This report analyzes the key factors of cost, market, environment, and competition that drive global commerce and trade. It also explains the complexity of strategic challenges faced by organizations when operating in a global environment.
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Contents INTRODUCTION...........................................................................................................................4 MAIN BODY..................................................................................................................................4 TASK 1............................................................................................................................................4 P1 Analyse key factors of cost, market, environment and competition that drive global commerce and trade.....................................................................................................................4 TASK 2............................................................................................................................................7 P2 Explain the complexity of strategic challenges faced by organisations when operating in a global environment supported by specific examples...................................................................7 TASK 3..........................................................................................................................................10 P3 Evaluate the influences of globalisation on organisational governance and leadership, structure, culture and functions..................................................................................................10 P4 Evaluate the influences of ethical and sustainable globalisation on organisational functions ...................................................................................................................................................12 P5 Evaluate the different ways decision making can work effectively in a global context......14 P6. Determine the different routes to internationalisation an organisation may adopt, including key barriers................................................................................................................................14 CONCLUSION..............................................................................................................................15 References......................................................................................................................................17 Books and journals:...................................................................................................................17 2
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INTRODUCTION It is the aim of every business to work in to go global environment. Globalization is necessary for Business expansion and growth. Global environment is basically more particular and specific related to the home country. There are various components of global environment which affect positively or negatively to business operations. These factors are known as Technology, climate politic legal regulations and economic crisis. Working into Global contact leads to many opportunities, International brand name Business expansion and many other relations. This report is based on SASOLLimited; it is one of the growing company works for energy and chemical solutions which has their headquarters in South Africa(Abugre, and Anlesinya, A., 2019). The aim of the company is to expand their business globally for that instance they require to understand various factors , challenges, barriers and which good influence on organization profitability. This report is going to cover all the key factors of environment and competition for undertaking effective business strategic decision. The report has covered into two sections in which part 1 cover the concept of globalization with the help of pestle analysis and driving key factors. Part 2 will emphasis on the influence of globalization on the functions of organization. Also it will show the significance of ethical consideration and a range of routes for global expansion. MAIN BODY TASK 1 P1 Analyse key factors of cost, market, environment and competition that drive global commerce and trade Globalisation is termed as a most integrated and required aspect for every business organisation. It is mainly coherent by exchange of goods and services into international market and different countries. There are a number of factors that affect Global Business and its functioning into the large competitive environment. Basically globalisation is in for every business due to having number of opportunities and foreign reputation which leads to create a strong brand name and more profitability into long run. A business could look for presenting their services in two 4
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different countries so that they could enable more profits and undertake those customers towards their organisation. There are many firms who involved their business in to global context in order to create job opportunities, take advantages of resources and boost capital market. Globalisations contribute in economic stability and provide new ways to explore the business operations by attending new and potential customers through three trade technology and Data Services. So that, SASOLlimited is also looking forward to establish their globalising market into other countries there globalising market into different countries which are left to their reach. For that instant's, there are many key driver that could contribute in the success of their globalisation these factors are mainly market cost competition and various other which are described below: Market Factor:one of the best factors that contribute effectively in globalisation is the market. A business should take high market share by grooming into different countries. Global market leads to results in global opportunities and expansion at vast level. SASOL Limited could easily gain market share by operating