in this lesson and the actual macro environment of the world after COVID-19, it can be said that global consumer identities have been changed a lot by external factors They are becoming more price sensitive due to limited compensation capability resulting in their careful consideration prior to purchasing decision-making This proves the right of the knowledge provided in this section Evidence of learning Consumer identities in the international marketplace are constructed by four influential factors, including cultural, social, individual and psychological factors In order to ensure an accurate understanding of customer persona for effective marketing and sale strategy, it is a must for enterprises to sufficiently review the four-factor groups The missing evaluation of any factor would lead to wrong customer understanding affecting the effectiveness of business strategy negatively For instance, while responding to the green consumption trend in the global market, fast fashion brands such as H&M or Zara should have taken notes about their target customers' identity, who are young and knowledgeable They are highly demanding information authenticity resulting in their concerns about the "green" of these brands Meanwhile, in some cases, these brands failed to provide their customer community with solid evidence for their green manufacturing They have been confronted with hostile protests affecting their brand identity in the market Assessment of learning From my perspective, I have to admit that the construction of global consumer identities is quite challenging as they come from various cultures with a diversified backgrounds Thus, prior to entering any new market, it is critical for enterprises to conduct market research to gain enough customer personas and market insights for safe investment Relevance of learning With the trend of online shopping and digitalization, more and more customers are demanding personalization This is also a big trend for enterprises to well note during their business R&D and global launching to avoid the mismatch between their delivered messages and the market's actual needs Similarly, in my case of promoting my bird nest business, I must conduct market research to decide on the most potential market to start with a clear target audience persona Topic Reflections: Integration and Fragmentation of the Global Marketplace Key concepts learned Even though globalization is a trend and has changed business operations worldwide noticeably, while operating business in an international scope, it is essential for businesses to consider both integration and fragmentation of the global marketplace to avoid business disruption or failure The fragmentation of the global marketplace refers to the division of the global market into different pieces in which consumer culture and identity vary differently As a result, enterprises have to pay attention to the smallest unit of their business procedure to ensure their alignment with the whole but maintain suitability with their niche market (Oleksiyenko, 2019) Achievement in learning This lesson emphasized the necessity to ensure integration and fragmentation features in the business plan while operating in the global marketplace This combination effectively makes brands more flexible and adaptive to the constantly changing business environment Evidence of learning Take a look at the case of McDonald's entry into Vietnam Due to their dearth of Vietnamese customers' insights and the fragmentation of the fast-food industry in Vietnam, their business seems less successful than expected Accordingly, despite the emerging Vietnamese trend of using fast food, their utilization of hamburgers and other dishes on McDonald's menu needs to be improved; and their consumption level In other words, Vietnamese people are only willing to pay less than McDonald's price for a fast-food service In addition, they expect a more tailored taste instead of the original American taste provided by the brand Assessment of learning I also listened to one of my classmates sharing her experience about balancing both integration and fragmentation of the global marketplace According to her story, one of her friends used to open a franchise of Ding Tea- a relatively famous Taiwan tea brand in Vietnam in her hometown This franchise failed after three months of operation because customers in her hometown could not afford the drinks' price despite their genuine interest and love for the drinks This is strong evidence of the failure due to the mismatch between the integration and fragmentation of the market Relevance of learning In my case of promoting bird nest, it would be crucial for me to reasonably evaluate the actual demand and willingness to pay off the target audience to ensure success due to their incapability of payment regardless of their real product demand and interest Topic Reflections: Researching the global marketplace Key concepts learned The process of gathering data about the market for insights and market trend prediction is known as the research process While conducting market research, mainly about the global marketplace, sentiment analysis is among the most popular as it is used to measure customers' emotions towards a product or brand in the defined context In addition, brands can make use of emic and etic approaches to gain their expected results Depending on different needs, companies can use an emic or etic approach The emic approach would result in results based on participants' perspectives In comparison, the etic approach would explore the adoption of existing theoretical frameworks in the context with fewer influences by research participants' perspectives (Hansen & Heu, 2020) Market research would contribute noticeably to the establishment of big data for the company, which consists of large and complex data about customers, brands and the market, which supports better decision-making Achievement in learning After this lesson, I was clear about the critical role of market research in business Thanks to the results from business research, enterprises can make a better decisions for business driving and sustainability In addition, I also understand some most common research approaches to ensure the exactness of gathered data Evidence of learning It is undeniable that market researches are highly effective in driving better business strategy decision-making Once the gathered data is exact and reliable, it will stimulate innovative business initiatives for higher revenue Take a look at the case of Coca-Cola in Vietnam As they got the insight into the high demand for gathering and reunion of Vietnamese, especially in special events and holidays, their central theme for Tet always focuses on family and reunion that catch customers' emotions, then driving sales noticeably In addition, Coca-Cola is always active in social presence to better approach a mass audience, including children, teenagers, and adults Assessment of learning From the case of Coca-Cola, it is undeniable that market research is a must for all businesses while entering a market It guides the business procedure and supports the business's adaptation to stay aligned with the market-changing demands and context Relevance of learning Considering my intention of selling bird-nest to another country, it is necessary