Research Project Assignment - Impact of globalisation to attain business success
Added on 2020-10-22
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RESEARCH PROJECT
TOPIC: “To assess the impact of globalisation to attain business success”. A study on Tesco.INTRODUCTIONGlobalisation is a process through which organisation develop international contacts toprovide their products and services in the international market (Potrafke, 2015). The researcherfor this particular project has selected the Topic “How globalisation can drive business success”.In this research, the researcher will first provide the aims and objectives which need to befulfilled by the researcher to complete the project. Moreover, it will include the literature reviewin which it will provide understanding about aims and objectives of project. Furthermore, it willprovide analysis of questionnaire through data analysis. Also, the researcher will providefindings of research through appropriate interpretation of graphs and tables.Background of the studyNew global economy has tremendously transformed economic, social, educational andpolitical landscape in a very indelible manner. Globalisation is the term which has enhancedeconomic integration across the business of nation with regards to do free trade barrier. With thetime relevant there is also an tremendous development in doing communication across the worldbecause of globalisation. In the world of business, corporation has achieved huge growth withexpansiveness of resources and opportunities as well (Ball, Junemann and Santori, 2017).Overall result of globalisation in business world is that labour competitiveness has increasedwith efficiency in production.Present report will deal with Tesco organisation which is a multinational company anddeals in items of groceries and in general merchandising. It is considered as third largest retailerin world. Therefore, in this report case study of Tesco will be presented with appropriate methodand reviews so that better understanding of globalisation will get developed.RationalePresent report is formulated with proper guidance of tutor so that better results will getdevelop in globalisation which drive business success. Globalisation is the factor whichtremendously expanded technological advancement in business world because of whichproduction activities of the companies get increases and with that efficient products are alsoprovided to consumers. Purpose of this study is to improve academic career so that it eliminatesthe gap in writing literature which helps in long term achievement for career. This study will1
help for developing better understanding and knowledge about role of globalisation in businessworld. For example: Tesco organisation has developed many strategies in order to become one ofleading global trade company in business of groceries. It has effective policies of CSR where itsstakeholders get engaged for long term basis. This report will also provide a significant help todifferent researchers of the market which conducting analysis on same topic where they do nothave to develop extra time to conduct research on things which are already available in thispaper.Therefore, rationale of this study is to analyse influence of globalisation for enterprisesuccess. AIMS & OBJECTIVESAim: To identify influence of globalisation for attaining business success with context of Tesco.Objectives:To understand the meaning of globalisationTo determine the influence of globalisation in business worldTo assess challenges and risks which attributes to globalisationTo determine importance of globalisation for achieving business successTo determine changes with globalisation in business success Research questionsWhat do you mean by the term globalisation?How globalisation impact upon business world?What are some risk and challenges which attributes to globalisation?How globalisation is important for achieving business success?Evaluate changes which drive with globalisation in business world?2
LITERATURE REVIEWIn this section of research paper, different perception of authors is to be mentioned onselected research topics. Selected themes are term globalisation, Impact of globalisation inbusiness world, Assessment of risk and challenges which are attributable to globalisation,Importance of globalisation for achieving business success, Determination of changes becauseof globalisation in business success.Theme 1: Term GlobalisationAccording to the views of Krugman (2017) globalisation is the term which considered as, astate or a concept. It is a huge concept which has removed trade barriers and increased tradeacross international boundaries which conduct business activity in more efficient manner. Itpresents an opportunity which has increased financial condition with better job employment. Inbusiness market also, with globalisation, consumers have more and more options for buyingsame product. This globalisation era brings a revolution with innovation activities which is nowplaying an essential role for the prosperity of organisation.On the contrary Taneja, Pryor and Hayek, (2016) has stated that globalisation also comeswith two factors that is conflicts and diplomacy. It is an economic process which involvesinteraction and integration which associate with social and cultural aspects. It is referred to theprocess of doing communication among the people, government and companies. It is also knownas some form of capitalist which removes the barriers for doing business across the world whichhelps in improving unregulated market economy. According to author, globalisation hasprovided benefits to only western world. According to views of Gandhi and et. al., (2015) Globalisation is much more than justdoing trade. It is a way which improved transportation of people and goods in last few decades.Advancement in technologies has brought a drastic change in economic life. It majorly helpspoor countries and allows people to raise their living standards by creating huge employment. Itis seen as more simple process for doing business and to run financial market.Theme 2: Impact of globalization in business activities As per the view of Mutalemwa (2015); growth of businesshas provided a tremendousimpact on business world. With the help of this, many businesses have expanded their operationsacross the world with much more improved technologies and skilled workers. Major impact is3
