Impact of Globalization in Today’s Business
VerifiedAdded on 2022/12/22
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AI Summary
Globalization has risk and benefits as well when it comes to crossing the boundaries of a nation and has a huge impact on the overall profitability and productivity of the business. It can be beneficial for the companies as it can bring new technologies and also helpful in the overall economy as it brings job opportunities. This has led to an increased standard of living. The main purpose of globalization is to enhance individual’s economy, increasing the competition by entering into new markets, lowering the military conflicts and expanding the economic wealth of the nation. Moreover, globalization has positive as well as negative impact on the today’s business. It can be noted that doing business internationally can be offensive as well as defensive play. Further, globalization can enhance the marketplace of the business and helps in reaching majority of customers abroad. Therefore, this ultimately helps in increasing the revenue. Globalization has negative impact as well. In today’s business, there is high competition and if the business is not able to satisfy the customers, then the competitors will take the advantage and establish the brand loyalty. Also, the companies have following impact of globalization: Technology, Knowledge, Consumer Demand.
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