Impact of Globalization on Economic Development

The assignment requires a comprehensive examination of the impact of globalization on economic development. It involves analyzing various sources, including books and journals, to understand how globalization affects different aspects of economies, such as trade, investment, and employment. The student needs to identify key concepts related to globalization, such as global value chains and free markets, and explain their significance in modern economic systems.

Research Project

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................................................1
Research aim..........................................................................................................................1
Research objectives................................................................................................................1
Research questions.................................................................................................................2
CHAPTER 2: LITERATURE REVIEW.........................................................................................2
Concept of globalization.........................................................................................................2
Impact of globalization on increasing trade among countries for ASOS Plc.........................3
Major challenges faced by ASOS Plc due to globalization....................................................4
CHAPTER 3: RESEARCH METHODOLOGY.............................................................................5
Types of research....................................................................................................................5
Research approach..................................................................................................................6
Research techniques...............................................................................................................6
Data collection........................................................................................................................6
Analytical technique...............................................................................................................7
CHAPTER 4: TIMELINE OF RESEARCH ACTIVITIES............................................................7
CHAPTER 5: DATA ANALYSIS..................................................................................................8
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................19
CHAPTER 7: REFLECTION .......................................................................................................20
REFERENCES..............................................................................................................................21
.......................................................................................................................................................21

