Globalization is a leading concept which has become the main factor in business life during the last few decades. This phenomenon affects the economy, business life, society, and environment in different ways, and almost all corporations have been affected by these changes. These changes are mostly related to increasing competition and the rapid changes of technology and information transfer. To challenge these changes, companies need to keep in mind various aspects of the main effects of globalization.
Globalization leads to increased competition. This competition can be related to product and service cost and price, target market, technological adaptation, quick response, quick production by companies etc. When a company produces with less cost and sells cheaper, it is able to increase its market share.
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Answer:
Globalization is a leading concept which has become the main factor in business life during the last few decades. This phenomenon affects the economy, business life, society, and environment in different ways, and almost all corporations have been affected by these changes. These changes are mostly related to increasing competition and the rapid changes of technology and information transfer. To challenge these changes, companies need to keep in mind various aspects of the main effects of globalization.
ANSWER:
Globalization leads to increased competition. This competition can be related to product and service cost and price, target market, technological adaptation, quick response, quick production by companies etc. When a company produces with less cost and sells cheaper, it is able to increase its market share.