MGT603 Strategic Management GDB Spring 2020 Solution & Discussion
GDB,MGT603,Globalization and its effects
The emergence of better understanding of consumption patterns, introduction of E-commerce, access to global buyers and sellers, easy transfer of information and money across continents have evolved the globalization trend in industries. This globalization is posing unique challenges for the local companies and they are in need to adjust themselves to remain competitive. In this stance, globalization has emerged as a vital force of consideration for the companies and companies have to look forward to incorporate it in their strategy.
By considering the above arguments, do you think that globalization carries opportunities or threats for the local companies? Discuss logically and support your answer with solid arguments.
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Globalization that creates opportunities which are as follows
1 The business can increase
2 Access to international market
3 Improvement in the quality of product or service
Globalization poses challenges that is threats which are as follows
2 Risk of extinction
MGT603 Strategic Management GDB Solution & Discussion Spring 2020
MGT603 GDB Solution idea:
Yes, I think that globalization carries opportunities or threats for the local companies because Domestic firms entering the international arena need to consider the politics, economies, and culture of the countries where they plan to do business. Government trade policies can be loose or restrictive, countries can be nationalistic, and governments can change. In the area of culture, many products fail because companies don’t understand the culture of the country where they are trying to sell their products. Some developing countries also lack an economic infrastructure, which often makes it very difficult to conduct business.
MGT603 GDB Solution
The term “Globalization” has acquired considerable emotive force. Some view it as a process that is beneficial—a key to future world economic development and also inevitable and irreversible. On benefits side it encourages the producer and consumer, monopoly profits reduced due to competitive market, enhanced growth, increased awareness among consumers.
Others regard it with hostility, even fear, believing that it increases inequality within and between nation, threatens employment, living standards and social progress. It caused rise in commodity price
Benefits and threats both are the parts of globalization process.