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Globalization Of Business

Essay by   •  June 3, 2011  •  281 Words (2 Pages)  •  1,170 Views

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To be successful in any endeavor you must first know the significance and value of what you are pursuing. For this term paper, I will endeavor to relay some of the key elements involved in understanding the globalization of a local business into the international market, and the many issues that occur along the way that must be dealt with the utmost attention and care.

The essence of globalization of business is broadening interdependence among people from different parts of the world, especially among different countries, and growing relationships to enhance and expand the world market as one. Globalization is the integration of economic, political, and cultural systems across the globe. It is a force of economic growth and prosperity, both for the host country and the home country.

I think when you take on a great a challenge such as this there are many aspects that have to be considered in order to make the relationships work smoothly and efficiently so that there is trust there in order for the business to mature and grow outside its own borders. Because companies operating internationally have a more diverse and complex operating environment than those operating only at home, understanding the forces behind globalization will make a big impact on the welfare of the business and almost always, the relationships that develop. The most important aspect to remember is that globalization is not just about economics. Globalization, for some undeveloped countries and untapped markets, encompasses production, manufacturing, transport, communication, information, new technologies, consumption variances, homogenization of culture, power, and political changes. All of these aspects have a lasting effect on the countries involved, not just in th

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