A Huge boon or nah?
Things have been so different these days and honestly, I can't imagine how would it feel without the resources we have right now. There are pros and cons for sure so let's focus on today's topic, which talks about globalization.
Based on your initial impression, is it a huge boon or not?
Globalization has opened the door to a vast array of opportunities for every kind of business in every part of the world. With this, businesses can gain more wealth, develop even further, establish their brand and meet the needs and wants of customers all around the world, and made it possible for many consumers of products and services to be globally accessible and convenient.
Furthermore, it facilitates the expansion of businesses, intensifying innovation, research and development, and the incorporation of investment in creating more output, which is good to generate more profits.
Regarding exports and imports brought about by globalization, it positively impacts the economy and various industries by making it attractive to more people, especially to investors. It has also enabled a huge development in the quality of technology now in use around the globe which has greatly impacted commerce. In fact, many entrepreneurs and globally focused businesses have benefited from technological advancements to take advantage of emerging business prospects.
Even though it has resulted in price fluctuations worldwide in a wide variety of areas due to competition in the marketplace, it is necessary to lower prices to remain competitive, and globalization has helped businesses expand their options. Overall, it allows each business to continue improving its benchmarks and value to the customer, which has benefited everyone.
How about business managers? How are they affected?
When it comes to opportunities, business managers benefit from the diversity of options that globalization brings them. One of which is free trade, which is considered an outstanding mode for nations to trade because it takes the initiative to produce more efficient goods and services to their advantage.
Another is the good side of competition as it brings out ideas to business managers as to how they can keep their competitive advantage from their competitors while making sure that profits are being maximized. Entrepreneurs will not only create more output because of this, but more jobs to offer to other individuals will also be opened.
On the other hand, challenges may also be present, and one of the vast issues that globalization creates is the presence of high costs. This is due to the fact that launching a business or branch in another nation, particularly a developing one, requires a significant amount of extra capital.
Business managers are also faced with the issue of addressing a wide range of laws in various nations since they are often required to deal with distinct sorts of banking systems in other countries. Undeniably, environmental degradation is also a challenge brought about by globalization due to greater emissions of industrial pollutants from the increased economic activity, which creates serious detriments affecting production and the like. These things left unmanaged may result in barriers from growing into other nations and the occurrence of serious and possible backlash.
Whether or not it is a huge boon, every one of us should make use of these advantages efficiently and in the right way and constantly work on improving those that seemed to be drawbacks.
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I personally think that a country can take for granted the positive effect of globalization for their own benefit.