Concept explainers
To discuss:
The characteristics of a flat world, the challenges they pose, and the waysmanagers can prepare themselves to manage in a flat world.
Introduction:
The flat world is about the market, where the competitors meet and have competitions is levelling. It means every business, small and big, every entrepreneur and established companies are becoming an element of a large global supply chain. Here, competition is everywhere, and everyone has an equal opportunity.
Answer to Problem 1DQ
The main characteristic of a Flat World is globalization. The companies or competitors are now globally connected despite the geographical distance. Outsourcing, off-shoring, in-sourcing and supply chaining are some characteristics of a flat world.
The main challenges a flat world poses are the
Explanation of Solution
Given information:
Flat world is a term used to describe the market as a playing field where all competitors have an equal opportunity and hence the market has leveled.
Here, geographical barriers are going to become far less important. As a result of outsourcing and offshoring, it is easy for the company to get cheap labour and hence remain competitive in the market. The flat world has led economies of countries like India and China to prosper due reasons such as availability of resources, labour and technology.
It is important that we understand, that the use of globalization in the right way can lead to the survival and success of the organisation. The manager needs to stay on his toes consistently looking for changes in the environment. He needs to anticipate future outcomes and lead the team effectively. The manager has to look out for Growing economies, new trends, possible investments and opportunities. This is a world where a merchant can stay at home and be rich just by trading goods on eBay. Therefore, there is chance for the organisation to fail and succeed at the same time, and the managers need to focus on succeeding.
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Chapter 2 Solutions
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