(PDF) Significance of Globalization

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Research Project
RESEARCHSection One:Title“To identify the significance of globalisation and its influence on making businesssuccessful. A Case on Waitrose.Research QuestionsWhat is the concept of globalisation?What are the effects of globalisation on success of Waitrose?How to evaluate the benefits of globalisation in context with Waitrose?How To identify the challenges that can be faced by Waitrose while globalising theirbusiness?Research objectivesTo determine the concept of globalisation.To determine the effects of globalisation on success of Waitrose.To evaluate the benefits of globalisation in context with Waitrose.To identify the challenges that can be faced by Waitrose while globalising theirbusiness.Section Two: Reasons for choosing this research projectReasons for choosing the projectPersonal reason:Personal reason for conducting respective research is to develop orincrease my knowledge and skills on globalisation. Along with this I also enhance my othervarious skills such as team building skills, communication skills, understanding skills andmany more.Professional reason:Professional reason of develop this research is to understandglobalisation and evaluate its impact on a Waitrose. So that leader or manager can developstrategies, plans and policies accordingly in effective manner.The Main motive of this research is to have in-depth knowledge regarding a research topicwhich is to know the impact of globalisation in taking business toward success.For thistopic, I can easily learn that how to expand business operations in another country and makesuccessful decisions.Section Three: Literature sources searched1
Use of key literature sources:Concept of globalisationAccording to the view point ofCohen, (2018)globalisation, nowadays is a familiarword and people know about the same. It has minimised the sphere of large market into asingle market where exchange of goods are easier. Globalisation, with the change in courseof time has increased world trade. But globalisation is not confined with economy andtrading, because of this exchange of culture, traditional has become possible. Therefore, tounderstand globalisation it can be said that it is a process in which numerous companiescome to a platform where they can enhance integration of trade, finance, ideas in one globalmarketplace.Effects of globalisation on success of WaitroseAs per the viewpoint ofCooke, (2012)Globalisation is a worldwide trend with thehelp of which economies of the world is increasing because it is reducing boarders betweennations and providing better trading opportunities to firms. For the success of Waitrose,globalisation is working for the organisation on two main components i.e. globalisation ofmarkets and globalisation of production.Acquisition of resources:Main advantages that globalisation has provided tocompanies is that it has enabled company in having access to numerous resources soas to make finished goods.Increase in market base:According to recent times, whatever products areavailable in United Kingdom can be found in different parts of the world as well(Corstjens and Lal, 2012). It is because of globalisation as it has opened up doors atinternational level where flow of goods can be done.Benefits of globalisation in context with WaitroseAccording to theCrane and Matten, (2016)In simple words globalisation is aprocess through which companies, people and countries becomes more inter-connectednessin terms of media, global finance, trading, exchange of technologies etc., Globalisation hasboth benefits and challenges as well as it is a wider concept and provides tremendousopportunities to firms.Increase in free trade:This has increased and provided opportunities to investors ininvesting money in order to develop economy of countries. In relation withWaitrose, through globalisation company will get a chance of expanding its businessto different parts of the world. As a result, it will aid firm in generating more andmore money along with increase in customer's base.Challenges that can be faced by Waitrose while globalising their businessAs perJavadian and Singh, (2012)Unlike benefits there are somechallenges as well which company must consider so that betteroperations can be conducted. There can not be a possibility that a firmalways gains profit there can be some limitations as well which canhamper business activities.Unfamiliar Cultures:Company while expanding its business canface difficulties due to unfamiliar culture because there might bea possibility that during initial period of establishing firm theydoesn't know about the culture and requirements of people whoare living in a particular place. Thus, as a result, it can further2
create problem or act as a biggest challenge for companies (Hitt,Ireland and Hoskisson, 2012).Section Four: Activities and timescalesActivities to be carried out during the researchprojectDifferent activities which are going to be included in this research aregiven below as above:Identifying the topicCreation of aim and objectives with the questionsReview of LiteratureResearch methodologyQuestionnaires preparationData CollectionData analysisConclusion and recommendationHow longthis willtake:10 days5 days5 days20 days10 days5 days8 days10 daysMilestone one: _________________Target date (set by tutor): ____________________Milestone two: _______________________Target date (set by tutor): ______________________Gantt Chart3
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