Course Code : BUMGT 5920

BUMGT 5920 – Management in a Global Business Environment , Federation University

INTRODUCTION

Globalization consists of the process of integration among different people, government and companies. This is a process generally driven for international trading and investment by using information technology. It helps to increase personal growth and professional as well. It influences business for increasing its credibility in different areas of the world. Therefore, in the present report, it provides critical aspects of globalization and its impact on business. Furthermore, it also applies to my experience in personal life to demonstrate effectiveness.

MAIN BODY

Description

According to the point of Ferrera, Matsaganis and Tortola, (2017), globalization refers to speed up movements and the exchange of several elements such as human beings, goods, and services, technologies, culture, etc. in all over the planet. It helps to promote and enhances the interaction of different regions around the world. Furthermore, it can be defined as increasing interdependence of world economies at a growing scale of the cross border for the trading of tangible and non-tangible products. However, Jestl, Leitner and Leitner, (2017) as it increases the flow of international capital with a wide spread of technologies. It reflects the continuing expansion and mutual integration in market frontiers. With the help of growing significance, it can be stated that information in all kinds of productive activities successfully driving for increasing economic activities.

As per the views of Solarin, Al-Mulali, and Sahu, (2017), globalization can be defined as the opening of local and national perspectives with the broader outlook in an interconnected and interdependent globe with consideration of the free transfer of goods, capital and services in the different nation of the world. With this regard, globalization considered positive and negative effects. At an individual level, globalization creates a positive effect in terms of increasing the standard of life. At business, it impacts on the product life cycle and balance sheet of the business. Besides this, Jestl, Leitner and Leitner, (2017) argued that in terms of government throughout the world there are different policies affecting areas in terms of monetary regulations and trade. Sometimes, it helps to develop a relationship among different people who contribute benefits to different parts of the world.

Own experience

I have seen that globalization considered a complex relationship that helps to connect and mixes cultures of different nations, people, etc. However, it generates advanced trading opportunities with advanced technological capabilities. My point of view in term of mine experience virtual connection towards more affordable goods with globalization that has been beneficial for different aspects of society. This is because it reduced the cost of goods so that trade can be enhanced easily. Furthermore, my perspective towards this is that globalization also led to better cultural understanding. This develops with personal experience which increased communication from virtual tools such as the internet. It helps to improve the connection between different people. However, as a critical understanding, I can say that globalization decreases labor work because of the working of the high-level executive with the specialised position. This problem emerges for general manufacturing businesses.

Sometimes, globalization creates a negative impact on those people who lives in villages. This is because; I have seen that there are many workers migrate from their homeland because of poor conditions for finding their work. It disturbs family, which impacts negatively on communities. However, environmental protection is another important consideration as per my point of view. Nowadays, advanced technological pieces of equipment always harm the environment. Therefore, globalization considers a negative impact on the country, people, community, etc.

Application for business

As per the views of Lubos Jindrich and Richard, (2016), the digital revolution consider as globalization that helps customers and corporations as well. Tesco is one of the largest grocery retailers in the world. By applying globalization, the company gets fruitful results in their business. This is because it plays a greater role from different Multinational Corporation. To the expansion of the business, the organization easily able to capture innovation with emerged from several subsidiaries. Due to the interconnection of different country’s markets, the organisation structure of Tesco continuously transforms to operate with a large number of the customer together. However, Jestl, Leitner and Leitner, (2017) argued that the firm has transferred knowledge from the United Kingdom to different areas of the international market. There are intra firm network of telecommunication is considered as best practices transmission. Innovatory practices are emerging in the international subsidiaries that capture the process of organizational learning.

According to the point of Ferrera, Matsaganis and Tortola, (2017), with the implementation of globalization in Tesco's successful concept of outsourcing implemented. It will assist to increase productivity throughout the past years. Afterward, a low build cost store technique adopted by the enterprise which was taken from Thailand. Furthermore, the selected business can also use a globalization strategy to implement more innovation activities. This is because, with the help of the exchange of different nations, encouragement purposes to develop trade and improved communication that ensure the world is unified. However, Jestl, Leitner and Leitner, (2017) stated that globalization enhances economic activity across the world to open up the market for foreign investment. The political agenda of different nations can also harm the organization to deal with Multinational Corporation. It increases tough competition among different countries that create a negative impact on the organization.

In terms of Lubos, Jindrich and Richard, (2016), it can be said that different strategies of globalization assist to accomplish goals in upcoming years. Tesco can easily enter in new areas where they are not operating yet. For example, they can open their outlet in India. Therefore, the company is continuously trying to enter new areas with existing products along with they can produce demand and culture of its products in new places. On the other hand, GAYATHRI and KUMAR, (2017) said that the management team of the company needs to focus on different country's flexible provisions, tariffs, the policy of taxation of new markets, etc. There are Tesco experienced entry barriers which implement at the initial stage. Based on joint venture agreements with foreign companies, they can easily deal with globalization strategy.

Apply for work

Globalization considered a profound impact on this world. There is different technological development and progress positively develops with communication. In terms of transport technologies, it can be stated that it reshaped in the way people interact. Globalization also encompasses different aspects to focus on primarily with an effect on international development. However, it is not a new aspect but in the world economy, it plays with increasingly interdependent for longer time (Solarin, Al-Mulali and Sahu, 2017). In the present work, it can be stated that the process of globalization accelerated due to a variety of factors. It is also important which includes improved trade; enhance labor and mobility of capital with advanced technology.

The reason behind apply globalization in the present work is that increasing understanding of this element towards personal experience. Furthermore, it also shows effects in a positive and negative aspect that is beneficial for improvement in work. I have look for improved technology that helps in easier communication and share an opinion, information, etc. Work can be improved with improvement global perspective on the website (Deb and Sen, 2016).

CONCLUSION

In the present study, it has been shown that globalization is the most important aspect of the business, any person's life, country, etc. It helps to take sustainability as the importance of long-lasting development. Furthermore, the report concluded the positive and negative effects of globalization on Tesco. From this aspect, it has been identified that Tesco grows more with using it. However, they face several issues due to cultural differences in different countries.

 

REFERENCES

Deb, M., & Sen, S. (2016). Globalisation and its impact on women in India: A. IJAR. 2(7). 336-340.

Ferrera, M., Matsaganis, E., & Tortola, P. D. (2017). Globalisation, economic inequality and political instability: what future for Europe’s welfare?. In Vision Europe Summit (pp. 40-67). Collegio Carlo Alberto.

Gayatri, M. P., & Kumar, G. A. Millennials Culture in the Workplace: Challenges and Opportunities.

Jestl, S., Leitner, S. M., & Leitner, S. (2017). The Relative Impact of different Forces of Globalisation on Wage Inequality. The Guardian.

Lubos, S., Jindrich, S., Natalia, I., & Richard, S. (2016). Agrarian import ban and its impact on the Russian and European Union agrarian trade performance. Agricultural Economics. 62(11). 493-506.

Solarin, S. A., Al-Mulali, U., & Sahu, P. K. (2017). Globalisation and its effect on pollution in Malaysia: the role of Trans-Pacific Partnership (TPP) agreement. Environmental Science and Pollution Research. 24(29). 23096-23113.

Solarin, S. A., Al-Mulali, U., & Sahu, P. K. (2017). Globalisation and its effect on pollution in Malaysia: the role of Trans-Pacific Partnership (TPP) agreement. Environmental Science and Pollution Research. 24(29). 23096-23113.

 

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