Globalization: Implications for Industries and Society Report

This report delves into the multifaceted implications of globalization on businesses and society. It explores the motivations behind companies expanding internationally, emphasizing the importance of analyzing internal and external factors. The report examines the changes companies must undergo to succeed globally, including adapting to cultural differences, complying with political regulations, and managing financial investments. It highlights the impact of external factors such as the COVID-19 pandemic, which has significantly affected businesses and economic conditions. The report underscores the importance of employee management, technological advancements, and maintaining customer loyalty in a competitive global market. It concludes that while globalization presents risks, thorough market analysis and strategic planning are essential for businesses to achieve a competitive advantage and achieve sustainable growth. The report also provides references to the books and journals used for the research.

GLOBALIZATION

TABLE OF CONTENT
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................7

INTRODUCTION
Making a company get international which is expanding from one country to the others is
known as globalization. This can help the businesses to grow and gave a larger customer base for
themselves which can help the company to have higher revenue generation. There are a lot of
factors which can influence the organizations to expand themselves there analyzing all the
internal and external factors are a very important factor. The report consists of the implications
which are present for the industries and society in general for globalization to take place of the
businesses. There are a lot of changes which the company has to make so that they can make the
company go international and the company will be able to have a larger customer base.
MAIN BODY
It is very important that all the businesses get international which is why they will be able
to achieve their objectives in the market very quickly which is a very important factor.
Businesses have a goal or mission which is that to earn maximum profit by satisfying the
customers and by getting more customers in the company. To get more customers in the
company the company must expand themselves so that they can have a better functioning for
themselves (GEORGE, 2018). There are a lot of factors which the organization has to analyse
before they get international which is the external and internal factors which can influence on the
organization if they expanded in the other countries. There is a change in culture which is
observed which is why the company will have to analysis and get the changes in the functioning
of the company so that they can satisfy the customers in the other countries also. It is very
important that the culture of the organization matches the culture of the society so that the
company can have a better functioning for themselves which is a very important factor for the
organization so that the organization can have a better working. The companies have to provide
the customers with their best services so that they can have a better reputation in the market. This
factor can make the company have a strong portfolio for them which is a very good factor for the
business for a long run (Lerner and et.al., 2018). One company can function in other countries
which is going to make the company understand the customers even better and add up to their

experience which can help in the decision making of the organization and the company will be
able to have a better standards for themselves.
There are a lot of changes which has to come in the company so that they can expand
themselves successfully in the other countries which is going to be very effective. There are
changes which have to come in the strategies so that the companies can spread their products and
catch the attention of the new customers in the market. There are political regulations and laws
which have to be followed by the organization so that there is a better functioning which is a
very essential factor so that the company can function effectively and smoothly in those
countries. There is a requirement of high investment which is required by the organization which
wants to globalize their organizations. Firstly they must understand the culture of the country so
that they can change the products accordingly and if the economic condition is not good then the
pricing of the products of the business have to be set low so that the company can have more
customers and the revenue generation can be maintained (Broner and Ventura, 2016). The value
of the currency should be good so that the exchange of money has a great advantage for the
organization for a long run because there is a lot of investment which is required by the
organization.
It company has to understand the employees of the company as well so that they can get
the changes in the company accordingly and the productivity of the company does not fall. It is
very important for the company to match their standards and the expectations of the customers so
that they can have a strong customer base and the loyalty of the customers. Covid19 is having a
huge impact on the businesses in the market because they are all closed and expanding in Italy,
United States and China is not what businesses want as of now which can be a great loss for the
country’s economy and the company as well because they will not be able to get a higher
customers base in the market (Zürn and De Wilde, 2016). There is a high technological
advancement in US which is why the companies must expand themselves in the country but no
business wants to risk the health of the employees and go against the government of the country
which is going to be a disadvantage for the company’s future in that country. Expanding in a
country which is having this kind of environment will keep the employees demotivated and the
customers will not be able to purchase the products as frequently as required which is a very
important factor. To have a good reputation in the customers the company will have to show the

customers as to they are trying to get changes in the world and are functioning for the better
tomorrow so that the customers can feel safe and have their loyalty towards the organization.
Covid19 has made the businesses of the country fall and so has the economic condition of the
countries because of this factor which is why the companies will have to analysis this factor
before they expand themselves and invest a huge amount to make this happen (Djelic and Quack,
2018). It is because of this virus in countries the stores and market is shut which can make the
customers not being able to reach out to the company and the revenue of the organization will
fall. It is very essential that the right analysis of the factors is done so that the organization can
take the future decisions accordingly so that they can have a great advantage on the competition
in the market and the organization will be able to expand them in the future.
It is very essential that the companies understand the employees of the company as well
before they expand themselves in the other countries. Hiring the right employees is a very
important factor for the company so that they can make the companies productivity and the
quality of the products is maintained or improved (Almeida and Chase-Dunn, 2018). The
employees have to be motivated so that the changes can come in the company easily like the
technological changes in the market. It is very important that the technological changes come in
the organization so that there is a better functioning of the organization and the company will be
able to get a competitive advantage. The competition in the market is increasing which is why
the company will have to get changes in the company and make the employees get adapted to
those changes so that the company can have an upper hand in the market. The trends are
changing in the market because the customer’s needs and demands are changing which is very
important for the companies to get changes in the products accordingly so that they do not lose
their customers base. It is important for the companies to keep the employees healthy as well so
that they can have a better workforce and experienced employees in the company. Experienced
employees in the organization can help the company to get new ideas in the organization which
is going to be very helpful for the company and the organization will be able to have a better
reputation for them in the market. The company will have to find the right measures and
strategies which can be used by the organization so that they can have a better functioning for
them (Coulibaly, Erbao and Mekongcho, 2018). The employees and the customers have to trust
the company so that the improvements which are happening in the company for them are noticed

and trusted which is going to make the company have higher profit margins and the organization
will be able to expand them even more.
CONCLUSION
From the above report it can be concluded that there is a lot of risk which businesses have
to take so that they can expand themselves in the market but after analysing the market
completely. The companies have to understand the internal and external factors of the country so
that they can provide the customers and the employees of the company with the best of
experience and the company will be able to have a competitive advantage which is very essential
for the organization. The diseases in the countries like the Covid19 which is mentioned in the
report can also affect the business in the market which also has an impact on the market and
organizations which want to expand.

REFERENCES
Books and Journals
Almeida, P. and Chase-Dunn, C., 2018. Globalization and social movements. Annual Review of
Sociology. 44. pp.189-211.
Broner, F. and Ventura, J., 2016. Rethinking the effects of financial globalization. The Quarterly
Journal of Economics. 131(3). pp.1497-1542.
Coulibaly, S.K., Erbao, C. and Mekongcho, T.M., 2018. Economic globalization,
entrepreneurship, and development. Technological Forecasting and Social
Change. 127. pp.271-280.
Djelic, M.L. and Quack, S., 2018. Globalization and business regulation. Annual Review of
Sociology.
GEORGE, Y.D., 2018. The globalization of culture and the new civil society. Cultures Of
Politics/politics Of Cultures: Revisioning Latin American Social Movements. p.353.
Lerner, J and et.al., 2018. The globalization of angel investments: Evidence across
countries. Journal of Financial Economics. 127(1). pp.1-20.
Zürn, M. and De Wilde, P., 2016. Debating globalization: cosmopolitanism and
communitarianism as political ideologies. Journal of Political Ideologies. 21(3).
pp.280-301.