Globalization has revolutionized the world in many aspects. In this paper, the effect of globalization on individuals as well as the society as a whole will be discussed in details. The work will be guided by the data collected to help in understanding the topic globalization in the market place.
The world has become a small village which can be attributed substantially to the Information technology innovations. Globalization has made many things be like a puzzle. In one way, globalization has made things be done much more easily while at the same time made others extremely challenging such as management.
On the positive side, globalization has offered the rest of the world a platform to market goods and services to a wide segment of people (Griffin, 2012). In the real sense, this implies that, with the expansion of the market sectors there are more sales, which is an indicator of more income.
Technology has helped the world of business in making communication and availability of information become much easier. For example, the internet offers a platform for exchange of information, as well as, means of communication. The globalization though faces some challenges such as the language barriers. As much as the communication has grown, accompanied by opening up of new markets, people have to communicate and for this to be possible there must be a common language between them.
The world is diverse and has many people of different cultures. Doing business with people of different cultures may be a problem since people have varying believes, where one thing may be acceptable in one place while it is totally unacceptable in another. A typical example, where cultures collide is where a product such as pork is a delicacy in some regions while in others; it is a taboo to consume the same product.
On the positive side, globalization in the world of business has supported positive competition, which helps in production of better things. In situations where a given company was enjoying monopoly, the entry of other organisation will make the production techniques be enhanced, hence the consumers benefits from accessing better products at reasonable prices than they had before (Kreitner, 2009). The mixing of people of different cultures as they conduct business has resulted to building of ties thus relationships are enhanced.
Countries that have different goods can form a trade link where they supplement each other. For example, a country may be accomplished in agricultural production while another one deals with industrial products. These two countries can participate in doing business to offer what others are lucking. In the process of doing the same, there is growth in community relationships through information exchange, as well as, cultural interaction.
There being increased competition in the market, organizations need to up their game in conducting their day to day activity in order to survive. Where competition is high, before new organizations venture into the same market, they need to conduct a detailed market research which comes at an extra cost. Before globalization, there were few organizations thus doing things like advertisement, and market research was not of much essence, thus the cost of running a business had been relatively low.
Management is decidedly essential in any organizations; unfortunately, with globalization management has become tricky in some ways. The current managers need much more organizational skills such as planning to make the goals of the business to be met. The process of recruiting and selection of human resources has also become a challenge. This can be experience where an organisation is setting up business in a place where the locals are not literate, for example, in the developing countries. This poses a problem in that the organisation has to train people to do the job. Training and development of human resources is expensive, and this will dig into the organizations profits (Bateman & Snell, 2013).
It has been confirmed that globalization has had both positive and negative impact as a whole. On the same footing, globalization has impacted also individuals in the society, in the research a carried out majority of the people were full of opinion about how globalization has brought in their lives in the last 20 years. Many of the business owners who I had an exchange with opined that, the opening of the world market has been a blessing to them since they are able to offer customers a variety of items from which to make a choice.
Personally, I profoundly appreciate the wave that has come with globalization in the market place. This is because a lot of commodities are available which offer substitutes and hence price competition. Consecutively, the availability of the information helps considerably in making of the right choices during purchasing of goods.
In conclusion, globalization has been highly instrumental in making the world a better place. Nonetheless, there have developed cultural drain in some areas where even in worse case scenarios some cultures have been fully extinct. To the community at large, global market place has offered more opportunities for development and hence an increase in the income generation.
Bateman, T.S., & Snell, S.A. (2013). Management: Leading and collaborating in a competitive world (10th ed.). New York, NY: McGraw Hill Irwin.
Griffin, R. W. (2012). Management. Mason, OH: CENGAGE Learning Custom Publishing.
Kreitner, R. (2009). Management. Boston: Houghton Mifflin Co.