TITLE: “To analyse the impact of globalization on increasing trade across
borders. A study on ASOS Plc”
CHAPTER 1: INTRODUCTION
Globalization is considered as an important and broad term that refers to the global
outlook in which different companies and people develop as well as start their operation on
international scale. As per current scenario, concept of globalization has developed due to
advancement in technologies, transportation, communication. It directly contribute in increasing
international trade, ideas and culture through which organizations can easily operate their
activities at global level with the aim of attaining success. Mainly, it is integration of economics,
market, culture, industries around the world (How Globalization Affects Developed Countries,
2017). Furthermore, the term globalization is used in different ways like context of economic, it
is related to the reduction of issues that arise between national borders. It provides opportunities
like free flow of goods, labour, capital services and many more through which companies can
easily establish their positive image at global market. Current research is based on ASOS Plc,
which is a British online fashion and cosmetic retailer. Company was founded in 2000 in London
which sells approx 850 brand to customers. The headquarters of this company are in Camden
Town at Greater London House. By using globalization concept, company can easily operate
their business at global level and also improve their brand image in the market as well.
Research aim
It is one of the important and primary aspect for researcher to determine the main area of
undertaking research activities. Mainly, it is a clear statement that defines the research issues that
is based on the dependent and independent variable (Baylis, Smith and Owens, 2017). By this,
researcher easily gather relevant data and information to draw a valid conclusion. In context of
this, the main aim of this research is:
“To analyse the impact of globalization on increasing trade across borders. A study
on ASOS Plc”.
Research objectives
Research objectives play vital role in undertaking entire research activities through which
investigator ca easily study about the research variables (Deresky, 2017). Mainly, research
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objectives is related with its aim that assist in analysing the overall research activities in
appropriate manner. The main objectives of this research are as follows:
 To understand the concept of globalization.
 To ascertain the impact of globalization in increasing trade among countries for
developing operations of ASOS Plc.
 To evaluate major challenges faced by ASOS Plc due to globalization.
Research questions
Research questions define the main area of the study in which investigator evaluate the
whole study in systematic manner. With the assistance of this, researcher carry out the literature
review that contribute in drawing valid conclusion of the study. In this context, research
questions are as follows:
 What is the concept of globalization?
 What is the impact of globalization in increasing trade among countries for developing
operations of ASOS Plc?
 How to evaluate the major challenges faced by ASOS Plc due to globalization?
CHAPTER 2: LITERATURE REVIEW
Literature review consider as an important part of the research through which researcher
easily carry out in depth study based on the particular research problem. Mainly, it is consider as
a scholar paper that is based in the substantive findings which may contribute in determining
research issues in an appropriate way.
Concept of globalization
According to Croucher, (2018), globalisation is a term that used to determine increasing
interaction of social, economic and political which help in enhancing the international trade and
flow of cash as well. Mainly, it help in creating as well as maximizing returns within the
economy. Due to advancement of technology, telecommunication, global integration is grown.
This create various opportunities in-front of business who wants to expand their business at
global level. In addition of this, globalisation is consider as the free movement of good and
services across the world that may contribute in increasing trade between different nations. .
Along with this, concept of globalisation also permit the flow of people and capital from country
to country which assist in generating revenue. It also improve business opportunities through
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which company increase their profitability and brand image as well. Thus, it is important for
business organization to effectively analyse the global market before expanding their business
activities at global level. It is related with the international division of labour which develop the
skill intensive manufacturing services that develop the economic condition of the nation and
market as well. It also create new market and wealth for business organization by reducing the
barriers among nations and companies as well. Apart from this, concept of globalisation also
bring benefits and risk which is important for organization to managed. One of the main
advantage of globalisation is to increase the free trade and communication among nations by
enhancing technology, consumer good and other resources. By this, business organization can
easily enhance their positive brand image at global market.
Impact of globalization in increasing trade among countries for developing operations of ASOS
Plc
According to Johnson, (2014), Globalisation play vital role in developing the economic
condition and has resulted in interaction among markets in around the world. It also increased
communication and awareness of the companies opportunities across the globe. In addition of
this, new investors of business organization can also access new investment opportunities before
expanding their business activities at global level. In recent years, significant changes in the
national economics to global value chains. In this with context, it also develops strong growth of
FDI in all the countries which remove the tariff barriers and increase the free trade zones that
assist ASOS Plc to operate their business at global market. In concept of globalisation,
international economics shows the foreign trade that is related with the economic transaction
among domestic and foreign organization. In addition of this, concept of globalisation positively
impact on the international trade among different countries. It create opportunities for ASOS Plc
to make their brand presence more strong by trading their goods and services around the world.
Apart from this, increase the demand of labour which contribute in enhancing the profitability
level at market place. As it increase the trade which remove the issues between different
countries and also make economic strong. It also contribute in determining opportunities in
which ASOS Plc operate their operational activities in the global market. In this context there
are some major impact of globalisation on trade among countries for ASOS Plc are as follows:
Foreign direct investment: Trade is positive aspects of globalisation which increased
FDI in the nation which contribute in making economic condition more strong. It directly
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contribute in boosting technology transfer and overall growth of the companies that operate at
global market. In context of ASOS Plc, trade among countries also help in reducing the gap and
issue arise at international level. This will improve the overall performance level of the company.
Technological innovation: It is also an another impact of globalisation that increase
development of technology and innovation as well. Due to globalisation, competition level is
also high in which ASOS Plc needs to use new and innovative technology to enhance their
market growth. This will directly contribute in improving economic growth of the nation.
Economics of scale: It is also an important aspect of globalisation that help in reducing
the cost and price of good and services of ASOS Plc which contribute in supporting the
economic growth of the nation.
Major challenges faced by ASOS Plc due to globalization
According to Rodrik, (2016), Globalisation is an important process for the ASOS Plc to
operate their business at global level. By this, company enhance their productivity level a global
market. On the other side, company also face issues at the time of globalising their business
activities. These challenges can be understood by following points: Public relation: Building brand image is difficult for the business when company
operate their activities in a new geographic region. This is the main reason that company
face issues at the time of establishing their business activities. Thus, it is important for
organisation to effectively analyze the market trends before expanding their business. Organization structure: It is also a another issues in-front of company when they
globalize their business in new regions. As expansion needs more investment to
