Globalisation assignment

Globalisation

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Business and Enterprise | Assessment type one | Folio task | Stage 2

Contents

TOC o “1-3” h z u Table of figures PAGEREF _Toc4071206 h 3Executive summary PAGEREF _Toc4071207 h 4Globalisation PAGEREF _Toc4071208 h 5Markets PAGEREF _Toc4071209 h 6Consumer PAGEREF _Toc4071210 h 6Labour PAGEREF _Toc4071211 h 6Resource PAGEREF _Toc4071212 h 6International expansion PAGEREF _Toc4071213 h 7Methods of international expansion PAGEREF _Toc4071214 h 7Increase in technology development PAGEREF _Toc4071215 h 8PESTEL Analysis PAGEREF _Toc4071216 h 9SWOT (Globalisation) PAGEREF _Toc4071217 h 10Conclusion PAGEREF _Toc4071218 h 11Bibliography PAGEREF _Toc4071219 h 12Secondary sources PAGEREF _Toc4071220 h 12

Table of figures TOC h z c “Figure” Figure 1 – expansion methods PAGEREF _Toc3795627 h 7

Executive summary

GlobalisationGlobalisation is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.

Increasing globalisation, heavy competition, empowered customers in new markets, and fast-changing technologies means small and medium-sized enterprises (SMEs) are now no more immune to the marketing challenges traditionally faced by large multi-national organisations.

MarketsConsumer

The consumer market pertains to buyers who purchase goods and services for consumption rather than resale.

Labour

A labour market is the place where workers and employees interact with each other. In the labour market, employers compete to hire the best, and the workers compete for the best satisfying job.

ResourceA resource market is a market where a business can go and purchase resources to produce goods and services.

International expansionThe planned expansion of a company’s business activities into countries in several regions throughout the world.

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 Global expansion implies more than just making investments in nations outside of the company’s home; the concept includes maintaining an actual business presence in those countries. For methods in which businesses use to expand internationally, please see figure 1.

Methods of international expansionMethod Advantages Disadvantages

Internet selling One of the fastest ways to gain a share in the international market.

Become one of the easiest ways to gain a share in the international market. More impersonal, not face to face selling

More exposed for people to copy your content and product

Technical issues such as internet outages

Exporting Easiest way to enter an international market

Most firms begin their expansion using this model of entry. Less control

Legal and regulatory environment must be sound

Acquisition Fast entry

Known, established operations Understanding international laws and cultures

Foreign exchange

Figure SEQ Figure * ARABIC 1 – expansion methodsIncrease in technology development

Technology has had a major impact in the modern workplace, revolutionising the way businesses conduct their daily activities. Whatever industry you are operating in, technology helps your customers access all the information they need to successfully interact with your company. It can also help staff perform their jobs more efficiently.

Advantage – Technology can improve a business by increasing productivity, improving flexibility and providing better customer service.

Disadvantage- The disadvantages of technology in businesses includes the high maintenance costs and the takeover of jobs, meaning people are losing jobs because technology is doing it all.

An example of technology improving business is about 20 years ago, the water sport industry had a dramatic decrease to sales due to the lack of skiers and nothing new happening. Until wakeboarding came along and took an industry that required to make waves (the wake). Wake boats are leading new technology by creating electromechanical devices that are controlled by fingertip touch screens and alter the shape and size of the wake.

PESTEL AnalysisPolitical

Corruption

Foreign trade policy

Tax laws

Government stability

Economic

Understanding exchange rates

Understanding interest rates

Unemployment rates

Social

Cultural issues

Population growth

Trends in lifestyle

Consumer behaviour

Technology

Level of technology adopted

Access to technology

Technological awareness

Training to use innovation

Legal

Employment laws

Discrimination laws

Country regulations

Copyright laws

Environment

Weather

Ethical issues

Pollution and waste laws

Strengths Weaknesses Opportunities Threats

Gain more customers

Boost reputation

Foreign investment

Become more competitive

Learning new culture Creates timing issues

Language barriers

It may take many years before a business is rewarded for their effort Economic environment (countries with economic infrastructure)

Consistency all year round and not just reliant on peak seasons Government trade polices can be loose or restrictive

Some developing countries lack an economic infrastructure

SWOT (Globalisation)Figure 2 – SWOT analysis

ConclusionFor an SME business to go global, there are many considerations for the business to be successful in launching overseas. Careful planning and investigation needs to be done if a business is to be successful in other markets. If done successfully, the result can expand a business’ reach and growth.

Bibliography

Secondary sourcesWebsites

Globalization101.org. (n.d.). What Is Globalization? | Globalization101. [online] Available at: [Accessed 10 Mar. 2019].

Williams, A. (2015). Why SMEs are thinking like multinationals when it comes to marketing. [online] Cmo.com.au. Available at: [Accessed 10 Mar. 2019].

The Economic Times. (n.d.). Definition of Labour Market | What is Labour Market ? Labour Market Meaning – The Economic Times. [online] Available at: [Accessed 11 Mar. 2019].

Study.com. (n.d.). Resource Market: Definition & Overview – Video & Lesson Transcript | Study.com. [online] Available at: [Accessed 12 Mar. 2019].

Beaker, L. and Johnson, S. (2018). 5 Ways Technology Can Improve Your Business. [online] Localmarketlaunch.com. Available at: [Accessed 14 Mar. 2019].

Becker, B. (2018). New Technology in the Watersports Boat Market Makes Waves – boats.com. [online] Boats.com. Available at: [Accessed 19 Mar. 2019].

Blogs

Language, D. (2014). What are the 7 benefits of going global. [Blog] Dynamic Language Blog. Available at: [Accessed 22 Mar. 2019].

Gaille, B. (2015). 12 pros and cons of expanding a business internationally. [Blog] Brandon Gaille small business and marketing advice. Available at: [Accessed 22 Mar. 2019].

Journals

van Rossum, J. (2017). Bizjournals. Choice Reviews Online, [online] 45(04), pp.45-1796-45-1796. Available at:

E-Book

Gitman, L., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B. and Hyatt, J. (2018). Introduction to business. [ebook] p.23. Available at: [Accessed 22 Mar. 2019].

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Globalisation assignment. (2019, Dec 15). Retrieved from https://paperap.com/globalisation-assignment-best-essay/

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