Level 5: Unit 25 Global Business Environment Assignment Sample

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Task A : Globalisation Factors and Business Impact

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Introduction

The global business environment is when the business operates on the national level to buy, product, manufacture and sell services and goods in the different kinds of company. These businesses are obligated to consider numerous of important variables. This can include the different systems, tariffs, tax and legal requirements. The globalisation is kind of term which can be used to describe about how technology and trade have made the independent place and more connected. The globalization can capture in the scope of the social change and economic which have comes as a result. The report will shed light on the key factors which drive the trade and globalisation. The report will delve into the impacts of the factors which are on the business environment with the challenges and opportunities. The report will emphasise on the impacts of these factor which are on the globalisation in context of the innovation. The report will demonstrates on the recommendations about the how the organization can work with the globalised, digital world.

Literature Review

Analysing of key factors that drive globalisation and trade, with reference to cultural, economic, political, and social dimensions and the complexities this necessitates.

According to the Shenkar, Luo and Chi (2021), the globalisation can be described in the base of removal of challenges and barriers which trade across the border of national level. This can enable the increased in the interdependence, integration and flow of resources, capital market, production process and services among the different form of nationals.

The digital revolution: Due to the internet had made it easier to access the services and goods manufactured from the any country in the world. The concept of goods is easy via online purchasing and mobile phones. For instance the amazon has online store for purchase products and books. In accordance with Bahoo, Alon and Paltrinieri (2020), the customer can get their product shipped anywhere on the global level. Through the digitalisation the customer can check the prices, get the information about the product and can pay online. The customer can get the products which can be shipped from any country.

Economic integration: The numerous of trade blocs have been made the national barriers porous as challenges and barriers to remove and reduce among the members of the countries. The trade blocs can increase the competition among the companies in member of the counties as flow of services and goods which facilitated across the national borders. In accordance with Petricevic and Teece (2019), there is no availability of the deregulation markets between the members of state.

Culture dimension: This aspect is important in shaping the globalization; this can foster connection between the exchange of cultures and traditions. This procedure is marked by the having the cultures which have diffused by the internet. This is idea, value and meaning which extend the social relationships. However, the culture diversity is kind of richness and innovation which also comes with the challenges.

Political dynamics: The political factors which can be defined by the term of policies from the government and designed to facilitate the trade of globalisation. According to the Eriksen (2020) policies which are from the government channelizing the flow of capital and finance. However the instability of the political factor can put impact on the business which is on the international level.

Level 5: Unit 25 Global Business Environment Assignment Sample

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Social influence: In accordance with Hoegh-Guldberg, et.al, (2019) the social influence has the impact on the changing preferences and demand of customers in the global market. However, the social movement can put impact on the policies of the government trade. The main role of the social media can influence the culture and shape the trends.

Complexities of globalization: The complexities can need the careful consideration with the globalisation. The different regulatory framework comes up with the different challenges and hurdles on the global trade. The globalisation has the vast benefits with the more prosperous, connected and tolerant world.

Main body – Analysis and Impact

Critically evaluation of the impact that these factors have on the business environment in terms of opportunities and challenges.

The factors such as social, economic, cultural and political put impact on the business environment and come with the opportunities and challenges. The impact of the factors on the development has been both the sides positive and negative. The globalisation has increased the new market, investment and trade.

Opportunities: The exchange of culture offers the opportunities to work on the global level with the diversity and emerging market. This can offer the diverse culture with the innovative goods with the preference of different customers. The economical factor which come with the growth of opportunities in the new market place. The social dynamics increased the engagement of the customers on the international level and help in expanding the business. The political stability can boost the long term and operational investment (Ritzer and Dean 2019). The globalisation on the economical bases decreases the cost of the producing and manufacturing. The organization can provide products on the lower price and gain the good profit. The globalisation has increased the opportunities for invest and trade on the global level. The social factors can increase the completion among the organization which dr4ive the efficient and innovative productivity.

Challenges: The different kinds of the cultures on the global level can raise the issues related to the communication, preferences and cultural nuances. The economic factor which improve the risk of the economic stability and functions in the currency. The globalisation can also bring the economic integration between the different countries which can create crisis in the other country. The stability of political factors can interrupt the operation of the business and as result in the new challenges. The social dynamics can involve the challenges related to the balance of the practices and profits of the businesses.

Evaluating the impact of digital technologies on globalisation and the role of innovation.

The digital technology brings the numerous of opportunities for the business on the national and international bases. The advancement in the technology reduces the communication and transition cost across the different countries. The globalisation has been the coming with the far reaching changes around the globe. The technology played crucial role in the speeding the globalisation. The technology and globalisation have included into the similar phenomenon.

Transportation and communication cost: The digital technology has reduce the cost of the communication and transportations across the countries and help in facilitating the raw material and other kinds of inputs. The patent technology has encouraged the firms as patent and able to exploit the foreign market place without little rivalry. The technology has enhanced the connectivity on the global bases. The business can communicate across the countries which can improve the decision making.

Global market and E-commerce: The E-commerce has created new job opportunities and increases the reach of customers across the borders. Through the use of technology customers can purchase the goods and products from the anywhere. The technology had increased the competition among the organizations which are working on the international bases. The E-commerce has assisted the main seller to sell the products directly to the international customers (Digital Technology’s Impact On Globalization, 2023). This allows to complete transcend across the national boundaries and can expand the on the abroad.