established operational activities at global level. For attaining growth at market,
company needs to enough fund to successfully execute their activities in international
market. Leadership: It is difficult for business organization to evaluate the effective
organisational leadership along with appropriate knowledge and skills to successfully
operate their business in geographic market. For attaining the same, company needs to
set their unique strategies and approaches related with culture, business network,
management style, language and many more within their activities. By this, organization
easily develop their business growth at market place.
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 Legal and regulatory structure: Every country has some unique laws and regulations to
operate business. In this context, multinational companies needs to access legal expertise
with the purpose of understanding the country laws and regulations so that they can
easily operate their business at global market. Furthermore, it is necessary for businesses
to effectively understand the legal environment of the market and industry as well before
entering in a new market. This will directly contribute in operating business activities in
appropriate way and at the same time also enhance the chances of attaining higher
profitability level at global market.
 Ethical business practices: It is also a major issue that faced by the multinational
companies at the time of globalise their businesses. Ethical business practices are related
with labour, product safety, corruption and regulatory compliance play vital role in
failure and success of global companies. Thus, it is important for the business to
maintain ethical standards at the tie of operating their business at global level. By this
they can improve their overall performance at global market.
CHAPTER 3: RESEARCH METHODOLOGY
It is one of the important section of the research which used to determine, select and
analyse the information towards the specific topic and area. Along with this, it also allow the
researcher to critically evaluate the validity and reliability of the research activities. By this,
investigator draw a valid conclusion towards the study. Mainly, it is consider as a systematic way
to resolve the issues by describing, explaining and predicting the information.
Types of research
Research play crucial role in analysing as well as evaluating entire activities of the study.
In this, it is important duty of the researcher to select appropriate type of research which help
them in gathering relevant information. Mainly, research is based on two types such as
qualitative and quantitative research. Both types are the important for investigator to gather the
data towards the particular topic and area (Amador and Cabral, 2016). Qualitative research is
based on the determining reasons, opinion and motivation to collect non-numerical data. On the
other hand quantitative research is a systematic study in which data is collected through
mathematical, statistical and computational techniques for taking right decision. For undertaking
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this research, investigator use qualitative method which is based on the assumption and thesis.
By this, researcher easily gather relevant information.
Research approach
Research approach consider as a plan and procedures that is based on the assumption to
detailed method and analysing as well as interpreting information. By this, investigator addressed
the research problem which contribute in gathering reliable information (Borjas, 2015). It
divided into two categorises like inductive and deductive approach. Both are appropriate for
gathering data and information towards the research topic and area. Inductive research is related
with the observation and theories which help in gathering data about the particular area. On the
other side, deductive research approach is refers to the developing hypothesis which is based on
the existing theory to collect relevant information. For this research, investigator use inductive
approach to gather data in an appropriate way.
Research techniques
It is important for researcher to select effective techniques for undertaking research
activities. With the help of this, investigator can easily collect relevant data and information
towards the research topic (Wirtz, Tuzovic and Ehret, 2015). Mainly, there are various
techniques to carry the research activities such as interviews, surveys, tests, focus group, case
studies, observation, questionnaire and many more. All these are appropriate for the gathering
information. For this research, investigator use questionnaire in which they ask questions from
number of participants with the aim of understanding their views and opinion.
Data collection
It is also an effective and appropriate part of research methodology in which researcher
gather as well as measure information in effective manner. Mainly, it is based on the data and
information which gather by the researcher with the purpose of completing the research
activities. It divided into two types like primary and secondary source of data collection. Both
method are appropriate for researcher to gather data to draw a valid conclusion. Under this
research, both methods such as primary and secondary methods are used by researcher to draw a
valid conclusion. Primary source is appropriate for carry out the data analysis in which
investigator use questionnaire to gather data towards the specific topic. On the other side,
secondary source is also consider as an effective method to the conduct the research (Timmer
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and et.al., 2014). In this research conduct the literature review by using various sources such as
books, articles, journals and many more. By this investigator easily gather relevant data and
information towards the research topic. It help researcher to take valid and reliable decision.
Analytical technique
It is a procedures of analysing the issues, facts of data and information. Mainly it is
related with time and task limited that help in resolving the issues. In this research, investigator
use thematic analytical technique to represent the collected data and information (Allen and
Arkolakis, 2014). By this, researcher easily take appropriate decision towards the research
activities.
Data sampling
It is important for researcher to select respondents to gather relevant information towards
the research topic. Mainly it is statistical analysis used by investigator to understand views and
opinion of respondents in order to take valid decision. There are two of sampling method such as
probabilistic and non-probabilistic. In this researcher use non-probabilistic to select various
respondents. For this, investigator select 40 respondent to gather relevant data and information.
Timeline and Action plan
It is also an important part of the research which set on the basis of specific time. By this
all the activities are perform systematically. In this, Gantt chart is also play vital role in carry out
the research. It is a bar chart that shows the research activities along with particular project. With
the help of this, investigator easily analyse and monitor all the task in systematic manner and
also drawing a valid conclusion. This tool is also support researcher at the time of planning
project schedule. Mainly, all the activities of project implement on the basis of set time so that
investigator easily increase the chances of attaining positive outcomes and at the same time also
analysis collected data and information (Stockhammer, 2017). This will contribute in reducing
the chances of arising any kind of issues and uncertainty within the project.
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CHAPTER 4: DATA ANALYSIS
Data analysis is one of the important part of research in which researcher gather data
from various respondents towards the related topic and area as well. Mainly, it is a process of
establishing data, preparing data, applying models, and determining key findings towards the
specified area and topic. In addition of this, the main aim of data analysis is to evaluate the
appropriate way to take positive decision. In this researcher also use thematic analysis with the
aim of accumulate the collected information in systematic way (Bernhofen, El-Sahli and Kneller,
2016). Apart from this, researcher also use random sampling method to select respondents for
gathering relevant information. For this, investigator select 40 respondents and prepare a
questionnaire to analyse their views and opinion towards the particular topic.
Questionnaire
Name:
Age:
Contact no.:
Email id.:
Q1) Are you aware about the concept of globalisation?
a) Yes
b) No
Q2) What is the importance of globalisation for ASOS Plc to expand their business across
the borders?
a) Reduce barriers
b) Increase innovation
c) Access a new markets
Q3) Does concept of globalisation increase innovation within the business organization?
a) Yes
9

