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MNG 00723 Assessment-1: Short Written Response
Ques-1 What is globalization and how does it affect domestic businesses? In your response, include a definition of globalization, and discuss at least three positive and three negative impacts of globalization (6 marks)Definition and Meaning: Globalization refers to free movement of goods, services and people across the globe. This is the result of opening up of trade relations between nations. This increases the interconnectedness between economies of nations which were otherwise closed. Furthermore, globalization also refers to an environment wherein nations adopt to liberalization of import protocols allowing FDI (foreign direct investment) into various sectors. These nations also adopt liberalization policies for visa guidelines to permit free flow of people across their countries. Globalization Affects Domestic Businesses. As mentioned before, globalization leads to free movement of goods, services and people across different nations of the world. This majorly affects the society and economy of a nation due to increased competition and technological advancements. Increased competition may be related to cost of products and services, target markets, technological advancements and much more. Furthermore, rising competition includes various efforts wherein companies try to sell cheaper by building up their expertise in manufacturing and production capabilities. This is where consumers start expecting quicker and more efficient products and services at lower prices due to multiple choices being available to them. The companies adapt to such competitive environments as these are now global market requirements. Technological advancements also affect the working of domestic businesses to further exploit new business opportunities. This is because companies have to use the most advanced technologies to increase sales and efficiency. Globalization leads to improvements in technological trends in any industry or sector. Therefore, it calls for improved management of R&D in technological management. Transfer of information and knowledge is another aspect which affects domestic businesses. In other words, if a company appropriately uses knowledge and information, then it can adapt to fluctuations in global environment. This allows efficient and timely use of knowledge and information. Globalization affects the management of operations of businesses in an economy. In other words, companies have to set up offices in each country to take care of operational activities such as warehousing, distribution, R&D as well as logistics. Companies also have to take care about marketing strategies to be adopted at a global level. Therefore, companies resort to an international approach for concepts such as customized marketing for various niche sectors (Kokemuller, 2017). Companies also have to take care of distributorship when they operate at a global level. This is because companies need to consider various aspects related to movement of supplies and products for order fulfillment process. Therefore, the domestic companies need to adapt to a system of storing and shipping products to different countries to build up global presence. Globalization also increases the need of business partnerships of firms which fill up gaps between companies (Kokemuller, 2017).
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