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Globalization in Business for International Managers

   

Added on  2021-06-14

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Globalization in Business for International Managers1IMPACTS OF GLOBALIZATION IN BUSINESS FOR INTERNATIONAL MANAGERSNameInstitutionCourseTutorCity/StateDate

Globalization in Business for International Managers2Executive SummaryIn the international business environment, globalization is not a new concept. It has opened manyopportunities for business organizations across the globe but as well come with certain challenges that international business leaders needs to be aware of with the aim of making effective strategic steps. With globalization, business can now access the global customer base without the fear of geographical boundaries. It is also influenced by outsourcing and offshoring, aspects that mainly determine the impact it will have on the business, both positive and negative in the business arena. Globalization has increased competition which has influenced many firms to upgrade their services and products in order to capture the loyalty of their customers this intern becomes advantageous to the consumer who enjoys high quality services. Despite all theseadvantages, an international leader needs to be aware of a number of things in order to stay aheadof the game globally such as conducting thorough market research to find a niche, thinking globally, finding the rightful partners who can connect them with the best customers, maintaining professionalism and keeping in touch with the customers. All this is fabricated by knowing the culture of your customers to avoid controversies.IntroductionThe current state of the world calls for diversity when dealing in business whether internationallyor not (El Namaki 2017, p. 89). Globalization is not a new term in the field of business and it hasbeen there for centuries. It is only experiencing a number of revolutions from that is advancement in technology. This factor has influenced the integration of countries and

Globalization in Business for International Managers3continents to the extent of doing business together and having them managed from a fur off placeaway from the nation. Globalization provides both positive and negative effect to the business.The business maybe affected positively in terms of technology (Santos Salazar & de Moraes 2017). Technology implies the extent to which the company relies on computers and other machineries to influence its productivity and distribution of services positively. Competition is also a factor of globalization that may positively or negatively influence the firm in terms of productivity and customer retention as will be discussed below.The rising challenges that is associated with globalization calls for the international executives ormanagers to be equipped with a number of techniques in order to ensure that those firms remain at the top in the global business (Clavel San Emeterio, Fernández-Ortiz, Arteaga-Ortiz, & Dorta-González 2017). In line with the necessities of a manager to remain at the top include making a thorough research on the market, gaining the knowledge about the various cultures to avoid controversies and also measuring the performance index of the firm to gauge whether it will yield success in the future among others as will be discussed later.Clavel San et al. (2017) in their research, also tries to bring out the link between outsourcing &offshoring and how it has influenced globalization through creation of opportunities to international businesses such as Siemens company and also the challenges/ problems associated with it. The essence of this research as will be elaborated is to provide the necessary conditions that can facilitate a firm to act favorably in the global arena and be able to remain ahead of the game. It also shows how the integration of global culture can foster the success of the company. Section two

Globalization in Business for International Managers4 The term globalization has become a common word in our daily life. In relation to business, globalization represents the integration and fabrication of international trade globally (Bartsch, Riefler, & Diamantopoulo 2016, p. 34). The diversification of investments, information technology, and integration of cultures as increasing as a result of globalization in many businessaspects. The designed policies to create link between economies of different nations thus boosting development in poor countries and which leads to generation of international market which benefits multicultural firms. The introduction of globalization in this contemporary world has led to a number of impacts on businesses around the world.CompetitionFirstly, looking at competition, there has been an increased rate of competition between companies and firms (Engsing 2017, p. 89). The competition ranges from product and service delivery. In terms of the prizing of commodity, the targeted market niche, technological adaptation and time taken to respond to customer requests and quick production of goods. The presence of competition has forced firms both local and international businesses to upgrade their standards so as to suit consumers’ needs which stands to be beneficial to many people all over.despite the fact that globalization has led to competition of firms which has positively affected the productivity of goods and services to a standard level, it is also important to note that competition has also resulted in to negative and diverse activities globally (Peters, Riley, Siedschlag, Vahter, & McQuinn 2018, p. 7). The production of generic goods and services by competing firms may end up affecting the health of consumers; for instance, the production of plastic rise that may cause cancer to people. Increased technological use

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