b) No
Q4) What are the major issues faced by ASOS Plc while operating business at global
level?
a) Legal issue
b) Cultural barriers
c) Issue related with organization structure
Q5) Is concept of globalisation beneficial for ASOS Plc to trade across borders?
a) Yes
b) No
Q6) What is the main impact of globalisation on ASOS Plc performance level?
a) Positive
b) Negative
Q7) What are the ways used by ASOS Plc to start their business at global level?
a) Analysis market
b) Understand legal and regulatory structure
Q8) Does globalisation help ASOS Plc to enhance their market share at international
market?
a) Yes
b) No
Q9) What are the different entry strategies used by ASOS Plc to expanding their business
at international level?
a) FDI
b) Joint venture
c) Export
Q10) Provide recommendation for increasing trade across the borders for ASOS Plc?
Questionnaire
Q1) Are you aware about the concept of globalisation? Frequency
a) Yes 25
b) No 15
10

Q2) What is the importance of globalisation for ASOS Plc to expand
their business across the borders?
Frequency
a) Reduce barriers 15
b) Increase innovation 15
c) Access a new markets 10
Q3) Does concept of globalisation increase innovation within the
business organization?
Frequency
a) Yes 30
b) No 10
Q4) What are the major issues faced by ASOS Plc while operating
business at global level?
Frequency
a) Legal issue 15
b) Cultural barriers 15
c) Issue related with organization structure 10
Q5) Is concept of globalisation beneficial for ASOS Plc to trade
across borders?
Frequency
a) Yes 25
b) No 10
Q6) What is the main impact of globalisation on ASOS Plc
performance level?
Frequency
a) Positive 30
b) Negative 10
Q7) What are the ways used by ASOS Plc to start their business at
global level?
Frequency
a) Analysis market 30
11

b) Understand legal and regulatory structure 10
Q8) Does globalisation help ASOS Plc to enhance their market share
at international market?
Frequency
a) Yes 25
b) No 15
Q9) What are the different entry strategies used by ASOS Plc to
expanding their business at international level?
Frequency
a) FDI 20
b) Joint venture 10
c) Export 10
Theme 1: Concept of globalisation.
Q1) Are you aware about the concept of globalisation? Frequency
a) Yes 25
b) No 15
12
25
15
a) Yes
b) No

Interpretation: From the above mentioned graph, it has been summarised that globalisation is
one of the important concept for business organization to expand their activities at international
market. Mainly it is a process of integration that is associated with social and cultural aspect
which increase the chances of establishing the business activities at international market. In this,
25 out of 40 respondents are said that they are are about concept of globalisation which provide
various opportunities to the business organization to expand their business activities at
international market. In addition of this, 15 respondents are not aware about the concept of
globalisation.
Theme 2: Importance of globalisation for ASOS Plc to expand their business across the
borders.
Q2) What is the importance of globalisation for ASOS Plc to expand
their business across the borders?
Frequency
a) Reduce barriers 15
b) Increase innovation 15
c) Access a new markets 10
Interpretation: From the above mentioned graph, it has been evaluated that concept of
globalisation is important for ASOS Plc to increase their market share by offering best quality
13
15
15
10
a) Reduce barriers
b) Increase innovation
c) Access a new markets

