(PDF) International Business Research
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Added on 2021-06-14
(PDF) International Business Research
Added on 2021-06-14
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Running head: INTERNATIONAL BUSINESS International BusinessName of the Student:Name of the University:Author’s Note:
1INTERNATIONAL BUSINESSThe real change in the business world began with the Industrial Revolution of the 19thcentury as the use of the machines drastically changed the way the various businessorganizations used to operate at that particular point of time (Weismann, Buscaglia andPeterson 2014). However, many scholars are of the opinion that the major change in thebusiness world came with the use of the use of the process of globalization for the process ofbusiness (Weismann, Buscaglia and Peterson 2014). The improvement of the communicationas well as the transportation facilities significantly improved the prospects of the variousorganizations related to the sphere of business (Osipov, Volinsky and Grishin 2014). It is areflection of this particular fact that the various organizations of the contemporary businessworld are increasingly turning the concepts of “globalization and the recent technologies aswell as innovations” for the process of their business (Osipov, Volinsky and Grishin 2014).Furthermore, it is generally seen that the process of expansion into the other nations of theworld entails with itself various factors which the organizations need to take into effectiveconsideration (Raff, Ryan and Stähler 2012). Some of the major ones among these are thestrategies which the organization needs to follow in the host nation, the mode or the strategyof entry, the cultural factors, staffing methods and others (Raff, Ryan and Stähler 2012). Thisessay will discuss about the concept of globalization and its related aspects through the lensof the organization “Woodside Petroleum”.The organization “Woodside Petroleum Limited” founded in 1954 is a leadingorganization of the country of Australia and is operational in the field of “oil and gas”industry (Woodside.com.au. 2018). The organization was named after the town of the countryof Australia, namely, Woodside, Victoria (Woodside.com.au. 2018). The organization is a“public company listed on the Australian Securities Exchange and has its headquarters inPerth, Western Australia” (Woodside.com.au. 2018). The organization in the initial years ofits foundation focused on the “Victoria's Gippsland Basin” of the country however after the
2INTERNATIONAL BUSINESSmerger with the organization “Shell and Burmah Oil” in the 1990s the organization becameoperational on a national basis (Woodside.com.au. 2018). The major extraction site of theorganization is the “Timor Sea north of Australia” (Woodside.com.au. 2018). However, inthe recent times it is seen that the organization is using the oil fields off the Western Coast ofthe country of Australia, namely, the “Nganhurra FPSO, the Ngujima-Yin FPSO and theOkha FPSO” (Woodside.com.au. 2018). The organization in the recent times following theprecepts of globalization has expanded into the various other nations of the world like theUnited States of America, Canada, “Senegal Republic of Korea, New Zealand, Myanmar,Cameroon, Gabon, Morocco, Ireland” and others (Woodside.com.au. 2018). The major areaof focus of the concerned organization is on the “oil and gas” products which it provides tothe people from the different parts of the nation (Raff, Ryan and Stähler 2012). Theorganization in the recent times has emerged as the “largest operator of oil and gasproduction in Australia and also Australia’s largest independent dedicated oil and gascompany” (Woodside.com.au. 2018). The organization under discussion here is the 155thlargest organization of the world in terms of the net revenue which it generates on yearlybasis and the net revenue generated by the organization for the year 2017 was “$20.9 Billion”(Forbes.com. 2018). Furthermore, the organization currently has more than 3500 employeesnot only from the nation of Australia but also from the different parts of the world. The belowgiven figure provides a brief overview of the financial details of the organization-
3INTERNATIONAL BUSINESSFigure 1: “Financial Statistics of Woodside Petroleum”Source: “Factset, Bloomberg, S&P Cap IQ; Forbes”Many scholars are of the opinion that the concepts of international business andglobalization are coterminous with each other (Sigler, Searle and Martinus 2017). In a way itcan be said that the process o globalization has provided the various organizations with thenecessary tools to conduct their business in an effective manner on an international scale(Sigler, Searle and Martinus 2017). Many scholars are opinion that the “advent ofglobalization has transformed the entire globe into a village wherein the organizations fromthe different parts of the world can conduct effective business transactions” (Weismann,Buscaglia and Peterson 2014). The organization “Woodside Petroleum Limited” followingthe concept of globalization in the initial parts of the 21st century expanded into the othernations of the world “not only to find a suitable market for the surplus products manufacturedby it but also to enhance the annual profit gained by it” (Weismann, Buscaglia and Peterson2014). It is a reflection of this fact that the organization “Woodside Petroleum Limited” iscurrently operational in the major nations of the world like USA, Canada and others(Weismann, Buscaglia and Peterson 2014).
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