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Why and when does culture matter in international business
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Three Globalization Business Challenges
Cozetta Simms
Bellevue University
Globalization has been on the rise since the 1970’s when the creation of steel transport containers made trading goods easier and cheaper for traders across continents. Since the 1970’s trade has been a huge staple in the American marketplace and has increased the economy of America more than 50%. Although, globalization has been profitable for some businesses, the challenges that companies face with globalization have threatened to impact the global trade market. In this paper we will pinpoint three specific challenges some businesses may face with globalization. We will discuss the impact of culture, societal perception and communication technologies
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The article entitled Three Challenges for Communication and Global Social Change explores three challenges in global communication; the fragmentation of the field, the paucity of research on policy advocacy, and the links between participation and aid effectiveness. This article gives us an in depth look at how these issues impact the social aspects of business and what can be done to address them. In an article by Ian Bremmer (2015), Bremmer briefly discusses the challenges faced by what he refers to as “The underdog countries.” Apparently, those at the top are forcing the weaker areas to concede and over powering the countries …show more content…
Effective communication routes are needed in order to keep a business running; otherwise the threat of failure becomes a dangerous reality. Akinbile and Oni touch on the topic of technology as it relates to Nigeria in their Meta-analysis titled Assessments of the challenges and benefits of communication technology on the construction industry in Oyo State Nigeria. The issue facing Oyo State is the lack of and expense of informational communication technology in everyday business. The lack of stable power, the absence of people with knowledge to maintain technology systems (BEATTY, 2015) and lack of informational communication technology itself, plays a major role in an underdeveloped countries ability to create and maintain a foundation of communication. The meta-analysis concluded information communication technologies would benefit Nigeria’s markets by way of productivity, knowledge and improve business relations
Wild, J. J., Wild, K. L., & Han, J. C. (2008). (CH2)Cross-Cultural Business and (CH5)International Trade,. International business: the challenges of globalization (4th ed., pp. 48, 61-62, 132, 136, 147). Upper Saddle River, N.J.: Pearson Prentice Hall.
Globalization can not only affect a company opening an office in another country but it can affect a small local business as well. As the internet brings the world closer together it becomes far more likely that a business that opened with no intention of selling internationally will have customers form different parts of the world asking for their product. For instance a steel company located in Pennsylvania may suddenly find orders coming in from South American factories. How the steel plant chooses to handle this new international customer could mean ...
We all seem to partake –somehow- in a new streak of research where the concept of globalisation takes form of some sort of mantra, rendering previously valid questions irrelevant and imposing new paradigm shifts in a variety of disciplines. In the field of International communication, the process of globalisation is not only about the emergence of huge transnational corporations. It also implies changes in communication policies and their impact on cultural autonomy and identity not only in weaker nations but in the most powerful ones as well.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
It is widely accepted that there are a lot of benefits globalization brought to our life. Firstly, advanced transportation system makes different places of the world closer. Considerable amount of exciting tourists can visit remote villages in the corner of the earth. Secondly, new telecommunication, such as internet and TV, makes people’s common life colorful. Fans in China who are interested in Manchester United can also share their joy with their counterparts in United Kingdom, when the team won a game. Moreover, we can buy the popular products of high quality made in other countries, such as automobiles of Volkswagen and furniture of IKEA. Finally, globalization can lead to cooperation in trade between different countries. Even though globalization can bring so many conveniences to us, we still worry about its severe negative aspects.
In today’s continuously changing world, many experts say that globalization is what every business, organization, and nation should seek and welcome as a positive change. However, many people are unaware of the main focus and meaning of Globalization, especially in comparison to Localization. A large number of people believe that globalization is just another common word used to refer to changes and differences that cannot be explained or accounted for. Therefore, many different activities or changes are improperly labeled to be a part of or caused by globalization.
Furthermore, there have been decreases in transaction expenses and layering of time and separation in global transactions. Cultural globalization Globalization has prompted the improvement of worldwide popular society. For example, Coca-Cola is sold in more countries than the United Nations has as members. Coke’ is claimed to be the second-most universally understood word after OK. McDonald’s has more than 30,000 local restaurants serving 52 million people every day in more than 100 countries.
Globalization has been driven essentially by several minor factors varying from cultural, economic, political and ecological concerns, however, it’s being supported by the two macro factors underlining the trend towards superior globalizations. The two major drivers of globalization are; declining trade and investment barriers and the role of technological change (Hill, Cronk & Wickramsekera 2014). With the incorporation of innovative economic theories, I will discuss the key drivers of globalization since the 1970s. Furthermore, I will demonstrate how these key drivers have changed the nature of international business and determine the outcome.
Communicating with anyone in the world continues to get more efficient every single day. Technology has made communicating faster and in better quality. Business meetings can now be held with people anywhere in the world, at any time during the day, over a video call. Business people are also using email so much more than they are the telephone because of the efficiency. People do not answer a phone call when they do not know the number that is calling them. People will answer an email much faster than calling back a person who has left a voicemail for them.
There is no doubt that the present time is the Technology era when the use of technological inventions dominates all different aspects of life: computer, cellular phones, world wide web, radio and satellites. That is, technological inventions have improved. Storing information, sending and receiving messages, electronic governments, distance education, health services and business. With the intervention of Information Technology, the means of communication in business which is a very important field in modern societies including banking, shares market, marketing, trading has been intensely changed. This essay will argue that Information Technology has positively changed communication in the business world. Information Technology implications have enhanced the ways businesses communicate in business areas including marketing, stock market, shopping and banking.
Information and Communication Technology (ICT) provides developing countries unprecedented potentials to initiate a catch-up process towards developed countries. It supplies efficient means to increase productivity, helps to integrate economies in the world market, delivers better education possibilities and improves healthcare services. ICT accounts for half of the productivity growth in modern economies (Reding, 2005).
Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction
Globalization’s history is extremely diversified and began during the beginning of civilization. Now we live in a world that is constantly evolving, demanding people to use resources in locations that are very difficult to obtain certain resources. This could make it completely impossible to operate in these specific parts of the world. However, globalization allows people across the world to acquire much needed resources. Globalization creates the opportunity for businesses to take advantage and exploit the ability to take part of their business to a different country. Nevertheless, globalization is part of today’s society and will be involved in virtually all situations.
“Technology in the developing world has changed so much and so fast that it is almost hard to believe” (Bures). With technology is full use, many third-world countries are taking advantage of the cell phone use, the potential for business startups, and the economic boost. This will benefit our rural, farming community because “In Uganda, farmers can send text messages for commodity prices or weather reports” (Bures). If one country is thriving, it will help the economies of others as well. The lines of communication are continuing to improve, and this will only lead to economic advances for our country and small
People in the present society have turned from the use of the old means of communication to the more advanced and technological ways of communicating. Technology has made it easier for people to communicate in a faster, efficient, and cost saving means through the introduction of the communication channels. The world has turned out to be the centre for technology with different technologies emerging daily as the people continue to develop from time to time to cope with the growing technology. The benefits of adopting the communication technology are explained in this article which shows why people do not function without technology.