services across the world. In this, 15 out of 40 respondents are said globalisation provide support
business organization to operate their business at global level by reducing issues that arise among
different countries. This will contribute in enhancing the chances of attaining success at global
level. Along with this, 15 people are give their views that globalisation increase the innovation
within the company which provide opportunities to improve their overall performance at market
place. On the other side, 10 respondents are said that globalisation help in accessing new market.
By this company capture customers attention towards its offerings which directly contribute in
establishing positive brand image.
Theme 3: Concept of globalisation increase innovation within the business organization.
Q3) Does concept of globalisation increase innovation within the
business organization?
Frequency
a) Yes 30
b) No 10
Interpretation: As per above mentioned graph, it has been analysed that globalisation is
important aspect for business organization which increase the technology innovation and culture
development. With the assistance of this company increase the profitability and strong customers
base also. In addition of, innovation is also beneficial for the organization to make their brand
14
30
10
a) Yes
b) No

image in customers mind. It directly contribute in maintaining positive relation with large
number of customers. In this 30 out of 40 respondents are said that globalisation concept help in
developing innovation within the company through which company invite more and more
consumers towards its products. On the other side, 10 people are not favour with this statement.
Theme 4: Major issues faced by ASOS Plc while operating business at global level.
Q4) What are the major issues faced by ASOS Plc while operating
business at global level?
Frequency
a) Legal issue 15
b) Cultural barriers 15
c) Issue related with organization structure 10
Interpretation: As per above mentioned graph, it has been analysed that various issues faced by
the ASOS Plc at the time of operating their business at global market. This will negatively
impact on the brand image of the company at market place and at the same time also reduce the
profitability level. In context of this, 15 out of 40 respondents are said that the issue faced by the
company at global level is legal issues related with the country. If company fail in understanding
the legal structure of global market than it negatively impact on the productivity level of the
company at international market. Along with this, 15 people are give their views that difference
in culture is also a challenge in-front of ASOS Plc when they expand their business at global
15
15
15
10
a) Legal issue
b) Cultural barriers
c) Issue related with
organization structure

level. On the other side, 10 people are said that organization structure is also consider as an
issues that faced by the ASOS Plc while operating their business at global level.
Theme 5: Concept of globalisation is beneficial for ASOS Plc to trade across borders.
Q5) Is concept of globalisation beneficial for ASOS Plc to trade
across borders?
Frequency
a) Yes 25
b) No 10
Interpretation: From the above mentioned graph, it has been summaries that globalisation is
one of the effective process of increasing trade across the borders in which company easily
expand their business at global market. By this business also export and import their goods and
services which help in enhancing their overall profitability level at market. In this, 25 out of 40
respondents are favour in this statement as they said that globalisation provide opportunities to
the ASOS Plc to capture customers attention towards its offerings. Apart from this, 10 people are
not favour with this statement as it can create challenges related with organizational and legal
structure. This will negatively impact on the overall performance of the company.
Theme 6: Globalisation positively impact on the overall performance level of ASOS Plc.
Q6) What is the main impact of globalisation on ASOS Plc Frequency
16
25
10
a) Yes
b) No

performance level?
a) Positive 30
b) Negative 10
Interpretation: As per above mentioned graph, it has been evaluated that concept of
globalisation is play vital role in providing opportunities to increase performance level of the
company at global market. It also help in capturing customers attention towards the company and
its products as well. In this context, 30 respondents said that globalisation positively impact on
overall performance of the company. As globalisation provide opportunities to increase trade and
at the same time also reduce the barriers among countries. By which ASOS Plc can easily
improve their market share and established their positive brand image. Along with this, 10
people are give their views that globalisation negatively impact on the performance because it
create issues at the time of operating business like insufficient find, lack of advance technology
and many more.
Theme 7: Analysis market is important way for ASOS Plc to start their business at global
level.
Q7) What are the ways used by ASOS Plc to start their business at Frequency
17
30
10
a) Positive
b) Negative

