Globalization can be described as a process by which the economies, cultures of various countries have come nearer to each other and have turn out to be integrated with each other. The term is used extra specifically in case of economics as the integration of several economies to an international one thereby increasing commerce, reducing down of trade obstacles, increasing competitors and generating a number of streams of revenues.
Globalization in respect to the worldwide enterprise takes into consideration the widening enterprise horizons for the economies as they unfold their wings to achieve out to new international markets. The time period means that firms now operate in multiple markets freely with decrease legal and tax boundaries and more alternatives to tap the market. This has also enhanced the scope of circulate of goods and providers from one nation to a different and have made the international locations showcase their aggressive benefit over others in the world market.
The exports have grown with the rise in globalization as nations reach out to other in the market to reap the benefits of the competitive benefit of each other. This has helped each nation to develop its resource base and act as a supplier of products and providers to different countries on this planet by the export market. For eg. China has become the manufacturing hub of the world due to the globalized financial system. India affords quality services mainly in IT, medical and tourism to customers all around the world. Globalization in terms of international business additionally elates to increasingly distribution of labor among these available in the market who can do that almost all effectively and in a cost efficient manner which has resulted in the growth of outsourcing sector prior to now few years. The arrival of globalization in the international business has also made the nations more depending on one another as they turn out to be entangled with each other as they try to reap the benefits of one another’s competitive advantage out there.
Companies now have multiple markets to reach out to which has increased their buyer base many fold.
Competitors is predicated on the free market principle and globalization has helped in making the international markets free from all limitations each political and authorized thereby resulting in the enhance in competitors in a huge manner. Firms in any region now face stiff competition not only from the domestic companies but also from the worldwide ones as they try to develop their market and provide their services and products to prospects world wide (Bala, 1985). Globalization has given extra energy to the organizations to reap the benefits of there competitive advantage available in the market and give competitors to different gamers in the same industry by increasing its market to other nations. Taking example of the outsourcing industry, with globalization , American companies found it extra economical and helpful to fabricate in China and India to take advantage of cheap labor and raw supplies than manufacturing in their own market.
This resulted within the circulate of contracts out of the home country to the ones which could do the work extra effectively and cheaply Thus the American firms discovered the competitors increased many folds as they were competing even with the creating world international locations who may provide higher products and services because of their aggressive advantage. Globalization thus helped the players to leverage more on their strengths but within the technique of increasing the market elevating the bar of competitive pressure too available in the market.
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