BUMGT5920 Management in a global business environment Presentation 2022

Student Name
INSTITUTIONAL AFFLIATION(S)
MANAGEMENT IN A
GLOBAL BUSINESS
ENVIRONMENT

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Globalization and its impact
Reflective Journal
Looking upon various topics taught under the course titled BUMGT 5920 along with
workshops conducted, one thing that has developed in me is my quest for learning more on
current trends of business and how globalization will change business environment in future
years. Although I am aware that learning sustainable development goals concept is equally
important, I could not hold myself in making further research on globalization impacts after
learning that it not only affect global governance and economy but also contribute towards
liberalization of market forces, conflict and peace resolutions, and international relations
(Okoye & Nwaigwe, 2015). I can see that cities have become more like consumption
centres instead of production houses where balance between business environment and
development cannot be accomplished due to unfavourable effects of globalization (Karataş,
2016). Certainly, I came across many implications’ globalization has on future businesses,
what fascinated me the most is what opportunities I have to grab upon in the retail sector
from the process of globalization.
Technological advancements have made a revolutionary change which is known to all
however, what remains hidden is stiff competitions within several aspects of human
endeavour. It can be noted that technology has a very significant role in the globalization
process as it has amalgamated a wider, diverse and disconnected world into a massive land
known as the global village. I feel that the space created for me is much bigger where I can
grow beyond local markets and shores with the help of cyberspace (Edwin & Okpara,
2015). Earlier my concept regarding globalization was limited to politics and international
relations but after my course study, I can say that age-long cultural practice followed by us

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have started changing and experiences impacts like never before. More precisely,
“Globalization is a worldwide trend, through which economies in the world lose their borders
and connect” (Katerina & Aneta, 2014, p. 85). This means, firms are no longer confined
to their boundaries and can develop a wider segment of business throughout the globe. Trade
barriers are diminishing and global trade within countries is growing faster than other
domestic production. I also observed that it has great impacts on those companies which
cannot afford luxury or technological innovations. Assuming that I may approach the
domestic market first, to gain long-term profitability, I will have to seek better financing
opportunities to ensure favourable return are acknowledged.
One thing I can say is that every individual specializes in one area or on single
product production and try to exchange the surpluses with others. With time, men multiplied
and formed groups due to which multicultural differences, languages and ethnicity separated
worlds. Such virtues not only created manmade boundaries between countries but also
restricted trade and free movement of people around the globe (Okoye & Nwaigwe, 2015).
However, with globalization, national identity has been impacted where national identity
remains disputed and increases cosmopolitanism. Some others argue that globalization works
in another direction and potentially reinforces national feelings similar to the form of a
backlash or by impacting different segments of society differently (Ariely, 2019).
One experience I would like to share here is related to my neighbour who owned a
grocery store in locality. I observed that gradually he reduced his time of working, the store
remained closed most of the times and my neighbour joined another company as an
employee. On asking about the reason, he said that online shopping apps made his sales
lowered and he could not meet the demands of his customers as the foreign apps did. The
incident shook me somehow and made me determined to learn how globalization can impact
a business environment in a way that can create negative consequences.