Global Business: The Impact Of Globalization And Business Strategy

Introduction:

Due to increasing trade and cultural exchange, the world is getting more interconnected day by day. This process is widely known as Globalization. The effects of Globalization in business have reflected so rapidly that new concepts and related theories have been developed and are specifically known as ‘Global Business Management’. The relatively new business concepts adopted in regard to the globalization are generally a blend of strategic management and the universal business which are intended to be developed worldwide as effective b¬usiness methods for international business entities.

The recently developed business related studies usually scrutinizes general business conditions which came up with the conclusion that the

The demand for managers with skilled information regarding international awareness is growing since multinational companies employ half the world’s population. The rise in technological development in communication and transportation and the ability of managers to internally leverage technologies resulted in the high growth of recent globalization.

It is a manager’s duty to understand which methods are to be applied internationally and which ones are to be applied locally customizing to every countries’ taste, fashion and culture. The trick is to detect prospective trade opportunities in this overwhelmingly rising international economy with a clever way of localizing avoiding any negative aspects. This will enable effective managers to get a humongous share of the world market.

Globalization promotes world culture over a conventional domestic one. Many critics object to this because although it encourages business enhancement, it might have other negative

The effect is not always necessarily related to the rise/fall on currency exchange rates. Some businesses prioritize international income activities to maximize revenue. Others may use international bankers to barter imports, loans, joint ventures etc. For example Morgan Stanley. But apart from all these, the main concerns are regarding economies of scale and local customization of international goods and services which directly link to international and world