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Quastions ch 1 - Essay Example

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defines globalization as the “intensification of cross-national economic, political, cultural, social, and technological interactions that leads to the establishment of transnational structures and the integration of economic, political, and social processes on…
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Globalization and International Business Globalization and International Business a. Define globalization Drexler et al. defines globalization as the “intensification of cross-national economic, political, cultural, social, and technological interactions that leads to the establishment of transnational structures and the integration of economic, political, and social processes on a global scale” (Drexler et al., 13 December 2013). Business globalization involves a change in the business operations of a business from operating within the geographical boundaries to operating in multiple counties.
b. Definition of International business
International business entails all commercial transactions both governmental and private between parties that originate from two or more countries.
How globalization affects international business
Globalization affects international business through requiring firms to adopt new global strategies in terms of operations, distribution, sales, and marketing to ensure success of international business.
2. a. Why companies engage in international business
Companies engage in international business as a measure of accessing new markets for its unique products, access economies of scale, spread R&D costs, and access to higher profits owing to some benefits of operating in the international market including low production cost, low competition, and fiscal & export incentives.
b. Why there has been an acceleration of international business
The growth of international business has accelerated due to economic liberalization in tariff structure and regulation owing to the actions of WTO allowing firms to set base internationally and still make profits without being affected tariffs and regulations. The other reason acceleration of international business is breakthroughs in technology in terms of manufacturing, communication, and information, transportation technologies making the world a global village. The result has been ability for mass production, reduction in transport costs, and a reduction in significance of distance as a factor in determining the country of operations. International economic integration, WTO & GATT, and movement to free market systems are other reasons that have facilitated the acceleration of international business growth (Herrmann, May 2012).
3. a. Discuss the future of globalization
The future of globalization is that of the continued increase especially in education sector through global outreach of universities, and student flows, migration of people and systems for global food production. With increased interconnectedness, globalization will continue at a fast rate leading to the exchange of ideas, goods, jobs, and money. Augmented globalization in the future will result in easier access of information, increased volatility, and economic uncertainty.
b. Criticisms of globalization
The criticisms of globalization include that it has led to the devastation of the environment, unequal development of countries with the developed countries having a better advantage over developing countries, and neocolonialism. Other critics believe that the globalization has been achieved at a cost of human rights, a rise in global terrorism and international crimes spanning beyond geographical boundaries including Al-Qaida and Taliban (Wendy, January 2013).
4. Illustrate the different ways a company can accomplish its global objectives
A company can achieve can achieve global objectives through augmenting the complexity of the supply chain through increasing distribution of goods to these countries, setting up operations in new countries. The choice of country of operation depends on low production costs, augmented market, and access to factors of production to result in increased profits. Motor vehicle companies often achieve global objectives through manufacturing parts in different low costs locations and shipping them to a central location for assembly to achieve lowest costs augmenting profitability. Setting up operations in rapidly growing countries and where markets are easily accessible are another manner of achieving global objectives by firms.
5. Recognize the need to apply social science disciplines to understand how international and domestic business differ
Social science as a discipline aims at investigating individual behavior and influences of individual behavior on the world. Social science is done through studying how people live in a society and relationships among individuals. Social science as a disciplines allow the understanding of the disparities between international and domestic business through the need for building new subsidiaries and offices in international business, which is not the case in domestic business (Herrmann, May 2012). Setting up operations beyond domestic boundaries requires social science to understand better the difference in country and corporate cultures, the need to know differences in language and allow for communication with the customers and employees in the new area of international business. Other social needs for setting up international business include understanding communication styles, sub-cultural differences, and social behaviors of the society to allow for success of international business. These needs for understanding of the language, communication, culture, and social behaviors are not required in setting up domestic businesses; hence, social science is applied in differentiating international from domestic businesses (Herrmann, May 2012).
Dreher, Axel, Noel Gaston, and Pim Marten. (13 December 2007). ‘Measuring Globalization and Its Consequences’, Globalization and the Labour Market, Department of Business Enterprise and Regulatory Reforms.
Herrmann, A. (May 2012). Globalization and its Effect on International Business. Global Awareness Society International 21st Annual Conference-New York City.
Wendy, C. (January 2013). Globalization. Massachusetts: Salem Press. Read More
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