They are being used anywhere on earth and moving electronically and via air transport anywhere in effectively no time. For example, the American dollar, the Japanese yen, Euro and other major national currencies circulate globally. Globalization through global communications, global markets and global production have promoted and facilitated by a fourth area of global activity in relation to money. These produce greater development opportunities for companies with the opening up of additional markets, allow greater customer harmonization as a result of the increase in shared cultural values, and provide a superior competitive position with lower operating costs in other countries and access to new raw materials, resources, and investment opportunities. The process of globalization includes a number of factors which are rapid technology developments that make global communications possible, political developments such as the fall of communism, and transportation developments that make traveling faster and more frequent. Globalization can also be defined as an ongoing process by which regional economies, societies and cultures have become integrated through a globe-spanning network of communication and trade. Work can be outsourced to any part of the world that has an internet connection because of improvements in traffic infrastructure one is able to reach one’s destination in a short time. Now under developed areas can enjoy the benefits of scientific advances and industrial progress available in developed countries for the improvement and growth of their areas.īecause of globalization the economies of the world are being increasingly integrated, example mobile phones and internet have brought people closer. Goods that were only found in western countries can now be found across the globe. Globalization in short, points to the whole effort towards making the world global community as a one village. Globalization despite having benefits to the world, it also has a negative effects of it. So in this report I will define what globalization is and the effects according based on my research. I spent time researching what it is and the effects it has in developed countries and developing countries. Globalization is a very wide and a very important focus of discussion. Globalization is something that affects all of us, no matter what our profession or interest is. This report explores a range of interlinking questions, starting with what is globalization, what are the effects of globalization in developing countries and developed countries, this is in terms of positive and negative effects. Companies enjoy economies of scale in the business due to reduction of cost in the management. Managers within the global face a lot of challenges due to high competition in the industry, good decisions must be made in order to satisfy and maintain their customers and attract more customers for their products. This attracts more people to engage in international business and international trade. This is due to the advancement in technology, transport, communication, education, and regulations of trade that makes trade fair to all parties. Based on my research, Globalization simplifies business management in the world.
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