Question

The three major challenges faced by business today are globalization, advances in technology and deregulation. Which of these effords the greatest opportunity for established businesses? Which affords the greatest opportunities for new businesses? Why?

Answer 1

The free transboundary movement of products , services , information and people can be described as globalisation. This can also be described as closer integration of the countries and people of the world that results from a decrease in communication and transport costs.

Globalisation is the greatest opportunity for an established company, as it expands its global market and also offers a well-established company the best opportunity to grow its business sector. In order to promote and attract new companies, the established company would already benefit from technological advances and derelementation. With the reduction in government power and technological advances the established companies already benefitted.

McDonald's would provide an example of a well-established global enterprise. They exist in over 120 countries and have around 50,000 restaurants all over the world. Mcdonalds 's success was driven by the adaptation of global markets.

Unlike a new company, technological advances offer maximum opportunity. The new company has limited financial resources, and it can be efficient, cost-effective using technology like digital marketing and social media. The use of the Internet / Wide Web would also make it easier to reach world markets. Furthermore, the search and search for competitive and best business providers is facilitated through the internet, as is efficient and efficient customer service, which allows a new business to show a broader picture and an equivalent level of service, even with small budgets.

Oyo rooms are an example of the new enterprise using technological advances.

They have developed applications throughout India that enable customers to book a room in just a few minutes. OYO rooms have created technology capabilities to overhaul fastidious transformation and asset integration processes, which make them quick and agile while providing structural information for the value chain.