for me to explore more premium suppliers to make my products appealing to high-end customers who have higher compensation efforts and willingness to pay compared to my current customer base, who are middle-class Topic Reflections: Managing Global Business Reputation in the global marketspace Key concepts learned According to Steenkamp (2020), two of the most valuable assets of enterprises are reputation and brand These assets require regular nurturing and control for sustainability Brand reputation can be understood as all of the brand's business functions and activities for promoting product selling and brand presence benchmarking on the market for acquiring and engaging customers longer and longer Achievement in learning Via the lesson, it is clear to all of us that good reputation management is critical to business establishment and development as it directly affects customers' perception of the products and services that a brand provides Sound brand reputation management also helps orientate business and make it more adaptive to market changes for effective maintenance of market position Evidence of learning In digitalization, brand reputation management must be conducted online and offline to ensure brand consistency In addition, the online reputation also requires higher concentration due to the fast viral on online media platforms In the world, various case studies are losing their market due to inappropriate online reputation control The viral video recording staff of McDonald's beating customers was abundant evidence of the brand's incapability of brand reputation management resulting in this brand's boycott in that market Assessment of learning After this lesson, most of my classmates agreed that online brand reputation management is increasingly important in protecting business, especially in the era of social media platforms and the trend of reviewing It is highly recommended that brands develop their own brand reputation management practice to in-timely respond to the threats and scandals online to eliminate and minimize their adverse impacts on brand reputation and presence Relevance of learning Based on this lesson, I also put stress on designing my feedback management procedure to deal with negative feedback and complaints from my future customers to maintain my brand's rank and online presence Topic Reflections: Developing IT-enabled strategies to exploit global marketplace opportunities Key concepts learned It is undeniable that the advanced technology has supported the business strategies and implementation design noticeably Once enterprises have the capability of IT and 10 resource for implementing cutting-edge technologies in their business procedures, they will achieve apparent success (Nambisan, Zahra, & Luo, 2019) To some extent, IT would help to leverage operational efficiency and brand competitiveness Achievement in learning This lesson teaches us the influential role of IT applications in business performance optimization It can be said that IT resource and capability is also a strong competitive advantage of companies in the global marketplace as they would make marketing and sale more effective via sound integration of online payment methods, digital marketing tactics, and customer service optimizations such as chatbot Evidence of learning Some friends operating online clothing businesses adopted chatbots for their Facebook fan pages They found it quite convenient, especially with the everyday concerns of customers about product categories and prices However, with the further need for consultancy, they found that the chatbot needed improvement Assessment of learning It is an emerging trend for businesses to adopt advanced technologies in driving their business and development However, in addition to the adoption, regular review and upgrades must ensure the suitability between the technical innovation and the actual customers' demands and expectations Relevance of learning From my knowledge and experience, I recognize CRM as the most valuable technological innovation that all businesses should have for their own business With the storage of all customer data, this would be a strategic tactic for business development and management 11 Overall conclusions In a nutshell, it is compulsory for all enterprises to fully understand and well control all global marketplace operation principles These rules should be considered strategic guidelines for businesses to better target and approach the most potential customer base for sound business performance In addition, the master control of the brand on social media platforms would also be the top priority for a brand to stay competitive in the market in digitalization 12 References Gomes, J F., Iivari, M., Ahokangas, P., Isotalo, L., Sahlin, B., & Melén, J (2018) Cyber security business models in 5g A Comprehensive Guide to 5G Security, 99116 Grewal, L., Stephen, A T., & Coleman, N V (2019) When posting about products on social media backfires the negative effects of consumer identity signaling on product interest Journal of Marketing Research, 56(2), 197-210 Hansen, N., & Heu, L (2020) All human, yet different: An emic-etic approach to cross-cultural replication in social psychology Social Psychology, 51(6), 361 Helsen, K (2019) Digital marketing in the global marketplace: Latest developments Jadil, Y., Jeyaraj, A., Dwivedi, Y K., Rana, N P., & Sarker, P (2022) A meta-analysis of the factors associated with s-commerce intention: Hofstede's cultural dimensions as moderators Internet Research Nambisan, S., Zahra, S A., & Luo, Y (2019) Global platforms and ecosystems: Implications for international business theories Journal of International Business Studies, 50(9), 1464-1486 Oleksiyenko, A V (2019) Academic collaborations in the global marketplace Cham: Springer San Emeterio, M C., Juaneda-Ayensa, E., & Fernández-Ortiz, R (2020) Influence of relationship networks on the internationalization process: the moderating effect of born global Heliyon, 6(1), e03148 Shuen, A (2018) Web 2.0: A Strategy Guide: Business thinking and strategies behind successful Web 2.0 implementations O’Reilly Media Spais, G., Beheshti, H., & Rana, S (2019) Special issue on customer needs and demand management in the global marketplace: Emerging management and marketing practices FIIB Business Review, 8(4), 257-258 Steenkamp, J B E (2020) Global brand building and management in the digital age Journal of International Marketing, 28(1), 13-27 13 Zhang, X., Liu, H., & Yao, P (2021) Research jungle on online consumer behaviour in the context of web 2.0: Traceability, frontiers and perspectives in the postpandemic era Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1740-1767 14 ... customer needs and demand management in the global marketplace: Emerging management and marketing practices FIIB Business Review, 8(4), 257-258 Steenkamp, J B E (2020) Global brand building and management... enterprises are reputation and brand These assets require regular nurturing and control for sustainability Brand reputation can be understood as all of the brand''s business functions and activities for... platforms and the trend of reviewing It is highly recommended that brands develop their own brand reputation management practice to in-timely respond to the threats and scandals online to eliminate and