Role of Globalization in Business : Report

Added on - 28 May 2020

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Running head:MASTER OF MANAGEMENT FOR ENGINEERSMaster of Management for EngineersName of StudentName of the UniversityAuthor Note
1MASTER OF MANAGEMENT FOR ENGINEERSExecutive SummaryThe globalization of the firms has led to increased business prospects all around the world. It hasled to transfer of knowledge, material, labour and other raw materials all across the world. Thisreport would discuss about the international contextual factors of globalization on the selectedorganization-Serving Delicacies.The potential benefits and challenges concerning with thetopic would be discussed. Theeffect of globalization on the organizations would also beenumerated. This report would enhance the understanding of the role of globalization in a givenbusiness context.
2MASTER OF MANAGEMENT FOR ENGINEERSTable of ContentsIntroduction......................................................................................................................................3Definition of relevant concepts- Globalization................................................................................3Benefits of Globalization.................................................................................................................4International Contextual Factors in Fast Food Industry..................................................................5Effect of Globalization on the business structures..........................................................................5Potential Challenges of Globalization.............................................................................................6Recommendations............................................................................................................................7Conclusion.......................................................................................................................................8References........................................................................................................................................9
3MASTER OF MANAGEMENT FOR ENGINEERSIntroductionTheglobalizationis being referred to as the increased interaction of the states, people,countries and others by the mode of the growth of various international exchanges of ideas,money and culture (Hirst, Thompson & Bromley, 2015). The process of globalization isconcerned with the economic process involving integration having cultural and social aspects.There are usually different kinds of globalization namely economic, cultural and politicalglobalization (Baylis, Owens & Smith, 2017). There are different positive aspects ofglobalization such as enhanced trade flow between the business prospects and the nations. Thereis increased business growth which leads to the prosperity of the nations. There are severalnegative consequences of globalization namely deterioration of the indigenous culture,inequalities of income and the enhanced currency issues (Hirst, Thompson & Bromley, 2015).The selected organization for this research isServing Delicacies, which is a fast foodrestaurant that is situated in Melbourne, Australia. The primary goal of the report is to givestrategic advice to the Board of Directors regarding the effect of the selected business contextualfactors on the organization. The effect of globalization on the business structures of the companywould be identified. The concept areas would also be discussed relating to the expertise ofglobalization.Definition of relevant concepts- GlobalizationThe globalization provides overall advantages to the individual economies all around theworld and makes the market efficient, competitive and wealthier by giving increased incomeopportunities to the nations all over the world (Crane & Matten, 2016). The globalization has
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