The Impact Of Globalization On Business

1790 Words8 Pages
Globalization Nowadays, people from all over the world use smart mobile phone such as Apple, Samsung and Huawei. Have you ever thought about why we can use these kinds of smart mobile phones, which are not a brand from your country? Have you heard that most of the phone factories are in China and other Asian countries? Do you know this is also a part of globalization? Globalization has a big influence in our daily life. Nowadays, globalization has become more and more important. For example, the number of international schools has increased, and also, the number of overseas students has increased rapidly in recent years. Because people want their kids and themselves to learn more about other countries cultures and some of them think the…show more content…
“According to insurance observers from South Korea, Tongyang Life, Anbang's South Korean subsidiary, has realized significant growth in business operations via product innovation and enhancement of distribution channels. Its gross premium income reached $6.7 trillion won ($5.9 billion) in 2016, a 57 percent increase compared to a year ago, making it the fastest-growing insurer in the South Korean market. The $229.7 billion won ($202.7 million) in net profit also made 2016 the best performing year in the company's history”(Zhang). Globalization helps business a lot. Also, not only normal business, luxury brands are also more and more popular among these years. Luxury brands like Chanel, Louis Vuitton and Dior have centuries old history. This also can help to spread the culture of fashion. World cultures have interacted and learned from each other for thousands of years through the processes of acculturation, adaptation, diffusion, and assimilation. The difference is that these processes and the changes they produce have accelerated enormously in the age of globalization making the local global and the global local (Aqueil). Not only is fashion spread worldwide, other things on the opposite spectrum, like agriculture, have also been impacted…show more content…
The influences of globalization can be felt in every city around the world. Technology has enabled individuals as well as organizations the ability to immerse themselves into another culture virtually at the speed of light. Understanding of different societies and cultures has become one of the leading processes of business. Primarily there has been a greater focus on understanding the various cultures because of its ability to affect business on a global scale. By understanding the different cultures, enables the organization to more effectively deal with the influences of globalization, for example, e.g. Political, economic, regulations, etc. Each of these components will exhibit some form of influence depending on the various type's cultures in which the organization’s conduct business. I believe globalization brings more benefits than drawbacks, and I hope globalization will develop more and more better in the

More about The Impact Of Globalization On Business

Open Document