The paper "The Meaning of Globalization in relation to Management " is a great example of management coursework. Businesses and individuals can move from one region to another or even share information and ideas in the comfort of their homes. Technological advancement and the need to explore have improved business interactions and engagement. Businesses are able to operate and complete transactions even though the businesses are located across the world. To fulfill these requirements, whether as an individual or as a business, globalization is important in the achievement of organizational goals and objectives.
Globalization is commonplace in society and also elaborates on numerous functions. For organizational management, there are advantages and disadvantages of globalization and usually depends on the type of organization, and the location of the organization. For example, small business and large business are affected differently by globalization. However, if globalization is integrated well into an organization, the organization, whether small or large, benefits immensely. The essay outlines the meaning of globalization in relation to management especially on Small Medium Enterprises (SME) and Multinational Enterprises (MNE). The essay then discusses and analyzes the advantages and disadvantages of globalization.
The significance of taking the approach of SME and MNE is to determine whether one sector benefits more compared to the other or there is a correlation of benefits and challenges of globalization. Part A: Globalization Globalization is the integration and interaction of governments, companies and people of different nations through a process that is driven by investment and international trade and supported through information technology (Potrafke & Ursprung, 2012). Globalization and associated process have effects on economic development and prosperity, on political systems, on culture, on human physical wellbeing and on the environment across the world.
Globalization is a controversial topic because opponents and proponents present different perspectives (Spilker, Schaffer & Bernauer, 2012). Proponents argue that globalization allows undeveloped countries and citizens to raise their standards and develop economically while opponents state that it creates an unregulated international free market, which benefits those organizations, which are multinational (Kousadikar & Singh, 2013). Therefore, according to the opponents, the local industries and companies are disadvantaged because of the strength associated with international corporations (Liou, Rose & Ellstrand, 2012).
Globalization resistance is evident in the manner in which governmental institutions and through popular perspectives has resulted in governments and people to try to manage the flow of ideas, goods, labor, capital that defines the current globalization requirements. Globalization also raises additional challenges for management. An organization benefits from globalization but the management should be effective in ensuring appropriate strategies are integrated into the entire process. Globalization comes with the social, cultural, political, legal, environmental and technological challenges (Spilker, Schaffer & Bernauer, 2012). The management should determine the strategies to counter challenges associated with such complications.
For example, reviewing and analyzing a region before establishing a business is the appropriate strategy to determine whether the business would be viable. Different definitions of globalization exist because of the ideologies and perspectives of definers (Liou, Rose & Ellstrand, 2012). For the purpose of this essay, the definition preferred is allowing integration and interaction of world business factoring into consideration the political, social, economy, legal, environmental and technological variables. Without these components, globalization cannot surface.
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