global level?
a) Analysis market 30
b) Understand legal and regulatory structure 10
Interpretation: From the above mentioned graph, it can be evaluated that every business
organization needs to analyse all the activities before start their business in new market. By this
company can increase the chances of attaining future growth at market place. In this context, by
analysing net market, ASOS Plc can determine the opportunities at new market. This will
increase the profitability level of the company at market place. In addition of this, by
understanding legal and regulatory structure, organization operate their business at global and
new market. This will directly contribute in making brand image competitive as compare to its
rivals at global level.
Theme 8: Globalisation help ASOS Plc to enhance their market share at international
market.
Q8) Does globalisation help ASOS Plc to enhance their market Frequency
18
30
10
a) Analysis market
b) Understand legal and
regulatory structure

share at international market?
a) Yes 25
b) No 15
Interpretation: As per above analysed graph, it has been evaluated that globalisation is an
important concept for every business organization to establishing their positive brand image at
market place. By this ASOS Plc can easily enhance their market share from its rivals at global
market. In this context, 25 people are said that concept of globalisation is beneficial for grabbing
opportunities at global market through which firm can easily established their competitive brand
image and at the same time also capture larger market share from its competitors. Along with
this, 15 respondents are give their views that some time globalisation create issues in-front of
companies which negatively impact on the overall performance of the company at market place.
Theme 9: FDI is effective strategy used by ASOS Plc to expanding their business at
international level.
Q9) What are the different entry strategies used by ASOS Plc to Frequency
19
25
15
a) Yes
b) No

expanding their business at international level?
a) FDI 20
b) Joint venture 10
c) Export 10
Interpretation: As per above mentioned graph, it has been analysed that there are various
strategies to enter in new market. By this organization can easily expand their business activities
and attain success at market place. In this context, 20 out of 40 respondents are said that foreign
direct investment is an effective strategy to enter in new market. In addition of this, 10 people are
give their views that joint venture is also an effective way to expand their business at global
level. By this, company easily operate their business at international market. Remaining 10
people are said that by exporting company easily increase trade at global market.
CHAPTER 6: CONCLUSION AND RECOMMENDATION
Recommendation
From the above mentioned research, it has been recommended that globalisation is
consider as an important process of interchange of products, ideas and culture among different
20
20
10
10
a) FDI
b) Joint venture
c) Export

countries. In addition of this, advance in technology ad communication is the main reason to
enhance the concept of globalisation in which companies can easily operate their business
activities at global level. As ASOS Plc is online fashion company which operate their business at
global level with the aim of attaining success at international level. Thus, company needs to
evaluate the market trends and customers demand before expanding their business at global
level. With the help of this, company can easily make their brand image more competitive at
market and at the same time also capture customers attention. Apart from this, company should
new and innovative technologies to operate their activities in appropriate way. By this firm can
improve their productivity and profitability level as well. Furthermore, for attaining competitive
edge ASOS Plc also needs to understand legal and regulatory structure before trading in different
countries. Furthermore, company should use FDI as a strategy to expand their business at
international level. It contribute in making strong economic condition.
Conclusion
From the above mentioned report it can be concluded that impact of globalisation on
trade across the orders. In this company attain number of opportunities to expand their business
at global level. As it increase the FDI, free flow of cash and many more that directly contribute
in making overall performance of the company competitive. Due to advancement of technology,
communication, globalisation is grown which provide opportunities to ASOS Plc to capture
customers attention and market share. By this company easily established their competitive
image. Apart from this, legal laws and regulations are also play vital role in expanding business
activities at international level. Thus, it is important for company to follow all the rules before
operating their business at market place. This will helps company to established their competitive
image.
CHAPTER 7: REFLECTION
This research is based on the the impact of globalization on increasing trade across
borders. Mainly, it is a wide area which help researcher to gather appropriate data and
information which influence the overall performance of the company at market place. As a
researcher, it is important for me to select appropriate methodology to gather relevant data and
information towards the specific topic and area. Present research is based on the qualitative
method in which researcher apply descriptive research design to gather as well as collect valid
and reliable data. With the assistance of this, investigator easily take appropriate decision which
21

help in improving the efficiency level of the study. Under this, I use questionnaire to analyse as
well as evaluate respondents views and opinion towards the specific area and topic. On the other
side, alternative method is used by me is interview by which they collect information. With the
assistance of this, I can easily take valid and reliable conclusion.
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REFERENCES
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How Globalization Affects Developed Countries. 2017. [Online]. Available
through:<https://www.investopedia.com/articles/economics/10/globalization-
developed-countries.asp>.
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