Benefits and Drawbacks of Global Business Environment: A Study on ASDA
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This research study explores the benefits and drawbacks of a global business environment, specifically focusing on ASDA. It examines the influence and impact of globalisation on ASDA, and provides recommendations to overcome challenges and maximise the benefits of globalisation.
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RESEARCH PROJECT
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Table of Contents CHAPTER 1: INTRODUCTION...................................................................................................3 Overview of Research............................................................................................................3 Background of Research.........................................................................................................3 Rationale of Research.............................................................................................................3 Research Aim.........................................................................................................................3 Research Objectives...............................................................................................................4 Research Questions................................................................................................................4 CHAPTER 2: LITERATURE REVIEW.........................................................................................5 Benefits and drawbacks of globalisation on ASDA...............................................................5 Influence and impact of globalisation on ASDA...................................................................6 Differentwaystoovercomethechallengesaswellastomaximisethebenefitsof globalisation for ASDA..........................................................................................................6 CHAPTER 3: RESEARCH METHODOLOGY.............................................................................8 Ethical considerations.............................................................................................................9 CHAPTER 4: DATA ANALYSIS AND INTERPRETATION...................................................11 CHAPTER 5: DISCUSSION.........................................................................................................22 Benefits and challenges of globalisation on ASDA.............................................................22 Influence and impact of globalisation on ASDA.................................................................22 Differentwaystoovercomethechallengesaswellastomaximisethebenefitsof globalisation for ASDA........................................................................................................23 CHAPTER 6: REFLECTION & RECOMMENDATION FOR ALTERNATIVE RESEARCH METHODOLOGY........................................................................................................................24 Reflection.............................................................................................................................24 Alternative Research Methodology......................................................................................24 CONCLUSION..............................................................................................................................25 REFERENCES..............................................................................................................................26 APPENDICES...............................................................................................................................28
TOPIC: The benefits and drawbacks of a global business environment. A study on ASDA in Leeds. CHAPTER 1: INTRODUCTION Overview of Research Global business environment is explained as an environment in various independent countries with the factors which endogenous to the home environment of company. It impacts on the decision making on decision making on use of the resources and capabilities in an effective manner. Global business environment is considered as sum total of all external factors which are working on company as this goes about affairs in to domestic and foreign markets. Company conduct its business globally because this gives the opportunities to company to expand in international market and enhance profit level effectively (Alejandra Gonzalez-Perez, 2013). Background of Research Globalisation is a process by which company and other organisations can develop the global influence to operate at the international scale. In this scenario, nations and countries around world are interconnected for meeting needs lie internal and external. In addition to this, globalbusinessenvironmentdevelopsthebetteropportunitiesforcompanyintoless industrialised countries to tap in large markets. ASDA is British multinational retailer and it was founded in year 1949. Besides supermarkets, this company provides the some other services such as mobile phone, financial services and many others (Axelrod and VanDeveer, 2014). At global level, this company has large number of stores in 633 locations. This company believes in attain competitive edge by hiring the well qualified or talented employees and treated them fairly. Rationale of Research Rationale behind conducting this research is to understand global business environment concept in a detailed manner. It helps in enhancing the knowledge and the skill base of a learner so that it can able to understand concepts and conduct activities of an investigation significantly. In addition to this, investigator conduct research for its personal interest and also learn the ways to conduct research effectively (Bailey and et al., 2018).
Research Aim The present research is taken in to consideration on analyse benefits and drawbacks of global business environment. It helps in provide the better understanding regarding advantages and disadvantages of globalisation to a learner so that understanding can be enhanced. Research Objectives ï‚·To examine globalisation is associated with benefits and drawbacks of ASDA. ï‚·To analyse the influence/impact of globalisation on ASDA. ï‚·Torecommendtoovercomefromthechallengesandmaximisethebenefitsof globalisation for ASDA. Research Questions ï‚·How globalisation is associated with benefits and drawbacks of ASDA? ï‚·What is theinfluence/impact of globalisation on ASDA? ï‚·What are different ways toovercome from the challenges and maximise the benefits of globalisation for ASDA?
