Significance of Globalisation on a Company's Economic Development

This report investigates the significance of globalisation on a company's economic development, focusing on The Third Way Group. It explores globalisation's concept, its impact on economies, and the challenges businesses face during international expansion. The research includes a literature review analyzing different authors' viewpoints, a discussion of research methodology including data collection and analysis, and a conclusion with recommendations. The report examines the benefits of globalisation, such as increased market access and economic growth, while also addressing potential issues like job mobility and cultural differences. It offers insights into how companies can overcome complexities and contribute to economic development, making it a valuable resource for understanding the dynamics of globalisation in business.

Research Project
(Significance of globalisation on a company economic
development)

ABSTRACT
This report focus on concept of globalisation and how it helps in economic development.
It is an interesting topic and it also provides the benefits to organisation to expand its business at
international level. Through this, organisations can provide their contribution towards economic
development of country. The globalisation is about interconnectedness of businesses as well as
people across world that can leads to political, economic and global cultural integration. It is an
ability to communicate as well as move in an easy manner with others in all over world in
context to conduct the business operations internationally. This research provided detailed
information about globalisation and issues which organisation faced during globalise business.
The literature review of this research has been provided better solutions of the arisen issues
related to globalise business. In this part, opinions and view points of different authors has been
considered about globalisation. In the research methodology part discussed about the data
collection methods in order to conducting investigation in a better manner. After this, the data
collected from different sources has been analysed through investigation by using thematic
analysis. In the conclusion part, it has been stated that globalisation is a wide concept for firms
and through this they can get the competitive benefits at global level. It helps in give the better
contribution for country economic development effectively. At last, there has been
recommendations provided to company for dealing with problems faced through it while making
business globalise.

Table of Contents
ABSTRACT.....................................................................................................................................2
CHAPTER 1: INTRODUCTION....................................................................................................1
1.1 Overview of research........................................................................................................1
1.2 Background of Research...................................................................................................1
1.3 Rationale of Research.......................................................................................................2
1.4 Research Aim...................................................................................................................2
1.5 Research Objectives.........................................................................................................2
1.6 Research Questions..........................................................................................................2
1.7 Timeline............................................................................................................................3
CHAPTER 2: LITERATURE REVIEW.........................................................................................5
2.1 Concept of globalisation...................................................................................................5
2.2 Impact of globalisation on an economy............................................................................6
2.3 Major issue of globalisation concept................................................................................6
2.4 Benefits of globalisation to economy of UK...................................................................7
2.5 Different ways by which The Third Way Group can overcome from arisen complexities. .8
CHAPTER 3: RESEARCH METHODOLOGY.............................................................................9
3.1 Type of Investigation........................................................................................................9
3.2 Research Philosophies......................................................................................................9
3.5 Data collection................................................................................................................10
3.3 Research Approaches.....................................................................................................10
3.4 Research Design.............................................................................................................11
3.6 Sampling.........................................................................................................................11
3.7 Ethical Considerations....................................................................................................11
CHAPTER 4: DATA ANALYSIS ..............................................................................................13
CHAPTER 5: DISCUSSION ........................................................................................................19
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................20
6.1 Conclusion......................................................................................................................20
6.2 Recommendations..........................................................................................................20
REFERENCES..............................................................................................................................21

Research Ethics approval form......................................................................................................23

