Question

Globalization is transforming the world’s economies into a single borderless frontier. Global strategy takes advantage of this transformation via a world-scale integrated, coordinated approach in which the whole world is seen as the firm’s marketplace. (We went to Budapest Hungary)

1. In your own words, describe this transformation both qualitatively (e.g. through your personal observations: we went to Budapest Hungary) and quantitatively (for example, through statistics). What is the significance of this transformation for US businesses as well as for the organization for which you work?
2. In your own words, define a global mindset. What are the most important characteristics of a global mindset and how do they contribute to an organization’s success both inside and outside of the firm’s domestic market? Compare and contrast the attitudes of the businesses visited in Hungary with those of US firms. How do knowledge, skills and abilities contribute to the firm’s success?
3. What are the principal leadership challenges in developing and implementing a global mindset? Please analyze this question from strategic, tactical and operational perspectives and consider perspectives drawn from theory as well as your own personal experience. Please discuss the particular challenges faced by your organization.

Answer 1

Ans) Globalization has surpassed all sorts of borders, whether its territorial or the differences in mindsets, and has developed a standard integrated platform for international business and trade. In today's time almost all the counties of the world have shaken hands and accepted the fact that it is best to coordinate with each other in order to carry out a smooth and effective functioning of international trade and commerce. Thus there are bilateral, multilateral platforms for these to be carried out. Although a trade war or some other conflict does arise every now and then, but a mutual cooperation has been the necessity due to which the international trade has been existing and flourishing over the years. In order to have a perfect global mindset one needs to concentrate and work on his social, intellectual and psychological attributes, in order to be self interested in knowing and understanding different cultures, human behaviour, work culture, key businesses and adapt oneself to the standard of living, and get used to the language as well etc.

Global Mindset in simple words can be described as ones capacity to gather and absorb sensitive and important data and information, traditions, and cultural norms from that are in existence all over the world and thus, be able to to form a concept as to how to make use of all this in ones favour and for the betterment of all environments and economies. According to several studies and researches that have been carried out by reputed instittuions, a global mindset is the capacity to adapt to different types of global environments and cultures.