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CHAPTER 2: LITERATURE REVIEW Benefits and drawbacks of globalisation on ASDA According to the view point of Jim Woodruff (2018), Vibrant global trade environment provides the advantages to all the participating parties. Under this, countries with the high level of international trade have better economic system and have high level of living standards. ASDA is an organisation which will conduct the business at global level as well as they gain ample number of opportunities along with various issues. Some of the major benefits & drawbacks of globalisation are going to be discussed as follows: Benefits Create jobs opportunities-ASDA enhance their exports in order to hire large number of individuals for handling more and more workload. With the assistance of conducting the business functions at global level, an organisation will be able to provide more and more job opportunities to the individuals in order to enhance their standard of living. It can lead to demand for the other goods and also maximise sales (Carneiro and Brenes, 2014). Improving goodwill and reputation of the company-The business go worldwide in a successful way and also market its offerings to various people which will enjoy prestige of calling an international organisation. ASDA give the quality offerings insome another country then it attracts people and they will be satisfied from the services of ASDA. It helps in enhance reputation of company. Drawbacks or issues Issues related to marketing-As ASDA will conduct the business in to the other country so it is not aware regarding other country marketing culture. This creates issue in conducting the business globally. It can not able to establish the business and not target the new people for enhancing its sales as well as profit level (Cohen and Kietzmann, 2014). Currency rates-When setting the cost and also payment methods, fluctuation in currency is more challenging to the problems related to global business to be navigate. The currency fluctuation can impact on balance of the business profit and expenses. Cultural as well as communication issues-According to this, better communication is quite effective as well as beneficial in the international business strategy. Communicating across 5
various culture is quite challenging for ASDA. In addition to this, developing the communication and cross- cultural skills are main focus to conducting business globally (Cooke, 2012). Influence and impact of globalisation on ASDA According to the view point of David Sarokin (2019) global business is explained trade of services, goods, technology and the capital at global level. The global business environment consist of multinational elements such as political risk, exchange risk, taxation issues & cultural differences. It has been identified that the impact of globalisation is both positive as well as negative. Positive influence as well as impact of globalisation is that it creates ample number of job opportunities which help them in enhancing the standard of living of individuals. Along with this, it has also been said that one of the impact is that company can performtheir business functions in various countries which help them in order to gain profitability as well as goodwill of the company. This will assist them in order to remain at the competitive marketplace for a longer period of time. But on the other hand, it has been said that negative impact of globalisation is that it requires huge amount of investment in order to conduct market research before doing business functions. This might affect the overall profitability of the company at the competitive marketplace. Influence and impact of globalisation might affect the overall image as well as goodwill of the company. For expandingbusiness at global level, multinational organisations require to bridge the separate national marketing into single global marketplace. International business environment is multidimensional that consisting political risks, exchanges risks and taxation related issues. So, this is essential for company to consider allfactors while expanding the business globally. Different ways toovercome the challenges as well as to maximise the benefits of globalisation for ASDA According to the point of view of Angel GurrÃa (2019) it has been identified that conducting business functions at global market is quite challenging for the company as it is unfamiliar with the external environment and might face some serious issues. In order to overcome such issues, there is a requirement for ASDA in order to find effective ways (Crane and Matten, 2016). Some different ways to overcome from global business environment challenges mention below: Conduct investigation on a regular basis-It is one of the better way to determine the culture of other country, language barriers, people demand, needs, existing products and 6
competitors. Mainly, these all factors impact on the business activities at international level. So, from conducting research, ASDA can able to expand its business and focus on satisfying needs of consumers for gaining the competitive benefits in an effective manner. Mastering in the marketing function-Under this, learning is a better way for ASDA to reach at consumers (Hitt, Ireland and Hoskisson, 2012). It will helps in establish consumer base which is necessary to making business successful globally. In addition to this, transcreation helps in adopt marketing content to foreign market. CulturalTrainingsessions-WhenASDAperformitsbusinessactivitiesatthe international level, it face issue related to different culture. The employees of this company are unaware about the culture of foreign country. So, there is a need to management to provide the training to employees which are going to perform business in other countries. From the cultural awareness, they can provide conduct the operations of business and deal with clients at global level. Aware about legal policies and legislations-In this, legislation of each country is differ from other and from this an organisation face some issues. There is a need to management of ASDA to focus on give knowledge to employees about the different legislations which are adopted by the foreign country. Through applying these legislations in business, company can conduct its operations effectively and gain competitive benefits at international level (Huhtala and et. al., 2014). 7