CHAPTER 1: INTRODUCTION
1.1 Overview of research
Globalisation refers to process of integration and interaction between people,
governments and firms in all over the world. It has developed due to the advanced in
communication as well as transportation technology, with enhanced global interactions comes
development of culture, trade and ideas (Arora, 2012). Primarily, globalisation is an economic
process of integration and interaction that is related with the cultural and social aspects. Under
this, globalisation consists services, technology, products and data. Expansion in global market
liberalizes economic activities of exchange of funds and products. In Globalisation process,
economies have been more inter dependent as well as integrated. Globalisation implies opining
of the local and also nationalistic perspectives to wider outlook of interdependent and
interconnected world with free movement of products, capital and services across the national
frontiers.
1.2 Background of Research
Globalisation is free movement of services, people and products across worlds in an
integrated way. It is a process through which the businesses develop their international influence
on international scale. The globalisation permits countries and organisations to specialise in
manufacturing products or services which can provide the comparative benefits. In addition to
this, specialisation and also trade enable to gain the economic welfare. The ThirdWay Group is
London based office build and design, architecture, furniture and development organisation. This
company partner with the clients from all sectors in order to develop better environment for staff
members (Asongu, 2014). Under this company, there are almost 160 staff members and their aim
is to attain the set objectives of firm with in given period of time. This company conduct its
business in UK but it has good brand value in other countries. With the help of globalisation, this
firm will conduct its business operations in other locations at the large scale. On the other hand,
globalisation gives net advantages to the individual economies in all around world through
making the markets more effective, enhancing competition, spreading wealth equally and
limiting the military conflicts around world.
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1.3 Rationale of Research
This research project is based on the significance of globalisation in economic
development. Globalisation is a necessary aspect that plays a necessary role in developing
business operation and enhances economic development (Beeson, 2014). This study area gives
proper idea and knowledge regarding particular concept that aids a person to increase ability
along with the knowledge. In context to personal interest, major reason behind conducting
investigation is to increasing the personal interest in globalisation area. In context to career, this
investigation will help in increase knowledge of a learner and through this it can able to conduct
any research work in future in a significant and effective manner.
1.4 Research Aim
The main aim of this research is “To evaluate significance of globalisation on a company
economic development” A study on The Third Way Group.
1.5 Research Objectives
 To ascertain globalisation concept.
 To identify benefit of globalisation concept on The ThirdWay Group that can lead to
increase its profitability in coming 3 years
 To evaluate risky factors of globalisation that reduces its growth rate in 3 coming years.
 To evaluate benefits of globalisation to economy of country in coming 6 months.
 To analyse various ways through which The Third Way Group can overcome from arisen
complexities.
1.6 Research Questions
 What is the core concept of globalisation?
 What is the actual impact of globalisation on an economy?
 What is the major issue of globalisation concept?
 What are benefits of globalisation to economy of UK?
 What are different ways through which The Third Way Group can overcome from arisen
complexities?
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1.7 Timeline
3

