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Globalization can be explained as the universal movement toward financial, economic, trade as well as communication integration. The intensified geographical movements bring the implication of companies moving their operations beyond the local and national areas to a broader perspective of the interconnected and interdependent markets where capital, goods and services enjoys transfer across national frontier devoid of tariff limitations (Hatten, 2015). Most companies are embracing globalization where they establish international exchange of capital, goods, technology, services, and knowledge to promote international cooperation, increase market share, increase revenue, and embrace operational efficiency. The presence of modern day technologies including internet and high-speed air travel in addition to cellular communication has enhanced the prospects of conducting global trade (Wild, Wild, & Han, 2014).
Globalization have impacted on organization and managers in a great way. For the organization, the impacts are majorly in terms of market share and production. The company’s products are able to enjoy a bigger market, which help the company improve its sales and revenues. Production wise, the company is able to obtain raw materials and components from any region of the world where costs are reduced due to specialization. The managers are impacted by globalization in that they now need a more dynamic approaches as they have to manage people of diverse backgrounds. This is a challenge and opportunity to them.
Pros and Cons of Globalization for Business
Globalization have brought various opportunities and challenges. Opportunities or pros include eradicates cultural barriers, increasing free trade, and promotes stronger trade ties. In addition, there is also expansion of knowledge and cultures and adoption of free trades among the nations hence fostering free movement of labor, which creates more opportunities to individual countries (Hatten, 2015). However, globalization has various cons where local firms and products in developing countries can go insolvent as huge businesses in developed states dominate the economy. Globalization also contribute to a wider discrepancy in resources and wealth distribution among the nations (Wild et al., 2014). Globalization lead to environmental harms where foreign companies may build factories in other countries without adhering with the local environmental laws hence causing pollution. Lastly, people are vulnerable to communicable health problems (human, plant, and animal diseases spread fast as a result of globalization).
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