Information and data sharing: The technology has made the ease in sharing the data across the countries which can increase the global economy interaction. This has boosted the flow of data which helps in making informed decisions. The technology has made it clear and seamless to share the information from anywhere and whenever needed.

Creates a digital culture: The digital technology helps in creating the workplace which influenced by the digital technologies and tools. The companies across the countries with the use of the advanced cultures can collaborate and offer the services and products to the customers.

Supply chain: The Supply chain is the sector which has been seen virtual integration of the outputs of the manufactured, transportations, dispatch agencies (Kim, Li and Lee, 2020). This can help in suppliers and consumers of the services and goods across the globe. This is possible due to the digital transportation and communication channels.

Better data collection: The digital technology can optimise the analytics and data collection across the countries. One can process or store the data on the big scale and quicker pace. The use of faster data transmission helps in speed up the analysis of data. This can gain the better insight into customers for launching the customer centric strategies for growth of the counties.

Role of the innovation: The 85% of the economic growth is linked with the technology innovation, it is impossible without the innovation. The innovation is the key drive the entrepreneurs and plays the main role of company’s success. This allows the global businesses to have new opportunities and resolve the issues. This helps the companies to grow, create new jobs and stay competitive (INNOVATION IN BUSINESS: WHAT IT IS & WHY IT’S SO IMPORTANT, 2023). The companies by making use of technology can improve the competitive age on the international bases. By making use of the technology the business can enhance the productivity and operations. The innovation can reduce the challenges and bring new opportunities for the businesses across the boundaries.

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Conclusion

By concluding the report it delves into the factors which drive the globalisation and trade. The culture aspect is crucial for shaping the globalisation which help in fostering the connections among the traditions and cultures. The political factor can define the government policies which improve the finance and capital. The report emphasise on the factors which put impact on the business environment in terms of challenges and challenges. The globalisation offers the diversity of culture with the emerging market. The social factor helps in increasing the customer’s engagement on the global level. The challenges which occurs from the different languages, preferences and creates issues related to communication. The political factor put impact in the business operations. The report emphases on the impact of digital technology which are reduce the cost of communication and transportation. The report focuses on some recommendations to thrive and respond to the globalised and digitalised world. The organizations can focus on the sustainable practices which can improve the brand image.

Recommendations

Recommendations on how organisations can respond to and thrive in a globalised, digitalised world.

• The organizations on the global level should invest in the new technologies such as data analytics, Artificial intelligence etc. to improve the work performance and competition in the emerging international market.
• The organizations have to enhance the innovation which can help in improving the efficiency. By making use of the technology the companies can be a biggest competition of the other organizations.
• The organizations must create changes and business values, models which are dynamic models that include the adaption. The company can find out the right partners to establish the data sharing and effective communication.
• The organizations must invest in the cyber security to safeguard the most sensitive information and data; it helps in remain the data secure, confidential and only accessible for the individual which are authorized.
• The organization should develop the global competency by offering the training and develop to the employees to work on the international market. The organization can improve the soft and hard skills of the employees by providing them training.
• By building the work environment with the different cultural communication can improve the understanding and improve the competence.
• The organizations ought to create strategic partnership to address the competitive threats of the substitution and limitation. The threat should be resolved in the value channel areas and can respond to the substitutions; this can help in reducing the cost on the market place.
• The companies can enhance the sustainable practices for the environmental friendly practices and can reduce carbon omissions and pollution; this can make a positive global change.

References

Books and Journals

• Bahoo, S., Alon, I. and Paltrinieri, A., 2020. Corruption in international business: A review and research agenda. International Business Review, 29(4), p.101660.
• Eriksen, T.H., 2020. Globalization: The key concepts. Routledge.
• Hoegh-Guldberg, O., Jacob, D., Taylor, M., Guillén Bolaños, T., Bindi, M., Brown, S., Camilloni, I.A., Diedhiou, A., Djalante, R., Ebi, K. and Engelbrecht, F., 2019. The human imperative of stabilizing global climate change at 1.5 C. Science, 365(6459), p.eaaw6974.
• Kim, H.M., Li, P. and Lee, Y.R., 2020. Observations of deglobalization against globalization and impacts on global business. International Trade, Politics and Development, 4(2), pp.83-103.
• Petricevic, O. and Teece, D.J., 2019. The structural reshaping of globalization: Implications for strategic sectors, profiting from innovation, and the multinational enterprise. Journal of International Business Studies, 50, pp.1487-1512.
• Ritzer, G. and Dean, P., 2019. Globalization: the essentials. John Wiley & Sons.
• Shenkar, O., Luo, Y. and Chi, T., 2021. International business. Routledge.

Online

• Digital Technology’s Impact On Globalization, 2023. Online. Available through https://www.thethrive.in/business-article/digital-updates/digital-technologys-impact-on-globalization/
• INNOVATION IN BUSINESS: WHAT IT IS & WHY IT’S SO IMPORTANT, 2023. Online. Available through <https://online.hbs.edu/blog/post/importance-of-innovation-in-business>