4

CHAPTER 2: LITERATURE REVIEW
This chapter is most important part of research. It includes critical analysis of published
sources on particular area. It is concise or clear assessment of literature and also provides
classification, summary and evaluation on specific study area. This part is based on research
questions that cover aim and objectives of exploration work. Under this, data is collected from
the secondary sources by using books, journals, articles, blogs etc. There is a brief evaluation
conducted according to opinions of various authors or writers which have better knowledge
about the particular research work. In the past other people conduct an investigation with the
help of using secondary sources such as books, journals and many other ways.
2.1 Concept of globalisation
According to opinion of BEVERLY BIRD AND CAROL KOPP (2019) it has been
stated that globalisation is mainly used to explain enhancing economic, political and social
integration across the cultural as well as political boundaries. It can be thought of to be result of
opening of global economy and also concomitant enhance in trade among nations. With the help
of globalisation, communication can be easy with the others in all over the world in context to
conduct the business at global level. The ThirdWay Group is small size organisation and it
conducts its business in United Kingdom. This firm is working on making its business globalise
by using the different entry strategies for an instance exporting, strategic alliance, joint venture,
partnership etc.
In this present time period, there is high competition between industries and there is a
need to The ThirdWay Group to develop effective strategies in order to compete with other firms
and gain competitive benefits (Docquier and Rapoport, 2012). In addition to this, globalisation is
regarded as patterned advanced by that the humanities, beliefs and local markets have allied
through globe- spanning system of commerce as well as human action. On the other hand, at
local level globalisation has changed business nature. The small size business organisations want
to develop their business at large scale for the purpose of enhancing business operations and
earning money (Fujita and Thisse, 2013). Globalisation of business can have profound effect on
process of decision making of the managers which are responsible for taking any complex
decisions in an effective manner.
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2.2 Impact of globalisation on an economy
As per opinion of NICOLAS A. POLOGEORGIS (2019) Globalisation is enhancing
internationalisation of the national economies. The main aim of globalisation is to give the
competitive positions to organisations with minimum operating costs in order to gain the large
number of services, products and customers. The globalisation develops the impact on economic
development of country. It obligates business by adopt various strategies which are based in
ideological trends that work in balance the interest and rights of individual as well as community
as whole. This kind of change enable business to compete in all over the world and signifies
better change for leaders, government and labour through accepting their participation in
developing as executing strategies as well as policies. In order to this, The Third Way Group
works to operate its business in several countries which help in bring more employment
opportunities and also strengthen the overall rate of GDP of country.
Under this, economic globalisation has been expanding since emergence of the trans-
national trade and also maximise rate because of the improvements in effectiveness of the long
distance transportation. The globalisation has enhanced the economic development of countries
and reduces the cost of products so that large number of consumers purchase products and
enhance sales. In addition to this, globalisation develops main change on economic environment
of nation as make change in policies related to the economic development under the national
government. The main impact of the globalisation on economic growth is high income rate as
well as the living stands because of maximum output. It also developed the employment
opportunities that take nation towards prosperity.
2.3 Major issue of globalisation concept
On the basis of opinion of Monika Elzbieta Harach (2019), it has been stated that
Globalisation has developed the new changes as well as challenges in context to opportunities
and risk. It leads to the challenges with workers welfare. Environment and economies as making
business globalise. Under this, there are some problems related to the globalisation mention
below:
Job mobility- It is one of most common critique of global trade system how the ship jobs,
production jobs in United Kingdom. The less skilled staff members which loose the production
jobs in UK country have some complexities to searching the new. In addition to this, loss in the
developed countries develops double strain on social welfare system.
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Organisational structure- The other issue is related to ability to incorporate the new
regions in corporate structure and value chain. An international expansion needs enormous
investment of capital in several cases with developing particular strategic business unit for
manages business operations.
Leadership- It is complex for the business to search the better leader for company with
appropriate skills along with knowledge for making business successful. Under this, there is a
need to company to develop effective strategies and well as approaches and then apply to the
business networks, culture etc.
Culture- The culture of every country is different from the each other. It is one of the
main issue that organisation mostly face in making business globalise. It takes more time to
understand the other country culture and involved in it. So, it is necessary for firm to get some
knowledge about the culture and so that company cannot face any kind of difficulty in
conducting business at global level.
Increased capital flows- The globalisation result in rise in the capital flow in to economy
of UK. Under this, Foreign Direct Investment injects the capital in to country in context to
stabilizing economy. In order to this, new capital can lead to negative impact on trade.
2.4 Benefits of globalisation to economy of UK
According to opinion of Tejvan Pettinger (2017), Globalisation refers to process of co-
operation as well as integration of various national economies. It consist economies become
enhancing integrated. With the help of globalisation, The ThirdWay Group can conduct its
business operations at the global level. There are some benefits of globalisation to economy
mention below:
Foreign Direct Investment- It develops positive impact on the economic development of
UK country. It tends to enhance at the higher rate than developed in the world trade and boost
transfer of technology, development of global economies and industrial destructing.
Technological innovation- Under this, enhanced competition from the globalisation is
helpful in stimulate the development of new technology especially with development in FDI. It
will help in make improvement in economic output through making the business process more
effective.
Increase in quality of goods and services- As result of the globalisation, customers have
the proper access to better quality of services as well as products. There is a need to firms to have
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striven to provide the quality services to customers. If the quality of product will be good then in
this case large number of people will purchase the products and from this sales of firm will be
enhanced. It will help in enhance economic development of United Kingdom in a better manner.
Increased investment- The Globalisation has enabled enhanced investment level. It made
easy for the country to attract the long term as well as short term investment. In context to this,
investment through organisations can play a better role in make improvement in economies of
country.
Reduction in cultural barriers- In this, as company move from one country to other
helps in minimizes barriers among culture. It has to be resulted in openness as well as tolerance
towards the other culture. From this, communication among the two countries will be enhanced
and relationship will also be strong.
2.5 Different ways by which The Third Way Group can overcome from arisen complexities
According to opinion of Nancy Pais (2019) it has been stated that Globalisation is a wide
concept and it help company to operate its business from one country to another. When The
ThirdWay Group conduct its business at global level, it faces some issue. So, it is necessary to
this company to determine the effective ways to overcome from the arisen issues. There are some
ways mentions below through which The Third Way Group can overcome from arisen
complexities:
Culture differences- It is necessary for company to identify the culture of country before
performing any activities at the global level. In order to reduce the impact of culture differences,
there is a need to The Third Way Group to conduct investigation to aware about the culture of
another country.
Conduct investigation- For conducting business at the global level, it is necessary for
firm to conduct an investigation to aware about the language, culture, current market trends,
needs and preferences of customers, existing products, competitors etc.
Strong awareness- In order to reduce globalisation impact from business, it is essential to
manager of The ThirdWay Group to have the string awareness about local as well as
international process. It will help in provide better opportunities to business and convert in to the
profitable venture with in global economy.
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CHAPTER 3: RESEARCH METHODOLOGY
It refers to the particular techniques or process that is mainly used to determine, choose
and also analyse information regarding topic. It is helpful in evaluate the overall reliability and
validity of study (Benería, Berik and Floro, 2015). It consists publication research, surveys,
interviews and some of the other research related techniques.
3.1 Type of Investigation
The research method refers to tool that is mainly used for conduct an investigation. It is
an effective way to performing all research activities in a better manner (Boserup, Tan and
Toulmi, 2013). There are two different kinds of research methods mention below:
Qualitative method- It presents non- quantitative analysis type. Mainly it is grounded in
interpretivist and subjective perspective. Under this, data is measured in theoretical manner and
provides the information in detailed manner ( Burbules and Torres, 2013). It is more subjective
and it is exploratory and open ended research.
Quantitative method- This research method is based on the numbers and data is analysed
by using the statistical techniques or tools. It permit for variable measurement as well as develop
relationship among them (Docquier and Rapoport, 2012). Under this, data can be represented
through using tables as well as graphs.
Among both methods research used qualitative method because it provides the detailed
description or explanation about particular subject area. This research methods is mainly used
for understanding perceptions as well as views in better way. It provides the visions to various
issues and aids in developing the concepts for potential investigation. On the other hand, this
research method is helpful in search individual views and new thoughts.
3.2 Research Philosophies
It is an important research methodology part as it helps in reflects views and opinions of
writers which provides relevant and reliable information on particular area of investigation
(Dreher, Gassebner and Siemers, 2012). The two different kinds of research philosophies
mention below:
Interpretivism philosophy- It is form of the qualitative methodology and relies on human
subject and investigator as instruments in order to measure the phenomenon (Ezcurra and
Rodríguez-Pose, 2013). It is related with philosophical idealism position.
9

