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Globalization impact on international business
The impact of globalization on international business
The impact of globalization on international business
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Almost every business has been affected by globalization during the last few decades. The main changes for businesses have been in technology, competition and the exchange of information. For suppliers to keep pace with the economy they have to understand the advantages and disadvantages of globalization and how it works. The three main benefits of technology are a higher quality of the product or service, and the saving of money and time. For businesses to increase the sales and be able to keep a high quality in the goods and services, they have to compete against other companies by having the latest technology with the best prices. To achieve it, most of the times companies decide to outsource their production that permits them to use more affordable materials and labor. Due to the fact that companies outsource their production, the technology also benefits money saving by, for example, eluding travel expenses. Moreover it could also avoid the use of an office, because workers could telecommute from home. This can also decrease the time in which a task can be completed by vid...
A Capital One Financial Corporation has established such workplace by providing mobility and flexibility to their employees in business units. They implemented a concept “virtual workplace” which is based on reconfiguring office space and use of up to date mobile technology. It gives employees opportunity to be more productive since they are able to work from any place they would choose. According to the Benefits Survey Report from the Society for Human Resource Management published i...
According to Oxford Dictionaries (2015), offshoring is “The practice of basing some of a company’s processes or services overseas, so as to take advantage of lower costs” (pp. 1). An enhanced definition for offshoring is: “The moving of various operations of a company to another country for reasons such as lower labor costs or more favorable economic conditions in that other country” (Business Dictionary, 2015). Offshoring is also known as outsourcing; many people seem to dislike offshoring, because they associate the word outsourcing with job loss. This paper will provide insight into ethical dilemmas associated with offshoring.
Telecommuting Telecommuting starts with the lower level of the working class workers but with the success it has had it’s rapidly moving towards the executive level. There are two forms of telecommuting the employers use today, one is home telecommuting which is a work arrangement the most people do this is working from home with a computer terminal utilizing today’s current technology by transmitting data and documents while working from home and maintaining a close contact with co-workers, managers, through the use of email, internet (instant messenger), and telephone and fax machines as well. Video conferencing using web cameras can also be an effective tool for telecommuting in order to help enhance the productivity of its employees and executives. The other form of telecommuting is center-based telecommuting that involves the use of office space close to home where employees work without direct supervision, commute travel is still reduced and some of the disadvantages of home offices are removed.
There are many reasons for a company to want to outsource the services or products that they need or want. Six of the biggest reasons for companies to outsource are motivation, specialization, survival of the economically fittest, economies of scale, heavier market coverage, and independence from any single manufacturer.
The organization has had to ensure that it has retail stores in many countries globally and website options in more than 100 countries. The company further enhances access of online stores in more than 37 countries which is accessible all the time and people are able to access the services regardless of their location. Globalization further affects the organization in the sense of international market management which requires it to engage in strictly global decision making. The organization’s production networks have been geared to enhancing global competition (Lüsted, 2012) .The Company is further good when it comes to seizing the opportunities available in global market. For the organization to find efficient as well as cheap means of production, it has to bargain hard so as to allow its contractors to have low profits. This mostly is consequential to the suppliers cutting corners with the use of cheap
A typical day for most people in today's world starts out with an early commute to work. People working in the city know what a hassle it is to deal with the many thousands of other trying to make their way to work. Dealing with long commutes and traffic congestion is a commonplace in today's fast-paced society. What if you had a chance to do most of your work at home? Would it be beneficial to you and your company? That is a common question one, which more and more companies are finding out is the future of business.
Globalization is a broad concept and the angle taken to define it can lead us to interpret the idea in many different ways. There is much controversy about what globalization actually means and many definitions fail to encompass social, cultural and technological exchanges between world systems. John Pilger suggests that "it is a jargon term which journalists and politicians have made fashionable which is often used in a positive sense to denote a 'Global village' of free trade, hi-tech marvels and all kinds of possibilities that transcend class, historical experience and ideology." (J.Pilger 1998:63). Taking a broader point of view, Bilton et al defines globalization as "The process whereby political, social, economic and cultural relations increasingly take on a global scale, and which has profound consequences for individuals, local experiences and everyday lives."
Globalization is huge part of the success of some the biggest firms today, from Apple, General Electric, to Google. It allows a business to develop international. It allows reduced costs by maximizing production known product lines, allowing to expand into different markets gives a more competitive edge and expanding to new technology helps to increase to a bigger company, having more political edge within trade agreements.
Telecommuting may be the movement of the future, which will allow more people to work away from the office. Many people see telecommuting as a way to be close to home or allow them to be connected to their organization while working abroad. While telecommuting might work for some people, telecommuting is not for everyone. There are many disadvantages; as well advantages to telecommuting which most people do not take into account. When considering telecommuting, the advantages fall for both employer and employee. The same can be said about the disadvantages of telecommuting.
In week five we learn about the importance of globalization and how it can help your company’s profits grow. There are many things to look at when selling globally as different cultures need to be looked at differently when making a marketing strategy. If you understand how to market your products to different cultures in different countries you can take advantage of the profits that can be made through globalization.
• Globalization is making worldwide supply chains and subsequently physical separation is expanding between an organization and its suppliers and an organization and its clients.
When societies knows more about the development in a technology, they become able to take advantage of it. When an innovation achieves a certain point after it has been presented and promoted, this technology becomes part of the society. Technology has made life easier and more comfortable and that it has enabled us to perform tasks that we could not do otherwise. A list of the benefits of technology would be very long indeed. a) Organizations are changing from co-located groups of Workers to virtual entities spanning multiple continents.
With the globalization of a product, a company might benefit in many ways. First, by sifting its production or services overseas, the company can reduce its overall production costs due to availability of low-cost labor. Second, working collectively with other companies overseas allows companies to access technical knowledge or resources that are either unavailable or are too expensive at home.
Outsourcing and offshoring are different and I will cover each. Outsourcing is taking a specific task, multiple tasks or even large projects either on a short term or long term basis and utilising an external organisation to do this work and then bill for services. A simple example is legal work. A company may outsource to a legal firm, the work of drawing up legal contracts for their resellers. The advantages can be that the legal firm specialises in this work and can hence do it more efficiently. The firm can also be up to date on legal contract requirements and have resources and infrastructure in place to quickly and efficiently perform this task. Timelines can be reduced by leveraging the capacity of one or more (if needed) organisations
Globalization is a term that is difficult to define, as it covers many broad topics in the global arena. However, it can typically be attributed to the advancement of economic, social, and cultural interactions among the companies, citizens, organizations, and governments of nations; globalization also focuses on the interactions and integration of countries (The Levin Institute 2012). Many in the Western world promote globalization as a positive concept that allows growth and participation in a global community. Conversely, the negative aspects rarely receive the same level of attention. Globalization appears to be advantageous for the privileged few, but the benefits are unevenly distributed. For example, the three richest people in the world possess assets that exceed the Gross National Product of all of the least developed countries and their 600 million citizens combined (Shawki and D’Amato 2000). Although globalization can provide positive results to some, it can also be a high price to pay for others. Furthermore, for all of those who profit or advance from the actions related to globalization, there are countless others who endure severe adverse effects.