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Abhinaba answered on
Aug 31 2021
GLOBALISATION IMPACTING TODAY’S BUSINESS
Executive Summary
The report on the impact of globalisation in today’s business landscape is elucidated by defining the phenomenon in the context of global business. In the report, the role of international business managers in the field of finance and accounts, marketing and advertisements, human resource and others are well explained. The report has shed light on the different responsibilities performed by these international managers to significantly
ing development and expansion of the businesses. Furthermore, the linkage between outsourcing, offshoring and globalisation is established along with their contribution to the whole process of globalisation by taking into consideration the case study of Zara. The challenges and opportunities related to this aspect are also focused in the report.
Table of Contents
Introduction 4
Main Body 4
Impact of Globalisation on Business 4
Cu
ent business landscape in the light of globalisation 4
Prevalence of high competitive pressure among businesses 5
Two facets of Globalisation 5
The latest trend in the global business market 6
Role ofInternational Business Managers 7
Need of International business managers 7
Specialisation of international business managers 7
Duties of international business managers in the world of globalisation 8
Contribution, Challenges and Opportunities of Outsourcing and Off-shoring inGlobalisation 8
Defining Outsourcing 8
Definition of Offshoring 9
Relation between the outsourcing and offshoring using case study 9
Outsourcing and offshoring leading to globalisation 10
Outsourcing and offshoring Zara product 11
Conclusion 11
References 13
Introduction
In today’s era of cutting edge technological progress and innovation, globalisation has become the watch word of the hour in the global business environment. The businesses, small, medium and large, all strive to attain expansion to remain as a competent contender in the highly competitive market pressure. According to Bieler (2017), the large scale businesses enjoy additional advantages to grab the attention of the global customers by availing wide spectrum of resources such as manpower, capital, land, technology and others. The multinational companies are likely to penetrate in the foreign market space and successfully manage to make a mark that the small or medium sized business enterprises conspicuously fail to achieve. Many a times, it is observed that the small and the medium businesses bear the
unt of the blow generated by the hype of globalisation. In this context, Rieche et al.(2016) have opined that international managers of business organisations dealing with finance or human resource, particularly, provide a roadmap to the enterprises. These roadmaps, the planning play a crucial role in deciding the course of action of these business organisations in the mission to go global. This particular report on the impact of globalisation on the cu
ent business scenario explains the role of international managers in this aspect. The report also elucidates the contribution of outsourcing and off-shoring to globalisation selecting the case study of Zara, the Spanish based fashionable clothing retailer.
Main Body
Impact of Globalisation on Business
Cu
ent business landscape in the light of globalisation
In 21st century, globalisation has
eached all the borders to integrate national economies by welcoming international expansion of businesses. Globalisation has become of the fundamental aspect of the global business world. Today, the phenomenon is not limited to few prominent industrial sectors such as automobile and textile but has also
ought under one um
ella businesses of other industries including technology, electronic gadgets and others. No wonder, globalisation has left no stone unturned to significant influence different aspects concerning strategic management of business organisation. Globalisation, in the corporate landscape, demands competency and the fervour to grow to satiate the diversifying and ever increasing demands of the customers around the world. The fundamental attribute of globalisation is instilling among the businesses, i
espective of its sizes, a sense of high level competition to reach its fullest potential. Hill et al. (2017) have opined that the term innovation has assumed a different connotation due to the onset of the intense competition at the global level. A progressive country is characterised by the prosperity offered to the top notch business organisations that fundamentally assist in creating job opportunities, scaling up the profit level, stabilising the economy and finally ensuring a holistic development of the overall scenario.
Prevalence of high competitive pressure among businesses
The cut throat competition prevailing in the business environment is an outcome of globalisation that necessarily demands class-apart performance, high level of customer satisfaction, innovative ideas, committed manpower and bulk capital. In the words of Adekola and Sergi (2016), the small, medium and large businesses come across major challenge to sustain themselves amid high competitive pressure at the cu
ent times. The organisations must strenuously work towards improving themselves in every aspect to cope up with the global competition. It is important for the business enterprises to formulate new innovative organisational strategies to survive the aftermaths of globalisation. The business organisations must establish an open cultural scenario for innovations, develop interdependent partnership and accentuate on setting up business ecosystems based on innovative ideas. The leading business players with acuity towards comprehending the latest trend remain well informed about globalisation, its high competitive pressure, changing demands of the customers and switch to business operated on real time basis. Today, globalisation has such an overwhelming impact on the business landscape that innovation is not merely a set of different, out of the box ideas. Cu
ently, innovation in businesses is about framing unique strategies that facilitate and empower the enterprises to survive amid unstable, constantly changing market conditions.
Two facets of Globalisation
It is absolutely necessary for business entities to structure and categorise themselves for sustaining in the global market space. Welford (2016) has pointed out thatthe management of the businesses must be offered the freedom to decide on the matter of global standardisation. The organisations must receive all the necessary market related information for exercising greater control and developing an atmosphere of cooperation and coordination. This largely assists the workforce towards getting a specific direction towards attaining the desired operations, products or even locations.The economists are of the opinion that globalisation has
ought a
ighter side to the business economies as the market share have moved up with increase competitive pressure. As a result, the generation of revenue and its distribution have occu
ed in the course of time. However, globalisation has also offered the businesses with the gloomy aspects. In terms of benefit from globalisation, the businesses undergo large scale innovation in the technological domain; closely followed by large scale investments, rise in employment and lastly, healthy competition. Innovative technologies substantially...