Positivism philosophy- Under this, knowledge is based on the natural phenomenon and
also their relation or properties (Fujita and Thisse, 2013).
Among both philosophies, researcher used interpretivism research philosophy because it
is helpful in providing the description regarding qualitative investigation. This kind of research
philosophy is adopted and suitable in conduct an investigation in to the consideration. It covers
all the necessary aspects and provide better analyses of opinions as well as view points of
different author.
3.5 Data collection
It refers to process through which data can be collected and measure information or data
on variable of interest in an effective manner (Glatzer, 2012). Under this, there are two different
methods of data collection mention below:
Primary method- In this method, data is collected fresh or first time. The various sources
of collecting the primary information are questionnaire, surveys, observation etc.
Secondary method- Under this, information and data are already collected through some
one. The various sources of collect data in secondary method are books, journals, articles, blogs
and many others (Gupta, 2012).
In this present investigation, primary and secondary both data collection methods has
been used. The primary method has been used in developing a questionnaire and know about the
opinion of different respondent regarding specific subject area. On the other hand, secondary
method of data collection has been used in literature review part. Under this, opinions of
different writers and authors has been taken for analysing arisen issues and make them proper
solutions.
3.3 Research Approaches
Research approach refers to plan that includes the steps of wider assumptions to the
detailed data collection method, analysis and also interpretation. Approach related to the data
analysis as well as collection is methodical but it allows for the better flexibility than quantitative
investigation. Inductive and deductive are two different kinds of research approaches (Gurgul
and Lach, 2014).
Under this research, inductive research approach has been used because it is based on the
qualitative research approach and provides comprehension significance of globalisation on
economic development. This research approach is related with generation of the new theories
10

