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Unit Title Operating in a Global Context.

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Table of content
Serial No Contents Page No

Introduction 3

Learning Outcome #1
Understand the context of globalization.
1.1 How globalization has evolved 4

1.2 Compare different types of globalization. 5

1.3 The positive and negative effects of globalization. 6

Learning Outcome #2
Understand the factors which drive globalization.
2.1 The term global economy. 8

2.2 The term global business environment 8

2.3 Key global issues which drive globalization. 10

Learning Outcome #3
Understand how and why a business would want to operate in global markets.
3.1 A business entering a global market. 11

3.2 Compare ways in which a business can enter a global market. 11

3.3 A preferred mode of entry to a business. 13

Learning Outcome #4
Understand how operating in a global market impacts a business.
4.1 Operating in a global market impacts a business’s structure and culture. 14

4.2 A global market impacts a business’s strategic and operational decision 16

making.
4.3 Ways in a business could respond to the impact of globalization. 18

Conclusion 19

References 20

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Introduction:

Sustainability for a company greatly depends on its ability to operate in a global environment. It
covers thoughts, ideas, and concepts related to globalization as well as the global business
environment, economics, and culture. Understanding the global context may improve
productivity and foster a positive work environment for businesses. It aids in our understanding
of the way businesses might enter the global market with fresh concepts, fresh opportunities, and
novel methods of operation.

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Learning Outcome-1

1.1 How globalization has evolved:

The word "globalization" describes the growing interdependence of the economies, societies, and
cultures of the globe primarily a consequence of technological advancements, international trade
in products and services, capital movements, communications, and population mobility. The
effects of globalization are numerous, intricate, as well as delicate.

First wave of Globalization (19th century to 1914):

This started to change at the arrival of the initial phase of globalization, roughly coinciding with
the century which concluded in 1914. During the eighteenth century, Great Britain became the
world's dominant nation because to the British Empire and technological innovations including
the steam engine along with industrial weaving machine. Thanks to the British Empire, scientific
advancements such the steam engine among industrial weaving machine, and other factors, Great
Britain rose to prominence as the world's leading nation throughout the course of the eighteenth
century.

Isaac Singer was one of the early pioneers in the sewing machine business. Singer's company
began exporting sewing machines to Europe in the 1860s. Singer swiftly became the leading
brand in the sewing machine sector globally as a result of the machines' huge success.

Waves Two and Three of Globalization:

Following the conclusion of World War II, the world economy began to recover. A second era of
globalization emerged after World War II and continued throughout the early 1980s. Among the
primary drivers of it included the Bretton Woods system, the Marshall Plan, and the General
Agreement on Trade and Tariffs.

The Bretton Woods system of international monetary agreements formed the foundation for both
the World Bank and the International Monetary Fund. These groups work to promote growth and
development in the global economy. The objective of the General Agreement on Tariffs and
Trade, also known as GATT, an international trade agreement, aimed to lower tariffs and other

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trade barriers. The liberalization of global trade and economic growth were facilitated by the
GATT.

The internet, an innovative Third Industrial Revolution technology, allowed for even greater
direct global connectivity.

The third wave of globalization has also been significantly fueled by the emergence of China and
India as significant economic powers.

Another important factor in the third wave of globalization has been the creation of new ICTs,
such the internet and mobile phones. ICTs have reduced costs and eased cross-border
communication and collaboration for individuals, organizations, and governments.

Globalization 4.0:

That brings our attention to today, where globalization is undergoing an additional phase. The
digital economy, which arose throughout the third phase of globalization, is presently gaining
momentum due to digital services, e-commerce, biological technology, and 3D printing. It is
made further feasible by the adoption of AI, however there is a risk from cyberattacks and global
hacking.

One example of Globalization 4.0 is the development of self-driving automobiles. Artificial

intelligence and machine learning two of the most important technologies of the Fourth
Industrial Revolution power self-driving automobiles.

1.2 Compare different types of globalization.

Political globalization: The durability as well as cascading effects of international political links
are referred to as "political globalization". Globalization additionally rendered it feasible for
international accords and rules to safeguard the rights and desires of smaller nations. Business is
the primary driver of globalization today.

Social globalization: Global society integration is known as social globalization. Technology,

and favorable or unfavorable economic conditions all had localized consequences inside the
cultures from which they originated. This speaks to the growing global interconnection of

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individuals and cultures. The increasing cross-border movement of people, ideas, and
information is indicative of this. Additionally, there has occurred a discernible rise in the amount
of people moving to and from other nations in recent decades.