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CHAPTER 3: RESEARCH METHODOLOGY Research Methodology is explained as procedures which are used in order to know, select, analyse relevant information about the chosen topic of the research. There are many considerations regarding the research topic which are made (Kolk, 2016). The description of the different techniques which are covered under research methodology is been provided as under: Types of Investigation: In this technique, the focus is made on systematic gathering of data for the completion of the research project provided. So the methods of investigations are also further divided as such QuantitativeandQualitativeInvestigationMethod. Inthefollowinginvestigation,useof Qualitative Method will be done as research will make its focus on providing the readers with theoretical data and aspects of the research to provide them with better understanding and knowledge. Research Philosophy: It refers to the technique with the help of which different types of data are gathered in order to completion of research project effectively and this will also help in presenting better results and accurate outcome in front of the readers as well. The philosophy which have been applied in the research is Pragmatist through which an investigator can deep analysis of information provided in the research could be done and along with this reasons will also be provided to them for the statements provided in research (Mahmood and Hanafi, 2013). Research Approach: This term refers to the plan and process adopted through an investigator to carry out research in the marketplace. There are many philosophical assumptions which are made by the researcher in the research as to provide the research with right path and conduct research in significant way. To complete this research, an investigator has made use of Inductive approach as with major focus of an investigation ison qualitative method and the following approach is also related with qualitative research. Data Sampling: Sampling refers to the process with the help of which some participants which are chosen from more population in order to take the research to some end conclusion or result (Savrul, Incekara and Sener, 2014). Various method of sampling but in the following research, the use of Non Probabilistic Random Sampling has been done. In the following method of sampling, 8
respondents are selected on random basis from more population that will help in making successful completion of the research project. The main reason to select this sampling method for completing project is to make the research free from biasness. As respondents are chosen on random basis so this will help in making the research from from biasness. The sample size selected for finished this investigation is 30 respondents. Data Collection Methods: It is explained as method with the help of which data is collected in order to make the effective completion of an investigation in systematic way. Different kinds of data collection method which are Primary and SecondaryData Collection methods (Shenkar, Luo and Chi, 2014). Primary method :When the data is collected for first time through researcher is called primary data This kind of method is usually collected from first hand sources by means of surveys, observations and experiments. The collection of primary data is done by through different methods such as Interview, questionnaire, observation and many others. As primary data collection include interview method under which information is gathered by taking personal interviews of the respondents or may be through telephonic interviews etc. There is a greater flexibility of data under this method. More and accurate information can be obtain. Secondary method of data collection:It includes conclusions, summary or synthesis of research which is already being done. Primary research use generation of data whereas secondary research use primary data as information source. Secondary method include data that is already present in some research reports or some documents. Such documents can be gained from public libraries, already done surveys, websites etc. To collect information from this source, it takes less time and not costly (Wetherly, 2014). The sources through which researcher can collect the data and information are websites, internet sources, journals etc. Ethical considerations Ethical considerations is most important factor of an investigation. Dissertations are often failed to approve if this part of research is missing. These are some terms and conditions which is to be taken into consideration if any research is going on. It forms a major element in research. There are several ethical considerations like the project should provide some unique research and the knowledge which is given must be true without avoiding errors. The prior thing of doing a 9
researchmustbeplanning.Aresearchershouldmaintainprivacyandconfidentiality.A researcher should follow the guidelines for doing research (Wild, Wild and Han, 2014). 10
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CHAPTER 4: DATA ANALYSIS AND INTERPRETATION From the research outcomes, audience will be employees because they have the better understanding regarding operations and activities of an organisation. In order to communicate the research outcomes to employees, researcher will use written report and it will help in better understanding about whole investigation.In literature review, researcher found about the issues which company faced in conducting business at global level. The new thing that found in literature review is to get the solutions to overcome from globalisation issues and conduct business effectively. DATA SHEET Q1) Are you aware regarding concept of the globalisation?Frequency a) Yes17 b) No13 Q2) In your opinion, what is the effect of global business environment on business operations? Frequency a) Positive impact18 b) Negative impact12 Q3)Whatareadvantagesoftheglobalbusinessenvironmentto business of ASDA? Frequency a) Create jobs10 b) Improving Company’s Reputation6 c) Increasing productivity14 Q4)WhatnecessaryresourcesASDAshouldconsiderwhen conducting the operations of business at global level? Frequency a) Technological resource10 b) Human resources5 c) Financial resources15 Q5)Asperyouropinion,doesglobalisationenhancedtheFrequency 11