which emerging from data. It is generally use research questions to narrow scope of study in
detailed manner. Another reason of selecting this research approach is that inductive research
approach focus on exploring the new phenomena or looking at the past researcher phenomenon
from various perspective.
3.4 Research Design
It is explained as an arrangement of collections. It is a kind of framework of techniques
as well as methods selected through an investigator in order to combine the different research
components in a logical manner (Lim and Tsutsui, 2012). Various kinds of research design
mention below as above:
Descriptive Research Design- Under this, investigator is interested in explaining
situation in research study (Najam, Runnalls and Halle, 2016). It is theory based investigation
design that is developed through collect, analyse and also present the collected data.
Experimental Research Design- It is mainly used to create better relationship among
effect and cause of situation. It is a kind of the research design where effect caused through an
independent variable ion dependent variable (Rai, 2013).
For conducting this investigation, descriptive research design has been used because it is
more effective for an investigator to conduct the qualitative investigation in an effective manner.
This research design is helpful in carrying out investigation by providing detailed description
about specific research topic i.e. Globalisation. It helps in provide in- depth information
regarding particular area in an effective manner. It provides benefits to researcher in getting the
positive outcomes.
3.6 Sampling
The sampling refers to process that is mainly used in statistical analysis under which
predetermined observation number are taken from large population. Methodology is used to
sample from large population that based in analysis type being performed (Ritzer, 2016). Under
this, research uses the random data sampling method and chooses 30 respondents. This sampling
method provides equal chance to selected respondents so that they can give their opinion.
3.7 Ethical Considerations
Ethics refers to principles, principles, norms, morals, values which an individual and
organisation need to be followed. At the time of executing work, investigator faces different
11

issue. There is a need to researcher to assure the respondents that their data or information will
be confidential. In context to this, time is included as main issue that need to be maintained
through investigator by developing better time frame according to the activities (Stromquist and
Monkman, 2014). On the other hand, cost is main concern and it is main obligation of an
investigator to keep appropriate amount in context to complete an investigation. It will help in
provide the better outcomes and results to researcher.
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CHAPTER 4: DATA ANALYSIS
Data analysis refers to process of applying the logical as well as statistical technique to
explain and evaluate the data in an effective manner. For analyse the data, researcher developed
a questionnaire by mentioning some questions on it related to the specific research area.
QUESTIONNAIRE
FOR EMPLOYEES
Q1) Are you aware about concept of globalisation?
a) Yes
b) No
Q2) Does execution of globalisation effective for an organisation?
a) Yes
b) No
Q3) What advantages The ThirdWay Group can get by conducting its business at global
level?
a) Target new market
b) Enhance reputation
c) Increase productivity
Q4) In what manner globalisation impact on economic development?
a) Positive impact
b) Negative impact
Q5) What are the importance of globalisation to economy of UK?
a) Technological innovation
b) Increase in quality of goods and services
c)Reduction in cultural barriers
Q6) What are the issues faced through The ThirdWay Group during conducting business
at global level?
a) Organisational structure
b) Culture
c) Leadership
Q7) What are different ways through which The ThirdWay Group can overcome from the
13

arisen complexities?
a) Culture differences
b) Conduct investigation
c) Strong awareness
14

Data sheet
FOR EMPLOYEES
Q1) Are you aware about concept of globalisation? Frequency
a) Yes 18
b) No 12
Q2) Does execution of globalisation effective for an organisation? Frequency
a) Yes 22
b) No 8
Q3) What advantages The ThirdWay Group can get by conducting
its business at global level?
Frequency
a) Target new market 10
b) Enhance reputation 12
c) Increase productivity 8
Q4) In what manner globalisation impact on economic
development?
Frequency
a) Positive impact 20
b) Negative impact 10
Q5) What are the importance of globalisation to economy of UK? Frequency
a) Technological innovation 13
b) Increase in quality of goods and services 8
c) Reduction in cultural barriers 9
Q6) What are the issues faced through The ThirdWay Group during
conducting business at global level?
Frequency
a) Organisational structure 12
b) Culture 10
15