that it has increased worldwide competition in business because of which there is a moreincrease flow of foreign investment across the countries. Through development of globalisation,more awareness have been generated for achieving customer needs because consumers have nowbecome more aware for quality, service and prices of the products. Through globalisation,businesses now able to acquire economies of large scale production by which they will able toachieve competitive advantage. Merger and joint ventures also get increases where biggermarketer acquires business of small marketer which allows access to associate cost advantage.However on the critical note Bamiatzi and et.al., (2016) stated that globalisation leads touse exhaustible resources quickly. For e.g. : China has connected to world trade organisation in2001 December. But in 2002 use of coal has been risen up rapidly and also there has beenincrease in coal consumption across the world. With globalisation also there has been increase inoil prices across the world. It became impossible for world to bring back oil prices which was inrange of $30 to $40. It also transfers jobs from developing nations to undeveloped nations whichis becoming hard for highly-developed countries to compete in the market. For example: Tescois the company which has started its business in UK only but with the effective strategies it isbecome one of the top most global company in world.On the contrary Nikolova, Kuporov and Rodionov (2015) through globalisation manytrade opportunities have been developed for entities which opens advantages for importing andexporting products and services. With this also there has been a rise in new opportunities forunderdeveloped nations where they will allow gaining access in new market of the world.Through this economic development has risen and taken place effectively.Theme 3: Assessment of risk and challenges which are attributable to globalisationAccording to the views of Burns (2016); with globalisation issues in labour market hasmajorly affected because of more and more technological advancement which reduce load ofwork and develop easy process of doing production activities. There is no doubt that rise inskilled workers have taken place with the involvement of globalisation but it is also a fact that itreduces demand of labour force across the world. Another impact of globalisation on businessesis that it affect product markets of the economies where some countries needs to addressindigenous barriers to develop effective business operations. For example: Europe is the nationwhich badly affected with product market because of globalisation. Government has to look forthe frameworks by examining factors which helps industries to export in other countries easily.4
On the contrary, Laamanen, Lamberg and Vaara (2016) stated that because ofglobalisation firms and workers are able to excel their best efforts so that business operationsdevelop with valuable goods and services at lower cost on global scale. For example: In Europe,according to a review it is suggested that with the development of globalisation, there is an 20%rise in standard of living among peoples in comparison to last 520 years. It also provides directbenefits to consumers where it reduced barriers and increase efficiency to import witheffectiveness. With that also variety of products and services are offered to consumers with lowrange. Theme 4: Importance of globalisation for achieving business successIn the views of Androniceanu (2017) in order to achieve business success it is importantfor organisations to have a strong presence in international market. Developing business at globallevel helps organisations to achieve larger base of customers. Globalisation is the way whichhelps in establishing success of services by which revenue of entity get increased. By takingbusiness at global level, it helps organisations to access potential employees who have uniquecapabilities and skill of doing work. Through globalisation, business becomes well rounded withthe help of information which generated for new place. For businesses, foreign investment is theterm which is extremely important and valuable. Therefore, with globalisation businessorganisation will able to achieve opportunities which are beneficial for company's growth.However on the critical note, it has been stated by Belu, Popa and Filip, (2018) thatglobalisation declines employment growth. It is the way which has raised technologicaladvancement by which production activities gets easier but on the other hand with thisadvancement demand of worker get decreases which result in decline employment growth. It isalso a fact that if worker demands high wages and salaries, company hired cheap labour fromanother country where its business is established.On the contrary, It is also argued by Aljuwaiber, (2016) that globalisation is the onewhich has developed world without borders which means that it brought so many opportunitieswith consequence of international exchanges as well. It also helps in reducing poverty withincrease of international exchange. It also brings diversity in production activities of businesswhich helps in achieving business growth as well as to achieve loyal customer base.5
Theme 5: Determination of changes because of globalisation in business successIn the view of Talani (2019) major change which globalisation has brought in business world istechnological advancement. With comparison to previous situation companies needs to dependon worker which are not skilled also there are no better technologies which helps to expandproduction activities. Now, businesses are able to access cheaper labour and materials because ofwhich valuable goods and services are offered to customers. Changes also occurred with thegovernment policy. Previously, if any industry wanted to import or export their products in othercountries they have to face many trade barriers with that very less import and export took placebetween countries. However on the critical note, Bende-Nabende (2017); stated that development ofglobalisation majorly affect environment of the countries. With the new technologicaladvancement, there is an indirect contribution for exploitation to environment and also depletionof natural resources. Another effect is on the wages, globalisation brought technologicaladvancement which result in decrease of wage rates in both developed economy and in emergingeconomy. Mainly its impact was not beneficial for developing countries because there is a hugeincrease in unemployment rate where companies are hiring workers from other foreign industrieswith cheap wage rate. It also brings high degree of risk and uncertainties in local markets wherethere is an high fluctuation in price. 6
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