their energy solutions into different countries and fulfil the requirements of customer. One of the best drivers for globalisation is to market the product and services as per customer needs in order to gain success and efficiency.The more SASOL limited will analyse the market better, the more it get success in globalisation. The more regularly research the market on the basis of customers income, choice and culture the much better they regulate trade. Cost Factor:Cost is the major factor for business to maximize it and use into efficient manner. Different countries enable different cost structure as per the resources availability (Banker, and Bhal, 2020). So that, SASOL limited needs to effectively analyse overall cost of their production and sale procedure in to different countries so that their profit would not get this balance. In globalisation, shipping charges would be a high cost and expense which must be lower down by taking effective shipping policies.For example, the company bearing low cost operationin Asia and high cost in US. So that, they need to mainly focus on the supplies from Asia which maintain financial position of company in global locations. Competition:In context of globalisation competition is the most focusing factor for all the business. In global context there are many businesses that are existing with brand name. Therefore, SASOL Limited needs to research and analyse the entire market environment so that they could not get effect with the competition. Also, they must come up with imitate product and 5
services that has not already seen in the market. Taking growth into a competitive market is one of the steps towards organisation success. This could be in any form whether products and services, pricing policies and employees efficiency so that all the factors must be balanced as per market requirement.For example, analysing completion in way through keeping eye on rivals actions and make strategies better than them. But is requires high research on industry market. Environmental Factor:Environment is the major key concern for country as well as business is running into the society. There are many components of environment that create influence on organisation to behave in well manner. So that it is work as a key driver if you want togetsuccessintoglobalisationtheymustfulfilalltheenvironmentalformalitieslike ascertaining legal regulation, work as per society needs, reduce wastage and promote eco friendly environment. Doing so, SASOL Limited will achieve target and objective into fruitful manner by being concerned about the country and environment. This could be better understood with example that, harming environment which is a part of society will not make the people satisfied and happy. As SASOL company is a chemical producer that requires utmost safety in chemical substances for both people and employees. Significant impact of digital technology upon globalising business operations In the context of global world, Technology and digital empower are rapidly Rising for businessas well ascustomers. It is the most affectedand significantfor the driver of globalisation. In today's digital world, organisation need not to operate outlet in two different countries as it becomes easiest way bi enable selling through digital sources and serve the global environment simultaneously. So that this technological advancement leads to have many impact on business and their profitability. Another hand, Technologies create opportunities to to promote and market the product and services in order to reach Global customers. Also it benefits to analyse different demands of customers by directly connecting with them through digital Technologies(Bing, and Amran, 2017). Globalisation becomes easy with IT Solutions in which organisation could check and assist reactions of their potential customer through effective software and technologies. Social platforms like Facebook, Twitter, Instagram and websites are significantly taking lead in promoting the business at global level. This helps in become innovative and attract number of customers in a easiest way. So that Technologies could help for SASOL Limited as they are dealing in energy and chemical solutions they could attract many 6
investors from the globe to be a part of their organisation by enabling digital ITsoftware’s and promote their services as much as they can. It has evaluated that there are many key drivers that would help in achieving Global Business with profitability and productivity hand-in-hand. For that instance, the SASOL Limited must require to analyse and identify all the factors relating to market cost technology and environment so that they could not left with any e benefit of globalisation into their business operation. As all the above mentioned factors are the most significant to undertake to be a global provider so that it would not affect any country and its people. The SASOL Limited needs to come up with Highly Effective Strategies and planning for expansion in order to work in a global manner. TASK 2 P2 Explain the complexity of strategic challenges faced by organisations when operating in a global environment supported by specific examples. Therearenumbersofchallengesabusinessfaceduringtheiroperations.Inwhich, strategicchallengesarethosewhichlowersdownthesignificanceofstrategiesofone organisation due to having large options or competition into global market. These issues and hurdles are drive with long leading dynamic micro or macro environment that must be e\identify within specific time. Internal challenges could be in terms of ineffective production procedure, insufficient labour force and decision and lack of efficiency(Bogatyreva, and Shirokova, 20170). Whereas, external business environment will lead to affect though macro factors like political, social, environmental, technological and economical. For that instance, Pestle analysis’ would be a better solution for SASOL limited to undertake all the positive and negative impact of these factors which tare explained below: PESTEL - Pestle analysis is a Framework which guide and create a path for better performance of business. It would be done by analysing the factors of analysis which highly impact on business environment and their working operations. Analysing all the factors, SASOL Limited could 7