Economic globalization: Economic globalization unites a number of conservative, liberal, and

hybrid economies into a single, massively linked market. A decrease in regulation exists in
markets as a result of economic globalization. Businesses may establish infrastructure in one
country and trade freely.

Technological globalization: Technology has an impact on data management, supply chain,

talent acquisition, marketing, and business. Technology has simultaneously caused and been a
result of globalization. Thanks to technology including internet access, cloud computing, and
high-speed mobility, globalization has increased.

1.3 The positive and negative effects of globalization.

The concept of "globalization" refers to the interdependence of various international economies,

populations, and cultures. Globalization's Impact on the Developed World. Developed nations
were influenced by global integration. It has both advantageous and harmful effects.

Positive effects of globalization:

 Jobs and skills creation: In international politics, the objective of creating more quality
employment in the global economy is often disregarded. Both the development of new
employment in untapped areas and the demand for new skills in occupied ones can result
from globalization.
 Cross-cultural integration: Every nation has a distinct culture. Enhanced cross-cultural
communication, comprehension, and enjoyment can result from globalization. The
growth in global education, employment, and travel as well as the dissemination of
cultural goods like music, film, and cuisine are examples of this. Globalization is a
contributing factor to the decline of cultures in both industrialized and poor nations.

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 Social and economic mobility: People may have more opportunity to climb the
economic and social chain as a result of globalization. For instance, it is now easier for
individuals from underdeveloped nations to relocate to industrialized nations in quest of
better employment prospects.

Negative effects of globalization:

 Rich dominate poor: The privatization that is demanded in the context of

globalization frequently results in denationalization, an acceleration of poverty,
inequality, exclusion, joblessness, disconnection, damage to the environment, fraud,
and aggression and conflict.
 National businesses cease trading: As businesses can't compete with bigger
international enterprises, national businesses may shut as a result of globalization.
Communities may experience economic hardship and employment losses as a result
of this.
 Ideological conflicts: Ideological disputes may arise from cross-cultural interactions
between individuals with disparate cultural values and worldviews. The development
of nationalism and religious fanaticism is evidence of this.

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 Learning Outcome-2

2.1 The term global economy.

The global economy is defined as an economic dependency between the globe's most powerful
countries that influences the world's economic environment. It additionally relates to the
combined power, migration, and economic output of all nations.

Economic interdependence: The interdependence of the economy is the condition in which

two individuals, groups, nations, businesses, communities, or religions rely on the other to
provide basic goods and services. The idea of economic interdependence is best applicable in
situations when each partner specializes in producing a particular item or offering a particular
service.

Aggregate economic outputs: The economic efficiency of an economy's resources and their
endowment determine its ability to generate commodities and services. It denotes the whole
quantity of goods and services produced in a country during a given period of period.

2.2 The term global business environment.

The term "global business environment" refers to the advantages and disadvantages that
businesses face while operating in a global economy. It demonstrates the interconnectedness of
all parts of the world, showing how developments in one area or nation having an impact on
other regions or nations.

Business Environment: A business environment is an ecosystem of people, things, and

capacities used to oversee operations, resolve problems, along with offer alternatives to clients.
The activities of an organization may be impacted by business settings, and the working
atmosphere of an organization may then be affected.

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PESTLE analysis dissects the macro environment in which businesses function to discover
outside factors which have a long-term impact on their operations, strategy, along with making
choices. Once we have knowledge about our business environment through a PESTLE analysis,
then can decide on data-driven strategies rather than gut feelings.

Political Factors: Political concerns are the embodiment of how stability in politics as well as
government policies affect businesses. They are essential in forming the legal and regulatory
framework where companies operate in. It involves political impacts at all levels: local, state,
and federal.

Economic Factors: The economy affects both customers as well as organizations so pay
particular attention to these factors if they want a thorough grasp of the situation. Inflation,
currency exchange rates, and growth in the economy are examples of economic factors. It have
both direct and indirect effects on an organization's expenses, pricing policies, and demand from
the marketplace.

Social Factors: Societal standards, demographics, as well as civilizations are examples of social
effects. They constantly have an impact on the demands, behaviors, and mindsets of the
customer. It's possible to successfully place the company by learning about the demographics of
the the market which are targeting and the current trends that impact them.

