International marketing had several advantages which helped the firm in various ways. The firms started receiving several benefits out of its international marketing. The effect of globalization has helped the various organizations to expand them to the larger world outside. Through globalization various products were able to reach a larger market. It also helped in global credit facilities, new forms of financial instruments, international connections, market expansion and much more.
Challenges of Global Business Having many benefits of global business, it also faces many challenges. Some of them are below 3.1 Political Environment It is very necessary for companies to look after political environment of the international countries they are dealing with to be sure whether the business dealing is possible or not as political instability can create a problem in a business partnership and with the changes in politics various import restrictions, labour and tax-related issues are also changed because of which successful business operations might be difficult (USPS Delivers, nd, online). 3.2 Business Culture To run successful business internationally it is very important to learn about the business culture and language of the country which a company is collaborating with to adjust the cultural differences. Applying same business techniques in the international market is not a good idea. It is very important for a company to become flexible and accept the international business practices to become successful globally (US-Pacific Rim International, Inc., 2010, online).
Globalization has develop into the new prime feature of the new millennium. No community, society or country will survive will stay isolated from the forces of globalization. Globalization is concept that the free movement of products, services and other people across the globe in integrated manner that economic process are often thought of to be the results of the gap of the world economy and therefore related increase in trade between nations. In other words, once countries that were up to now closed to trade and foreign investment open up their economies to the world which resulted in increasing connection and integration of the economies of the globe. It has been proven that countries benefit from removing their own barriers and there
MNCs invest with the purpose of achieving partial or complete control over production, marketing and other facilities in the other economy. MNCs mainly invest in manufacturing, services and commodities sectors of an economy. MNCs use FDIs to purchase existing businesses or building new facilities. Overseas expansions are generally done by takeovers, mergers or corporate alliances with domestic companies in other economies. MNCs exert an immense power in globalized world economy.
THEORY AND EMERGENCE OF GLOBALIZATION AND THE IMPACTS ON BUSINESSESS ABSTRACT This essay will discuss the concept of Globalization and explain its definition as such. It will likewise focus its attention as to how it as the famed ¨Silk Road¨, later, the Portuguese in India and the Dutch that held a trade monopoly with Japan and a foothold on the spice works, along with it` s various manifestations on the global economy and how businesses are impacted by this phenomenon. Introduction Cultures have been entwined since the first established trade routes across Central Asia, that connected China and Europe, remembered islands. This interaction led to the pioneering of trade markets through the constant bartering of exotic merchandise, labour
Globalization in the markets of different countries become more integrated and interconnected by economic transactions across national borders. These deals are able to be found in the real goods, various forms of services and financial instruments invested by international corporations in the local factory (FDI), temporary and permanent labor migration and information technology. They involve individuals and the staffs between independent companies and the government. (Introduction: Globalization And International Trade
Essentially, globalization is about a close integration of countries and people worldwide which has been brought about by the freedom of mobility, development of various means of communication and elimination or at least reduction of barriers to the circulation of capital, knowledge and to a lesser extent people across borders. Globalization is an umbrella term for a complex series of social, political and economic aspects identified as an increasing interaction and integration between people and countries worldwide. This international interdependence is characterised by the continuously increasing international migration, elimination of obstacles of free trade and global economic integration which is one of the powerful driving forces of international businesses that move capital, goods and technologies, but also people across borders (Kritz and Zlotnik, 1992). International business refers to a wide range of business activities undertaken at the international level. Along with rapidly increasing globalization, international business has become a popular topic and has drawn the attention of business executives, government officials and academics.
THE IMPACT OF MANAGEMENT IN THE GLOBALIZATION OF BUSINESS Globalization has had an increasing vital impact on international marketing & a major trend in business. This is nothing new. International trade has been going on since the beginning of civilization. However, in the 20th century, trade expanded rapidly due to advances in communication, transportation, and management. As the cost & complexity of operating overseas is reduced by globalization, more markets are susceptible to international organizations.
Introduction Globalization has been more significant nowadays. Many of the large firms are truly global and even some small organization increasingly participate in cross border activities. Globalization has offer many opportunities and challenges to individual managers, businesses and governments. The expansion of global market has created a need for managers who are familiar to the problems of international trade and finance such as culture, technology, foreign exchange and political structure. The trend toward a single global economy is expanding markets and providing opportunities to managers.today, countries are going to work together as more of a global economy.
The upswing in the international trade is indispensable for the development of globalization. The limitations to international trade would restrict the nations to the services and goods manufactured within its territorial grounds, and they would lose out on the significant part of revenue from the global trade. The advantages of international trade have been the key drivers of development for the last half of the 20th century. Countries with solid international trading capability have become successful and have the influence to control the global economy. The world trade can turn out to be one of the chief providers to the decline of world poverty.