Research Assignment: Globalization

Research Assignment: Globalization

According to the textbook, globalization is the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies. It also states that the greater interdependence that globalization causes means an increasingly freer flow of goods, services, money, people, and ideas across national borders. International business is defined as any commercial transaction that crosses the borders of two or more nations. International business involves importing or exporting goods and services.

Globalization has impacted international business in many ways. Throughout history there have always been technological changes that have resulted in economic impacts. Some examples include the Industrial Revolution, transportation changes such as railroads, automobiles, and flight and also computer technology and due to technological advancements and the internet; e-business is used to conduct transactions between businesses and consumers. The impacts of globalization on the business world are many, but out of all of them the most important is competition. See all of this competition is pushing multi-national companies into strategic responses and as global competition increases, may companies are forced to reevaluate their position in the global marketplace. This entails strengthening their domestic position against competing foreign products for some companies, but other firms respond b expanding their undertakings into foreign markets. For many, an effective alternative to the more traditional approaches would be to have cooperative agreements with other businesses, but doing so would create a problem for those who are responsible for the management of the companies since management has to apply the appropriate strategies needed to respond to the opportunities and pressures created by the process of globalizing a business.

Alongside globalization culture has had its impact o international business as well. "Different communities or countries in the world follow different mannerisms and etiquette. The way or view to see a problem might change from country to country, across the globe." (King, C.). According to Cindy King, "there are some obvious ways culture influences an international business." Some of these cultural influences include "the way how we present ourselves, how we express opinions, assumptions based on the environment and context, perceptions of voice, and other personal physical details." (King, C.) When you work inside an international company, you'll learn to adapt to these cultural differences. "The various things that impact an international business are mannerisms, communication, time, etc." and with today's businesses entering the world of globalization the interaction between different cultures is bound to happen and learning different languages

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