What is Globalization Assignment Example | Topics and Well Written Essays - 1750 words

What is Globalization - Assignment Example In the perspective of international business, its impacts range from manufacturing, production, promotion, consumption, commercial exchange, and distribution. Large companies go for internationalization (i) To grow the size of its marketing and operations (ii) To gain new skills through host country workers (ii) To increase its strategic assets and profit. Small and medium-sized companies internationalize (i) To increase their revenue (ii) to utilize the resources in host countries which are not locally available In individualistic cultures, individuals are more oriented towards personal objectives rather than the benefits of the community or group while in collectivist cultures; people usually have more associations with the interests of the groups like national interest, family interests, and community perspectives. Economists generally measure the economic performance of a country by considering it GDP rate, inflation rate, unemployment rate, foreign currency reserves, currency exchange rates, national income and growth rate per capita, and balance of payment. Ethical consumerism, transparency and trust, employee motivation, increased public expectations of business, laws and regulations, crises and their consequences, and stakeholder priorities are the basic motivational factors behind the global corporate responsibility. From manufacturing to sale in the competitive markets, each and every new product has to pass through a series of stages. It includes introduction, growth, maturity, and decline stages. In a corporate world, these sequential stages are known as Product Life Cycle (PLC). Since Product Life Cycle is closely connected with continuous changes in local and global markets, therefore, it has direct effects on the business plan, corporate strategies, and marketing mix. Blue Ocean Strategy is actually an attempt made by some new or unknown industry or product to capture an uncontested space in the market.