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easily amplifies their Strategies and plans in two more effective manners which reduce this in uncertainty: Political:The SASOL Limited is already establishment their business into different countries like Europe and Asia. Every country consist different political interference is in terms of taxation, terrorism and political decisions which could create negative impact on organisation. So that, form a limited must analyse all the political interference is and work in accordance with the relevant influence on business. Economical:The factor is related to the economic condition of country. It includes the influence of business practices on demand and supply inflation rate and money flow into the economy. For SASOLLimited, they are mainly affected by employment grades which get enhance into UK by 4.4% for the age above 25 years(Bong, and Premaratne, 2018). So that it affect the SASOL Limited by rising into the wage rate that could minimise their profit level. Social:This factor is concerned about the society and their preference. The organisation must provide products and services which are acceptable by the people. This creates positive impact for the business as they are effectively fulfil all the requirements of customer by providing some value into products and services. In context of SASOL Limited, they need to provide their energy solutions which are in the favour of customers and purchasing power. The more they make connections with customers are the most they goes deeper down into the success. Therefore, this factor positively impact on SASOL Limited as the customers are highly satisfied with their services in two different countries. Technological:Technologicaladvancementisthemostrequiredfactorintothe environment. The organisation must work in to the technological upgradation so that customer's will get attract with the efficient services and maintain the profitability into more efficient manner. The sulphur Limited must analyse all the technological resources they can optimise for the globalisation so that it good contribute in developing a country and providing a better assistancetothecustomerintermsofpayment,deliveryandquickinformationabout organisation working. Environmental:An organisation must undertake and concerned about the environment in which they are working. The chemical energy industry is highly impacted through this factor due 8
to having fast mechanism and procedure to produce the energy and chemicals which would harm the environment and its creature(Chatterjee, 2020). So that, the SASOL Limited must reduce carbon emissions and any hazardous substances that it affects the natural resources for present and future purpose. Legal:this factor is all about ascertain laws and regulations regarding equality diversity and fair Welfare of every individual related with the organisation. the organisation need to other about all the laws before delivering chemical substances for the customers and maintain safety and security for the employees who are working in two dangerous situation. The industry is highly affected by legal regulations that could impact negatively on business existence.The policies and strategies must be in favour of every individual so to not impact on their life with business practices and provide treat them with equal Diligence. Therefore, SASOL Limited pertaining all the rules of equality act 2010, health and safety at work act 1974.Trade law is also a part of legal existence which put boundaries on trading oversees. So that, the company needs to analyse all the regulation and make decision appropriately. It has evaluated that all the factors have significantly influence to the environment of SASOL Limited. So the organisation must perform under the environmental regulation to better expand into global market. Globalisation and strategic challenges: There are a lot of challenges and issues faced during the planning and practicalphase of globalbusiness. In global aspect, perfection in strategies and human resources is the most vital as they are only factors on which success isdepend upon. Cultural differences:different countries have different cultures and their values, this effect the communication between individual and set a language barrier among them(de Bakker, Rasche, and Ponte, 2019). This is the most critical challenge that must be resolved while practicing into Global context. Resource allocation: it is not necessary that the resource available in the host country will be available at different location with minimum price level. Is it depends on the availability and suitability of resources. Therefore it could be a challenge for unlimited 2 to undertake resources that may acquire high transportation cost. 9
Risk and diversification:it is also a major challenge in business at global level. Risk in diversification could harm all the organisation profitability as it require new product within new market which needs to be prominent and effective. International supply chain: this factor is also challenging as supply chain at oversees leads in high cost, labour supply and unsold stocks whichis not beneficial for organisation. Therefore, supply management and logistics must be on point. Recommendations on overcoming challenges By evaluating all the above aspects and challenges for globalisation, it is recommended that SASOL Limited must formulate Strategies and the whole planning to analyse their market in which they are looking forward for globalisation. It is also a challenge to choose an effective market so that the product and services get some value by customers. So that, the company must analyse the entire customer demands and eliminate cultural differences by providing effective training to their employees so that they could eliminate the gap of language