Question

Globalization is defined as a modern term used to describe the changes in societies and the world economy that result from dramatically increased international trade, foreign direct investment, and cultural exchanges.

Drivers: Technology Changes, Changes in access to information, and Changes in how people save, spend, and invest

List and Discuss: 1) Discuss the significance and impacts resulting from each driver/factor, and 2) Consider and discuss the current day influence and impacts (pros and cons) of these three drivers on the U.S. economy and global economy.

Answer 1

Globalization is a concept that is very much popular in today's world and it plays an important role in the business environment of organizations. Globalization can be defined as the process of expanding business internationally that will help the organization in attaining a global presence in the environment which helps business to quite an extent and there are various factors that has made the process convenient as well. Technology is the most important factor in this context with the help of which even if business organizations are placed miles away, communication is not an issue and will help organizations achieve their goal or objectives, Due to ERP and CRM it is becoming easy for organizations to track and keep track of such aspects and organizations also have to be working with the same as well.

Access to information is another aspect where business organizations today has to be aware of the information they possess related to customers or potential customers as well which will make the process of doing business easy and convenient. Another important aspect is the behavior of individuals at present which includes the way by which the customers save and spend and invest and these habits help the organizations understand the way or approach that they need to follow in order to be successful in this context as well.