Culture influences personal biases and helps develop a personalized vision of the world. In any society, there exist certain cultural stereotypes that influence how people from certain cultures are treated. The influence of such stereotypes cannot be undermined as they may lead to negative treatment of certain ethnic groups. However, as the world continues to evolve and more information becomes available on individual as well as cultural differences, the acceptance of
However, another aspect believes that entrepreneurship has a positive effect on the creation of job opportunities, which thus decreases unemployment rate. Entrepreneurship is also able to improve an economy through the actual products, services and technology that is introduces into a market. These new ideas boost economic growth. Innovation also creates a sense of competition within the market, which allows for the entrepreneurs involved to become creative under pressure. Competition is necessary in order to encourage either existing, or new entrepreneurs to constantly grow and improve, which once again improves the economic situation.
As the demand of consumers rise, more and more products are produced to suit the needs and wants of the people. Increased competition results in reduced prices therefore enabling consumers to buy more goods and services. Information Technology Information Technology (IT) is changing every aspect of how people live
Multiculturalism can be defined as cultural diversity or the evolution of it, where people from different ethnicities coexist; it can also refer to an integrative policy adopted by a multicultural nation (Patil, 2015). Just like a two sides of a coin, multiculralism too has its own advantages and disadvantages. Supporters of multiculturalism argues about the many advantages that existence of many culture bring it in the host nation or in host society. One such major advantage is the learning of the different perspective by the people of the host nation. People learn the new culture, language, fashion style, food, etc which enriches the knowledge of the people living in the society or country.
Chapter 1: Introduction 1.1 Overview Apart from the rapidly changing customer demands, also due to these technological developments in the past years - the consumer is now more aware of the variety in products and prices and demands a higher quality for a lower price. This also forces businesses to continuously improve their processes and output to meet these customer requirements. This global competition is growing due to these improved communication possibilities, and the possibility of outsourcing production, but also opening new branches abroad. Businesses are now competing on a worldwide scale, products and services must for example be produced or provided with competitive labor costs and product materials that meet the quality requirements
Commercialism is the practices and attitudes that are concerned with the making of profit at the risk of quality. Commercialism and trade gives profit and work to a large population and is able to sustain a large amount of people like of a city. Trade has developed modern techniques and exchange methods that have being able to give rise to the growth of towns and cities, therefore leading to urbanisation. With trade and commercialism, people realise that they have better chance in opportunities, results and profit. However, trade and commercialism needs a large amount of transportation to fulfil its needs, which leads to two major problems: traffic congestion and pollution, two extremely serious problems that must be dealt with.
Diversification in another economy will reduce the risk. Economic, political and social factors can play important factor in company’s success 3. Bigger market size will lead to greater sales and profits if market expansion set up successfully and foreign market entry is chosen correctly. 4. Having operations in different countries, it requires better understanding in cultural and social differences.
Globalization is the circulation of ideas and culture in a global scale. It has made the world become increasingly interconnected as a result of increased trade and cultural exchange. Culture can be defined as shared patterns of learned behaviour, attitudes and knowledge. Some of the positive impacts of globalization is that it helps spread culture globally, exposing other people to different cultures, it also instils common values and interest in people creating a more united society. However, globalization also diminishes the presence of local culture in favour of a more influential one and homogenizes society.
Globalization comes hand in hand with development, the more developed a country is, the more globalized it becomes. Globalization is when different countries connect and have a relationship by exchanging knowledge, culture or even by international trading. When a country is developed, it is more likely to build relationships with other countries, as their productions become of a high demand and wanted by other countries all over the globe. Another advantage of development is having better medical services; better education and an overall better living standard. Lastly, countries, which are developed, have a better economy, as production increases, the wealth of the country increases as
There is a growth in the income of the customers. Can expand their business operations at global level. Quality services can be provided to the customers. THREATS: To tap the market potential there are many competitors coming forward. Shrinkage may also stand as a threat for the company.