It is also interesting to learn that 43 per cent (i.e., 107) of the world’s top 250 retailers have not yet ventured beyond their own borders. Consequently, many firms in developing countries seek to strengthen their competitive advantage by specializing in differentiated products with an increasingly large technological content. ii. Companies from the US, the EU, and Japan manufacture at overseas locations more than three times of their exports produced in the home country. Concept 4. Globalisation is termed to as the process by which the world is becoming interconnected due to advancements in the levels of technology, cultural exchanges, and international trade. Besides, advances in the modes of transport and increased international travel have greatly contributed to the growing similarity of customer preferences across countries. The international phenomenon of global culture presents many implications and requires a specific environment to flourish. It is often decried as just another term for Americanization and US global imperialism. Multinationals are often accused of exploiting resources and abusing the environment. As a result of the globalization of markets and production, a number of transnational companies, such as Microsoft, General Electric, Unilever, Procter & Gamble, Sony, Ford, Toyota, etc., have emerged to operate across the globe. The benefits of globalization have failed to reach the poorest citizens of the world’s wealthiest country and this was evident when Hurricane Katrina hit the US province of New Orleans. Business management is the act of getting people together to accomplish desired goals and objectives. Although, many of the experts that support globalization clearly refuse to acknowledge the free flow of labor as their work culture. To cope with global competition, firms need to simultaneously harness their skills and generate synergy by a broad range of specialized skills, such as technological, financial, industrial, commercial, cultural, and administrative skills, located in different countries or even different continents. Response Strategies to Globalization Forces for Emerging Market Companies: Essay # 12. Trade agreements is one of the components that significantly benefits the economic and financial globalization. The book is conceptualized to facilitate both practitioners and beginners to develop a thorough understanding of international business for effective decision making. These essays will also guide you to learn about the definition, objectives, elements, impact, steps, solutions, advantages and disadvantages of globalisation. Globalization is an effort to reduce the geographical and political barriers for the smooth functioning of any business. In term of economy, globalisation involves services and goods, and the resources of technology, capital and data. The total trade is arrived by summing up exports and imports of goods and credit and debits of services. Moreover, during this period, India was the world’s largest economy with 32.9 per cent share of the world’s GDP, followed by China (26.1%), the former USSR (1.5%), and Japan (1.2%). ‘Coke’ is claimed to be the second-most universally understood word after OK. McDonald’s has more than 30,000 local restaurants serving 52 million people every day in more than 100 countries. Share Your Word File Globalization refers to the integration of the world nations by means of its people, goods, and services. Globalization is often denounced by social organizations, NGOs, politicians, consumers, and even the general public on multiple grounds as the sole cause of all ills. The process of cost-cutting has raised the share of capital in value addition. This is characterized by the spread of ideas, information, images, and people. The global forces, the increasingly transnational character of capital, the erosion and sometimes the voluntary surrender of state sovereignty have all made countries less powerful, for instance the transnational alliances such as the European Union. Globalization is often accused of contributing to the rise in poverty in developing countries, while in the developed world it is associated with growing economic inequality, unemployment, and fears about job security, which fuels demand for trade, protection, and more restrictive trade policies. Globalization has provided many reasonably priced valued goods and complete economic welfares to the emerging nations in addition to the employment. It augments the flow of technology, education, medicines, etc., to these countries which are a real blessing. 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