organisational productivity? a) Yes24 b) No6 Q6) As per your opinion, what kind of opportunities an organisation can get from expanding the activities of business at international market? Frequency a) Target the new market12 b) Increased market size12 c) Return on investment6 Q7)WhataredifferententrystrategiesASDAshouldadoptto expanding the business globally? Frequency a) Franchising9 b) Exporting6 c) Licensing15 Q8) What are the issues ASDA face when it expanding its business operations at the global level? Frequency a) Marketing issues8 b) Communication and cultural issues12 c) Currency rates10 Q9) What different ways ASDA can use to getover from globalisation issues? Frequency a) Conduct research12 b) Cultural Training10 c) Aware about legislations8 THEME 1:Aware regarding concept of the globalisation 12
Q1) Are you aware regarding concept of the globalisation?Frequency a) Yes17 b) No13 Interpretation:This has been stated that globalisation helps in expanding business operations internationally and provide beneficial opportunities to business. According to 17 participants that they have the deep understanding regarding the globalisation and also its negative and positive impact. There are remaining 13 respondents which are not aware and knowledge regarding the globalisation concept in a better manner. THEME 2: Impact of global business environment on business operations Q2) In your opinion, what is effect of the globalisation on business operations? Frequency a) Positive impact18 b) Negative impact12 13 a) Positive impactb) Negative impact 0 2 4 6 8 10 12 14 16 18 18 12 Column C
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Interpretation:Globalisation effect on the business operations in positive and negative manner. According to viewpoint of 18 respondents that globalization has a positive impact on the business because it generates business opportunities such as entering new markets, enhancing productivity, provide the better job opportunities to people. These all things are helpful in develop positive impact on business. There are 12 respondents and according to them global business environment impacts negatively on operations of business because when company expands business globally then it faces some issues such as communication, cultural and the political issues. THEME 3: Advantages of globalisation to business of ASDA Q3) What are benefits of the global business environment to business of ASDA? Frequency a) Create jobs10 b) Improving Company’s Reputation6 c) Increasing productivity14 14 a) Positive impactb) Negative impact 0 2 4 6 8 10 12 14 16 18 18 12 Column B
Interpretation:From the given graph this has been stated that the global business environment providesbetteropportunitiestoASDAcompany.Onthebasisof10respondentsthat globalisation is helpful in create the better jobs for people so their living standardcan be improved effectively. There are 6 respondents and according to them from expanding business globally, firm can make improvement in its reputation. For this, it can provide high quality products to consumers at global level on the basis of their needs and wants. 14 respondents are agree with increasing the productivity of an organisation. THEME 4: Resources ASDA should consider when conducting the business Q4) What required resources ASDA should consider when conducting the business business at global level? Frequency a) Technological resources10 b) Human resources5 c) Financial resources15 15 a) Create jobs b) Improving Company’s Reputation c) Increasing productivity 0 2 4 6 8 10 12 14 10 6 14 Column B
Interpretation:When company perform its business operations at international level thenthis requires to consider the resources which helps in conducting business globally in a better manner. According to 5 participants that the human resource is more important because it hires the people and provide them training so that they can able to operate the international operations and deal with international clients. 10 respondents said that the technology is main resource because this aids in doing activities with in specific time period. Technological resources helps in reduce operational cost of ASDA. According to 15 respondents that the financial resources because without money ASDA company can not perform its business operations at global level. THEME 5: Globalisation increases organisational productivity Q5)Accordingtoyouropinion,doesglobalisationincreases organisational productivity? Frequency a) Yes24 b) No6 16 a) Human resource b) Technological resources c) Financial resources 0 2 4 6 8 10 12 14 16 10 5 15 Column B
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Interpretation:This has been interpreted from mention graph that globalisation permit the countriestogaintheeasyaccesstoforeignknowledge.Accordingtoviewpointof24 respondents that globalisation effects on increasing the organisational productivity. In this, positive effect has been better for the emerging market economies that have enhancing use of available foreign technology to enhance innovation capacity along with business productivity. There are remaining 6 respondents and according to them globalisation negatively effect on business growth because this develops many challenges for business like cultural, political, legal and operational. THEME 6: Opportunities company can get from expanding business Q6) As per your opinion, what kind of opportunities an organisation can get from expanding the activities of business at international market? Frequency a) Target new market12 b) Increased market size12 c) Return on investment6 17 a) Yesb) No 0 5 10 15 20 25 24 6 Column B
