The New Market Prevailing Under Globalization

Firms must consider many strategies when attempting to realize growth. Depending upon the stage of

The world we live in today is going through enormous changes in economics, technology, culture, politics, etc. The effects of the changes are not so clear, since it is hard to predict how each sector would affect the other and how society will be affected. However, analyzing past and present occurrences provides some information for experts to interpret society’s reaction in the future to different transformations. Globalization can be seen as a process in which societies around the world come together and expand through the combination of different forces. This paper will explore the effects of globalization on US companies, US society and economy, and the implications for other countries in the post-industrial world.

Challenge of Globalization W. L. GORE & ASSOCIATE had been expending their business in more than 30 over country; there are Asia Pacific, Europe and the Middle East, Central America, North America and South America, leading manufacturer of thousands of advanced technology products for the electronics, industrial, fabrics and medical markets. With the employees of 9.500 people around the world, managing the people also bring along the trouble as well. With the diversity of culture, people, background, language and norms, challenges and problems occur within the company and beyond the boundaries of the company. This is the major problems that will occur when a company goes global and expanding to the world. This challenge of globalization

Theodore Levitt is often considered to be the first to recognize the trend towards globalization and states that: “companies must learn to operate as if the world were one large market – ignoring superficial regional and national differences…” In addition, he argues that the companies that do not adapt to the new global realities will become the victims of those that do.

In this chapter, Thomas Friedman looks at how cultures and societies will have to deal with and adapt to the changes that globalization brings to the way of doing business. It affects whole companies and individuals. He gives the perception of the world is flattening by comparing the Industrial Revolution to the IT Revolution that is happening right now. The flattening process was identified by Karl Marx and Frederich Engels in the Communist Manifesto, published in 1848. Marx’s writings about capitalism state “the inexorable march of technology and capital to remove all barriers, boundaries, frictions, and restraints to global commerce (Friedman 234).”

Businesses grow through their products/ services every time they put a product on the market more and more people will find out about the product. For example Tesco have been using growth strategies as they are expanding with their services, such as Tesco Money, you can now have a credit card with Tesco which people who may don’t

Within the global business environment one thing is constant and inevitable, the need for change and the effort and focus that it requires. The need for change can be attributed to various factors; two that immediately come to mind are globalization and advancements in technology.

Business growth typically entails purchasing additional land or acquiring other businesses, as well as issues like securing financing from

There is controversy over when globalization began because there is no crystal clear start to globalization. Some people believe that globalization started when the Buddhist leader Chandragupta combined aspects of trade, religion, and military to create a protected trading area. Others believe that globalization began under Genghis Khan’s rule. The Mongolian warrior-ruler created an empire that had trade integrated into it. There are also some experts that believe that the rise of globalization was linked to 1492, the year Christopher Columbus made his first trip to the New World.

Before I talk about the future of globalization it is first of all important to understand what it truly means. From my research on the topic I feel that the following definition by the IMF is the most accurate. They describe globalization as the “growing economic interdependence of countries worldwide through the increasing volume and a variety of cross-border transactions in goods and services and of international capital flows and also through the more rapid and widespread diffusion of technology”. Thomas Freeman, author of “The Lexus and the Olive Tree” describes Globalization as the inexorable integration of markets, nation states and technologies to a degree never witnessed

The objectives, which a company wants to achieve, can be varied. They can range from sales revenue maximization, increasing market share to growth. Growth is one of the most common and sought after corporate objectives because of its relative advantages. This is so because many perks come with the expansion of a business, which appease almost everyone.

The rise of globalization following WWII generated three important factors that define today’s world. McNeill and McNeill agree with Pollard, Rosenberg, and Tignor that multiple economic changes, such as the creation of financial institutions like the International Monetary Fund (IMF) contributed to the globalization of the world economy. Carter and Warren further this argument by claiming that globalization has caused shifts in the modern economy, namely the rise of Asian economic powers. However, all three historians agree that the rise of globalization goes hand in hand with the rise of inequality in today’s world. Gaps in power, wealth, and access to information have only widened due to the trend of globalization. The final key factor defining our world today are the ongoing processes affecting development countries. McNeill and McNeill argue similarly to Carter and Warren that the end of imperialism generated new nations who quickly realized the free market was a pathway to stability. However, Pollard et al. and McNeill and McNeill place importance on financial institutions like the IMF forcing developing nations to reform their economies to be subservient to the world’s economy. Together, these historians argue that the trend of globalization following WWII caused factors like the modern global economy, the rise in inequality, and the development of new, decolonized nations to be key determiners in the world today.

There are many ways to look at and understand modern globalization. In general terms, globalization means that the world, as a whole, is leading to a more utopian society, meaning that the globe is become very interconnected and similarities are growing between different regions and cultures of the world. Globalization is a phenomenon that has been evolving since before 10,000 B.C. This constant evolution can cause many problems, but it can also solve many issues positively as well. Development of any country, however, seems to be a key issue when discussing globalization. Globalization and development present two different factors in the world today. Many countries are lacking in their own development while the world around them is becoming more developed and globalized. Globalization hinders development because with globalization, less developed countries depend on more developed countries to help them to sustainability and self-reliance.

Recent years, encouraged by cultural and economic globalization, the world market is growing rapidly. With the market becoming increasingly mature and rational, corporations not only pay

Economic globalization has become the most important feature and a general trend of present world economic development. Globalization is a phenomenon and also a process of development of mankind and human society (Hamilton, 2008). It is the essential feature of the modern age. Globalization is the cross-border flows of capital and goods, including capital, labour, technology and natural resources (Bożyk, Misala & Puławski, 2002). Economic globalization is a historical process, and the germination of it could date back to the 16th century. After the industrial revolution, capitalist commodity economy, modern industry and transportation have been developing rapidly. The world market was fast expanded and the foreign trade was