Technological Factors: Technical concerns draw attention to the ways in which developments
and technological advancements impact the competitive environment with operational
framework of businesses. To understand whether consumers react to and utilize technological
improvements, these elements are also looked at.

Legal Factors: Legal aspects refer to the legal framework in which firms operate, which may
include rules that require or prohibit particular behaviors. Since laws affect every industry and
firm that faces difficulties in that economy, companies also keep an eye on the legal
developments that are taking place around them.

Environment Factors: The social and legal emphasis on environmental sustainability and how
it interacts with company operations are examples of environmental considerations. It includes
things like location, weather, and other variables that aren't solely related to the climate.

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2.3 Key global issues which drive globalization.

Rapid Technology Change: Several of the key drivers of globalization was the development of
technology. Due to the internet, obtaining goods and services produced all over the world is now
easy. The rapid advancement of technology, especially in the areas of transportation and
communication, has made it simpler and more rapidly for people, goods, and information to
travel across international borders.

Liberalization of Trade and Resources: Consumers today seek more affordable, high-quality,
diverse, and unique goods and services, and this tendency is growing. Currently, nations are
liberalizing their policies. It is a tendency in emerging nations as well, since established nations
have already attained it. Certain enterprises engage in the import and export of goods and
services across global borders.

Consumer pressures: Customers are always compelled to buy better, innovative, as well as
subtly differentiated products, even while they have an intense need to use imported goods.
There are presently a variety of firms in those countries where incomes and demand are growing
rapidly.

Increased Competition: The potential for competition in the global economy affects businesses
that conduct business internationally. The practice of businesses protecting their regional markets
from rivals by invading their home markets in order to divert their attention is additional
competitive factor propelling globalization.

Regional Integration: These economic alliances have been crucial for removing obstacles from
cross-border trade between nations. The right to free commerce among members of regional
economic groups is granted to the member nations. They coordinate laws, regulations, and trade
policies for members and advance the integration of the economy.

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 Learning Outcome-3

3.1 A business entering a global market.

New customer base: Companies may have reached the end of their options for expansion inside
their home market. Businesses may access a far broader group of prospective customers by
entering new markets. One of the primary motivations for businesses entering a foreign market
is to increase the size of their prospective clientele.

Increased market reach: Gaining worldwide expansion opens up new markets for business.
Consumer base will grow as a result of expanding into new markets. Furthermore, by reducing
dependence on one market in particular and spreading risks, variety ensures that business may
thrive even during uncertain economic times.

Increase turnover: Increasing the business's global reach can help them reduce risks and
increase revenue. When there is little to no revenue remaining in local market due to saturation,
exporting might be helpful. Earnings will increase and strengthen as a result of building loyalty
in global marketplaces.

Competitive advantages: One of the toughest realities of the corporate world is competition.
Occasionally, businesses introduce alternatives that may have a detrimental effect on everything.
By going worldwide, brand establishes itself as a leader in the field and showcases flexibility and
progressive mindset.

3.2 Compare ways in which a business can enter a global market.

 Exporting: Marketing manufactured goods in the nations where plan to sell them is part
of exporting. Marketing charges account for almost all of the expenditures associated

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 with exporting. Companies that advertise high-end products or previously sold products
in foreign markets usually employ this strategy.
 Advantages of Exporting: It expands on a worldwide basis. Exporting can boost one's
level of competition. Profitability is rather high. The price is less than on the home
market. Another benefit of exporting is support from the government.

Disadvantages of Exporting: There is a large upfront expense. Political unrest occurs from time
to time. Another disadvantage of exporting is cultural disparities. Risks related to transportation
might occasionally arise. Exchange rate fluctuations are another problem for exporting.

 Licensing: Licensing involves the procedure by which one company permits another to
use or market a product. The licensee must submit a fee in order to be allowed
accessibility to the land. Getting a license might be a low-cost initial investment that has
a big return.
 Advantage of Licensing: Joining the foreign market has been easier here. It generates
fresh business prospects. It lowers the danger to both sides. Opportunities for self-
employment get easier here.

Disadvantages of Licensing: Enhance the likelihood of intellectual property theft. Reputational

damage is a real possibility in this situation. It makes the market more competitive. Both sides'
reputations can suffer as a result.

 Joint Ventures: To lower the possibility of entering a foreign market, several companies
create joint ventures with different businesses that wish to sell abroad. It permits cost
sharing and the advantages of local market expertise in a foreign country.