Interpretation:Expanding the business into international market helps in giving effective job opportunities to the company. According to 12 respondents that firm can target new market from expanding business. From this, it can provide the better quality products to consumers as per their demand. It helps in attract them and enhance business sales. 12 respondents are agree with the increase market size of company. 6 respondents said that if an organisation perform its operations at international level then this aids in give better return on investment. THEME 7: Entry strategies ASDA should adopt to expanding the business globally Q7)WhataredifferententrystrategiesASDAshouldadoptto expanding the business globally? Frequency a) Franchising9 b) Exporting6 c) Licensing15 18 a) Target new market b) Increased market size c) Return on investment 0 2 4 6 8 10 12 1212 6 Column B
Interpretation:This has been stated that market entry strategy is based on time of the market entry. In this, activities related with providing the service or product to target market. This is concerned with expanding business globally by using sources. According to viewpoint 9 respondents that franchising is necessary entry strategy because in franchise business, owner sell its rights to the name of business, logo and also model to the third party. In this strategy, there is a high scope of growth. According to 6 respondents, exporting is main entry strategy that ASDA can adopt because there is minimum investment. 15 respondents are agree with the licensing strategy because it consists process of decision making and execution of policies for protecting intellectual property. THEME 8: Issues ASDA face when its conducting the business at internationally Q8)WhatareissuesASDAfacewhenitexpandingitsbusiness operations at the global level? Frequency a) Marketing issues8 b) Communication and cultural issues12 c) Currency rates10 19 a) Franchisingb) Exportingc) Licensing 0 2 4 6 8 10 12 14 16 9 6 15 Column B
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Interpretation:Under this, company face some issues while it conducting its business at the international level. 8 respondents said that marketing is main issues because ASDA is unaware about the strategies which are already applied in the international market. So, this company need to determine strategy or develop new through which company can attract the people. 12 respondents are agree with the communication as well as cultural problems because these are different from one country to other so it is complex to understand them easily. As per opinion of 10 respondents that fluctuation in the currency rates are main problem. THEME 9: Ways ASDA can use to getover from the globalisation issues Q9) What various ways ASDA can use to getover from globalisation issues? Frequency a) Conductresearch12 b) Cultural Training10 c) Aware about legislations8 20 a) Marketing issues b) Communication and cultural issues c) Currency rates 0 2 4 6 8 10 12 8 12 10 Column B
Interpretation:ASDA face the different issues while it conduct the business at international level. So, this is necessary for the manager to identify better ways to getover from them. 12 respondents said that conducting a research is one of effective way to deal with challenge becausethroughthis,itcanknowaboutthedifferentculture,existinggoods, tasteand preferences of consumers and many other factors. According to viewpoint of 10 participants that cultural training is important for company and employees because by this they can aware regarding other country culture and deal with international clients. 8 respondents are agree with aware about the legislations so that company can not face the legal issues in foreign country. 21 a) Conduct investigation b) Cultural Training c) Aware about legislations 0 2 4 6 8 10 12 12 10 8 Column B
CHAPTER 5: DISCUSSION Benefits and challenges of globalisation on ASDA Frommention discussion this can be concluded thatASDA company have deal with various factors of global business environment while conducting activities of business at globally. Global business environment is full of benefits and challenges for respective company. Company should conduct activities of business in order to gain more and more advantages of global business environment. Company will have to face both negative and positive effect of the business environment to grow and develop its business market share. There are various benefits for respective company while dealing in global business environment. Advantages of this for ASDA includes creating job opportunities, improve reputation of company. Global business environment is very large market area so it will help company in attracting more capable employees towards working in respective organisation. Conducting business operations at global level will help in enhance its reputation and developing strong market image. There are some issues faced by ASDA company when operating the business globally. Major issues that is faced by this company includes marketing issues, currency rate and communication as well as cultural issues. When this company is operating in new and different business environment this company have to develop and effective marketing strategies which will help ASDA company to attract more and more customers towards business. Influence and impact of globalisation on ASDA There is a very high impact of Globalisation on retail organisation such as ASDA. In this company will experience high growth and development of the organisation as they will be global presence which organisation is going to experience and there will be higher share of market which is being approach by this organisation. Apart from this there is also business which are operating on large scale as there will be increase in profitability and more sales which will be beneficial for ASDA in having survival for a longer period of time. There will be increase in trade activities in this organisation and customization as a strategy will be adopted by ASDA. In this there will be changes made according to culture and norms prevailing in the country in which the organisation is willing to enter. There is speciality of every country some are richin particular type of resource this will help in taking benefits from these activities which is going to have benefit for a longer period for ASDA asthey will be able to maximize effectiveness 22