barrier. Also they need to create job opportunities, undertake available resources and make contact with suppliers as well as customers so that they would not like with any material during the production procedure. Remove the Economics of scale by contributing in demand and supply of country. Also it is necessary to identify the needs of customers by segmenting potential individuals under the demographic, psychological context. TASK 3 P3 Evaluatetheinfluencesof globalisationon organisationalgovernanceandleadership, structure, culture and functions. The organisation differentiates and varies into their goals and objectives. Due to these differentiations, the organisational structure culture leadership and governance also varies. These concepts are vital for every organisation as it define working criteria, duties and authorities, delegation, working environment and standard of the organisation. The culture of organisations shows devalued and believes while working which set monitor and control and obligations for employees(Dhir, and Dhir, 2018). This governance help the organisation to maintain workflow and eliminate any leniency that could affect its productivity. It could be analysed by applying McKinsey 7s model which is defined below: 10
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McKinsey 7 S model: This model is design for the functioning of organisation. It provides seven strategies that must be enable while running a business. It helps in in promoting best way of leadership, ascertaining goals and targets, build Strategies and promotes coordination among all the departments of organisation. The elements are discussed below: Strategy:itdefineshowtheorganisationlookingforwardtoachievetheirgoalsover competitors. These strategies are in terms of plans and practical implementation in order to maintain a competitive advantage. The SASOL Limited preparing strategy for sustainable and noble business by less carbon emissions, organic Chemicals and eliminate hazardous production process to support the environment and Nation. Structure:it shows how the teams and departments communicating with each other by understanding the authority and rules(Evenett, 2019). SASOL Limited has a decentralized structure in which a chain of and follows in which lower management could not directly approach to top management and first report to the team leader or supervisors for decision making process. System:this shows how the employees and the leader perform their task in order to complete daily work routine. In summer Limited, employees are entitled to work in a system the leaders assign different types as per the requirement of market. Shared values:it defines the values and ethics followed by the organisation which contain some standard and boundaries. The SASOL Limited shares their ethical and values to maintain the power culture and treat every employee equally. The shows they follow a culture of diversity and encourage to promote women workforce. Style: the styles are present in the form of leadership as there are different and significant Styles of leadership as per the structure and requirement of organisation(Giacomin, 2017). The Limited follow an autocratic leadership style in which leaders are quite strict about their roles and required their work done before the deadline. In which, less or more employees be a part of group decision. 11
Staff:this element and faces on the employees and their knowledge potential to work into the organisation. This shows whether they are effective for achieving goals and targets into international level or not. The staff of SASOL Limited are much professional and experienced in their work so that they would not lack with any misconceptions. Skills:it shows the skills and capabilities of employees who are working in two organisation. For SASOL Limited, it is essential to analyse each and every employee and its capabilities in order to work overseas and internationally so that the organisation could not suffer with any lossandgaincompetitiveadvantage(Hudáková,andMasár,2018). P4 Evaluate the influences of ethical and sustainable globalisation on organisational functions Ethics are an integrated part of every business. It defines the right and wrong full X they are performing with their practices which could affect the sentiments and values of their customersandSociety.Theorganizationisentitledtotakedecisionaspertheethical surroundings. So in context of globalization, ethics play a vital role in setting down the image of organization for the Government and Society. Therefore, sustainability is a part of ethical consideration that put emphasis on society welfare, analyses the need of consumer; do not adopt 12
the decisions which are not in the favor of environment and Society. It consists all the stakeholders and shareholders and every individual which are connecting with the organization. The influence of these factors is to promote ethical working and sustainable business into all the businessdepartments.TheSASOLLimitednotonlyworkforthemotiveoftheirown profitability but also concerned about the society and its people. This helps in maintaining competencies and achieving the goal in two most appropriate manners. Sustainable operations at global level lead to maintain the Welfare of different countries in which organization is working. This sustainable environment will help the economy to develop and promote use of healthy substances. To be sustainable into international level, the business requirescreating various Strategies and policies according to the country and its situation. It is quite a complex procedure to identify legal regulations, customer preference and environmental decisions. So that the organization could perform their best practices internally through scanning and repairing for globalization with organization functions. These are defined below: Human resource:This organization function is the most important as the human resource are all the creator of organization profitability and successful. So that, the formal Limited needs to higher effective