Advantages of Joint Ventures: It has more access to resources. Opportunities to broaden one's
knowledge and expertise base. Expenses and risks can be divided. The likelihood of success has
increased significantly. Joint ventures also have the advantages of flexibility and clarity.

Disadvantages of Joint Ventures: Conflicts across cultures are likely to arise here.
Communication difficulties are evident here. Another disadvantage of joint ventures is cultural
conflict and a lack of external opportunities.

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3.3. A preferred mode of entry to a business.

Effective companies want to expand into other markets in an effort to duplicate their success
elsewhere after seeing success in their home markets. The company must consider several factors
while selecting an entrance mechanism for the company to arrive at an educated decision.
Following the market selection process, the organization must assess its own resources and
competencies and establish specific goals. The quantity of resources the company plans to
dedicate towards growth and the degree to which it wants to be actively active in the market that
it is targeting will determine which entry option it chooses. Participation and influence over the
global market need significant resources, including acquisition and investment. A more
adaptable company will gravitate toward things like licensing and exporting. One of those most
crucial steps in selecting the ideal entry method is the first step in a business's
internationalization strategy. The corporation can base its decision on a comprehensive
examination of all available options when deciding which entrance method is suitable for a
certain market.

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Learning Outcome-4

4.1 Operating in a global market impacts a business’s structure and culture.

The 7-s Model by Mckinsey: The internal workings of a business are examined using a strategic
planning technique known as the McKinsey 7S model, which considers the connection of
interconnected and interdependent 7S aspects.

Hard Components:

Structure: It shows who is in charge of a certain group of individuals as well as to whom they
report, who oversees whom, and who bears accountability for the choices and deeds of that
group. Serving a worldwide market requires a company to follow formal, complex procedures
all the way up the value chain, which results in a highly specialized organizational structure. To
efficiently meet the high demands of their consumers in an ever-changing environment, several
organizations combine elements of matrix and divisional structures.

Systems: This implies that a company's inputs as well as its outcomes are transformed by its
organizational frameworks. It involves putting plan into action. This implies that a business that
serves a global market has to split work among a lot employment: The ability to place people
where they thrive is made feasible by the division of labor. In order to ensure that standards and
costs are kept under control in dispersed groups, multinational firms employ hierarchical
communication channels that are organized.

Strategy: It represents the general framework of action and strategy of the firm having the long-
term objective of achieving its competitive edge. To increase sales by a certain proportion, a
business may decide to expand the marketplace for its present products through similar
marketing initiatives. To increase sales, operational divisions must then put the strategy into
action.

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Soft components

Style: This alludes to the top echelon of the organization's leadership hierarchy. This
encompasses the assessments along with choices made by supervisors in the workplace. To
ensure continuous plan execution, this calls for explicit instructions that are clearly laid out along
the management structure.

Staff: This relates to the number of employees a business needs alongside the hiring and
compensation processes. The framework which is put in place then dictates how many workers
are needed to service the global market. Although other responsibilities, such as finance and
operations, are decentralized, planners and customer support representatives may continue to
work from the corporate center.

Skills: This relates to the business's competences, particularly the skills that its employees
possess. Employees having a range of abilities will be necessary in a global marketplace to suit
the many needs, interests, choices, and cultures of its clients.

Shared Values: They constitute the established—and often unwritten—rules, customs,

guidelines, and additional practices that form the basis of employees' choices, behaviors, and
conduct inside the organization. It specifies the procedures to be followed and the organizational
structure the business will use.

Hofstede’s Cultural Dimensions: A framework for understanding national cultural differences

including cross-cultural variances in company procedures is provided by Hofstede's Cultural
Dimensions Model. As stated by Hofstede, culture may be divided into six categories:

Power Distance Index: It shows the extent to which weaker members of an organization are
integrated. A significant power distance score indicates a culture which regards rank and
authority greatly, accepts unfairness and power disparities, as well as encourages bureaucracy. A
low distance of power index indicates a culture that promotes flat organizational structures
having dispersed authority for making decisions and an emphasis on power distribution.

Individualism Vs Collectivism: Individualistic civilizations prioritize the needs of oneself as

well as those closest to them, placing a strong emphasis on the liberties and achievements of the

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individual. Compared to collectivist civilizations, individualistic societies put a lower value on
relationships and commitments.

Uncertainty Avoidance Index: A significant avoidance of uncertainty score indicates a

restricted tolerance for confusion, unpredictability, and risk-taking. People in these civilizations
likely to be sensitive as well. A low uncertainty avoidance score indicates a great tolerance for
ambiguity along with uncertainty. The increased acceptance of the unknown might lead to less
strict legislation.