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from their available resources. Organisations are able to extract benefit in terms of economies of scale as they attain specialisation in a particular division. Many big retail giants are already present in various parts of world and they will be a huge threat for ASDA as they will be expanding in various parts of world. This will lead to a situation of more efforts which has to be made by ASDA as they have to adopt strategies which will help in ensuring their survival for a longer duration of time. There are also chances of some negative impact on such organisations. There are many necessary changes which have to be bring and that is according to people of that particular country in which organisation is launching their store. Different ways toovercome the challenges as well as to maximise the benefits of globalisation for ASDA From mention discussion this has been concluded that there are many ways which will help respective company to deal with the challenges faced in global business environment. It is very important to deal and manage all those problems faced through respective company. Overcoming of challenges will help in improving sale as well as profitability of ASDA organisation. To attain the set objectives, company have to manage and overcome with the challenges that is majorly related to global business environment. This company have to develop effective and efficient strategies which helps them in dealing with the challenges. Various methods for ASDA organisation to getover with challenges of globalisation are conducting investigation, mastering marketing as well as conducting cultural training for employees and increasing awareness about legislations. All of these ways will help in dealing with issues of global business environment and help in improving performance of respective company. 23
CHAPTER 6: REFLECTION & RECOMMENDATION FOR ALTERNATIVE RESEARCH METHODOLOGY Reflection This present report is taken in to consideration onadvantages and disadvantagesof a globalbusinessenvironment.Thisreporthelpsinprovidedeepunderstandingaboutthe globalisation concept. In conducting this investigation, literature review part has been completed through using different sources like websites, internet sources and many others. In research methodology, I used qualitative method because this gives the detailed information and data related to particular subject area. Interpretivism philosophy has been used through researcher because it analysis the opinions of different authors concerned with specific research area. For collection of data, I developed questionnaire by using the primary method of data collection because questionnaire helps in provide the information quickly and gather the data from large sample size.The research issue that I found is disadvantages company faced when it conduct the business at international level. In this, I used some steps of research process like selecting topic,. Gather background information, organise information, write research questions, write draft, Correctandrevisehandwritethefinaldraft.Wholeprocessiseffectiveinconducting investigation in systematic manner. On the other hand, I faced problems concerned with the data collection and time. I did not find the authentic sources to collect information by using secondary sources. On the other hand, I had not sufficient time to perform the activities of research and also complete an investigation within given period of time. In order to overcome from data collection issue, I discuss with my supervisor and learn about proper selection of sources to gather information. To overcome from time issue, I developed time management plan and arrange activities accordingly. Alternative Research Methodology Research methodology is one of the most necessary part of an investigation because it providestheeffectivewaystoconductingtheactivitiesandcollectoranalysethedata effectively. So, this is essential for an investigator to use beneficial methodology that can help in completing an investigation. In present investigation, questionnaire has been used as research methodology because it provide the reliable information with in minimum time period. Through using this method, researcher can collect data from the large number of respondents. In addition 24
to this, interview is other methodology that research can be used. In this method, there is a communication among interviewer and interviewee. The interviewer asks some questions from intervieweeregardingparticularsubjectandthenknowabouttheiropinionsforanalyse effectiveness of the collected data. This method is cost consuming and time saving for applying. 25
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CONCLUSION From mention report this has been concluded that it is very necessary for company to perform its activities at global level. Global business environment is consist of different factors which will have both negative and the positive affect on business activities. This is essential that company carefully evaluate and analyse all the business environment factors for enhance its profitability and growth of an organisation. There are various benefits for a company which is performingtheoperationsofbusinessattheinternationallevel.Improvingservicesat international market area will also includes many drawbacks and challenges. It is essential that company develop effective and accurate strategies to get over with given problems. Company have to understand market are in which it is providing its products and services. 26
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