impact of globalisation
explanatory Essay
638 words
Globalization on business management is an interconnection of international markets and managing businesses in a global industry. These produces greater opportunities for companies to open up additional markets, allowing customer harmonization as a result of the increase in shared cultural values, provision of a superior lower operating costs in other countries , access to new raw materials, resources, and investment opportunities.
Globalisation means that businesses are now much freer to choose where they operate from, and can move to cheaper and efficient locations. Although multiple locations and distributed operations may lead to reductions in cost, it can also lead to increasing complexity in management of the interactions between different cultures. With larger number of industries and resources available, the opportunities for people grow exponentially too, thus increasing complexity and more and more people are exposed to the lucrative benefits of moving abroad. This increases immigration rates as well as difficulties in managing people across different cultures and believes. Interestingly, globalisation comes up with consumer expectations, as consumers all over the world get better informed, they develop demanding expectations. Consumer anticipations are becoming diverse, what may be considered quality/cheap in one market may not necessarily be so in others and hence there is a need to manage expectations. The rise in knowledge levels of countries as newer cultures and technologies are opened lead to issues of fair trade as people start questioning their rights as employees, they get knowledge on how the business they work in operate in other areas and would want the same or similar treatment which may not always be ea...
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...d West Organizations by Jihyun Kim Bloomsburg University of Pennsylvania, USA, Renée A. Meyers, University of Wisconsin-Milwaukee - USA
2. International Journal of Business and Management; Vol. 8, No. 13; 2013, ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and Education
3. ETHICAL ISSUES IN INTERNATIONAL BUSINESS - The Annals of The "Ştefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration Vol. 10, Special Number, 2010
4. http://www.tutor2u.net/business/external/globalisation_effects.htm
5. The Impact of Globalization on Business May 22, 2006, By Mike Myatt, Chief Strategy Officer, N2growth
6. Intercultural: Cultural ethical dilemmas in business- from bribes paying to political affairs by Irina Budrina
7. http://business.laws.com/business-ethics/international-business-ethics#sthash.OhPEWFoa.dpuf
In this essay, the author
- Explains that globalization on business management is an interconnection of international markets and managing businesses in a global industry.
- Explains that globalisation means businesses are freer to choose where they operate from, and can move to cheaper and efficient locations. it also leads to increasing complexity in management of interactions between different cultures.
- Explains that globalisation brings in multinational corporations with challenges such as discrimination in the work place, fraud, and standards. managing business internationally requires adaptation and knowledge of business ethics and culture.
- Explains that globalisation produces wider ranges of goods and services, but there are issues of inequality, environmental damage, unsafe food, cultural barriers, and bribery.
- Cites jihyun kim bloomsburg university of pennsylvania, and renée a. meyers from the international journal of business and management, vol. 8, no. 13; 2013, issn 1833-3850.
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