c) Leadership 8
Q7) What are different ways through which The ThirdWay Group
can overcome from the arisen complexities?
Frequency
a) Culture differences 16
b) Conduct investigation 5
c) Strong awareness 9
FOR EMPLOYEES
THEME 1: Aware about concept of globalisation
Q1) Are you aware about concept of
globalisation?
Frequency
Yes 18
No 12
Interpretation: From the above mention data, it has been interpret that there are 18 respondents
which have the proper knowledge related to the globalisation concept. On the other hand, there
are 12 respondents which do not have information and idea regarding globalisation.
THEME 2: Execution of globalisation effective
Q2) Does execution of globalisation effective
for an organisation?
Frequency
Yes 22
No 8
Interpretation: According to opinion of 22 respondents that globalisation is more effective for
company in order to conducting business at large scale. It provides the different benefits to
company. On the other hand, there are 8 respondents which are not agreeing with this given
statement.
THEME 3: Advantages The ThirdWay Group can get by conducting business at global
level
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Q3) What advantages The ThirdWay
Group can get by conducting its business at
global level?
Frequency
Target new market 10
Enhance reputation 12
Increase productivity 8
Interpretation: The ThirdWay Group get many benefits from conduct the business at
international market. According to opinion of 10 respondents that through globalisation firm cab
target the new market so that large number of consumers can be attracted towards it. There are
12 respondents which said that through globalisation reputation of company enhanced. 8
respondents are agreeing with increase productivity level.
THEME 4: Manner globalisation impact on economic development
Q4) In what manner globalisation impact on
economic development?
Frequency
Positive impact 20
Negative impact 10
Interpretation: There are 20 respondents which said that globalisation develop the positive
impact on economic development of country because if company will make its business
globalise then it will earn profit and give contribution towards economic development. On the
other hand, there are 10 respondents which said that globalisation develop negative impact on
economic development of country.
THEME 5: Importance of globalisation to economy
Q5) What are the importance of
globalisation to economy of UK?
Frequency
Technological innovation 13
17

Increase in quality of goods and services 8
Reduction in cultural barriers 9
Interpretation: It has been stated from the above statement that globalisation is important to an
economy of UK. There are 13 respondents which said that technology innovation I a main
importance of globalisation. On the other hand there are 8 respondents which said that if
company will globalise its business then it will help in make improvement in quality of products.
9 respondents are agreeing with reducing the cultural barriers.
THEME 6: Issues faced through The ThirdWay Group during globalise business
Q6) What are the issues faced through The
ThirdWay Group during conducting
business at global level?
Frequency
Organisational structure 12
Culture 10
Leadership 8
Interpretation: According to 12 respondents that company face issue related to organisational
structure while conducting business at international level. As per opinion of 10 respondents that
culture differences is major concern because culture of each country is different from each other.
8 respondents are agreeing with leadership.
THEME 7: Different ways through which The ThirdWay Group can overcome from
complexities
Q7) What are different ways through which
The ThirdWay Group can overcome from
the arisen complexities?
Frequency
Culture differences 16
Conduct investigation 5
Strong awareness 9
18

Interpretation: In order to overcome from arisen issues, company find the effective ways. There
are 16 respondents and according to them company should determine the culture differences and
understand culture of other country. There are 5 respondents which said that firm should conduct
an investigation to enter in international firm. 9 respondents are agreeing with the strong
awareness.
19

CHAPTER 5: DISCUSSION
From the above mention information, globalisation is considered as a wide area concept
and it is helpful in developing better relationship among two countries. In above information,
data is collected regarding globalisation from employees and customers. According to the above
discussion, it has been concluded that globalisation is effective for the company in order to
conducting the business operations at large scale. From making the business globalise, The
ThirdWay Group get the different benefits for an instance enhance productivity, target the new
market and increase reputation of business firm at large scale. According to the employees,
globalisation develops the positive as well as negative impact on economic development of UK.
In economic development of UK, globalisation gives its contribution by make innovation in
technologies; enhance quality of services and products and many others.
On the other hand, according to opinion of some customers, they are satisfied from
services and products of The ThirdWay Group. According to them, this company provides better
quality of services and products at reasonable rate. On the basis of people, globalisation is
helpful for company to conduct the business operations at large scale. Some customers said that
quality is a main aspect which influences people to avail its services and products whereas
according to some customers company provides the cost effective products. In company will
globalise its business then it will provide the innovative products, provide better quality of goods
and also avail the more number of products in a better manner.
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CHAPTER 6: CONCLUSION AND RECOMMENDATION
6.1 Conclusion
From the above mention discussion, it has been concluded that Globalisation is vast
concept that performs main role in economic development of country. Under this, company
conduct its business operations to enhance its sales as well as productivity in order to gain profit
level and contribute towards economic development of country. In this present time period,
expansion of business is a main requirement of every business as to generate revenue. On the
other hand, there has been discussed about the different conflicts as well as issues faced through
company at the time of conducting business at global level such as high labour rate, tax rate,
legal rules and many others. In addition to this, globalisation develops more impact on product
life cycles as well as monetary record of company.
6.2 Recommendations
From the mention discussion, it has been suggested that globalisation is a necessary
concept that is mainly used through command in order to implementation of business operations
for attaining the high profit level and development. The main aim of firm is enhance the
economic development of country by making the business globalise. Other than this, there is
some recommendations mention below:
 It is necessary for The ThirdWay Group to focus on the marketing function in context to
grab attention of people at international level.
 Before making business globalise, company should know about the legal rules as well as
obligations in order to perform business operations and enhance economic development
of country.
 It is essential for an organisation to aware about the changing demands and preferences of
people at market in context to give them better facilities.
 The ThirdWay Group should hire the well capable and qualified employees which can
able to handle international customers.
21

