Question

Is Globalization impacting the business around the corner? For good or for bad? Is it an opportunity or a threat? Has Globalization changed the world on the positive?

Answer 1

While, of course, in every aspect of industry , corporate conglomerates see globalisation, even smaller companies and entrepreneur-led companies would be affected. In a number of aspects, globalisation impacts companies: firms that participate in the global economy will naturally face competition from businesses all around the world. Consumers expect ever-higher quality and affordable goods, and only those who grow to supply what buyers want and need can thrive as they have a global variety of businesses to choose from. This increased rivalry ensures that firms have to keep up with cutting-edge technologies and remain assertive to succeed in the competitive marketplace.

Companies who open up to the global economy, on the other hand, would naturally find a far wider arena in which to offer their services. In a country where cars are still king, has a Western electric bike maker achieved little success? It can turn to Asian markets, where population density has caused vehicle traffic to crush and an enormous market for lighter electric transport. One of the attractions of globalisation is the ability to discover and cater to niche markets around the world.

In various nations, multinational companies still face the task of contending with different rules. Often they have to deal completely with all kinds of legal and financial structures. Difficulty in navigating these structures will lead to impediments to new countries' growth and to significant consequences for mistakes created.

For foreign business companies, less administrative bodies exist. Therefore, managing the financial markets will still sound like the Wild West. Interconnected economies also mean that the consequences will resound worldwide with a lack of oversight if something goes wrong. For one, the global financial crisis has struck many nations hard.