Question

THE Dynamic environment in which business operate requires liveraging on benefits of globalisation whilst overcoming complications thereto

Answer 1

Globalization is a leading phenomenon that over the last few decades has become a major factor in business life. This trend has various effects on the economy, business life, culture, and climate, and these developments have impacted almost all businesses. Most of these developments were related to increased competition and rapid innovation and knowledge exchange changes. Organizations need to bear in mind various aspects of the major effects of globalization to combat these shifts.

Globalization leads to higher competition. This rivalry can be linked to the cost and quality of products and services, target market, technological adaptation, rapid response, rapid company development, etc. If a company produces less and sells more cheaply, it can boost its market share. Customers have a wide range of market choices and this affects their behaviour: they want to acquire goods and services faster and more efficiently than before. High quality and low prices are also expected. All of these demands allow the company to respond, otherwise the company's sales will decrease and they will lose both revenue and market share.

One of globalization's most striking manifestations is the use by business and internationally oriented firms of new technologies to exploit new business opportunities. Web and e-commerce procedures have tremendous potential for small and medium-sized businesses to extend their presence in new international markets. Innovation is also one of the main competitive methods and goods and services performance. On the other hand, this requires a lot of the company's expenses. In order to increase their sales and product quality, the company must use the latest technology. Globalization has increased technology transfer rate and progress in technology.