Question

. List the primary advantages of globalization for a business firm in a country. (business firm, not a country)

Answer 1

The development of a business firm and the globalization are directly linked to each other. The process of globalisation can be defined as the economies of various conutries across the world becoming linked to one another . Which means that the trade relationship become more connected which indeed affects the business firm's progress in every respect.

The globalization favour greater opportunities for market growth growth and diversification for a business firm. And this leads to many other advantages such as,

• Access to talent
• Competitive benefits
• Foreign investment opportunities
• Diversification and new markets

The approach of globalisation in economy,business life, society and environment are in different ways. To fight with changes of globalization each business firm have to develop several effective aspect. The globalization leads to the competition between the business firms, the competition may be related to,

• Product and service cost
• Target market
• Technological adaptation
• Immediate response
• Immediate production by the firms

When a business firm produces a product with less cost and sells in a cheaper mode it results in the increase of the particular product share.