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Write an essay (1500 words) addressing the following 2 questions:
Use examples and evidence to support your views. You may also consider your own business or the company you work for to discuss the above points. Note, even if an organisation is not directly involved in global business, it may still be influenced by suppliers/consumers up or down the value chain. A minimum of 12 referenced journal articles are required for this paper.
Please place the word count for this assignment on the cover sheet. 10% more or less than the stated word count is acceptable. Excess words will not mean extra marks. The marker may, at their discretion, discontinue marking at the word count.
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The advent and spread of globalization has been one of the most momentous events the world has witnessed in the hitherto times that has had its effects and has influenced almost every facet of life (Adekola, 2007). Owing to the spread of globalization and the opening up of the economies and markets of the various nations of the world, such developments have really brought the world under one roof. It has rendered global trade an important factor in the maintenance and determination of the new world order. Liberalization of the economies partially due to the pressure of the international community and perhaps more importantly it is imperative for survival in the globalized world.
This essay seeks to delve the ways globalization and jumping into the bandwagon of the phenomenon has become not only an imperative for survival but also as an opportunity for the domestic businesses to grow and prosper transcending the national boundaries (Hemmert, 2002).
Another important matter that would be examined and analyzed is the emergence of the third world nations as the main attractors of investment from foreign players and as the new battleground of multinational business corporations vying for competitive advantages. As a part of this topic, the risks involved in establishing and maintaining business in these third world nations would be examined and discussed.
The paradigms and dynamics of trade and commence among and between nations has been the most prominent area where the effects and profoundness of the influence of globalization has been experienced to the highest and intense most levels. As such, the roles and responsibilities of the national governments in the globalized era and the role played by the agents of globalization, the multinational corporations being the most prominent, has emerged to have become a matter of great interest for academicians, researchers, policy makers as well as practising managers of the multinational business firms. As mentioned in the preceding section of this essay, the advent of globalization has truly brought in a revolution that has engulfed all facets of human life and the business world has seen the results most prominently. As such, jumping into the bandwagon has been accepted by the nation states of the international community, manifest in the liberalization and opening up avenues for foreign investment and extending the reach of domestic companies to offshore destinations (Hudson, 2002). This can be approached from a two-pronged perspective. The first being the fact that being a integral component and proactive member of the international community and to survive and seek to sustain in the globalized world the nations states cannot help but make or amend policies to allow globalization, to the least some extent, meaning that the days of orthodox protectionism are gone. Secondly, the rationale for encouraging globalization to enter and spread into the nations of the world and their business worlds can also be related to the fact that being participants of globalization emanates better results for the domestic companies. As well leads to better growth, better reach, better use of technology, better training and infrastructure and better all round organizational output and enhanced business performance. In fact, globalization has rejuvenated the national economies and increased the domestic competitiveness of the economies leading to the development of key core competencies on the part of such companies to maintain the competitive edge in the market (Husted, 2003).
Researchers have suggested that the advent of multinational corporations have led to better training and better use of modern technology on the part of the domestic companies who they work in conjunction with in various business forms. The exchange of better codes of practices for employees as well as managers and the transfer of technology and better training and grooming have had the effects on the domestic companies and have helped them enhance their business performance and organizational output (Lu, 2009).
Examples of domestic companies being rejuvenated on association with a multinational partner are rampant and one of the most glaring ones can be related to the case of the Mahindra Owen international joint venture in India, which enabled the Mahindra and Mahindra Automobile Company of India. The international partner have to learn from each other and harness the benefits of the association to the bests extents possible (Martens, 2010). Another example of the Swaraj-Mazda Joint venture in India provides a good example of the manner in which the transfer of technology and the betterment in the codes of practices and manner of working led to better results for the Swaraj Company and made the joint venture one of the most successful ones in India (Madsen, 2008).