Firms across the globe are experiencing a number of demanding challenges that require extensive strategic planning in order to ensure both their current and future competitiveness. Although consistent advancements in technology have made certain tasks easier, they have also increased competition in their respective industries. This has simultaneously made global marketplaces more accessible and these factors amongst others, have led to some of the greatest challenges facing businesses today and that is staying technologically relevant and dealing with the complexities of globalization. A constantly expanding global network has connected firms to a larger number of customers and clients with different needs, which has presented new and complex problems requiring solutions. Firms that are unable to meet these demands will simply cease to operate. This is evident by analyzing industries that existed in the past and no longer exist, or are gradually failing due to emerging industries utilizing technological advancements to meet consumer needs. For instance, textbook printing companies are being replaced by companies producing e-books such as Course smart, and brick-and-mortar movie stores are nearly irrelevant due to online-streaming sites such as Netflix and Hulu. The issue arises because many companies are trying to sell customers the same product with no variation or mechanism that differentiates their product from others. During a trip to Wal-Mart or Walgreens one will find that for any given product there will be multiple rivals selling an identical product. What will ultimately determine which product is purchased hinges on the marketing, pricing, and quality of that product. In this respect branding is crucial to staying relevant in the marketplace both globally and locally because it sets the sold products apart from the ones left on the shelf. The way the global marketplace has been shaped currently has allowed for more equal footing to sell to