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Business Media.
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of transition in CEE. Economic Modelling. 36. pp.99-107.
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Cross-national analyses of institutional and political-economy effects. American
Sociological Review. 77(1). pp.69-98.
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(2010). The Globalization and Environment Reader, p.94.
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globalization. John Wiley & Sons.
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Research Ethics approval form
All students conducting research activity that involves human participants
or the use of data collected form human participants are required to gain
ethical approval before commencing their research. Please answer all
relevant questions and note that your form may be returned if incomplete.
For further support and guidance please see your respective Unit Tutor:
Before completing this form, we advise that you discuss your proposed
research fully with your unit tutor. Please complete this form in good time
before your research project is due to commence.
Section 1: Basic details:
Project title: To evaluate significance of globalisation on a company
economic development.
Student name:
Student ID number:
Programme:
College Name:
Intended research start date:
Intended research end date:
Section 2 Project summary
Please select all research methods that you plan to use as a part of your
project:
 Interviews Yes No
 Questionnaires Yes No
 Observations Yes No
 Use of personal records Yes No
 Data Analysis Yes No
 Action Research Yes No
 Focus Groups Yes No
 Others (Please specify) :
Section 3: Participants
Please answer the following questions, giving full details where
24

necessary.
Will your research involve human participants?
Who are the participants? Tick all that apply:
Ages 12-16: Young people aged: 17-18 Adults: More
than 18
How will participants be recruited (identified an approached)?
The participants will be recruit by conducting interviews.
Describe the processes you will use to inform participants about what
you are doing:
Through using email, investigator will inform the participants.
How will you obtain consent from participants? Will this be written?
How will it be made clear to participants that they may withdraw
consent to participate at any time?
The consent will be obtain from participants with the help of using email and it will be in
the form of written.
Studies involving questionnaires: will participants be given the option of
omitting questions that do not wish to answer?
Yes No
If no please explain why below and ensure that you cover any ethical
issues arising from this
Studies involving observation: Confirm whether participants will be
asked for their informed consent to be observed.
Yes No
Will you debrief participants at the end of their participation (i.e give
25

them a brief explanation of the study)?
Yes No
Will participants be given information about the findings of your study?
(This could be a brief summary of your findings in general)
Yes No
Section 4: Data Storage and Security
Confirm that all personal data will be stored and processed in
compliance with the Data Protection Act (1998)
Yes No
Who will have access to the data and personal information?
The organisation and research will access data and personal information.
During the research:
Where will the data be stored?
The data will be stored in hard disk and personal computer.
Will mobile devices such as USB storage and laptops be used
Yes No
If Yes, please provide further details:
After the research:
Where will the data be stored?
The data will be stored in hard disk and personal computer.
How long will the data and records be kept for and in what format?
26

The data and records will be kept for long time and it will be in word format.
Will data be kept for use by other researchers? Yes No
Section 5 : Ethical Issues
Are there any particular features of your proposed work, which may
raise ethical concerns? If so, please outline how you will deal with
these:
It is important that you demonstrate your awareness of potential risks
that may arise because of your research. Please consider/address all
issues that may apply. Ethical concerns may include, but are not limited
to the following :
 Informed consent.
 Potentially vulnerable participants.
 Sensitive topics
 Risk to participants and /or researchers
 Confidentiality/anonymity
 Disclosures/ limits to confidentiality
 Data storage and security, both during and after the
research (including transfer, sharing, encryption,
protection).
 Reporting
 Dissemination and use of your findings.
Section 6: Declaration
I have read, understood and will abide by the institution’s
Research and Ethics Policy: Yes No
I have discussed the ethical issues relating to my research with
my Unit Tutor:
Yes No
I confirm that to the best of my knowledge:
The above information is correct, and this is a full description of
the ethical issues that may arise in the course of my research
Name: Date:
Please submit your completed form to your supervisor and also
attach to the Research Proposal when submitting to Turnitin.
27