employees for their specialized position. HR manager must undertake the knowledge and potential criteria of the employees who has been giving the responsibility to working overseas(Idris, and Tan, 2017). . In respect of SASOL Limited , the HR manager need to hire employees as per the legal obligations of the country in which they are working. The employees must have understanding of cultural diversity and good work into international market for organizations success. Also, the human resource needs to provide proper training for working ethically and guide them for maintaining organization standard to create an international image effectively.The sustainability and ethical control are in the hands of employees who do work into practical level. So that, it creates much influence on the operations and productivity of organization. Marketing:Thisfunction isa most required and significantfor all the business Enterprises. Marketing is known as one of the vital department through which the product and service is regulated among customers and others into sales and turnover. Therefore, SASOL Limited need to identify all the marketing tools and analyses it's response into market. The 13
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promotional tools must be customized as per the value and Customs. For example ,SASOL Limited does not use any e advertisement or promotional act that could impact on the Ethics of customer. Finance:It is also an effective and most required function for an organization. At all the practices are depend upon company’s financial position and money flow(Khan,. and Quaddus, 2017). . So that, organization needs to invest and acquire funds from valuable sources. The company needs to contribute in economy by maintaining the cash flow. Also this department is entitled to minimize the cost and maximize the profits so that the employees could get their minimum wages and customers would avail the products and services at valuable prices. Ithasbeenevaluatedbythedifferentfunctionsoforganizationthatethicsand sustainability are almost everywhere into the business practices. All the functions are interrelated with each other with set and achieve organizational objectives(Si, Ahlstrom, Wei, and Cullen, 2020). So that, it is the duty of employees and all the other managers to work ethically and in two sustainable manner so that it would not harm any other people and maintain the image of company into international market. This could be done by conducting several training and development programs and strategic formulations by analyzing requirements of different country so that what will flow in that manner. P5 Evaluate the different ways decision making can work effectively in a global context. There are several different ways to take the decision in order to operate effectively in the Global market(Štrukelj, and Gajšt, 2019). Globalization is the process which creates impact on the decision-making and strategy because of the way it has developed and it required to be changed. It is very important for the company to evaluate big decision in order to evaluate certain outcomes of the decision. As decision making is very important play the most important role in the planning procedure. When the manager of the chosen organization take a decision then it matters for Organization in order to accomplish their goals and objective. There are several ways to take the season in a very appropriate manner which are mentioned below: 14
Globalization is the process which is tribe is overcome the barriers in order to trade across the national borders in order to enable increase integration of the manufacture process. There are several strategies which are required to take this season. Strategic capability it is very important for the organization to identify strategic capability of the organization in the business environment. It helps the organization to identify the strength weaknessof theorganizationandsourcesof competitiveadvantagesand disadvantages. It also support them to identify their competitors so that they can develop their strategy accordingly and make decisions appropriately Internationalization of operations is the way in order to take decision for the Global contact. Internationalization is the process through which the organization can consider influence of the cross-border friends and adopt strategy accordingly. This is the process which include buying from foreign Markets and selling foreign market. Leadershipanddecisionmakingglobalizationhasincreasedaccesstodataand information in order to transfer of cultural value and believes. In order to take this reason it is very important for the organization to adopt amended leadership style so that they can build teamwork in the organization and get more positive outcomes and take appropriate decisions. Identify external and internal factors it is very important for the organization to analyze the external and internal factors which create impact on the organization in context of their performance(Weigert, 2019). So it is very important for the chosen organization to take decision appropriately according to the internal and external factors which create impact on the company. Handling risk is another way through which the organization have to take this season accordingly. The organization made decision in order to overcome the risk factors from the organization because these decisions are taken in order to meet the demands and requirementoftheuncertainfuture.Thisconceptimpliesthattheorganization management are required to apply risk management principle in order to minimize the uncertainty and take decision accordingly. So it is very important for the organization to control risk and take decision accordingly. 15