Masculinity Vs Femininity: The awareness of assertiveness, bravery, authority, competition,

and distinct responsibilities for both sexes are certain traits linked to masculinity. Being humble,
compassionate, impartial, and life-quality-focused are characteristics that characterize
femininity.

Long-Term Orientation Vs Short-Term Orientation: Societies that are long-term focused

prioritize the future and postpone short-term profits in favor of long-term successes. Short-term
thinking is characterized by prioritizing current circumstances above future events, concentrating
on the near future, and offering short-term accomplishment or pleasure.

Indulgence Vs Restraint: A society that allows for relatively unlimited pleasure in existence
including leisure is one that indulges. Restrained behavior is a sign of our culture's tendency to
suppress passion as well as regulate it through social norms.

4.2 A global market impacts a business’s strategic and operational decision

making.

The expanding trend of globalization and strategic partnerships constitutes one of the primary
drivers of globalization. Strategic management has been greatly impacted by globalization as
well. The world's environment is increasingly unpredictable and unstable due to globalization,
which has complicated the process of making strategic decisions. It falls into two categories:
distinct materials and core competencies, and threshold resources and abilities.

Globalization of business operations:

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Internationalization being the process by those businesses assess the effects of cross-border
events, adjust their plan of action, and begin conducting business internationally. Lower
manufacturing costs can be achieved by moving operations to nations with cheap labor, taking
advantage of economies of scale, entering new markets, increasing revenue and share of the
market. Internationalization techniques heighten the intensity of competition between
competitive enterprises, as this becomes the primary emphasis of all firms.

Leadership and Decision making:

Transformative leadership and internationalization can result in better performance in a highly

competitive global setting. There is currently demand on managers to transition away from
conventional authoritarian leadership techniques to transformational collaborative leadership.
Businesses today localized their goods and services, decentralize, and give local centers the
authority to make decisions. In light of the uncertain prospects, certain choices have been made.
Thus, there are dangers involved in making such worldwide judgments.

Risk Management:

Taking risks is a part of making judgments about internationalization. In light of the unsure
prospects, certain choices have been made. This suggests that in order to lower risks and their
consequences, The management of a firm has to apply approaches to risk management to assist
them reduce the likelihood that unanticipated and unwanted events could happen. The phases of
risk recognition, evaluation, and planning come together to form a risk strategy.

Breaking Down Trade Barriers Internationally:

Most nations have embraced changes brought forth by forces of globalization, and governments
have significantly lowered restrictions on trade internationally. It indicates because according to
national trade obstacles, management must choose whether they want to venture into a specific
foreign market. The process of lowering trade barriers between countries has accelerated
globalization and raised rivalry among businesses.

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4.3 Ways in a business could respond to the impact of globalization.

Connect To The Client: Build an inclusive and varied team that reflects the clientele. Enhance
employees' knowledge, abilities, resilience, and customer-service mentality while fostering a
flexible work environment in the learning environment.

Act as A Unity: A portion of the process is developing a knowledge of and respect for various
cultures. Establishing mutual responsibility and responsibility is also quite effective. The bond
that is holding together this new virtual and global environment is a linked workforce. Across-
geographic collaboration is necessary to effect change.

Global Leadership: Culture is shaped by leaders in every business. These days, leaders must be
prepared to steer teams through turbulent times, handle economic cycles, and even be at ease
with uncertainty. Additionally, they may establish an atmosphere of open learning where
individuals can question the current norm and sense inspired. They have the ability to foresee
trends, present creative solutions, and articulate a distinct goal and vision.

Smart Mentality: Exhausted employees are turning into one of the main problems that
businesses deal with. Develop the appropriate mentality. Spread the word about transformation
so that everyone is aware of it, believes in it, and realizes how much it represents for them.
Employers are required to give employees the resources they require in order to a shift and
become thinkers instead of victims of the world around them. Developing new abilities or
maintaining healthy habits can be challenging.

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Conclusion:

Effectively managing a worldwide business is an essential component for every corporation that
conducts business internationally. In order to achieve its objectives, the corporation takes into
account a number of elements, such as comprehending different forms of globalization, being
aware of worldwide challenges, having a variety of methods of breaking into world markets, and
considering market implications as it makes business decisions. To achieve long-term expansion
and achievement, an organization has to make investments in functioning in a global setting.

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