Globalization

[Audio] Globalization Anne Charisse B. Pagcaliwangan.

[Audio] topics. topics. UNDERSTANDING GLOBALIZATION PROS AND CONS OF GLOBALIZATION EXAMPLE OF GLOBALIZATION IMPORTANCE OF GLOBALIZATION KEY TAKEAWAYS.

[Audio] Globalization Globalization in business is the growth in movement across national borders—as people, ideas, products, services, and capital become interconnected. Through globalization, social, cultural, and economic exchange becomes more profound and influential. Although globalization can create increased conflict and controversy in societies, globalization also creates added business opportunity and economic growth..

[Audio] PROS OF GLOBALIZATION Expansion into other markets By reaching a new market, companies can grow their revenue and find more customers. Different countries or regions offer different opportunities for businesses, including different groups of customers to target and legal frameworks to operate in. More available talent and greater workforce diversity You can access new talent in other markets, potentially making recruitment easier for hard-to-fill roles. Expanding your team with employees in another country can help you take advantage of different skill sets, benefit from local educational programs, or operate in markets with reduced overhead. Lower manufacturing costs Manufacturing may be cheaper in other countries, allowing your business to save on materials, personnel costs, and supply chain investment. Opportunity to reach other cultures - Opportunities outside of your home culture could be beneficial for your business. Other customs, religious, or cultural practices can create demand for your products or services that might be different from or not exist at all in your domestic market. New marketing and advertising strategies that wouldn't be a good fit for your domestic market could be helpful for doing business abroad..

[Audio] CONS OF GLOBALIZATION Maintaining compliance in other markets Aside from complying with your domestic laws and regulations, entering another country's market means you're required to maintain compliance there as well. Other countries may have significantly different laws and regulatory groups, adding expense and complexity. Reduced brand and cultural distinctiveness Business globalization could reduce your company's unique cultural identity as your organization adapts to the conditions and expectations of other markets. You may decide to downplay aspects of your company culture to appeal to new customers, ultimately losing part of what makes your brand unique..

[Audio] Example of Globalization One small globalization example is the popularity of international fast-food chains like McDonald's, which originated in the United States but now has locations in over 100 countries worldwide. Globalization represents the spread of a product, culture, and business model across national borders. It leads to increased connection and interdependence, potentially increasing economic growth, creating new job opportunities, and enhancing worldwide access to goods and services. It can also facilitate knowledge and technology sharing, increase cultural exchange and understanding, and promote greater cooperation among nations..

[Audio] IMPORTANCE OF GLOBALIZATION In essence, globalization is about the world becoming increasingly interconnected. Countries today are more connected than ever before, due to factors such as air travel, containerized sea shipping, international trade agreements and legal treaties, and the Internet. In the world of business, globalization is associated with trends such as outsourcing, free trade, and international supply chains. Globalization is important as it increases the size of the global market, and allows more and different goods to be produced and sold for cheaper prices..

[Audio] Key Takeaways Nowadays it is extremely important to take care of the business environment in the global market, along with potential development within the company. Globalization is part of the present and the management should focus on it despite its flaws and shortcomings. Adapting to the new conditions is necessary if one wishes to successfully operate and develop the company's products and services in the global market. Only those who adapt to the times and who make their business decisions based on continuous consumer research can hope to achieve business success..

[Audio] Bible Verse "And people will come from east and west, and from north and south, and recline at table in the kingdom of God." Luke 13:29.

[Audio] Theories in workplace System Theory - It is a management theory that emerged in 1950s that views an organization as a complex system of interrelated parts that must be managed as a whole..