P6. Determine the different routes to internationalization an organization may adopt, including key barriers. It is vital for a business organisation to know about the ways through which they can enter international market. It is seen that it is important to take care and know the routes that will be beneficial for them and help them operate effectively as well as enhance their business operations. There are number of routes that are available. Along with that it is seen that there are barriers that also arise(Rönnberg, 2017). It is essential that these barriers are known to the company so that they can take measures. It is seen that there are reasons that help the company when they want to expand their operations globally. The options that can be used bySASOLto expand their business globally are discussed. The various options that are available for expansion are discussed below: Licensing: It is vital to note that licensing is one of the crucial ways to enter the international market. This is a procedure through which a corporation grants a licence to another corporation, which then conducts business in the name of the represents the preparation. If a company wants to expand its business operations globally, this could be the best method.SASOL, for example, has the right to charge them a royalty or fee for exploiting the entity's technology and brand. In this case, a contract is formed between two companies: the licensor and the licensee(Leke, Signé, and Initiative, 2019). The former is the organisation that grants licences to others, whereas the latter is the corporation that obtains a licence in order to undertake business operations. It is seen that it helps to benefit the company and enhances the sales of the organisation. It is helpful for SASOL. In this regard, the benefit is that they take advantage of the chance to earn active revenue, as well as the ease with which they can expand into a new place, so generating prospects for organisations and reducing risks. Furthermore, they have the potential to offer employment opportunities for citizens of both the host and the host country.The disadvantage of this technique is that the licensee is entirely dependent on the licensor, increasing market competition. However, the licensee corporation must pay a large amount of money in order to secure a licence. It is beneficial for the organisation and one of the vital opportunities available with the company. It is important to know about the pros and cons of using the way of licensing. Joint Venture: One of the ways that business organisations can use to enter the new market that is global is joint venture. It is a technique that helps the local business person to partner with a 16
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company and organisation that is there. This helps to reduce the risk of the biasness that is faced by the country as the partner company also has operations there(Kurniawan, Christiananta, and Ellitan, 2018). In regard with SASOL the company is able to joint hands with an organisation that has its presence in the country where they want to expand. It is also important to tale legal advice and conduct proper research so that there are no problems faced by them future. It also helps to form terms and conditions effectively and follow them. Exporting:It is a way that helps the business organisation to sale its goods and services outside the home country. A local distributor or a company's own salespeople can sell into a foreign country. Many government export-trade departments can aid a company in locating a local distributor. For overseas businesses, the Internet is quickly proving to be a more efficient means of locating local distributors and conducting business. This is the process of a company exporting or supplying its products and services to a new market. SASOL, for example, will be able to sell its products in global markets if it follows this plan, which will give them with a number of benefits (Singh, and Jha, 2018). As a result, SASOL will be able to increase its sales and market presence, providing it a competitive advantage. However, if this company employs exporting to expand, it will be up against stiff competition. They may also face obstacles such as foreign export regulation, which will necessitate the development of strategies and plans in accordance with those laws. Key barriers while facilitating internationalisation There are various barriers that an organisation has to face while they operate in global market. The key barriers that may be faced by SASOL are discussed below: A lack of sufficient resources is one of the most main challenges to internationalisation. This can be a major stumbling block for companies wanting to develop internationally, as no action can be taken without finances. SASOL can solve this by utilising techniques like as mergers and acquisitions. Cultural differences can also be a stumbling block or impediment to international expansion, posing problems for the company. Every country has its unique culture, so it is vital for SASOL to learn about a new country's culture in order to quickly obtain admittance into an international country. 17
CONCLUSION From the above report it can be concluded that there are number of options that are available for business organisation. It is important for a business organisation to identify the options and work effectively. It is also important to know about the factors that have impact on the business organisation for their discussion relating to both negative as well as positive factors that have influence over the working of business organisation. It is seen that there are various complexities that the business has to face while they operate so that are explained with examples. There is discussion related to influence of globalisation on the organisation and leadership structure and culture of the organisation. There is discussion related to influence of sustainable as well as globalisation on the functions of an organisation. There are various ways that affect the decision making in the global context so it is also mentioned in the report. In the end of the report there is dispersion related to the routesthatare availablefor businessto starttheir business in internationalisation as well as the barriers that the business may face are discussed in this report. 18
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