Globalization; Strategies in Business
Identify one major strategic issue the company faces and must tackle now in order to place it in a better position in the future (3-5 years out).
Globalization can be defined as the international integration that increases contact between people in different geographical places. In business, globalization means that a firm is able to reach a market that is geographically far from the company’s headquarters. This can be established through two ways; franchising or online access and importation of products (Mathur, 2006). Entry into the global market has become a very important and great move by companies. It is aided by improved technology that has turned the world into a global village.
When a business goes into international business it is likely to experience the following effects.
- Increase in the market- increase in the population that the firm can sell its products to increases sales, revenue and profit plow back. This opens a chance for expansion by the business in terms of capacity and output (Aaker, 2001).
- Cost-effectiveness- contact with different people will lead to an exchange of ways of production. Most of the countries that have a particular resource in plenty will sell it at a cheaper price. In this case outsourcing of resources, labor and expertise will be cost-effective (Harris, 2012). At the same time, franchising into different places will increase the ability to serve the population better with a clear understanding of their culture and beliefs.
- Increase in knowledge- exchange of information with people from different places at a global level increases innovation and invention. It is highly influenced by the fact that entrepreneurs can easily locate an opportunity that has not been exploited in a particular population, yet the necessary resources and conditions are in place.
- Increase in variety of products- production is mostly as a reaction to demand, different populations demand different products. In an effort to cater to the demand of the clients, a company will delve into the production of different goods and services. A good example is the Samsung Inc, which initially started as a producer of household appliances, but increase in market and improvement in technology made it enter the technology industry and it is currently the largest technology company in terms of revenue (Harris, 2012).
As much as globalization and global business is encouraged for businesses; it has several drawbacks as well;
- It leads to trade deficit- franchised firms always end up moving completely out of the mother country and their products have to be imported back. This will make the balance of payments to be unstable and lead to a trade deficit.
- The decrease in employment opportunities- outsourcing labor in an effort to be cost effective makes the country to have an increased level of the structurally unemployed decreasing the purchasing power of the population. The decrease in aggregate demand will be the result followed by a decrease in aggregate supply (Ajami, 2006).
Aaker, D. A. (2001). Developing Business Strategies, University of Oklahoma Press, Oklahoma
Ajami, A. R. Cool, K. Goddard, G. J. (2006). International Business; Theory and Practice, McGraw Hill Publishers
Harris, S. Kuivalainen, O. Stoyanova, V. (2012). International Business; New Challenges, New Forms, New Solutions, Oxford University Press, New York
Mathur, U. C. (2011). Global Business Strategies; Text and Cases, Colombia Publishers
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