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Business Globalisation in Central and Eastern Europe - Assignment Example

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The paper “Business Globalisation in Central and Eastern Europe “ discusses the growing economic interdependence between different countries in the world through increasing the volume and the variety of goods and services traded across the international borders, foreign capital flows…
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Business Globalisation in Central and Eastern Europe
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Download file to see previous pages These changes have occurred in different stages and businesses have undergone various transformations in order to remain relevant in the market. This paper explores different stages of globalization with a special focus on how Coca-Cola Company has responded to every phase of liberalization. Pearce (2006: 28) argues that every institution and business must commit to enhancing its global competitiveness as a crucial strategic goal. In the current business environment characterized by intense competition, no business organization can succeed if it fails to match with the high standards set by its competitors in the particular market niche. There are two phases of globalization recorded in the history of international trade namely old and new globalization (Manea and Robert, 2004: 203). International trade undertaken from 1893 to 1913 is classified in the old phase while the new phase entails trade from 1915 to the present. Although these phases are defined by an increasing gross domestic product ratio and growing international investments, there are distinct differences. In the old phrase, there were high barriers to trade caused by high tariffs. However, the new phase has witnessed a drastic reduction of tariff barriers, resulting in the opening international borders to a high volume of trade (Manea and Robert, 2004: 215). The new globalization has witnessed the expansion of new markets, services and the emergence of global brands. Many countries are members of international trading organizations formed to set the norms and standards of trade. In addition, emerging issues such as democracy, human rights, and market economy are increasingly defining the norms and rules of new globalization. At a business level, the new globalization creates the necessity of expanding from local to regional levels. This implies that businesses should no longer distinguish between foreign and domestic market, but concentrate on enhancing the quality of their products, because of intense competition at both levels (Anderson, 2000: 62). Businesses undergo five stages before becoming global firms. Generally, exporting goods or services is the initial stage of engaging in international business by local firms. In later stages, most businesses establish ventures in foreign countries (Anderson, 2000: 86). Narula (2003: 35) identified five stages that businesses undergo before developing into a global corporation. The first stage entails exporting using overseas dealers and distributors. In this stage, the business is predominantly domestic and it engages the services of foreign dealers as it expands into new overseas markets. In the second stage, the company has already established a foothold in foreign markets and therefore exporting its products using its own distributors and dealers (Narula (2003:43). During the third stage, the company is more established in the foreign markets. The firm begins undertaking to manufacture its products, sales, marketing, and other activities on its own (Pearce, 2006: 57).  ...Download file to see next pagesRead More
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